Buy Larsen and Toubro; target of Rs 2175: ICICI Direct

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

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ICICI Direct's research report on Larsen and Toubro

Larsen & Toubro (L&T) India’s largest engineering & construction (E&C) company with interest in EPC projects, Hi-tech manufacturing and services. It primarily operates in Infrastructure, Heavy Engineering, Defence engineering, Power, Hydrocarbon, Services business segments. Infrastructure segment contributes ~45% to consolidated revenue followed services (~30%).

Outlook

We maintain our BUY rating on the stock. We value L&T at Rs 2175 on SoTP basis.

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Larsen & Toubro - 280722 - icici