Buy Larsen & Toubro, target Rs 1,820: Anand Rathi

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26 Aug, 2025 12:21

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Anand Rathi

The growth in revenues was driven primarily by better execution in Infrastructure segment, persistent growth in Hydrocarbon segment and improved performance in heavy engineering, Electric & Automation segments and services business.

For full year FY19, Larsen & Toubro reported consolidated gross revenue of Rs 141,007crore, registering 18% y-o-y growth. Consolidated PAT for FY19 was Rs 8,905crore, up 21% on y-o-y basis.

The order inflow for the quarter was Rs 56,538 crore, increasing 14% y-o-y.

The company won new orders worth Rs 176, 834 crore at the group level during FY19, increasing 16% over the previous year.

Order wins in Infrastructure and Hydrocarbon segments were the major contributors to the order inflow during the year. The International orders during the year at Rs 46, 805 crore accounted for 26% of the total order inflow.

Going ahead, we expect the company to continue to gradually improve its performance in medium term and revenues from infrastructure segment should continue to improve on better execution pace, to witness better traction in its other key segments including Defence business segment.

We have incorporated the latest numbers to our models for the company and continue to remain positive for the company. We maintain our buy rating on the stock with a target price of Rs 1,820 per share.

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