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At the current market price of Rs 1376, price to earnings ratio works out to about 23 times, which is reasonable.
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Brokerage houses remained positive on the stock post earnings and expect the stock to give up to 31 percent return over next 12 months.
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Seasonally it is a weak quarter of the company given weak execution due to monsoon.
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Expectations were running low on account of pre-GST implementation adjustments in the quarter, and overall, the Nifty earnings have not resulted in any incremental negative surprise.
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Bank of America Merrill Lynch, which has maintained buy call with a target price of Rs 1,322, said Q1 surprised positively on strong domestic execution
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It was a good Q1 for Larsen and Toubro (L&T) as revenue and profits beat estimates while margins came in marginally lower than expected. In an interview to CNBC-TV18, Sanjeev Zarbade, Analyst at Kotak Securities shared his verdict on the stock.
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At the current market price of Rs 1166, the stock offers little on the upside.
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Larsen and Toubro (L&T) will be reporting numbers today. In an interview to CNBC-TV18, Rohit Natarajan, Analyst-Institutional Equities, IDBI Capital Markets Service shared his expectations.
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Revenue during the quarter is seen rising 8 percent to Rs 23,720 crore from Rs 21,873 crore in corresponding quarter of last fiscal.
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BoAML expects L&T's valuations to rerate as abating concerns in its GCC exposure; domestic issues of market share loss; and execution have bottomed out.
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Operating profit during the quarter is likely to increase 4 percent to Rs 5,064 crore but margin may shrink 90 basis points to 13.8 percent due to high base in same quarter last year.
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Net Sales are expected to increase by 41 percent Q-o-Q (up 11.8 percent Y-o-Y) to Rs 37072.9 crore, according to Motilal Oswal. Larsen & Toubro to report net profit at 2397.4 crore up 146.5% quarter-on-quarter.
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On the company's stock price, Rohit Natarajan said that there could be a knee-jerk reaction but going ahead there are a bunch of catalysts like the Union Budget, big ticket prospect orders of around Rs 700-800 billion, which could act as a trigger and push the stock price back to Rs 1,600 per share levels in the near term.
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Order inflow is likely to decline by 20 percent at Rs 25000-30000 crore. It announced order wins worth Rs 14800 crore in Q3 FY17 but large ticket order finalisation has not materialised.
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Bank of America Merrill Lynch says that though it is difficult to quantify demonetisation scheme may lead to labour shortage for L&T and its sub-contractors, impact execution of luxury residential real-estate projects (6 percent of order book) and potentially delay compensation from NHAI for exemption of toll collection on NHAI projects.
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L&T surprised the market with a sharp 84 percent bottom-line growth at Rs 1,436.6 crore. Analysts were, however, more or less on the mark as far as sales is concerned with projected growth of 8 percent. The company posted 8.2 percent revenue growth.
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Engineering and construction major Larsen & Toubro (L&T) is expected to report a 11 percent degrowth in consolidated profit at Rs 890 crore on yearly basis, according to average of estimates of analysts polled by CNBC-TV18. Profit of Rs 996 crore in Q2FY16 was boosted by exceptional gain of Rs 310 crore.
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Most analysts think business in India has most likely improved in the last three month but there may be challenges this quarter when it comes to recovery in sectors like capital goods, construction and engineering.
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L&T posted lower-than-estimated first quarter numbers with a 46 percent rise in consolidated profit to Rs 609.6 crore. Revenues increased 9.1 percent to Rs 21,874 crore.
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Speaking to CNBC-TV18 Rohit Natrajan of IDBI Capital said he is underweight call on L&T. "We are not comfortable on the company's return on capital," he said.
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Market expert, Prakash Diwan believes the stock had run up ahead of its earnings and with the kind of earnings reported, it is likely to consolidate. The fair value should not be more than Rs 1380-1385.
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Analysts expect order inflows of around Rs 30,000 crore for the quarter. L&T so far has announced projects worth Rs 19,100 crore in Q1FY17, which is 24 percent higher than projects announced in Q1FY16.
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Sales are expected to decrease by 34.6 percent Q-o-Q (up 7 percent Y-o-Y) to Rs 21668.5 crore, according to ICICI Securities.
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In an interview with CNBC-TV18, market expert SP Tulsian gave his opinion on the fourth quarter result of Larsen & Toubro and the company's guidance for FY17.
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CNBC-TV18 Sachin Shah, Fund Manager, Emkay Investment Managers, said VRL Logistics' poor numbers were a result of the slowdown in railways freight volumes and road transport. He also said Ujjivan, which had stellar results, is backed by a great management.
