BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Direct Report
Larsen and Toubro Ltd. - L&T is India’s largest engineering and construction 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.
L&T’s strong order book of Rs 330541 crore suggest good revenue visibility in coming years. Low to mid teen revenue and order inflow growth in FY22E amid challenges, net working capital to sale expected to remain stable at ~22.3% for FY22E.
Axis Bank Ltd. - Axis Bank is the third largest private sector bank in India with a balance sheet size of Rs 11.1 lakh crore as on December 2021. The bank has a large footprint across India with 4700 branches.
Axis Bank has a well- diversified loan book having strengths in both retail and corporate segment. The bank’s liability profile has improved significantly, which would be helpful in sustaining margins at healthy level. Recent quarter performance was healthy and the bank has multiple levers to improve return ratios ahead.
Tata Motors Ltd. - Tata Motors is an auto OEM operating in domestic (passenger vehicle, commercial vehicle) as well as global markets (Jaguar Land Rover) with FY21 consolidated revenue mix pegged at ~78% - JLR, ~13% - India CV, ~7% - India PV.
The company is at the forefront of electrification with Jaguar seen as all-electric brand by 2025, six electric vehicle launches by Land Rover in the next five years and pole position in EV passenger vehicle market domestically (with Nexon as top selling product).
Click on the attachment for full list of ICICI Direct's Top Techno Picks for Budget 2022:
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