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.
Centrum Broking Report
Construction recovery post second wave impact has been swift and Larsen and Toubro Ltd.’s large domestic projects are progressing rapidly.
Order wins year-to-date have been tepid but we expect a catch up in the seasonally strong H2, aided by overall buoyancy in tendering.
We see capacity expansions in cement, metals, mining and hydrocarbons picking up which should aid order wins for L&T.
Robust order backlog of Rs 3.2 trillion (3.2 times trailing twelve months revenue) gives strong execution visibility.
While input prices have surged, we expect the margin impact to be cushioned by PVC in 60% of the backlog and by stronger execution.
Proposed sale of Nabha Power and restructuring of Hyderabad Metro should be cash/return on equity accretive.
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