Capital Goods, Power Q1 Preview - Reasonable Execution, Muted Inflows Amid Pandemic: ICICI Direct
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ICICI Direct Report
Q1 FY22E is likely to be a reasonable quarter for the capital goods universe in terms of execution amid the second wave impact while order inflows are expected to be muted owing to a delay in finalisation and order deferrals.
Product companies are likely to post a decent quarter YoY on a low base, aided by some lockdown relaxations provided to the manufacturing and infrastructure sector having lesser impact on supply chain and dispatches.
Larsen and Toubro Ltd. announced engineering, procurement and construction orders in the range of ~Rs 4500 crore to ~Rs 10500 crore (as on date, ex-services segment) across water treatment, transportation, buildings and factories segments indicating muted order inflows for the quarter amid a challenging environment.
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