L&T Q2 Review - Robust Operating Performance; Guidance Unchanged: Motilal Oswal
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Motilal Oswal Report
Larsen and Toubro Ltd.’s adjusted profit after tax grew 56% YoY and was 5% ahead of our estimate.
Core engineering and construction Ebitda grew 18% YoY and was 17% above our estimate, led by margin expansion in the infrastructure segment.
L&T's management has maintained its revenue guidance of ~15%, order inflow guidance of 10-15%, and a stable core E&C margin on a YoY basis.
International prospects are looking robust across segments, including hydrocarbon, power transmission and distribution, water, etc., thanks to higher oil prices.
Domestic E&C order inflows were disappointing with H1 FY22 order inflows remaining at 55% of H1 FY20 levels.
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