L&T Q3 Review - Improving Execution, Strong Order Book: Dolat Capital
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Dolat Capital Report
Larsen and Toubro Ltd.’s Q3 execution indicates ongoing improvement as labor availability has fully normalised. Order inflows were strong at Rs 732 billion and order book continues to be robust at Rs 3.31 trillion.
Working capital, at 26.2% sales, while high, is seen from the perspective of the lower revenue base in nine-month.
The company remains cautious and continues to withhold guiding on FY21 on inflows or execution, though they view Q4 positively, with further anticipated improvement in execution.
On the order front, there is a pipeline of Rs 2.65 trillion in Q4.
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