LT’s topline of Rs143.8bn was higher by 11.8% yoy, marginally higher than our estimate of 11% yoy growth.
LT managed to register strong numbers on all fronts during the quarter
Order inflow continued to remain strong at Rs217bn, up by 21% yoy and is higher by 23% yoy to Rs674bn in 9M FY14
Standalone revenue of Rs143bn was in line with our estimate on the back of strong execution in the infrastructure segment
Operating margin for the company expanded by 186bps yoy on the back of improved performance by the infrastructure segment and lower losses in ship building and forex
Management has indicated that Q4 FY14 would be a challenging quarter due to upcoming elections and indicated on missing its full year guidance
Infrastructure segment to boost earnings; Upgrade to BUY with a revised price target of Rs1,137