Diwali Dhamaka - Larsen and Toubro

Buy - LT

CMP (NSE) 15:56, 20 May

1,610.10 62.154.01%

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Sector

Construction Material

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Reco. Price

1,813

Period

12-Months

Target Price

2,192

upside

%

Stop Loss

0

Last updated on

03 Nov, 2021

L&T is India’s largest engineering and construction company with no real peers when compared on breadth and depth of offerings.

On the back of strong sector tailwinds and outperformance of L&T’s listed IT subsidiaries (LTI, LTTS, MTCL) driving an earnings upgrade, we raise consol. EPS for L&T by 4/6/5% for FY22/23/24. Value of listed subs has increased to Rs1,062/sh (vs Rs727 in Aug21), now contributing to 48% of the share in L&T’s SOTP valuation, up from 40% in Aug-21

Normalcy in business operations, expects execution and orders to accelerate in 2H to deliver a mid-teen growth in FY22. 

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