Visit http://indiaer.blogspot.com/ for complete details Larsen & Toubro |
Results meet expectations; Retain Accumulate |
ACCUMULATE
CMP: Rs2013 Target Price: Rs2129
n Q2FY11 performance was in line with expectations – (1) Revenue up 18% yoy to Rs93.3 bn (2) EBITDA margins at 11.4% and (3) APAT up 13% yoy to Rs6.2 bn
n E&C and M&IP segment witnessed strong growth at 17% yoy and 37% yoy respectively; but E&E segment disappointed with 5% decline in revenues
n Order inflows grew 10% yoy to Rs205 bn – YTD secured 51% of FY11E target order flows. Order book at Rs1154 bn – equivalent to 3.1X standalone FY10 revenues
n Reiterate our view that ‘All Is Well’. Retain Accumulate rating with SOTP based price target of Rs2129/Share
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