Our analysts recommend L&T with a positive bias above 1650; Targets at 1738, Stop Loss below 1645
Brief on L&T
- L&T came out with numbers that were largely in-line with expectations on the revenue and profit front. EBITDA margins surprised us positively.
- Order intake was robust which was expected as order announcements were strong during the quarter.
- The strong growth in order intake gives us greater comfort to raise our target price. We now value the stock at Rs 1738 (Rs 1435 earlier). Target price revision is based on improved optimism on revenue and margin front in the medium term.
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