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Larsen & Toubro Ltd. | Company Updates




IndiaNivesh Securities Pvt Ltd


03 Jan 2013





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 Company Updates Larsen & Toubro Ltd. | L&T reports wins worth Rs 195 bn during Q3FY13 As per our estimates, we expect L&T to report Order Inflows (OI) to the tune of Rs 195 bn during Q3FY13E. In H1FY13, L&T reported OI of Rs 405.6 bn. If we add Q3FY13 expected OI numbers, L&T has to report OI’s to the tune of Rs 211.3-246.6 bn in Q4FY13, to achieve management’s 15-20% OI growth guidance for FY13E. After taking in to account the current macro-environment, we continue to maintain our view that, L&T might be able to attain the 15% OI growth guidance for FY13E. At CMP of Rs 1,637, the stock is trading at FY13E and FY14E, adj. P/E multiple of 19.1x and 16.9x, respectively.

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