Capital Goods Q3 Results Preview - Robust Inflow, Execution To Drive Healthy Quarter: Prabhudas Lilladher

Prabhudas Lilladher Report

We expect our capital goods coverage universe to report healthy performance in Q3 FY24 led by-

1. continued execution of strong opening order books,

2. robust demand/orders/volumes in domestic market, and

3. traction in key export markets such as Middle East, Americas, Africa etc.

Overall, we expect revenue/adjusted profit after tax growth of ~16.6%/22.0% YoY (13.5%/14.1% YoY excluding Larsen and Toubro Ltd.).

Margin guidance, European demand outlook, order/enquiry pipeline and impact of elections on domestic demand/orders will be key monitorables.

Our top picks are Larsen and Toubro, Siemens Ltd., ABB India Ltd., Triveni Turbine Ltd., and Praj Industries Ltd.

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