L&T - Growth Drivers In Place: Motilal Oswal

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.Our recent interactions with the management of Larsen and Toubro Ltd. make us believe that recent concerns related to its performance are transient, such as-low YoY growth in domestic inflows in 9M FY24 was due to a high base of last year, particularly in domestic hydrocarbon; lower-than-expected margins were attributed to legacy projects, which are now closer to completion in the next couple of quarters; and high share of international projects, particularly in Saudi Arabia, where the addressable market is continuously growing. The positive factors that will drive growth ahead, in our view, are:the ramp-up of domestic inflows after elections,the completion of low-margin legacy projects in next couple of quarters, the constant reduction in working capital and the resultant return on capital employed improvement, and low working capital in international projects despite being fixed-price projects. We maintain our estimates and SoTP-based target price of Rs 4,200, valuing the core business at 28 times March-26E earnings per share. Maintain Buy..Key risks and concerns Slowdown in order inflows, delays in the completion of mega and ultra-mega projects, a sharp rise in commodity prices, higher crude prices, an increase in receivables and working capital, and increased competition are a few downside risks to our estimates..Click on the attachment to read the full report:.Orchid Pharma - Enmetazobactam, First Indian NCE Gets U.S. FDA Nod: Systematix.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

L&T - Growth Drivers In Place: Motilal Oswal

We maintain our estimates and SoTP-based target price of Rs 4,200, valuing the core business at 28 times March-26E earnings per share. Maintain Buy.

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L&T - Growth Drivers In Place: Motilal Oswal

We maintain our estimates and SoTP-based target price of Rs 4,200, valuing the core business at 28 times March-26E earnings per share. Maintain Buy.

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