L&T, Prestige Estate, Kaynes, Voltas, IRB Infra, V-Guard, TTK Prestige Q2 Results Review: HDFC Securities

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..HDFC Securities Institutional Equities.L&T - Stable order booking; in-line performance Larsen & Toubro Ltd. reported revenue/Ebitda/adjusted profit after tax at Rs 615.5/63.6/33.9 billion, a beat/(miss) of 6.3/0.6/1.5%. P&M margins came in at 7.6% (+20 bps YoY), and L&T expects to maintain a positive YoY margin expansion trend in ensuing quarters and retained 8.2-8.25% guidance for FY25. Despite Q2 FY25 being impacted by heavy monsoon, L&T reported strong 20.6% YoY revenue growth and maintained 15/10% revenue/order inflow guidance for FY25. As the share of export orders is increasing in the mix, L&T expects FY25 execution to have a higher share of lower margin fixed price export orders (baked in margins guidance); it guided margin rerating to be driven by infra segment margins improvement, largely led by internal efficiency and commodity prices remaining at current level in fixed price international order book. Given- the record-high order book of Rs 5.1 trillion; likely bottoming out of infra margins; improvement in subsidiary performance; and higher public capex towards a green economy, we maintain our Buy stance with a SOTP based target price of Rs 4,270/share (29 times Dec-26E earnings per share)..Click on the attachment to read the full report:.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, Prestige Estate, Kaynes, Voltas, IRB Infra, V-Guard, TTK Prestige Q2 Results Review: HDFC Securities

The brokerage maintains its Buy stance on L&T with a SOTP based target price of Rs 4,270/share.

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L&T, Prestige Estate, Kaynes, Voltas, IRB Infra, V-Guard, TTK Prestige Q2 Results Review: HDFC Securities

The brokerage maintains its Buy stance on L&T with a SOTP based target price of Rs 4,270/share.

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