Accumulate L&T - Emkay

Larsen & Toubro Ltd
Reco: ACCUMULATE
CMP: Rs 1378
Target Price: Rs 1603

Only positives, Maintain Accumulate

- APAT growth ahead estimates at 21% to Rs9.0 bn - led by strong revenue booking (+26% yoy to Rs120 bn) and high other income (+124% yoy to Rs6.0 bn)

- Secures orders worth Rs195 bn (24% of FY13E target). Order book rises 12% yoy to Rs1531 bn (2.75X revenues)

- Q1FY13 Shining - All positives to the fore, but not likely to be extrapolated for ensuing quarters

- Believe upsides to earnings and valuations are capped. Retain Accumulate rating with a target price of Rs1603/Share.

Source : Equity Bulls

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