L&T - Q1FY14 Result Update - Nirmal Bang

- Results are below expectations

- Revenue grew 5.0% yoy led by E&C segment while EBITDA fell 1.4% yoy at Rs 1,071.5 cr on higher execution costs.

- EBITDA margin shrunk 60 bps yoy to 8.5% as compared to expectations of 9.5%

- Lower other income led to 12.5% yoy decline in PAT.

- Order intake for the quarter was strong at Rs 25,159 cr

- However, the management is not revising its FY14 guidance

- The stock is trading at TTM PE of 17.7x

- View: NEUTRAL

Source : Equity Bulls

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