Q3FY21 Result Update - Larsen & Toubro Ltd - YES Securities

(Rating: BUY TP: Rs 1,584, Upside 16%)

- Execution to gain traction in next few quarters on the back of strong order backlog of ~Rs3.3trn (3.5x TTM Core business sales)

- Visibility on working capital improvement driven by better collections & advance payments for large projects

- Retain BUY rating with SOTP based price target of Rs1,584 as we roll forward to FY23.

- Core business revenue ramp up, infra margin recovery, prudent capital allocation & improving return ratios over FY21-23E are key stock triggers.

Shares of LARSEN & TOUBRO LTD. was last trading in BSE at Rs.1359.75 as compared to the previous close of Rs. 1361.45. The total number of shares traded during the day was 414813 in over 24493 trades.

The stock hit an intraday high of Rs. 1392.8 and intraday low of 1331.1. The net turnover during the day was Rs. 565091979.

Source : Equity Bulls

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