External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Q1 starts on a good note for infrastructure; competitive intensity cools off, commodities correct: In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bn</li><li>Capital goods sector to benefit from reviving private Capex and realignment of global supply chains; strong case for PE multiple expansion</li><li>Earnings trend YoY/QoQ: We expect EPC/infra universe revenue/EBITDA/PAT to degrow 11.5/6.9/26.5% sequentially and grow 15.7/4.1/10.9% YoY, with EBITDA margin expanding by 72/(163)bps QoQ/YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q1 starts on a good note for infrastructure; competitive intensity cools off, commodities correct: In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bnCapital goods sector to benefit from reviving private Capex and realignment of global supply chains; strong case for PE multiple expansionEarnings trend YoY/QoQ: We expect EPC/infra universe revenue/EBITDA/PAT to degrow 11.5/6.9/26.5% sequentially and grow 15.7/4.1/10.9% YoY, with EBITDA margin expanding by 72/(163)bps QoQ/YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.
<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Healthy order inflows of Rs. 28,000-47,500 crore during Q2FY2025 led by two mega orders from the Middle East, which comprise over 60% of the order intake.</li><li>L&amp;T targets order inflow growth of 10% y-o-y, revenue growth of 15% y-o-y and an 8-8.25% OPM for core P&amp;M business for FY2025. Order book at an all-time high of ~Rs 4.91 lakh crore (2.1x TTM revenues).</li><li>We expect it to benefit from healthy order intake from international segment led by Middle East and pick up in domestic order inflows in H2FY2025.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthy order inflows of Rs. 28,000-47,500 crore during Q2FY2025 led by two mega orders from the Middle East, which comprise over 60% of the order intake.L&amp;T targets order inflow growth of 10% y-o-y, revenue growth of 15% y-o-y and an 8-8.25% OPM for core P&amp;M business for FY2025. Order book at an all-time high of ~Rs 4.91 lakh crore (2.1x TTM revenues).We expect it to benefit from healthy order intake from international segment led by Middle East and pick up in domestic order inflows in H2FY2025.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Larsen & Toubro Ltd - Q2 Order Intake Healthy; to Improve in H2

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>L&amp;T Technology (LTTS) posted a flat QoQ topline growth in constant currency (CC) in 3QFY23, missing our estimates of ~2% QoQ growth.</li><li>This was led by seasonality and higher-than-expected furloughs, especially in Plant Engineering (-4.1% QoQ), Telecom &amp; Hi-Tech (-2.8% QoQ) and Medical devices (-1.1%), while Transportation (+4.4% QoQ) and Industrial Products (+1.1% QoQ) offset the drag.</li><li>Despite weak growth, EBIT margin improved 60bp QoQ over a low base (wage hike in 2QFY23), beating our estimates of 18.3%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

L&amp;T Technology (LTTS) posted a flat QoQ topline growth in constant currency (CC) in 3QFY23, missing our estimates of ~2% QoQ growth.This was led by seasonality and higher-than-expected furloughs, especially in Plant Engineering (-4.1% QoQ), Telecom &amp; Hi-Tech (-2.8% QoQ) and Medical devices (-1.1%), while Transportation (+4.4% QoQ) and Industrial Products (+1.1% QoQ) offset the drag.Despite weak growth, EBIT margin improved 60bp QoQ over a low base (wage hike in 2QFY23), beating our estimates of 18.3%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Larsen and Toubro Technology Services - Near-Term Weakness a Concern

<ul><li>LTTS reported a 3.6% QoQ CC growth in 4QFY22, 90bp below our estimate due to softer growth in Industrial Products (-0.5% QoQ), Medical Devices (flat QoQ), and Telecom and Hi-Tech (+1.1% QoQ), while Transportation grew a robust 7.8% QoQ.</li><li>Despite the large 400bp shift in its on-site revenue mix and lower utilization (-80bp QoQ), operating margin was flat QoQ.</li><li>Attrition spiked to 20.4% (+290bp QoQ) in 4QFY22, indicating continued supply pressures.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LTTS reported a 3.6% QoQ CC growth in 4QFY22, 90bp below our estimate due to softer growth in Industrial Products (-0.5% QoQ), Medical Devices (flat QoQ), and Telecom and Hi-Tech (+1.1% QoQ), while Transportation grew a robust 7.8% QoQ.Despite the large 400bp shift in its on-site revenue mix and lower utilization (-80bp QoQ), operating margin was flat QoQ.Attrition spiked to 20.4% (+290bp QoQ) in 4QFY22, indicating continued supply pressures.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Larsen and Toubro: Strong Demand and Improving Deal Flow to Drive Growth in FY23

India

Larsen & Toubro Limited (L&T) is an Indian multinational conglomerate specializing in engineering, procurement, construction (EPC), hi-tech manufacturing, and services. The company operates across diverse segments including infrastructure, hydrocarbon, power, heavy engineering, defense engineering, IT and technology services, financial services, and development projects. L&T was founded in 1938 and is headquartered in Mumbai, India.

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Larsen & Toubro (LTOD LI)

Industrials - Bracing for Recovery

In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bn.

HDFC Securities

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22...

HDFC Securities

Larsen & Toubro Ltd - Q2 Order Intake Healthy; to Improve in H2

L&T targets order inflow growth of 10% y-o-y, revenue growth of 15% y-o-y and an 8-8.25% OPM for core P&M business for FY2025. Order book at an all...

Sharekhan

Larsen and Toubro Technology Services - Near-Term Weakness a Concern

L&T Technology (LTTS) posted a flat QoQ topline growth in constant currency (CC) in 3QFY23, missing our estimates of ~2% QoQ growth.

Motilal Oswal

Larsen and Toubro: Strong Demand and Improving Deal Flow to Drive Growth in FY23

LTTS reported a 3.6% QoQ CC growth in 4QFY22, 90bp below our estimate due to softer growth in Industrial Products (-0.5% QoQ), Medical Devices...

Motilal Oswal

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