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

Motilal Oswal

External broker reports(aggregated public sources)

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. 

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Equity Bottom-Up

<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><p><em>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.</em></p>

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><p><em>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.</em></p>

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

<p>Larsen &amp; Toubro's (L&amp;T;) adj. PAT grew 56% YoY and was 5% ahead of our estimate. Core E&amp;C; EBITDA grew 18% YoY and was 17% above our estimate, led by margin expansion in the Infrastructure segment. Management has maintained its revenue guidance of ~15%, order inflow guidance of 10-15%, and a stable core E&amp;C; margin on a YoY basis. International prospects are looking robust across segments, including hydrocarbon, power T&amp;D;, water, etc., thanks to higher oil prices.</p><div class="content-highlight"><em>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.</em></div>

Larsen &amp; Toubro's (L&amp;T;) adj. PAT grew 56% YoY and was 5% ahead of our estimate. Core E&amp;C; EBITDA grew 18% YoY and was 17% above our estimate, led by margin expansion in the Infrastructure segment. Management has maintained its revenue guidance of ~15%, order inflow guidance of 10-15%, and a stable core E&amp;C; margin on a YoY basis. International prospects are looking robust across segments, including hydrocarbon, power T&amp;D;, water, etc., thanks to higher oil prices.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.

Robust operating performance; guidance unchanged

<p>L&amp;T; remains best story to play capex upcycle: L&amp;T;'s core E&amp;C; business remains best placed to benefit from any capex upcycle, supported by its leaner asset-light business model and diversified segments. Therefore, although the Buildings and Power segments were weaker in FY21, this was largely offset by strong orders from the international Power T&amp;D; and Hydrocarbons segments.</p><div class="content-highlight"><em>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.</em></div>

L&amp;T; remains best story to play capex upcycle: L&amp;T;'s core E&amp;C; business remains best placed to benefit from any capex upcycle, supported by its leaner asset-light business model and diversified segments. Therefore, although the Buildings and Power segments were weaker in FY21, this was largely offset by strong orders from the international Power T&amp;D; and Hydrocarbons segments.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.

Rightly placed to benefit from macro improvement

India

Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale engineering projects, and acts as the Indian representative for a number of overseas manufacturers of heavy machinery. The Company's products include bulldozers, road rollers, dairy machinery, chemical and pharmaceutical plants, switchgears, food processing machinery and feed milling plants.

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Larsen & Toubro (LT IN)

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

Robust operating performance; guidance unchanged

Larsen & Toubro's (L&T;) adj. PAT grew 56% YoY and was 5% ahead of our estimate. Core E&C; EBITDA grew 18% YoY and was 17% above our estimate, led...

Motilal Oswal

Rightly placed to benefit from macro improvement

L&T; remains best story to play capex upcycle: L&T;'s core E&C; business remains best placed to benefit from any capex upcycle, supported by its...

Motilal Oswal

Rightly placed to benefit from macro improvement

L&T; remains best story to play capex upcycle: L&T;'s core E&C; business remains best placed to benefit from any capex upcycle, supported by its...

Motilal Oswal

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