Larsen & Toubro Ltd.

February 28, 2018 . Equities Desk

L&T is an engineering & construction (E&C) conglomerate. Further, it has presence in IT & financial services sectors.

Valuation: We project Sales/PAT CAGR of 12.2/17.5% over FY17-20E. Recovery in domestic business, strong order pipeline, sale of non-core assets, focus on improving RoE & working capital and healthy execution of large order backlog will drive the stock going forward. Hence, we recommend ‘BUY’ rating on the stock with SOTP based TP of Rs. 1,515

Research Report – L&T Ltd

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