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
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