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    L&T surges 3% on robust earnings and guidance

    L&T surges 3% on robust earnings and guidance

    L&T surges 3% on robust earnings and guidance
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    By CNBCTV18.com  IST (Updated)

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    Larsen & Toubro Ltd share price was quoting at Rs 1,796.25 apiece, up 2.62 percent, on BSE at 2.15 pm.

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    Larsen & Toubro share price surged over 3 percent on Wednesday, hitting its three-month high price of Rs 1,819 apiece after the infra major reported strong June quarter results. The L&T’s strong all-around performance came on the back of its infra and IT & Tech services portfolio coupled with a strong order inflow that is up by 57 percent year-on-year at Rs 41,805 crore. Of this, domestic orders alone are at 57 percent.
    L&T’s total order book is up 12 percent YoY to Rs 3.6 lakh crore against Rs 3.24 lakh crore a year ago in the same period. Larsen & Toubro’s profit after tax (PAT) rose 45 percent to Rs 1,702 crore YoY against Rs 1,174 crore in the year ago period. It, however, came in below a CNBC-TV18 poll estimate of Rs 1,734 crore.
    L&T revenues surged 22 percent to Rs 35, 853 crore, beating CNBC-TV18 poll estimate of Rs 34, 589 crore.
    The company aims to achieve 15 percent growth in revenue and order wins in the current financial year, which is the upper end of its guidance range. The Street sees a disproportionate rise in energy prices, supply chain constraints and a lacklustre private capex environment as major risks to growth.
    Jefferies expects L&T to continue to benefit from execution and margin recovery as the negative impact of supply disruptions and a sharp rise in commodity prices continues to ease. It has set a target price of Rs 2,215 with a ‘buy’ rating.
    CLSA also has a ‘buy’ rating with a target of Rs 2,050 as it sees a positive outlook with L&T management maintaining its 12-15 percent YoY order flow and revenue growth guidance for FY23.
    Larsen & Toubro Ltd share price was quoting at Rs 1,796.25 apiece, up 2.62 percent, on BSE at 2.15 pm.
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