Antique Limited

Antique | L&T 2QFY24 result update – 231101

Antique | L&T 2QFY24 result update – 231101
L&T 2QFY24 result update – 231101 (Please click here to view the report)

Stellar quarter; upside guidance risk on order inflow, revenue emerge

L&T’s 2QFY24 operational results were ahead of our expectations supported by a) Excellent execution displayed in the P&M segment (+24% YoY) and b) Better than estimated service segment margin (18.9%; +100 bps YoY; est. of 18.5%) driven by ToD monetization in Hyderabad Metro. However, P&M margin was disappointing and stood below expectations impacted by the execution of weak margin orders bagged earlier. Given the outperformance on the revenue and order inflow front in 1HFY24, management has guided for an upward risk of beating the top end of its guidance on revenue (FY24 guidance: 12%-15% YoY growth) as well as on the order inflow front (FY24 guidance of 10%-12% YoY growth). L&T’s long-term business prospects remain promising given infrastructure development (NIP of INR 111 trn) and GATI Shakti being the central government’s pivotal theme to revive the Indian economy. And since L&T is the largest infrastructure company in India, we believe it would be a key beneficiary. We remain positive on the long-term prospects of the company and maintain BUY rating on the stock with a SoTP target of INR 3,398.

Investment Summary

Since L&T is the largest infrastructure company in India, we believe it would be a key beneficiary of various infrastructure development projects and the central government’s GATI Shakti, which is a pivotal theme to revive the Indian economy. We remain positive on the long-term prospects of the company and maintain BUY rating on the stock with a revised SoTP target of INR 3,398.

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