Sell Hitachi Energy India Ltd for the Target Rs. 1,6500 by Motilal Oswal Financial Services Ltd
* We expect revenue growth of 35% YoY, led by healthy execution of the opening order book of INR291b.
* Key monitorables include further ramp-up in margins, progress on HVDC project execution, and STATCOM order finalization.
* We expect EBITDA margin to expand ~490bp YoY, aided by operating leverage gains and improved order book mix.
* The execution of product and export orders is expected to support revenue and margin in the near term.
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