Buy Larsen & Toubro Ltd for the Target Rs. 4,300 by Motilal Oswal Financial Services Ltd
* We expect consolidated revenue growth of 16% YoY, led by 19% YoY revenue growth for Core E&C.
* Key monitorables include a ramp-up in domestic ordering, conversion of prospect pipeline in international markets, margin performance, and working capital cycle.
* We expect EBITDA margin to be flat YoY at 7.6% for Core E&C, but down 50bp YoY at consolidated level.
* The company received two ultra-mega orders in the quarter for its energy and hydrocarbon businesses.
* We will also look out for execution ramp-up in Saudi projects, and trends in the GCC order pipeline.
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