Sell Hitachi Energy India Ltd For Target Rs. 10,500 by Motilal Oswal Financial Services Ltd
* We expect revenue growth of 38% YoY led by healthy execution of the opening OB of INR190b.
* Key monitorables include further ramp-up in margins, progress on HVDC projects, and STATCOM order finalization.
* We expect EBITDA margin to expand ~40bp YoY, aided by operating leverage gains and easing of supply chainrelated issues.
* The execution of the increased export orders is expected to provide near-term support to revenue and margin.
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