Larsen & Toubro (L&T) shares rose 4.8 per cent to reach an intraday high of Rs 3,572 on the BSE, following the company’s Q2 results, which beat market expectations.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Net profit climbed 5 per cent YoY to Rs 3,395 crore, slightly above the consensus estimate of Rs 3,335 crore. L&T’s consolidated revenue hit Rs 61,555 crore, up 21 per cent YoY, with accelerated progress in its Projects & Manufacturing (P&M) segments.

International revenue for Q2 reached Rs 32,057 crore, or fifty-two per cent of total revenue, underscoring the company’s strong performance in overseas projects. L&T’s order inflow for the quarter totalled Rs 80,000 crore, bringing the total order book to an all-time high of over Rs 5 lakh crore, with a near-term pipeline of Rs 8 lakh crore. However, margins softened slightly, with EBITDA margins at 10.3 per cent due to higher costs.

Brokerage firms remain optimistic: Goldman Sachs raised its target to Rs 3,960, while Jefferies, JP Morgan, Morgan Stanley, and Nomura have set targets as high as Rs 4,360, maintaining "Buy" ratings. L&T’s management reaffirmed its FY25 core EBITDA margin guidance of 8.25 per cent, a figure Zee estimates suggest could see further upside.