Motilal Oswal - MOSL: Morning India (01/November/18): 1. Larsen Toubro; 2. Vedanta; 3. Dabur India; 4. Tata Motors; 5. Pidilite Inds; 6. United Spirits; 7. Lupin; 8. Container Corp; 9. Bank of Baroda; 10. Chola. Inv Fin

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Motilal Oswal

Team Research

MOSL: Morning India (01/November/18): 1. Larsen & Toubro; 2. Vedanta; 3. Dabur India; 4. Tata Motors; 5. Pidilite Inds; 6. United Spirits; 7. Lupin; 8. Container Corp; 9. Bank of Baroda; 10. Chola. Inv & Fin

MOrning India (01/November/18): 1. Larsen & Toubro; 2. Vedanta; 3. Dabur India; 4. Tata Motors; 5. Pidilite Inds; 6. United Spirits; 7. Lupin; 8. Container Corp; 9. Bank of Baroda; 10. Chola. Inv & Fin

Today’s top research idea

Larsen & Toubro – A robust quarter, orders up 46% YoY

Sales at INR321b (+21% YoY) were ahead of our estimate of INR290b. Key segments driving sales were Hydrocarbon (+38% YoY), Infrastructure (+22% YoY), IT (+32% YoY) and Finance (+35% YoY). EBITDA stood at INR37.8b (+27% YoY) and margin of 11.8% (Estimate: 10.6%).
EBITDA beat driven by higher than estimated E&C margins (8.5% vs. estimate 8%), IT/TS and Others segment. Adj. PAT stood at INR20.3b (+20% YoY) ahead of our estimate of INR16.3b. Q219 orders at INR419b, up 46% YoY were primarily driven by Infrastructure, Power and Heavy Engineering segments.
We raise our estimate by 4% each in FY19/20 and maintain BUY with a TP of INR1570.

Piping hot news

RBI vs Government: Centre steps back for fear of Governor Urjit Patel quitting, no Section 7 directive yet

The tensions between the government and the Reserve Bank of India (RBI) came to a head after the former invoked the powerful-but-never-used Section 7 of the RBI Act to initiate consultations with the central bank through three letters on a range of contentious issues, including the corrective regime for weak banks, liquidity crunch, capital adequacy norms for banks and credit to micro, small and medium enterprises (MSME).

01/11/2018 52 EN

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MOSL: Morning India (01/November/18): 1. Larsen & Toubro; 2. Vedanta; 3. Dabur India; 4. Tata Motors; 5. Pidilite Inds; 6. United Spirits; 7. Lupin; 8. Container Corp; 9. Bank of Baroda; 10. Chola. Inv & Fin

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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