Jan 31, 2024, 02:13 PM IST
After market hours on Tuesday, L&T reported a consolidated net profit of Rs 2,947 crore in its Q3 results, an increase of 15.4% YoY.
L&T registered revenue of Rs 55,128 crore, as against Rs 46,390 crore logged in the year-ago period.
L&T share price target: What's in for investors?
CLSA, Citi, Jefferies, and Goldman Sachs each maintained a 'buy' call on L&T shares with a target of Rs 4,260, Rs 4,082, Rs 4,135 and Rs 3,760, respectively.
Morgan Stanley has maintained an 'overweight' rating on the counter with a target price of Rs 4,171.
Mentioning that execution remains strong, Morgan Stanley said in its note, "Ordering activity may see some slowdown due to election, however, prospects remain strong. Core margin guidance lowered due to timing difference (faster completion of legacy jobs & slower ramp-up of new jobs)."
According to Citi, L&T remains well placed to benefit from growth in capex in India and the Middle East. The counter remains a top pick from a medium-term perspective. "Healthy order inflows & execution; inline but muted margin in Q3. Margins are likely to improve over the medium term," Citi said in its note.
As per CLSA, it has an improving outlook, with its US$75B pipeline up 29% YoY, and a spike in ME capex.
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