External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 551.2/56.2/27.8bn, a beat/(miss) of 7.6/0.7/(6.6)%</li><li>P&amp;M margins came in at 7.6% (+20bps YoY) and LT expects to maintain a positive YoY margin expansion trend in ensuing quarters and retained 8.2-8.25% guidance for FY25</li><li>Despite Q1FY25 being an election quarter/lower labour availability, LT reported strong 15% revenue growth and maintained 15/10% revenue/order inflow guidance for FY25</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 551.2/56.2/27.8bn, a beat/(miss) of 7.6/0.7/(6.6)%P&amp;M margins came in at 7.6% (+20bps YoY) and LT expects to maintain a positive YoY margin expansion trend in ensuing quarters and retained 8.2-8.25% guidance for FY25Despite Q1FY25 being an election quarter/lower labour availability, LT reported strong 15% revenue growth and maintained 15/10% revenue/order inflow guidance for FY25Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Larsen & Toubro, Axis Bank, SBI Life Insurance, SRF, Petronet LNG

<ul><li>Budget a big signalling event, though we expect investment continuity: In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiaries</li><li>As the final FY25 union budget gets tabled in Jul-24, we expect continued investment in these segments</li><li>Whilst questions have emerged on cut in capex with the expectation of some allocation moving towards social infra, we believe that allocation may remain similar or marginally increase to high single-digit YoY growth</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Budget a big signalling event, though we expect investment continuity: In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiariesAs the final FY25 union budget gets tabled in Jul-24, we expect continued investment in these segmentsWhilst questions have emerged on cut in capex with the expectation of some allocation moving towards social infra, we believe that allocation may remain similar or marginally increase to high single-digit YoY growthContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industrials (Q1FY25 Results Preview): All eyes on the budget

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)/(1.2)%</li><li>P&amp;M margins came in weaker than expected which resulted in LT achieving the lower end of FY24 margin guidance of 8.25-8.5% at 8.2%</li><li>LT gave 15/10% revenue/order inflow guidance for FY25 which is better than expected</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)/(1.2)%P&amp;M margins came in weaker than expected which resulted in LT achieving the lower end of FY24 margin guidance of 8.25-8.5% at 8.2%LT gave 15/10% revenue/order inflow guidance for FY25 which is better than expectedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Larsen & Toubro, TVS Motor, Hero Motocorp

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)/(1.2)%</li><li>P&amp;M margins came in weaker than expected which resulted in LT achieving the lower end of FY24 margin guidance of 8.25-8.5% at 8.2%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)/(1.2)%P&amp;M margins came in weaker than expected which resulted in LT achieving the lower end of FY24 margin guidance of 8.25-8.5% at 8.2%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Larsen & Toubro, TVS Motor, Hero Motocorp, Bharat Forge, Gujarat Gas

<ul><li>NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity remained muted</li><li>FY24 was a truncated year for ordering with ~INR 330bn worth of project awards (vs average INR 1.2trn for the previous year)</li><li>NHAI is re-modelling the award mix towards BOT toll with INR 2trn worth of projects being envisaged to be bid out under this model, which seems to be a tall ask</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity remained mutedFY24 was a truncated year for ordering with ~INR 330bn worth of project awards (vs average INR 1.2trn for the previous year)NHAI is re-modelling the award mix towards BOT toll with INR 2trn worth of projects being envisaged to be bid out under this model, which seems to be a tall askContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industrials (Q4FY24 Results Preview): Strong Ordering Ex-Roads

India

Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale engineering projects, and acts as the Indian representative for a number of overseas manufacturers of heavy machinery. The Company's products include bulldozers, road rollers, dairy machinery, chemical and pharmaceutical plants, switchgears, food processing machinery and feed milling plants.

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Larsen & Toubro (LT IN)

HSIE Results Daily: Larsen & Toubro, Axis Bank, SBI Life Insurance, SRF, Petronet LNG

Larsen & Toubro: Larsen & Toubro (LT) reported revenue/EBITDA/APAT at INR 551.2/56.2/27.8bn, a beat/(miss) of 7.6/0.7/(6.6)%

HDFC Securities

Industrials (Q1FY25 Results Preview): All eyes on the budget

In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiaries

HDFC Securities

HSIE Results Daily: Larsen & Toubro, TVS Motor, Hero Motocorp

Larsen & Toubro: Larsen & Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)...

HDFC Securities

HSIE Results Daily: Larsen & Toubro, TVS Motor, Hero Motocorp, Bharat Forge, Gujarat Gas

Larsen & Toubro: Larsen & Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)...

HDFC Securities

Industrials (Q4FY24 Results Preview): Strong Ordering Ex-Roads

NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity...

HDFC Securities

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