External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Larsen &amp; Toubro (L&amp;T;)'s adj. PAT came in at INR11.7b, missing our estimates by 19%. However, the miss in core E&amp;C; EBITDA was lower at ~6%. The larger miss was reported on account of lower other income and higher tax rates, which is recoverable over the remainder of the year. Also, given that 1Q earnings typically contribute &lt;15% to FY earnings, we refrain from reading too much into the current quarter's headline numbers.</p><div class="content-highlight"><em>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.</em></div>

Larsen &amp; Toubro (L&amp;T;)'s adj. PAT came in at INR11.7b, missing our estimates by 19%. However, the miss in core E&amp;C; EBITDA was lower at ~6%. The larger miss was reported on account of lower other income and higher tax rates, which is recoverable over the remainder of the year. Also, given that 1Q earnings typically contribute &lt;15% to FY earnings, we refrain from reading too much into the current quarter's headline numbers.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.

Minor miss in core E&C; EBITDA; order inflows disappoint