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Order Inflow Momentum Likely To Continue: ICICI Securities


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Larsen and Toubro Ltd.’s recent performance in terms of strong execution and order inflow growth, is a clear reflection of the government’s continued capital investment supported by structural reforms, robust tax collections and improving supply chain bottlenecks.

L&T witnessed an impressive 23% YoY revenue growth in H1 FY23, and is currently at its highest-ever order book value of Rs 3.72 trillion (3.1 times trailing twelve months core business).

This feat has been accomplished on the back of strong inflow growth of 36% YoY. As of Sep-22, L&T management estimated order prospects of Rs 6.3 trillion for H2 FY23, which we believe would enable 12-15% growth in consolidated order inflow and revenues for FY23E.

We expect this momentum to continue at least until FY24E end, up to the general elections. However, given commodity price stabilisation after over a year of high volatility, private capex spends (primarily from minerals and metal) are expected to catch up.

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