Strong inflow for the quarter dominated by domestic orders:L&T has announced orders worth ~Rs300bn for the quarter against reported order inflow of Rs334bn in Q1FY15. Order flow announced in the current quarter has been dominated by domestic orders which constituted 74% of orders against 44% in Q1FY15.
Outlook and Valuation:
The stock is trading at core PE of 15.3xFY16E earnings. L&T continues to be the best play in the Indian Infrastructure space, given its strong business model, diverse skill sets, strong execution capabilities and relatively healthy/large balance sheet. Maintain ‘BUY’.
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