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IN : Larsen & Toubro Ltd - Solid margins show; healthy order prospects

4QFY21 ex-service EBITDA margin beat (200bp) led by margin uptick across segments. Working capital improvement led to solid cash flows from operation. L&T’s FY22 orders prospects remain strong, but it would be a challenge to meet the low- to mid-teen order inflow growth guidance. We reiterate Add on L&T with a higher SOP-based target price of Rs1,600.


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