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Prabhudas Lilladher Report
We expect our capital goods coverage universe to report healthy revenue growth in Q2 FY23, amid low base owing to Covid second wave, execution pickup and supply chain situation gradually getting normalized.
Factoring in softening commodity prices, freight cost and de-bottlenecking of supply chain, margins are likely to stabilize in Q2 FY23 and start improving from Q3 FY23.
We expect revenue growth of ~17.2% YoY (17.4% YoY excluding Larsen and Toubro Ltd.) for our coverage universe with product companies expected to report growth of 19.1%, led by decent volume growth in domestic and export markets along with likely price pass-through.
For engineering, procurement and construction companies, we expect revenue to grow ~16.5% YoY (14.1% YoY excluding L&T), owing to healthy execution and strong order book amidst low base.
Key monitorables from management commentaries will be, guidance on margins, working capital, tender pipeline and update on supply chain scenario.
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