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Prabhudas Lilladher Report
We expect our capital goods coverage universe to report healthy performance in Q4 FY23, owing to strong opening order books, continued execution momentum and better demand/orders from domestic as well as key export markets such as Middle East, Americas, SAARC, Africa etc.
We expect overall revenue/Ebitda/adjusted profit after tax growth of ~13.6% /15.2%/11.6% YoY (excluding Bharat Heavy Electricals Ltd.) respectively for our coverage universe.
Key monitorables would be margin guidance amid softening commodity prices, order/ inquiries pipeline and working capital management. We continue to prefer companies with strong balance sheet, good corporate governance, well managed working capital and long-term scalability.
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