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Prabhudas Lilladher Report
We expect our capital goods coverage universe to report healthy performance in Q1 FY24, owing to strong opening order books, continued execution momentum, favorable product mix and better demand/orders/volumes from domestic as well as key export markets such as Middle East, Americas, SAARC, Africa etc.
We expect overall revenue/adjusted profit after tax growth of ~13.6%/34% YoY (13.5%/25.4% YoY excluding Bharat Heavy Electricals Ltd.) for our coverage universe.
Key monitorables would be margin guidance, demand outlook, order/ inquiries pipeline and working capital management.
Our top picks are Siemens Ltd., Larsen and Toubro Ltd., Apar Industries Ltd., Carborundum Universal Ltd. and Bharat Electronics Ltd.
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