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ICICI Direct Report
Q2 FY22E is likely to be a decent quarter for the capital goods universe in terms of execution as most companies likely to recover to pre-Covid-19 levels while order inflows are yet to see any major momentum owing to a delay in finalisation and order deferrals.
Product companies are likely to post a decent quarter YoY on a low base, aided by normalisation of supply chain and dispatches.
Larsen and Toubro Ltd. announced engineering, procurement and construction orders in the range of ~Rs 5000-12500 crore (as on date, ex-services segment) across water treatment, heavy engineering, hydrocarbon, buildings and factories segments indicating muted order inflows for the quarter amid a challenging environment.
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