L&T, Shree Cement, Navin Fluorine, Voltas, SRF, Dr. Lal, Astral, Quess Corp & More Q3 Review— HDFC Securities

Larsen and Toubro Ltd.’s revenue/Ebitda/adjusted profit after tax came in at Rs 646.7 billionn/62.5 billion/33.6 billion, missing estimates by 2.3%/10.7%/10.8%. .NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..HDFC Securities Institutional Equities.L&T - Muted performance; strong order inflow Larsen and Toubro Ltd.’s revenue/Ebitda/adjusted profit after tax came in at Rs 646.7 billionn/62.5 billion/33.6 billion, missing estimates by 2.3%/10.7%/10.8%. P&M margins stood at 7.6% (flat YoY), and L&T retained its guidance of 8.2-8.25% for FY25. It reported strong 17.3% YoY revenue growth and now expects to exceed its FY25 revenue/order inflow guidance of 15%/10%, having already achieved 17.7%/16% for 9M FY25. Given the high share of export orders in the mix (54% in 9M FY25 versus 60% YoY), L&T expects FY25 execution to have a higher proportion of lower-margin fixed-price export orders (baked into its margin guidance). The company guided that margin re-rating will be led by improvements in the infrastructure segment, mainly from internal efficiencies and commodity prices remaining at current levels in fixedprice international order books. Given-the record-high order book of Rs 5.6 trillion,the likely bottoming out of infrastructure margins,improvements in subsidiary performance, andhigher public capex towards a green economy, we maintain our Buy stance with an SOTP-based target price of Rs 4,339 per share (29x Dec-26E EPS)..Shree Cement - Focus remains on margin over volume We maintain our Add rating on Shree Cement Ltd., with an unchanged SOTP target price of Rs 00/share. In Q3 FY25, Shree’s volume declined 1% YoY as it focused on value over volume. The strategy paid off as its cement NSR recovered 3% QoQ (outpacing peers), adding to Rs 300/metric tonne QoQ margin expansion, which reached Rs 1,079/mt. Additionally, margin also benefitted from op-lev gains and lower fuel cost rate. It will be commissioning 15.4 mnmt of cement capacity by Q1 FY26, across Rajasthan, UP, Chhattisgarh and Karnataka. These should accelerate volume growth during FY26/27E vs flattish growth in FY25E. .Click on the attachment to read the full report:.Bajaj Finance Q2 Results Review- Inline; Reported Net Interest Margin Contracts 15 Basis Points: Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

L&T, Shree Cement, Navin Fluorine, Voltas, SRF, Dr. Lal, Astral, Quess Corp & More Q3 Review— HDFC Securities

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