"Larsen & Toubro Ltd (L&T) is a technology, engineering, construction & manufacturing company. L&T is a technology-driven USD 11.7 billion company that infuses engineering with imagination. It is considered as one of the largest and most respected companies in India's private sector. Larsen & Toubro Limited is the biggest legacy of two Danish Engineers, Henning Holck-Larsen & S.K. Toubro who built a world-class organization that is professionally managed and a leader in India's engineering and construction industry. Holck-Larsen and Toubro founded the partnership firm of L&T in 1938, which was converted into a limited company on February 7, 1946. Today, the company has grown to a large conglomerate spanning engineering and construction. ECC was conceived as Engineering Construction Corporation Limited in April 1944 and was incorporated as wholly owned subsidiary of Larsen & Toubro Limited."
"Larsen & Toubro is a USD 12.8 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. It is one of the largest and most respected companies in India's private sector. The Company's net profit jumps to Rs.11373.10 million against Rs.7983.90 million in the corresponding quarter ending of previous year, an increase of 42.45%. Revenue for the quarter rose 17.34% to Rs.131952.30 million from Rs.112452.40 million, when compared with the prior year period. Reported earnings per share of the company stood at Rs.18.56 a share during the quarter, registering 41.80% increase over previous year period. EBITDA is Rs. 19490.60 millions as against Rs. 15372.20 millions in the corresponding period of the previous year. Larsen & Toubro has bagged new orders worth Rs. 1439 crores from leading developers for the design & construction of major residential building projects in the National Capital Region, Delhi."
"At the current market price of Rs.1696, the stock P/E ratio is at 19.66 x FY13E and 17.20 x FY14E respectively. Earning per share (EPS) of the company for the earnings for FY13E and FY14E is seen at Rs. 86.25 and Rs.98.59 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 18% and 16% over 2011 to 2014E respectively. On the basis of EV/EBITDA, the stock trades at 12.61 x for FY13E and 11.16 x for FY14E. Price to Book Value of the stock is expected to be at 3.41 x and 2.85 x respectively for FY13E and FY14E. We expect that the company surplus scenario is likely to continue for the next three years, will keep its growth story in the coming quarters also. We recommend 'buy' in this particular scrip with a target price of Rs.1916 for medium to long term investment," says Firstcall Research report.
Public holding more than 90% in Indian cos
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