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L&T Construction awarded large contract for water & effluent treatment business

News: L&T Construction has been awarded a large contract (ranging from Rs.2500-5000 crore) for its water & effluent treatment business by various prestigious clients including Department of Water Supply and Sanitation, Punjab, which has awarded two EPC orders for the bulk supply of treated water to 10 lakh people across 412 villages and a repeat EPC order from water department Odisha to execute the underground pipeline irrigation system.

Views: Overall, L&T has won orders worth | 68700 crore for H1FY22. Further, continued momentum to win large/mega complex orders/ projects to substantially improve L&T's order intake for FY22E despite a challenging environment. This will further strengthen its order book and enhance its revenue visibility in the medium term. We expect standalone revenue, EBITDA CAGR of 12.1%, 12%, respectively, over FY21-23E.

Impact: Positive