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L&T Construction awarded significant contracts for buildings & factories business

News: L&T Construction has been awarded a significant contract (ranging between Rs.1000 crore and Rs.2500 crore) for its power buildings & factories business from a reputed developer to construct one of the largest residential townships in Bengaluru.

Views: Overall, L&T has won orders worth Rs.68700 crore in H1FY22. Further, continued momentum in winning large/mega complex orders/projects would 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 in FY21-23E.

Impact: Positive