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L&T construction received large contract, strengthening order book

News: The construction arm of L&T has secured an order from National High Speed Rail Corporation (NHSRCL), to design and construct Package No. – MAHSR (Mumbai–Ahmedabad high-speed rail corridor)-C-5 of the Mumbai Ahmedabad High Speed Rail Project, the first high speed rail corridor being implemented in the country. The project alignment passes through Vadodara, Gujarat while the project is scheduled to be completed within 49 months.

Views: Overall, L&T has won orders worth Rs.68700 crore for H1FY22. Further, continued momentum to win 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