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L&T Heavy Engineering awarded significant contracts for various business segments

News: L&T Construction has been awarded significant contract (ranging between Rs.1000 and Rs.2500 crore) for its heavy engineering business for Q3FY22 across segments including order from a key hydrocarbon sector customers in Middle East and a project for RFCC revamp as part of the expansion of the Barauni refinery.

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 challenging environment. This will further strengthen its order book and enhance its revenue visibility in medium term. We expect standalone revenue, EBITDA CAGR of 12.1%, 12%, respectively, in FY21-23E.

Impact: Positive