News: L&T’s hydrocarbon business won significant (ranging from Rs.1000-2500 crore) contracts of two offshore projects from a prestigious overseas client. The scope of work comprises engineering, procurement, construction, installation and commissioning for the expansion of a marine terminal and replacement of electrical switchgear and protection equipment at existing facilities.
Views: L&T remains the best way to play the capex recovery theme in India given its strong execution capability, presence across diverse sectors and geographies, which makes it less vulnerable during down cycles. Focus on monetisation of non-core assets, enhancing RoEs and reducing debt makes it an attractive portfolio bet to ride the infrastructure and manufacturing cycle revival theme.
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