Revenue from operations during the quarter under review rose 10% to Rs 287.5 billion against Rs 261.1 billion reported in the corresponding quarter last year.
The company saw a rebound in orders in Q3FY18 leading to a 38% growth in its order inflow seen at Rs 481.3 billion. With this, the company's total outstanding order book now stands at Rs 2.7 trillion. A larger chunk of these orders are from the domestic market, with L&T expecting to end the financial year with 75% of its order book coming from the domestic market alone.
“After a weak order intake in H1FY18, L&T saw strong uptick in orders, taking the total to Rs 481 billion (up 38%), driven by domestic orders (post addressing GST-related issues). For 9MFY18, order intake grew 8% to Rs 1,032 billion as orders from private sector remained elusive. The order backlog grew 5% to Rs 2.7 trillion and, with a strong order backlog, we expect execution to pick up in the next few quarters,” analysts at Antique Stock Broking said in result review.
Further, since L&T is firing on all cylinders, we see it as a credible play on investment recovery. We maintain BUY with revised SoTP based target price of Rs 1,580, it added.