Major brokerages voted in favour of Larsen Toubro as the engineering major's net profit rode on better project execution.
The capital goods behemoth on Monday reported a 4.72 per cent rise in consolidated net profit at Rs 3,167.47 crore for the March quarter.
It had clocked a net profit of Rs 3,024.61 crore in the same quarter last year.Gross revenue increased 10.45 per cent to Rs 40,678.1 crore, from Rs 36,827.99 crore previously.For the current fiscal year, LT expects 10-12 per cent higher order inflow than FY18 and revenues at 12-15 per cent in terms of growth, given the execution challenges.CLSA maintained Buy on LT with a target price of Rs 1,730.
According to the global brokerage firm, LT has given achievable guidance and the results "ticked all the right boxes".
Jefferies sees LT benefiting from micro improvements.
It also retained Buy on the company with a target price of Rs 1,925.
Confident of meeting guidance despite an uncertain political environment, Jefferies stated.Macquarie maintained Outperform with a target price of Rs 1,821.
Q4 performance surprises positively.
We reiterate LT as top pick.
LT has potential to 2x earnings over the next 3 years, the global brokerage house said.Credit Suisse is also bullish on the company with a target price of Rs 1,700.
Shares of LT were trading 2.31 per cent up at Rs 1,409.45 at around 10 am.
The BSE Sensex was down 38 points, or 0.11 per cent, at 35,127 at around the same time.