* Maintains Buy, target of ₹1,750
* Delivered on inflows up 9% and execution up 8% but margins flat
* PAT ahead on strong treasury, rebound in domestic orders margin positive
* New orders carry higher margins, believe co offers good proxy to domestic capex
* Cleaned up order backlog; important to rebuild backlog in H2
* Middle East execution up 23% during Q2 on continued momentum in ME metro orders
BofA-ML ON L&T
* Maintains Neutral, cuts target to ₹1,446 from ₹1,637
* PAT above est, 2x increase in other income from mutual funds key surprise
* Delay in execution of about 30-40 domestic projects impacted sales
* Decline in working capital to 22% of sales vs 24% YoY, was key positive
* Demonetisation impact: labour shortage, impact luxury real-estate
* Demonetisation Impact: Delayed compensation from NHAI
CLSA ON IRB INFRA
* Maintains Buy, cuts target to ₹310 from ₹330
* Yet another quarter of strong toll revenue growth
* PAT miss from higher depreciation & Ind AS related non-cash finance charge
* Drop in Indian G-sec yield likely to increase attractiveness of InvITs
* Robust BOT rev & EPC orders won in Q2 increases rev visibility for next 2 yrs
UBS ON L&T
* Maintain Neutral, target of ₹1,585
* Little evidence yet of sustained macro improvement
* Domestic business patchy over last 6 quarters
UBS ON EXIDE
* Maintains Buy, raises target to ₹215 from ₹200
* Valuation for battery business, at 34% discount to Amara Raja reasonable now
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