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Capital Goods

SECTOR | 08 Apr 2020

Result Preview: Capital Goods

Capital Goods

ICICI Securities Limited

Overall, EPC companies (KEC, Kalpataru and L&T;) are expected to post revenue, EBITDA and PAT decline of 0.1%, -4.1%, and 1.2%, respectively, amid lockdowns. Power T&D; EPC companies (KEC, Kalpataru) are expected to report revenue, EBITDA, PAT decline of 6.5%, 16.2%, 9.5% YoY, respectively, due to a slower order execution rate. L&T; (standalone, exE&A;) is likely to report a weak performance with revenue expected to grow marginally by 1.6% YoY to | 29881.9 crore, EBITDA to decline 1.6% to | 3152.5 crore and adjusted PAT expected to grow 2.7% at | 2458.6 crore. Thermax' revenue, EBITDA are expected to de-grow by 31.2%, 47.5%,...

Capital Goods

SECTOR | 31 Mar 2020

Capital Goods Sector Update

Capital Goods

ICICI Securities Limited

Companies like Larsen & Toubro and KEC with exposure to the Middle East and North Africa (MENA) region are expected to get impacted by the recent more than 60% fall in crude oil prices to US$22/barrel. This is expected to impact overall orders/awarding from the MENA region. Companies like Elgi Equipments, AIA Engineering, Thermax, Engineers India and Kalpataru Power with exposure to international geographies like Europe, Middle East, China for sales or essential raw material may get impacted. However, lockdowns in India, UK, Europe and other geographies due to Covid-19 are...

Capital Goods

SECTOR | 25 Mar 2020

Capital Goods index hits over 6-year low; L&T; down 51% in 2-months

Business Standard

Analysts anticipate some amount of weakness on the execution front in H1FY21 due to current challenges in manpower movement.

Capital Goods

SECTOR | 17 Mar 2020

Capital Goods Sector Update

Capital Goods

ICICI Securities Limited

Companies like Larsen & Toubro and KEC with exposure to Middle East and North Africa (MENA) region are expected to get moderately impacted by the recent more than 30% fall in crude oil prices to US$35/barrel. This is expected to impact overall orders/awarding from MENA region. Companies like Elgi Equipments, AIA Engineering, Thermax, Engineers India and Kalpataru Power with exposure to international geographies like Europe, Middle East, China for sales or essential raw material may get impacted. Accordingly, we have tried to factor in the additional risk and revised our...

Capital Goods

SECTOR | 28 Jan 2020

Foreign Trade Regulator Puts Airtel On 'Denied Entry List': Report

NDTV Profit

Government sources said Airtel failed to fulfil export obligation under Export Promotion Capital Goods Scheme.

Capital Goods

SECTOR | 10 Oct 2019

Capital goods firms see no respite from weak orders, tight liquidity

livemint

The only silver lining in a gloomy quarter is that corporate tax cuts will shore up profits of capital goods firms.Analysts estimate a 6-8% year-on-year drop in order flows for capital goods firms in Q2

Capital Goods

SECTOR | 22 Apr 2019, 09:16PM

Capital goods need a policy overhaul

Business Line

The mother industry' is mired in slowdown. Inverted duties and pitfalls of export promotion schemes need to be fixed

Capital goods sector needs a policy boost

Business Line | 22 Apr 2019, 09:05PM

Capital Goods

SECTOR | 11 Apr 2019

Capital Goods Sector - Quality & Growth Congruence

Capital Goods

Edelweiss

For the past five years, investments in new asset creation has been largely driven by the public sector and in sectors like roads, railways and other infrastructure segments.

Capital Goods

SECTOR | 09 Apr 2019

Capital goods and infrastructure firms report 19% slip in new orders

Business Standard

The fall is after 51% growth in FY18

Capital Goods

SECTOR | 04 Apr 2019

We expect a mixed performance for companies under our coverage universe in Q4FY19. While...

Capital Goods

Emkay

Refer to important disclosures at the end of this report Q4FY19 unlikely to offer positive surprises; Top picks: L&T;, Cummins We expect a mixed performance for companies under our coverage universe in Q4FY19. While L&T;, Cummins and Kalpataru are likely to post robust earnings on strong execution in the domestic market, we estimate a weak earnings outlook for KEC, Triveni Turbines, Siemens and ABB due to weak order backlog. L&T;'s order activity has been strong; however, for others, we expect ordering to be largely...