UBS has reiterated a neutral rating on Larsen & Toubro (L&T) with a target price of ₹4,000, indicating a potential upside of 17.6% from the current market price of ₹3,402. The brokerage highlights that L&T’s Q2FY25 results were supported by strong performance in the Middle East, while the domestic market continues to lag. Declining profitability in the energy and hi-tech segments has limited core margin improvements in Q2 and H1. UBS notes that L&T could aim for higher conversion and market share in domestic orders based on its current pipeline.
Current Market Price (CMP): ₹3,402.00
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