S C Bhargava, Senior VP, L&T says that the electrical and automation division is eyeing revenues of Rs5000 crore in FY14 and is hopeful or stronger FY15.
The electrical and automation division of Larsen & Toubro has seen headwinds in the last year with negligible order inflows in India. Business degrew 6% in the last year. However, with overseas orders saving the day for L&T, the company is hopeful of the business picking up in fiscal year 2015.
L&T's senior VP S C Bhargava tells CNBC TV18's Archana Shukla that the electrical and automation division is eyeing revenues of Rs5000 crore in FY14 and is hopeful or stronger FY15.
Malaysia, Dubai and Qatar are key focus markets for the division as major infrastructure growth in Middle East is pushing order inflows up. "Two-third of our business comes from GCC countries," Bhargava added.a
Also read: NHAI FY14 report card: Low response for bids
85% of the company's revenues come from 3rd party contracts. The company expects its Malaysian subsidiary Tamco Switchgear to contribute Rs750 cr FY14.
Besides, the company expects Indian infrastructure growth to look up and order book to start picking up post elections with confidence of a stable government coming in.
Bhargava said, "Even though last 12 months saw the business's order inflow degrow 6%, the company expect order book to start picking up post elections in India and overall business growth to stabilise at 4%."
The company has recently completed electrical and automation at the first phase of Mumbai's monorail. It is currently involved in the Phase 2 of Mumbai's Monorail, for which the electrical and automation work is expected to complete by October 2014, he added.
Larsen stock price
On March 26, 2014, Larsen and Toubro closed at Rs 1275.20, up Rs 26.80, or 2.15 percent. The 52-week high of the share was Rs 1278.00 and the 52-week low was Rs 678.10.
The company's trailing 12-month (TTM) EPS was at Rs 51.40 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 24.81. The latest book value of the company is Rs 272.68 per share. At current value, the price-to-book value of the company is 4.68.
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