For Q1FY23E, all EPC companies under our coverage are expected to witness moderate order inflows with improved execution. Larsen & Toubro (L&T) announced EPC orders in the range of ~Rs. 7000-15000 crore (as on date, ex-services segment) across railway, hydrocarbon, power T&D, water treatment, heavy engineering, buildings & factories segments. In the T&D space, KEC has announced decent order inflows of Rs. 2239 crore aided by orders from T&D (domestic, international markets), railways, civil, etc.
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