L&T’s headline numbers were pre-released, so they were not a big surprise. The trend for Hazardous Waste & Remediation has been strong and the pipeline also looks promising. Waste volumes were low in H1, but there were also some positive signs, although construction activity remains low. L&T has taken action to offset increased diesel prices, and it sees these actions already helping in H2. We lift our fair equity value range to EUR 7.1-9.0 per share (6.9-8.9).
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