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With the greater scale of operations/utilisation, we expect engineering, procurement, construction/ product companies to post better performances in Q3 FY21.
Orders have been robust across segments (except transmission and distribution) with Larsen and Toubro Ltd.’s orders expected at approximately Rs 700 billion-750 billion aided by large ones including high-speed rail.
Sectors showing order traction are pharma, auto, food and beverages, data centres, railways, water, T&D and oil and gas.
Our channel check suggests 80- 90% of pre-Covid-19 utilisation.
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