Here is a full company report from Rauli as well 
L&T’s Q1 results fell short of our expectations and the comparison period. The company reiterated its full-year guidance, but our earnings forecast dropped to the lower end of the range. We believe the valuation is attractive for defensive and stable business (adj. P/E and EV/EBIT approximately 10x). In addition to the low valuation, the expected return is supported by earnings growth, dividend yield, and the possibility of L&T becoming an acquisition target in our estimates. We reiterate our Buy rating but lower our target price to EUR 8.5 (from EUR 8.6).