CLSA on Larsen & Toubro
* Raise target to `1750 from `1600, Maintain Buy* New Ind AS norms would optically reduce gearing from 1.8x to 1.5x
* New Ind AS norms would reduce reported debt by `16,000 cr; Hikes net worth
* New provisions, FCCB interest will hurt recurring EPS by ~2%
* Ind AS would also eliminate treasury gains via sale of subs stakes
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