Re: {LONGTERMINVESTORS} Larsen and Toubro....Thread

L&T: L&T's road portfolio: Good FY2016, incremental improvements to be gradual

l Operational portfolio: Steady traffic growth and interest decline hastens decline in cash loss l Equity substituting debt in weak projects, NCDs substituting loans in good ones l Our 1.3X invested book valuation in L&T's SoTP discounts termination of select projects l Good mix for another investment trust sans extension risk

 

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