Monday, March 30, 2009

L&T - Reduce - Target INR 536

Sharp drop in PPP projects in 2008; no awards expected until after elections; reinforces our slowdown thesis.

L&T considering ~50% of identified opportunity; complex regulations a hurdle; new govt’s policy to dictate spending.

INR536 TP (standalone INR460 [8.5x FY10E EBITDA], subsidiaries INR76). Maintain REDUCE.

T H E  B N P  P A R I B A S  A N G L E

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