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Infrastructure: IRB Infrastructure (IRBI.BO, Buy, on our Conviction List)
• Best direct exposure to road development and traffic growth, in our view. We note the company’s execution track record (3,404 lane km under
operation, 2330 lane km under development) and high cash generation ability
• We believe current valuations are attractive (18% discount to historical median 12-m fwd P/E), given 24% EPS CAGR over FY10-FY12E
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