Larsen & Toubro: Addressing concerns on subsidiary profits; standalone margin is the key risk : Kotak Securities PDF link

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Larsen & Toubro: Addressing concerns on subsidiary profits; standalone
margin is the key risk
` Subsidiaries may contribute Rs13 to FY2013E consolidated EPS with limited
downside risk
` Keys risk to estimates lies in standalone margins; execution and inflow
estimates achievable
` Marginally revise estimates; retain REDUCE with an SOTP-based target price
of Rs1,380