My understanding of Parag Parikh MF house is that, they like to invest in companies which are simple to understand, with positive consistent cashflows and very low debt.
Since L&T has L&T Finance as one of its subsidiary, they will always have high Debt/Equity ratio at consolidated level. L&T is not simple business to understand with presence in Infra, construction/real estate, Metro, Finance and IT. That could be one of the reasons why there is no L&T.
Till 2021, there ROE at consolidated level was below 14 which was not comparable with some other businesses / large caps.
This is based on my understanding of Parag Parikh investment philosophy.
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