Creating two books for investors is not sign of transparency but sign of weakness. Every financial institution who has gone through bad phase will have two books good and bad. They give different names. It on management discretion to call anything legagcy. In short realestate and corporate financing standards were bad they gave loans to solar companies in Andhra and almost all developers collapsed. Luckily lodha survived.if something was to happen to lodha Piramal fiancé would have been history. Lot of us got into Piramal due to investment acumen of Ajay Piramal his ability to make large value deals. Last 5 years have been value destruction. Now it all depends on new team and how they play execute. Although recent uptick in HDFC NPA is worrying and RBI stance on retail loans.
Risk and rewards looks good at this price provided no major NPA ahead. If they are excute this will be 5x in next 3 years. Need scuttlebut with some employees.
Disc: holding from last 6 yrs adding still.
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