FY19 was a good year for L&T, barring the moderation in Infra margins. FY20E is expected to be a better year, with (1) A new Government in place, (2) Reduction in subsidiaries' losses, (3) Mix change towards high margins services business, (4) A much awaited pickup in private capex, and (5) Strong cash generation. L&T remains a well diversified play on investment recovery. We recommend BUY. Key risks (1) Delays in private capex recovery, (2) Slowdown in government infrastructure spend, (3) Higher raw material prices, and (4) NWC deterioration. We recommend a BUY on Larsen & Toubro (LT) with SoTP of Rs 1,794/sh. Reduction in subsidiaries losses, majorly provided transportation project overruns, order pick up in Domestic/International markets and strong cash flow make L&T; an anchor play on infra investment and capex recovery. Higher services share in the mix will improve RoEs further. Working capital is at optimal levels. A tight lid on asset capex will only help further re-rating.