JEFFERIES ON AFCON INFRA Initiate Buy, TP 580 (25% Upside Potential) Among India’s largest listed diversified EPC companies, after L&T. Sector and geographical diversification reduces business cyclicality. Its track record reflects return, margin and cash flow focus vs aggressive bidding approach. Believe profits will rise 72% in FY24-27E, backed by orders, some operating leverage and lower interest cost