Ad Here  
Ode to Ratan Tata AL introduces Guru & Partner Tata gets 4-star rating for Zest Preparing for the next growth curve Bajaj Finserv – Q1: fare well HPCL plans Rs.61,000 crore capex over 5-years 29 per cent jump in TCS revenues LVB posts 31 per cent growth in Q1 net profit Mercedes-Benz sales continue to zoom TN government keen on revival of operations at Nokia complex Ponni Sugars (Erode) Ltd: not so sweet 2012-13 Increasing market share Titan Company – sales recovery to kick in PPP model for infrastructure development Tata Motors joins compact SUV bandwagon with Nexon RoC in the dock... Eyes strong growth in 2016-17 Dish TV – subscriber additions encouraging Smooth sailing of SAIL CAPITAL NOTES He excels in the nuts and bolts of entrepreneurship Nissan exit shouldn’t affect ALL Sivasankaran enters taxi space to take on Uber and Ola Is this a generation gap? PSU non-life firms seek to protect share Yamaha unveils scooter boutique It takes two to tango Tata Motors charts investments in PV and CV businesses Carnival Films acquiring 3000 screens pan India The unexpected exit Housing demand revival Aurobindo Pharmacy: good turnaround IOB on turnaround path Gamesa to set up a plant in Nellore L & T’s floating dock for navy Rane targets Rs.5500 crore topline by 2018-19 A welcome initiative-even critics are recognised E.I.D Parry (India) Ltd: another sweet year Consolidating leadership position in smartphones Chinese smart phones flourish in small towns too! Hyundai to focus on SUVs and AMT variants Are they really independent? TVS Srichakra plans capacity expansion Emami – a new growth mantra L&T bags the Mumbai Trans-harbour link order AL wins Deming prize again Smartphone onslaught by Chinese brands Michelin to double Chennai capacity Sundram Fasteners rejigs international Welcome focus to improve rural India... A niche in FMCG business... Solar installations exceed 2015 capacity in five months Back in growth mode TVS Automobile invests Rs.75 crore in start-up firms Tata Steel, ThyssenKrupp sign MoU to merge European units New India Assurance posts impressive show M & M unveils driverless technology for tractors Shriram Life clocks more than Rs.1000 crore premium in 2015-16 ITC – steep excise hike Right to privacy – now it’s fundamental! L&T profit up by 11 per cent Tata Motors aims to be among the Top 3 global CV & PV firm Singur minus Nano – victory or folly? Vellayan is back, after 150 days V-Guard launches app-enabled water heater system Kone India eyes further growth in elevator market Maruti – for young buyers L & T set bigger ambitions in defence business Tata Motors bets on new launches From the toughest to the best year Record two-wheeler sales When small is not so beautiful… Land wars Hindalco – re-rating Forging industry worried over lower supply of steel and its price AL secures orders for 3600 buses Hyundai India achieves 7 mn production at Chennai factory Last stages Daimler’s truck exports from Chennai cross 5000 units Wabco launches safety system ITC chairman calls for policy impetus to transform agriculture TI Cycles plans retail expansion to drive sales for premium bicycles Toyota and Suzuki to introduce EVs in India by 2020 Daimler grows sales and share in India The gainers and the losers
L & T set bigger ambitions in defence business

A M Naik, who took the engineering and construction company Larsen & Toubro Ltd (L&T) to greater heights during his 18-year stint as its CEO, said the company grew its revenues from Rs.5000 crore to Rs.120,000 crore between 1999 and 2017.

“This surge, achieved entirely through organic growth, has few parallels in corporate India. In the same period, market capitalisation climbed from Rs.2000 crore to about Rs.160,000 crore at a CAGR of around 28 per cent,” he said addressing company’s 72nd annual general meeting (AGM). Despite macroeconomic headwinds, L & T achieved a 43 per cent increase in profit after tax at Rs.6041 crore,” he added.

Naik said L&T would secure orders worth upto Rs.30,000 crore from the defence in the next 3-4 years. With favourable opportunities in defence areas, the company has already set up seven new facilities across cities and has been making significant progress.

L&T has embarked on its five-year strategic plan (Lakshya) for achieving improvement in key performance parameters. The plan lays emphasis on profitable growth, harnessing emerging opportunities in defence, nuclear power and smart cities, productivity improvements through digitalisation, reduction in working capital levels and unlocking of shareholder value through divestments of non-core businesses.

S N Subrahmanyan, the newly appointed managing director and chief executive officer, pointed out that L&T was likely to bag at least two of the major bids. He also pointed out that some of the upcoming infrastructure projects, especially in Maharashtra including the trans-harbour link, the coastal road, Mumbai-Nagpur highway, Bandra-Versova link and Phase-IV of Metro where L&T saw bright prospects.

Naik said the company was seeing a lot of opportunity in smart cities, new technologies, in information technology and new technological application in engineering and defence. He talked about his 53-year long tenure at L&T - how the company grew its business, fought off a tough takeover attempt and prospered. Hence he said: “few parallels in corporate India.”

“The secret of my success is very simple. It is passion, conviction, commitment and devotion. Devotion is beyond hard work. Devotion is when you worship your God in a temple. My mandir, my temple is Larsen & Toubro,” said Naik.

Author :
Reported On :
Sector :
Shoulder :
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
S-15, Industrial Estate,
Chennai - 600 032.
PHONE: +91 44 22501236