If there is any company that is the poster boy of the Indian infrastructure sector, it must be Larsen & Toubro. Since the inception, the company has witnessed many challenging business cycles and every time it came out unscratched. L&T is an Indian multi-national company engaged in technology, engineering, construction, manufacturing and financial services. It is one of those few Indian companies that can be called as Indian multi-nationals. With operations in over 30 countries worldwide, L&T is a true multi-national. A strong customer-focused approach and the constant quest for top-class quality has enabled L&T to attain and sustain leadership in its major lines of business for eight decades. Every aspect of L&T's businesses is characterised by professionalism and high standards of corporate governance. The sustainability is embedded into the company's long-term strategy for growth. While the company is known for its engineering capabilities, it created immense value for shareholders with value unlocking in L&T Technology Services, L&T Infotech, L&T Finance Holdings that were subsidiaries of L&T. With order book of more than Rs 2,710 billion (2.5x of its revenues) and strong execution capability, L&T is likely to rule the Indian Infrastructure space for long.L&T has an international presence with a global spread of offices. With factories and offices located around the country, further supplemented by a wide marketing and distribution network, L&T's image and equity extend is virtually to every district of India. The company's recent focus on export market will help optimise its growth potential, especially in hydrocarbons and infrastructure.
A slowdown in the thermal power generation sector across the last few years has led to an aggressive bidding, as competitors view for the limited opportunities on offer. L&T looks forward to the prospects aggregating 6 GW which are likely to be awarded in the current year and these constitute targeted business. It has successfully constructed gas-fired power plants in Bangladesh and will continue to tap similar prospects which are likely to come up in the neighbouring country in the current year. L&T also continues to engage with its joint venture partners for increased international business in its efforts to increase manufacturing capacity utilisation.
L&T has built a strong business foundation in the PT&D space in India and the Middle East. Inroads have also been made into the parts of East Africa, Algeria and Egypt. This is in line with the company's objective of creating an international PT&D business, covering dispersed geographies. On the domestic front, the thrust by the government on strengthening power grids through Central and State utilities, as well as intensive electrification of rural households is expected to yield good business in the current year.
In the heavy engineering segment, it faced hurdles over the last few years due to shrinking global spends on hydrocarbon equipment compounded by the slow pace of revival of the nuclear power industry. Prospects for the current year are reasonably strong with some signs of a higher level of ordering for hydrocarbon equipment. The Nuclear Power Corporation of India has also progressed in its plan to build 10 new nuclear power plants using its 700 MW indigenous design. The commencement of awarding orders for equipment is encouraging news for the heavy engineering business.
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