Runaway oil prices, supply chain disruptions and the US rate hikes impacting capital flows into India are some of the challenges lying ahead but the Government’s structural reforms will pave the way for improved quality of growth, said Larsen and Toubro Chairman AM Naik in the company’s latest annual report.

“We hope that a reasonably stable domestic macro environment and an equable socio-economic climate will enable the Government to realise the vision envisaged in the NIP [National Infrastructure Pipeline] blueprint. Public and private investments working in tandem should also resuscitate India’s investment / GDP ratio which has been stagnant,” Naik added.

Naik also noted that government spending round the year, complemented by the Reserve Bank of India’s measures to ease liquidity, had averted the risk of an economic meltdown and helped bolster the confidence of households and private companies.

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The L&T Group recorded revenues of ₹1,56,521 crore during FY22, registering a growth of 15 per cent. Its profit after tax, at ₹8,572 crore, grew 23 per cent over the previous year.

As on March 31, 2022, the company’s order book stood at ₹3,57,595 crore, with the infrastructure segment making up 73 per cent of it.

“Most of the high-frequency, mobility and service indicators gained momentum as the easing of pandemic curbs saw demand regaining lost ground before geopolitical tensions erupted to set the clock back once again,” Naik added.

“Your company continues to focus on shareholder value creation by divesting non-core assets, capturing cost efficiencies and leveraging technology for productivity gains. Our strategically diversified business portfolio, geographical dispersion, robust balance sheet and strong order book are reliable signposts pointing to a brighter future,” he said.

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