Larsen & Toubro sets Rs 2 lakh cr revenue target by 2021

Mumbai, Aug 26 (PTI) Engineering major Larsen & Toubrohas set a target of almost doubling its sales to Rs 2 lakhcrore by 2020-21, its Chairman A M Naik, who will be retiringnext year, has said. Addressing the shareholders at the company’s 71st annualgeneral meeting here, he said: "I would like to take thisopportunity to share my vision of the L&T of tomorrow…Ourgoal is to achieve a revenue of Rs 2 trillion by 2020/21without compromising on our margins and achieving an orderinflow in excess of Rs 2.5 trillion per annum." Naik, who has been associated with company for over 4decades, exuded confidence that with the economy starting toturn around this target is achievable, provided the rightstrategy and on-ground execution. He also drew his optimism from the strategic advice thecompany has received from two international consultants toreach these targets. As part of sharpening the business focus, Naik said thecompany has "identified select growth businesses in L&T’sbroad portfolio. These include IT, technology services,defence, smart world and water management. "Our strategic plan involves re-allocation of resources -both talent and capital – to businesses with visible valuecreation potential. As most of these are also asset-lightbusinesses, the initiative will be in line with our largerobjective of building an asset-light organisation," theChairman said. The country’s largest engineering and constructionbehemoth had reported consolidated revenue of Rs 1,03,522crore for the year ended March 31, 2016, a 12 per cent overthe previous year, and its consolidated net income for theyear rose just 7 per cent to Rs 5,091 crore. (MORE) PTI PSKBEN NAMABIRDS