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L&T expects reasonable revenue growth

By Our Staff Correspondent

MUMBAI AUG. 22. Larsen and Toubro expects its engineering and construction revenues to grow by around 15 per cent in the current year with a reasonable growth in order booking, said S. S. Marathe, Chairman, while addressing shareholders at the company's annual meeting held here.

The company is still working out details of the demerger of the cement business. A separate extraordinary general meeting will be called at a later date to discuss the issue, said Mr. Marathe. "The demerger not only unlocks shareholders' value but also positions the engineering business for focussed growth in future,'' he said.

The Chairman said sectors such as hydrocarbon, oil and gas, petrochemical and infrastructure showed considerable promise. "The cement industry is expected to maintain the growth rate of around 8-10 per cent with the major demand drivers expected to be housing and road sectors,'' said Mr. Marathe. Also, the electrical and electronics business of the company is expected to gain from the accelerated power development programme and the new electricity law providing for privatisation of transmission, supply and distribution. The segment is focusing on export market development activities in select countries and expects to achieve good results in the coming years. During the first quarter of the current financial year, L&T's order book grew 32 per cent to touch Rs. 2,964 crores.

L&T has outlayed Rs. 200 crores as capex for the current, which Mr. Marathe said, was "routine,'' and added the company was cautious in its approach to opportunities in Iraq due to certain political concerns.

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