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“We are targeting group revenues of Rs 2,70,000 crore…by FY26. The group recorded revenues of Rs 1,56,521 crore during FY 2021-22, registering a growth of 15%,” he said at the company’s 77th Annual General Meeting (AGM).
The company’s order inflow for the year was at Rs 192,997 crore achieved on the back of major domestic and international order wins in hydrocarbons and infrastructure.
In 2021-22, profit after tax was Rs 8,572 crore, a year-on-year (y-o-y) growth of 23%.
The L&T Group recorded revenues of Rs 156,521 crore during FY 2021-22, registering a growth of 15%.
As of March 31, 2022, the company’s order book was at Rs 3,57,595 crore. Currently, the Middle East constitutes 76% of the international order book of Rs 95,227 crore.
The company which launched ‘Lakshya 2026’ plan this year, will exit non-core businesses, develop innovative business offerings and scale up digital and e-commerce businesses in addition to focusing on environmental, social, and governance (ESG) and shareholder value creation.
The Rs 2,70,000-crore revenue target is also a part of the plan.
Naik added that India is expected to post “top quartile growth” among emerging markets in the medium term. Challenges on the horizon include high oil and commodity prices, supply chain disruptions and the US rate hikes affecting capital flows into India.
“However, despite these roadblocks, our view is that the bold structural reforms carried out by the government in the last couple of years will pave the way for a higher trajectory of growth,” Naik added.
The company’s board has recommended a final dividend of Rs 22 per share for 2021-22.
“There is good news on the technology front. The pandemic has opened our eyes to the latent benefits of digital technologies. Also, IT spends are possibly the only deflationary force in today’s inflationary world,” Naik said.
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