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L&T Continues To Focus On Shareholder Value Creation By Divesting Non-Core Assets: A M Naik
'The outlook for FY22 is one of cautious optimism, with the country's GDP regaining positive territory, thanks to the base effect in the first half, followed by robust growth in the second.
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Larsen & Toubro Group Chairman A M Naik on Thursday said the company continues to focus on shareholder value creation by divesting non-core assets, capturing cost efficiencies and leveraging technology for productivity gains.
The company's strategically diversified business portfolio, geographical dispersion, robust balance sheet and strong order book are reliable signposts to a brighter future, Naik said in his keynote address to the shareholders during annual general meeting.
'The outlook for FY22 is one of cautious optimism, with the country's GDP regaining positive territory, thanks to the base effect in the first half, followed by robust growth in the second.
'We therefore believe the recovery is 'delayed' and not 'derailed',' he said.
Naik added that the company continues to focus on shareholder value creation by divesting non-core assets, capturing cost efficiencies and leveraging technology for productivity gains.
Given the scale of the country's infrastructure deficit, he said, 'We remain optimistic about the government's intent to complete the projects as envisaged in the National Infrastructure Pipeline.' The project pipeline is expected to be collectively funded by the Centre, international financial institutions, state governments, public sector undertakings and the private sector, he added.
'Since infrastructure investments serve the twin benefits of improving productivity and generating employment, we believe that the underlying macro drivers for investments in India remain intact,' he said.
The company, Naik said, is poised to capitalise on these opportunities as they emerge.
The board of directors, he said, has recommended a final dividend of Rs 18 per share for FY21.
This is in addition to the Rs 18 per share of special dividend declared earlier during the year.
L&T has gradually expanded its international footprint through geographic dispersion as a conscious de-risking strategy. While the West Asian region has remained an area of focus, the company has turned its attention to many countries in Africa as well as Southeast Asia.
Currently, the West Asian region constitutes 61 per cent of the international order book of Rs 68,773 crore.
(PTI)