Larsen-Toubro President AM Naik said Thursday that strong anti-Chinese sentiment in India and around the world could be a game changer for domestic industry.
Addressing shareholders at the audiovisual of the company’s 75th Annual General Meeting (AGM), Naik said: “To take advantage of these trends and exploit them for productive purposes, we want to go beyond instinctive responses and extend a long-term strategy with limited time. IMPLEMENTATION plan.”
He added that it is essential to create an eco-formula conducive to growth. “Urgent reforms are needed in many sectors, adding land acquisition and labor. The monetary formula also requires urgent attention. Overall, management would do well to streamline processes and speed up decision-making,” he said.
In response to shareholders’ questions later, LT MD and CEO SN Subrahmanyan stated that Covid-19’s effect on the company’s operations was “serious” because, in the first 3 months of the fiscal year, the company had virtually no work. . He said the effect was between 1,600 and 1,700 rupees crore, because the company may not work, but overhead and other constant prices were on the books.
Subrahmanyan said that between 85% and 90% of sites have already been mobilized and that if there are no primary incidents affecting physical progress, the company will be able to compensate for what has been lost in terms of sales during the year. He added that the government had announced a program call for the projects and that if they matured, the corporate expects tenders to arrive, which could be guaranteed through the corporate and push for more sales.
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