Chairman's Speech

FY 2017-18  
A M Naik

My greetings and good wishes to you on the 80th anniversary of the formation of L&T.

The tiny partnership firm set up on May 1, 1938 is now a leading engineering & construction conglomerate, operating at the upper end of the technology spectrum. Across the last eight decades, we have kept pace with technological developments as well as the evolving needs of the nation. Your Company is, in every sense, leading the change.

Economic Scenario

In the last fiscal, the Indian economy has emerged after grappling boldly with multiple challenges. Structural reforms, by their very nature, are


initially disruptive because they unsettle the existing ways of doing business, and can often impact public perceptions negatively. However, their long-term benefits outweigh the early tremors. The GST regime and other reforms such as Insolvency & Bankruptcy Code, Demonetisation and RERA are the building blocks of a healthier, more wholesome economic environment.

In addition to the volatility sparked by reform-led change, industry encountered a host of other challenges, viz., muted private sector capex, reduced investment opportunities in Middle East markets and the increasing unpredictability of geo-political developments.

Board Report Management Discussion