Having faced challenging times in the home turf due to a host of factors, engineering and construction giant Larsen & Toubro Ltd (L&T) is looking out to expand its operations and maintain its growth.
The firm, which has already established itself in the Middle East and has ventured into Thailand with a view to penetrate into South East Asia, has chalked out plans to bid for projects in Indonesia and Myanmar.
L&T plans to service Australian market, which has big potential for the firm, from its base in Thailand.
L&T net profit in the October-December quarter has gone up by 22 per cent to Rs.992 crore from Rs.811 crore in the corresponding quarter of the previous year while gross revenue has risen by 23 per cent to Rs.14,155 crore.
“We are looking at sizeable global orders in the immediate future. We are now looking at entering into CIS nations and Africa which offer a lot of opportunities,” said R. Shankar Raman, chief financial officer, L&T.
There are vast opportunities in the hydrocarbon sector in the CIS countries and L&T would aggressively bid when those nations open up the oil and gas sector for exploration.
L&T pulled out from China as the operations became unviable due to recession and new markets are being explored, Raman said.
Source: http://indiatoday.intoday.in/story/larsen-and-toubro-to-bid-for-projects-in-south-east/1/170387.html
