Arainy morning on a busy working day sparks a discussion on climate change at the AM Naik Tower in Mumbai. Subramanian Sarma, the whole-time director at Larsen & Toubro (L&T) and president of its energy vertical, talks about the spate of flooding in the country. “I had to send a note to our staff in Vadodara this morning due to a huge downpour there which has caused flooding,” he says, sitting in his office, which overlooks the Powai Lake.
For the infrastructure giant, the theme of climate change has presented an opportunity as well as a huge challenge. The move towards cleaner energy across the globe has presented interesting opportunities for the company. Although the company is still a major player in the construction of thermal power plants and continues to pick up projects for boilers, turbines and generators, Sarma notes that recent investments will help the company reap the benefits of the green energy transition.
L&T’s bullishness stems from the fact that it is now able to balance cycles in projects of the segment by venturing out and winning more bids in the international markets, particularly in West Asia. The first quarter results for the current financial year reflected the trend. In the first quarter of the last financial year, the domestic market’s net revenue share in the energy segment was over 51%. The trend flipped dramatically in the current financial year when the company reported that nearly 68% of the net revenue came from international markets in the same period.
It is this momentum that L&T wants to capitalise on. And the company has figured out ways to solidify its position in newer markets.
Winning Around the World
This story is from the October 2024 edition of Outlook Business.
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This story is from the October 2024 edition of Outlook Business.
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