Limited
Submitted to:
Prof. Brajaraj Mohanty
Submitted by:
Group-9 (BM1-Section B)
Akasdeep Bhadra
Aditya Sengar
Nandita Nayak
Saurabh S Rajendraprasad
Vineet Thakur
UM15064
UM15084
UM15092
UM15108
UM15122
Contents
1
Executive Summary............................................................................................................................................................... 5
Industry Overview.................................................................................................................................................................. 6
2.1
2.2
2.3
2.4
Industry Benchmarks....................................................................................................................................................... 9
2.5
PESTEL Analysis............................................................................................................................................................. 14
2.6
2.7
2.8
Competitive Landscape................................................................................................................................................. 18
2.9
Market Segmentation.................................................................................................................................................... 19
Company Overview.............................................................................................................................................................. 22
3.1
Company background:................................................................................................................................................... 22
3.2
3.3
3.4
Construction..................................................................................................................................................................... 26
Heavy Engineering............................................................................................................................................................ 26
Hydraulics......................................................................................................................................................................... 27
Hydrocarbon..................................................................................................................................................................... 27
Power................................................................................................................................................................................ 27
Shipbuilding...................................................................................................................................................................... 27
Technology Services......................................................................................................................................................... 28
Valves............................................................................................................................................................................... 28
3.5
3.6
3.7
3rd Generation Balanced Scorecard (Amalgamation of 1st Generation BSC and Activity System Map)........................32
3.8
SWOT Analysis............................................................................................................................................................... 35
3.9
3.9.1
3.9.2
Portfolio Analysis........................................................................................................................................................... 38
4.2
4.3
Re-imagining the Organization with the transformed business model or Use-case based on SMAC and IOE................42
1 Executive Summary
Guidelines
The executive summary should provide a brief overview of the organization and the industry in which it
operates. It should also illustrate the results of the analysis made in the report. It should provide the
future growth prospects in the industry for the organization. It should also highlight on the strategy for
any organization to gain competitive advantage in this industry.
Larsen & Toubro (L&T) is a technology-driven engineering, construction and manufacturing USD 14.8 Billion Indian company
that infuses engineering with imagination. The company has business interests in engineering, construction, manufacturing
goods, information technology, and financial services, and also has an office in the Middle-East and other parts of Asia. L&T is
India's largest engineering and construction company.
Our analysis has not considered its IT and Financial services which are part of their diversification. Its core competency lies in
engineering and construction.
The Indian Engineering sector has witnessed a remarkable growth over the last few years driven by increased investments in
infrastructure and industrial production and is closely associated with the manufacturing and infrastructure sectors, which are of
strategic importance to Indias economy. The Indian engineering sector is divided into two major segments - heavy engineering
and light engineering. The capital goods and engineering turnover in India is expected to reach US$ 125.4 billion by FY17.
Likewise, Electrical equipment market size is forecast to reach US$ 100 billion by FY22. The construction industry has
contributed an estimated 6708 billion to the national GDP in 2011-12 (a share of around 9%).
L&T is in very good competitive position among its competitors in this industry. This is mainly due to their quality, reputation
and broad range of service portfolio. Some its major competitors are BECHTEL, Alstorm, Punj Lloyd, BHEL, etc. As per our
analysis, BECHTEL poses a bigger threat compared to others in this industry.
Their diversification strategy (both related and unrelated) is also visible in their recent restructuring of their organisational
structure in 2011, when they created 11 SBUs in the company.
Even though L&T have suffered losses in some of its units like Shipbuilding, the other units have given good returns. Given the
hydrocarbon boom in West Asia, which is an opportunity of nearly $150 billion, L&T has decided to headquarter its subsidiary in
Sharjah. The company is also giving a major push to manufacturing, of which defence will be a very large part. It should also
focus more on sectors like Switch gear motors, Power projects, Electricals and Electronics in which they have a high potential for
growth.
Technology innovation is the key factor for any company to gain competitive advantage in this industry, in which L&T holds a
very strong position. Also, entering new sectors with high growth potential as early as possible is a good strategy to thrive in
this industry.
2 Industry Overview
2.1 Nature and Size of the Industry
Guidelines
The period from 1950 to mid 60s witnessed the government playing an active role in
the development of these services and most of construction activities during this period
were carried out by state owned enterprises and supported by government
departments. In the first five-year plan, construction of civil works was allotted nearly
50 per cent of the total capital outlay.
The first professional consultancy company, National Industrial Development
Corporation (NIDC), was set up in the public sector in 1954. Subsequently, many
architectural, design engineering and construction companies were set up in the public
sector (Indian Railways Construction Limited (IRCON), National Buildings Construction
Corporation
(NBCC),
Rail
India
Transportation
and
Engineering
Services
(RITES), Engineers India Limited (EIL), etc.) and private sector (M N Dastur and Co.,
Hindustan Construction Company (HCC), Ansals, etc.).
This industrial construction includes the building, renovating, preservation, repair, and
destruction of buildings;
Residential, it covers housing and Development
Huge amount of investment in needed in the infrastructure sector in India. The focus of
the same can be seen in the budget speech of the Finance Minister. Hence the industry
is in growth stage.
Heavy engineering is in decline stage
Power sector, renewable energy sources (RES), rail and road and construction
equipments are in growth stage
Hydrocarbon is in maturity stage
Defence is in introduction stage
The global construction industry has regained growth momentum, with the pace of
expansion accelerating from an annual average of 2.7% a year in real terms in 2011
2013 to 3.1% in 2014. Timetrics Construction Intelligence Centre (CIC) forecasts a
further rise to 3.8% in 2015, and then an average annual increase of 3.9% over 2016
2020. Based on the CICs Global 50, a grouping of the 50 largest and most influential
markets in the world, the global industry is projected to grow from US$7.4 trillion in
2010 to US$8.5 trillion in 2015 and to US$10.3 trillion in 2020, when measured at
constant 2010 prices and exchange rates (real 2010 US$).
The construction industries in the Middle East and Africa region are predicted to be the
fastest growing in 2016-2020, overtaking the Asia-Pacific region, which held the top
spot in 2011-2015. This reflects the huge investment in infrastructure and buildings
that is taking place in Qatar, Saudi Arabia and the United Arab Emirates (UAE), while
the slowing rate of growth in China's construction industry is a key factor driving the
Rationale
1. Oil Prices
2. Population
3. Investment in mining projects
4. Labour disputes
problems
and
chronic
5. Economic growth
1. Oil prices: Low oil prices discourage infrastructure development in oil extraction
sector
2. Population: Growth in working age population encourages infrastructure
development
3. Investment in mining projects: High investment in mining projects encourages
infrastructure development in mining industry.
4. Labour disputes and chronic problems: Ongoing labour disputes in construction
industry hamper the growth of the industry
5. Economic growth: High economic growth ensures growth in construction sector
too
1 Maintaining
quality
time,
cost
Rationale
and
Availability of resources and its optimum use along with higher manufacturing
capabilities/capacities gives front end advantage over its competitors
Category
Indicator
201112
Industry Level
(National)
Activity Ratios
Market Size
201213
201314
2014-15
(till Q3)
177.68
193.44
215.09
Market Leader
201112
2012-13
201314
2014-15
(till Q3)
165.23
Size as % of
GDP
9.7
10.39
10.5
Inventory
turnover
23.56
21.34
21.78
23.7
29.47
28.83
28.83
26.07
Receivables
turnover
1.56
2.1
2.3
1.6
3.41
2.94
2.56
2.56
Payables
turnover
Category
Liquidity Ratios
Solvency Ratios
Profitability Ratios
Indicator
Market Leader
201112
201213
201314
2014-15
(till Q3)
201112
2012-13
201314
2014-15
(till Q3)
Asset
turnover
1.2
1.32
0.89
0.92
1.59
1.64
1.26
1.16
Current ratio
0.9
1.1
1.15
1.2
1.15
1.31
1.26
1.34
Quick ratio
0.97
1.2
1.22
1.25
1.22
1.29
1.47
1.43
Debt-toassets ratio
0.189
0.457
0.198
0.213
0.247
0.659
0.254
0.249
Debt-tocapital ratio
0.31
0.23
0.3
0.31
0.36
0.27
0.34
0.33
Debt-toequity ratio
0.31
0.23
0.3
0.29
0.36
0.27
0.34
0.33
Interest
coverage
ratio
5.6
6.92
8.72
4.79
7.57
7.21
7.21
5.47
Gross profit
margin
9.2
8.3
9.32
8.56
10.5
9.18
10.37
9.61
Operating
profit margin
9.87
9.56
9.67
10.65
11.81
10.52
11.77
11.37
Net profit
margin
8.23
7.59
8.32
8.00
8.38
8.06
9.7
8.86
Return on
379.78
423.79
312.57
378.24
411.53
473.24
362.95
398.78
Category
Indicator
Market Leader
201112
201213
201314
2014-15
(till Q3)
201112
2012-13
201314
2014-15
(till Q3)
70.23
72.1
78.45
79.12
73.43
73.17
81.77
81.53
62.13
71.2
54.67
51.25
65.01
72.77
59.26
54.39
Book value
324.89
402.87
423.78
312.56
358.45
411.53
473.68
362.95
Sales
41209
58476
51907
52869
43905
60873
53170
56598
Dividend
Yield
812.74
1000.46
1103.67
1287.46
882.84
1010.46
1138.57
1316.89
assets (ROA)
Return on
equity (ROE)
Price to
Earnings
(P/E)
Valuation Ratios or
Price Ratios
Projected
Annual
Growth in
Earnings per
Share
Price to Cash
Flow
Description
Political
Economic
Social
Rationale
IMPACT OF REITS
UPGRADATION OF
TECHNOLOGY ,
Environmental
NATURAL CALAMITIES
Legal
PROJECT
VARIETY
Projects only in
core-competency
sectors
L&
T
SHAPOORJI
PALLONJI
ENGINEERIN
G
CONSTRUCTI
ON
BHEL,
PUNJ
LLOYD,
BECHT
EL
ALSTO
M
LANCO
INFRATECH
DLF
Only India
Global span
PROJECT SPAN
Value propositions ( Low Cost, Differentiation, Niche): Low Cost, due to economies of scale
Competitive Strength Assessment (Normal and Weighted):
Regions
Construction
India, Australia, Nepal, Algeria, Oman, Bahrain, Qatar, Bangladesh, Russia, Bhutan,
Saudi Arabia, Germany, Sri Lanka, Iraq, Sudan, Jordan, Suriname, Kenya, Tanzania,
Kuwait, UAE, Malaysia, Uzbekistan, Maldives, West Indies, Mauritius, Yemen,
Mozambique
Hydrocarbon Engineering
Power
India, Bangladesh
India
Heavy Engineering
India, Oman
India
L&T Valves
EWAC Alloys
India, Middle East, South East Asia, USA, Canada, Western Europe, South Korea,
Japan
L&T IDPL
India, Singapore
India
L&T Realty
India
India
Details
End-user Segments
Government
High
Corporate
High
Government
High
Corporate
High
Manufacturing Capability
Financial Resources
Technology
Price of Projects
Government
High
Corporate
Medium
Government
Medium
Corporate
High
Government
Medium
Corporate
Medium
High Impact
High Probability
L&T has ventured to almost every new opportunity available, eg: Nuclear, Defence
This will ensure them the first movers advantage in these categories
3 Company Overview
3.1 Company background:
Larsen & Toubro is a major technology, engineering, construction, manufacturing and financial services conglomerate, with
global operations. L&T addresses critical needs in key sectors - Hydrocarbon, Infrastructure, Power, Process Industries and
Defense - for customers in over 30 countries around the world.
L&T is engaged in core, high impact sectors of the economy and our integrated capabilities span the entire spectrum of
design to deliver. With over 7 decades of a strong, customer focused approach and a continuous quest for world-class
quality, we have unmatched expertise across Technology, Engineering, Construction, Infrastructure Projects and
Manufacturing, and maintain a leadership in all our major lines of business.
Every aspect of L&T's businesses is characterized by professionalism and high standards of corporate governance.
Sustainability is embedded into our long-term strategy for growth.
The Companys manufacturing footprint extends across eight countries in addition to India. L&T has several international
offices and a supply chain that extends around the globe.
1979-1982 Merger and amalgamation of its various units into parent company.
1983- Establishment and commercial operation of its 1 Million Ton capacity Cement Plant at Chandrapur District,
Maharashtra.
1984-1990- L&T collaborated with many foreign players across globe for setting up manufacturing centers of various
products which includes Dot Matrix Printers, Floppy Disc Drives, Mobile Cranes, Axial Piston Units, Medical Electronics
Products, rotatory mills, Ash handling system for coal based thermal power plant etc.
Company also raised a lot money by issuing debentures and utilized the same in setting up of various manufacturing units
across India.
1991- During the year a major contract was signed for augmentation of the Trisuli Hydro Power Project in Nepal.
1994- The company tied up with Sargent & Lundy U S A., to offer EPC service for thermal power projects and also to form a
joint venture engineering company. This joint venture would offer engineering services to power projects in India and abroad.
1995- During the year a new cement plant at Kovaya in Gujarat with annual capacity of 15 lakh tons was commissioned.
Collaboration and JV with major players like Samsung Electronics Co. etc.
1997- The private sector giant Larsen and Toubro (L&T) will introduce 300 varieties of computerised ready mix concrete for
the first time in the country so as to develop a new concept in the building industry.
Larsen & Toubro Ltd (L&T) has entered into a 50:50 joint-venture with Komatsu, Japan, to manufacture hydraulic excavators
and components.
1998-2001- Continuous order flow from all the diversified sectors lead to high growth rate of the organization. Increases its
existing capacity of cement production. Formed other collaboration and JVs with foreign players.
2002- Buys over the shareholding of Caterpillar, USA, in its joint venture Tractor Engineers Ltd. (TENGL), makes it wholly
owned subsidiary.
Financial Institutions stake increases in L&T to 37%.
Receives prestigious contract to build an eight tower hotel-cum-residential complex in Dubai's upmarket Sheikh Zayed Road.
L&T, Shapoorji Pallonji form joint venture to take up Cyber Tower project in Mauritius.
Bags Rs 5810 million turnkey refinery order from IOC.
Hiked its capacity to 16.5 million tons thus gaining its position as the largest cement company in India, overtaking the
capacity of ACC.
2003- Revamps Engineering Division, splits it into four divisions (Buildings & Factories, Civil Infrastructure, Industrial Projects
& Electricals).
Obtains four licenses, issued by the central government, for design, manufacture and assembly of warships, submarines and
weapon platforms, radar and sonar systems and electronic warfare equipment and systems sensors, weapon launchers and
armaments including missiles and rockets. Besides, the company also receives the governments nod for design and
development of sophisticated armored and other combat vehicles and bridge-laying systems on tanks.
2004- Enters into JV with John Deere for tractor manufacturing.
2007- The Boeing Company on February 08, 2007 has signed a Memorandum of Understanding (MoU) with the Larsen &
Toubro Ltd. for the joint exploration of business opportunities in India's defense sector.
Larsen & Toubro Ltd (L&T) have signed on February 15, 2007, a Memorandum of Understanding (MoU) with Dassault
Systmes (DS), which has head offices in France.
Larsen & Toubro (L&T) will set up joint ventures with Japan's Toshiba Corp and Mitsubishi Heavy Industries (MHI) to
commission manufacturing facilities for super-critical turbines and boilers, which are used in coal-fired power generation
plants.
2010-2011- Brings the concept of independent companies (ICs) under its organizational structures. Internally divided L&T
into 9 ICs for better managerial control.
Other than the above mentioned happenings one thing was common for L&T and it was continuous order flows with high to
very high project value both from domestic as well as foreign market.
MISSION STATEMENT:
L&T shall be a professionally-managed Indian multinational, committed to total customer satisfaction and enhancing
shareholder value.
L&T shall be an innovative, entrepreneurial and empowered tam constantly creating value and attaining global benchmarks.
L&T shall foster culture of caring, trust and continuous learning while meeting expectations of employees, stakeholders and
society
Construction
Transportation Infrastructure
Renewable Energy
Relays
Meters
Marinised products
Meters
Marine Solutions
Heavy Engineering
o
Process Plant
Critical Piping
Hydraulics
o
Hydraulic Cylinders
Hydrocarbon
o
Upstream
Power
o
Auxiliary Equipment
Spares
Shipbuilding
o
Technology Services
Industrial Products
Medical Devices
Polymer
Process Industry
Transportation
Mechanical Engineering
Engineering Analytics
Power Electronics
Valves
Science and Corrosion Engineering, Mechanical Engineering, Ocean Engineering and Water Technology.
Basic and Detailed Engineering Services: Electrical and Instrumentation Engineering, Front-End Engineering and Design,
and specialized SBUs for Oil and Gas Engineering services.
Modular Fabrication: Through one of Asias largest yards at Hazira, capable of manufacturing several modules
simultaneously.
Procurement: An extensive set of suppliers from around the globe, networked through an online procurement and an ebusiness platform.
L & Ts Core Competencies-2 Project Management: L&T is one of the first companies in the world to implement the
Enterprise Resource Planning (ERP) software SAP R/3 in E&C business. This integrates all the execution processes for the
project and also provides to the project team unique access to information at all stages - from proposal to project handing
over.
Construction: Through ECC - executing comprehensive construction projects in areas of power, oil & gas exploration,
refinery, fertilizer and petrochemicals, airports, townships, hotels, public buildings, bridges, transmission lines, water
treatment plants, hydro-electric power stations and irrigation structures in various countries .
Key
Activities
Categories
Production
Engineering, Procurement & Construction
Engineering services/ project consultation
Sales & Marketing
Maintenance and after sales services.
Characteristics
Value
Propositions
Customer
Relationship
s
Key
Resources
Advanced Technology
Customization
Low Price
On time, within budget and quality focused
Customer
Segments
Channels
Human
L&T has an employee base of around 85000 people with diverse background. These technical experts
are the major factor for its project success rate and innovation. It follows MBO for performance
management and has one of the robust PMS systems. People have grown from junior engineer level to
CEO.
Financial
L&T has over one lakh crore of market capitalization and a huge order base makes it an organisation
with strong financials. Its year on year increase in profit and EPS makes it a good option for
shareholders.
L&Ts major business is dependent on B2B sector and out of which major projects/ orders comes via
bidding procedure. For this L&T has its own sales and marketing team for each independent company or
SBUs.
For businesses like construction & mining machineries, products under electrical & automation sector;
L&T uses its own as well as third party distribution network pan India who are responsible of sales and
after sales services on products.
As already known L&T is a project based
The business is mainly cost driven. The cost of
company so maximum (around 65%-70%)
procurement of raw materials and the
portion of cost is contributed by raw materials/
operational efficiency and timely completion
construction materials (involves its procurement,
determines the success in this sector.
logistics and storage).
It also tries to create value in the mind of
customer by several ways. The industry tries
to achieve economies of scale by proper
optimum utilization of resources.
Types
L&T is Indias top construction company and is
Contracting Charges from customer.
also in worlds top 30 construction company. The
effect of same is also seen in its revenue as its
Cost
Structure
Revenue
Streams
3.7 3rd Generation Balanced Scorecard (Amalgamation of 1st Generation BSC and Activity System Map)
Financials
Even though the above data is not positive for L&T but, as per the expectation of growth in Indias infrastructure sector pickup in execution in long-gestation projects will drive 20% revenue CAGR over FY16-18F in the core E&C business of L&T. Also
earnings is expected to pick up from FY17F and its estimated a 35% EPS CAGR for L&T over FY2016-2018.
Customer
L&T continues with a reputation of completing its project within budget and schedule while maintaing a good quality.
This has helped the organisation a lot in retention of its customer base and attracting new clients.
L&T is also venturing into new foreign markets to enlarge its customer base. Company is leveraging on its economy of
scope and learnings from its complex project execution in Indian environment.
Internal Processes
L&T has divided its complex and diversified businesses into nine independent companies (ICs). These ICs have their
own financial statements and its own organisational structure and board of directors. This has helped L&T a lot in
managing the complex organisation and setting up of individual goals, targets and startegies.
L&T has its own startegy of supporting & developing small vendors as per their requirements. This vendor
development prcosess gives a huge cost benefit to them. This also helps in maintaing a good and long term relation
with supplies.
L&T looks into the new and emerging sectors as per their economies of scope and leverage on the same to gain the
first mover advantage.
L&T belives in its employees and gives chances to its employess to grow higher in hierchy. Past two CEOs of L&T have
grown from junior engineer level to CEO position.
As stated above L&T has filled many patent rights, trademarks and copyrights items.
WEAKNESS:
L&T can utilize its market leadership position & strong brand
name to gain the competitive edge over others and enter into
international market.
OPPURTUNITIES:
L&T understands the domestic market very well and seeing the
opportunities it enters into strategic joint venture with world lead
players to gain the first mover advantage. Few of its JV partners are
Sargent & Lundy, MHPS, Valdel, Gulf, Howden, AIL etc.
With the high growth of Indian economy
huge investment
is
Weight
L&T
Punj
Factors
expected in infrastructure sector of India. L&T being the industry
Lloyd
leader in construction sector will gain the advantage of it.
BHEL
Alsto
m
Becht
el
Lanco
Infra
DLF
Past
0.1Middle East,
8 Bangladesh,
6
7
L&T
hasExperience
established itself in regions like
Africa
where a huge
demand
project
is expected
to 8
Maintaining
Time,
Costof&infrastructure
0.25
8
8
come.
Quality
0.15
Availability of Resources/
Capability
0.15
Use of Advanced
Technology
0.15
Weighted Total
1.0
8.3
7.1
7.2
7.6
7.55
7.25
4.4
5.7
Based on the critical success factors we can say that L&T has the competitive advantage over other players. BHEL and
Alstom are the nearest competitors to L&T and its basically because of their presence in diversified industries. Bachtel is a
world leader and is new to Indian Market, scenario may change once Bachtel goes for aggressive penetration in Indian
market.
L&T
Punj Lloyd
BHEL
Alstom
Lanco Infra
DLF
100227
726
22237
3790
1416
15859.15
57017
5068
30183
2197
1396
3015
5056
-506
1419
178
-672
940
49384
7759
34146
976
8619
27825.37
EPS (Rs.)
54.39
-18.26
5.80
26.34
-2.73
5.28
Seeing the financial indicators also we can say that Larsen & Toubro is way ahead of its competitors and has a very large EPS
value as compared to others.
Larsen and Toubro has been a bellwether of Indias development process. It has the maximum number of government
projects in its kitty and has been handling a host of infrastructure projects. It has been in the good books of the government
which helps it in the lobby and grabbing the opportunities of the key and strategic projects.
The global economy is expected to grow 3.5% in 2015 with improved economic indicators in US. However, fragility may
continue in Euro zone and the pace of development is expected to slow down in China in 2015. Although new investments in
Oil & Gas Sector in the Middle East may get impacted due to low crude oil prices, infrastructure development would remain in
focus. Successful demand recovery process in the key emerging market economies and a staggered roll back of the
accommodative monetary policies of the advanced economies hold the key for a more stable and growth oriented outlook for
the global economy.
Hydrocarbon business has been facing some challenges due to low crude oil prices in the Middle East and due to high bidto-award time in projects. On contrary, as we can see from the report that Infrastructure , Power, services and
shipbuilding has been doing very well and are the reason for the overall profitability of the company
1.
Question Marks
2. Power Projects
Dog
1.Finance
1. Fertilisers
2. Aerospace , Infrastructure
2. Cement
3. Shipbuilding
These sectors needs immediate focus as with government plans and the need for infrastructure and
manufacturing in India , it entails a very bright and profitable future for the company.
Long Term focus sectors Solar energy, Nuclear Energy, Infrastructure , shipbuilding , hydrocarbon
With the growth and requirement of renewable energy , the energy sectors needs a revamp in the near
future and with the focus on defense and artillery L&T can increase its future profits
4.3 Re-imagining the Organization with the transformed business model or Use-case based on SMAC and
IOE
develop their economies of scope to become prominent player in sectors like renewable energy, nuclear power,
defence sector, aerospace sector etc.
L&T is known for executing large projects, now in case of low order inflow they would also target for smaller
projects.
L&T would like to increase its global presence, at present L&T has its presence in only 30 countries. It would like
to utilize its resources at its full capacity and extend its services to some African countries, Bangladesh, Middle
East region, South East Asia etc. This would decrease its dependency on single/ domestic economy.
Disruptive technologies are enabling real-time condition monitoring and predictive modeling to preempt failure
of critical equipment
Reimagining Workplaces
Not long ago, the concept of "work" was narrowly defined as what employees did eight hours a day, five days a week,
within the four walls of the office. It included rigid policies, rote work, hierarchical governance and insufferable
technology. Globalization, mobile computing, more informed buyers and a millennial workforcewho expect more
flexibility and better user experiencehave radically revolutionized the workplace. As such, forward-thinking
companies that are "skating to the puck" are redrawing the boundaries of "the office" to attract the most sought-after
workers and foster a culture of anywhere, any time work. Thanks to the hyper-connectivity made possible by the SMAC
Stack employees can work wherever the technology and corporate policy allow. But a boundary-less workspace is more
than just telecommuting. It also includes the dissolution of linear hierarchy, rigid policy, departmental silos and
outdated technology and culture. L&T should Decentralize decision making, employ collaborative tools, personalize
technology, consider network management environment etc. employees must be empowered to operate at their full
potential and this requires a workplace that has freed itself of unnecessary and debilitating boundaries. It is only then
that companies can hope to meet the business challenges of the fast-changing global economy.
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www.ukessays.com/essays/economics/construction-sector-of-india-is-an-integral-part-of-the-economy-economics-essay.php
www.moneycontrol.com/financials/larsentoubro/balance-sheet/LT#LT
www.tcs.com/engineering-services
https://en.wikipedia.org/wiki/Larsen_%26_Toubro
http://www.ajol.info/index.php/actas/article/viewFile/87641/77304
http://www.larsentoubro.com/corporate/our-businesses/