S. N. SUBRAHMANYAN
CEO & MD, Larsen & Toubro
Dear Colleagues,
The new normal is here and the sooner we embrace it and align ourselves to it, the better it will be for all. People are already considering the pandemic as a bad memory, and in many ways, that is the right attitude to move forward. Many of our clients are unwilling to give us any concessions or grant us any leeway; they expect delivery as per our contractual commitments. All the disruptions to talent, labour, supply chain, spiralling input costs, and geo-political tensions have all been transferred to us as contractors. We need to recognize this huge challenge and collectively rise to face it. The good thing is that we have it in all of us to raise the bar and deliver. We have always succeeded in the past, so it should be no different this time either.
While the Russia–Ukraine crisis is pushing the world into dangerous waters and could adversely impact us in many ways, the Indian economy, for the present, is on a growth trajectory, emerging from the impact of the pandemic, which certainly is encouraging news. Not for a moment should we forget that the last couple of years have been some of the toughest for the organization, but with things turning around the corner, we should look at things afresh. It is imperative for us as an organization to reorient ourselves, recalibrate our plans and schedules, recommit ourselves to our targets and look ahead with confidence, believing in our collective capabilities to deliver.
Growth is non-negotiable. It is a way of life!
Not surprisingly, our momentum at project sites had slowed down and progress had taken a hit, but that is all behind us. We must quickly return to our old ways of pushing progress, increasing the use of technology, improving efficiencies, increasing invoicing, and driving growth. We must rediscover growth. One of the fundamental reasons for the prosperity of an organization is growth – of course, profitable growth. Growth is, in fact, a way of life. If we do not grow, several other aspects of our business and lives will be disrupted. If our growth does not outstrip inflation, costs increase and several other challenges arise, making it extremely difficult for us to honour our commitments to our clients, customers, consultants, and various other stakeholders. Therefore, growth is non-negotiable, and as we grow, we need to be a benchmark organization because of our rich legacy.
It is often held that if a project is given to L&T, it will get done on time to quality. We need to start reliving that promise and confidence that our stakeholders have in us, for which it is extremely important for us to re-invigorate ourselves and rediscover that mojo that we once possessed. In today’s world, every aspect of our work is up for scrutiny, be it our safety or quality standards, our commitment to the demands of ESG, or timely execution and delivery of our various projects. We must be up to scratch on every aspect, which is only possible if we all rediscover our mojo. We have always been recognized for that mojo, for our drive, passion, devotion, and commitment to deliver, no matter what. That is the mojo that we must exhibit as we look to ‘push’ ourselves to quickly make up lost time and ground and forge ahead to deliver.
Live up to what is expected of us
This edition of ECC Concord celebrates some of our projects from across businesses that have pushed boundaries and themselves to deliver despite the overwhelming odds. Congratulations to the site leadership and the teams of these projects for their efforts, but this must be the theme for all our projects, without exception. These are, admittedly, trying times, but these are also times that bring out the best in people. At L&T, we have always been known to deliver the near impossible. That is the widely held belief about us that we need to live up to.
As an organization, with an order backlog of almost INR 3.5 lakh crores, we are on a very good wicket, but we need to convert that and, at the same time, be prepared to take advantage of the manifold opportunities that are opening. As a Company, we are moving into several new areas requiring smart thinking, new mindsets, and fresh approaches. These are opportunities for you to spread your wings and experiment with things outside your comfort space, from which both you and the organization can benefit. Seize the day, my dear colleagues!
In these critical times, it is equally important for us to reconnect and recommit ourselves to the demands of our clients, customers, and consultants. After all, our entire effort is towards delivering a quality project to them on time. That should be our ultimate objective, our prime focus to win and maintain client delight. Once that is achieved, the rest will all fall into place.
Historically, we have done our best in Q4. Here is another Q4 for all of you to excel and keep excelling in as we move forward with vigour, grit, determination, and mojo!
All the best!