Larsen & Toubro wrote off orders worth Rs 16,000 crore and laid off 3,000 of its staff in the last financial year, reported The Economic Times.

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As per the report, several cost cutting measures had to be taken by the firm after it missed its revenue guidance in a challenging environment that saw stalled projects and cutting of costs.

However, the company according to the report is optimistic about this year and is looking bounce back with help of business opportunities.

“We have written off these orders but they are still with us. Tomorrow if the promoters were to come back and revive these projects, we may go forward. The projects that we have removed are infrastructure projects, mostly for buildings and factories, predominantly due to fund issues faced by promoters,” SN Subrahmanyan, Chief Executive Officer, was quoted saying in the report.

While there may not be much coming from the private sector, the company expects the government to announce big projects ahead of next year’s general elections, the report said.

According to the report, the cancelled orders accounted for 6% of the total order of the company during the last financial year.

However, the report added that Larsen & Toubro expects 10-12% growth in order inflow and 12-15% growth in revenue in 2018-19.

First Published:May 29, 2018 12:05 PM IST