Larsen and Toubro

The year gone by witnessed unprecedented global economic and business
 turbulence. While your Company has managed to maintain its growth
 trajectory during 2008- 2009, the last six months have been a
 challenging period as decisions on awarding projects were repeatedly
 deferred on account of the economic slowdown and due to the code of
 conduct applicable to public sector bodies prior to the elections in
 May 2009. With a stable Government now in place and priority being
 accorded to infrastructure, it is expected that capital expenditure in
 this sector will increase and new business prospects will fructify in
 the later part of this year.
 
 A. M. Naik
 Chairman & Managing Director