MACRO INTELLIGENCE MEMO
L&T: SN Subrahanyam's Infrastructure Focus Strategy
DATE: June 2030 | SUBJECT: CEO Leadership | CLASSIFICATION: C-Suite Edition
EXECUTIVE SUMMARY
SN Subrahanyam, L&T CEO, executed focused crisis strategy:
- Maintained capex on infrastructure projects (Q2 2029)
- Continued project execution despite macro uncertainty
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Supported government spending narrative
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Dividend maintenance (Q2 2030)
- Dividend at ₹20/share maintained
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Signaled confidence in order book visibility
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Digital services deemphasis (Q3 2029)
- Announced strategic review of Infotech subsidiary
- Focused capital on core infrastructure business
- Correct decision given IT services disruption
RESULTS
By June 2030: - Stock: -20% (vs. Nifty-50 -34%) - Market cap: $18B - Revenue: Down only 8% (far better than consumption sectors) - Dividend: Maintained
Subrahanyam's leadership: Maintain focus on core infrastructure business; deemphasize digital services; communicate confidence through dividend. Result: Relative outperformance.
THE 2030 REPORT | Executive Leadership Division | June 2030 | Confidential