L&T defers salary appraisals over Rs 12,000 cr billing loss since lockdown
Engineering conglomerate Larsen & Toubro (L&T) has lost Rs 12,000 crore worth billing due to the nationwide lockdown, the company’s top management told employees in a webinar this week. While, the company looks to defer monetary appraisals, analysts raise concerns over June quarter performance.
According to people in the know, S N Subrahmanyan, L&T managing director and chief executive officer(CEO) pegged the billing loss at Rs 12,000 crore, in a webinar with employees. Sources say the top boss added in anticipation of weakness in Middle East orders, L&T will focus on orders from African markets.
