L&T gains after elevating Subramanian Sarma as deputy MD

Larsen & Toubro (L&T) rose 1.87% to Rs 3481.20 after the firm said that Subramanian Sarma will be elevated from whole-time director & president, Energy to deputy managing director (MD) & president of the company with effect from 2nd April 2025.

The board has also decided to extend his term to 3rd Feb 2028, subject to shareholders approval in the upcoming AGM.

Subramanian Sarma holds a degree in Chemical Engineering and a masters degree from IIT Mumbai. With over 40 years of experience, he is a seasoned professional, including 30 years of expertise in the Middle East. During his career span, Sarma has handled the complete Oil & Gas value chain across various geographies. Prior to joining L&T, Sarma served as managing director of a large EPC company. He was appointed on the board of L&T in August 2015.

S.N. Subrahmanyan, chairman & managing director, said, "Sarma has been instrumental in transforming our Hydrocarbon and Energy businesses, driving innovation, operational excellence, and global competitiveness. His elevation is well deserved, and I am confident that his leadership will further strengthen L&Ts growth trajectory."

Meanwhile, the company's board approved long term borrowings of upto Rs 12,000 crore, including through external commercial borrowings, term loans, non-convertible debentures or any other instrument as may be appropriate.

Larsen & Toubro (L&T) is an Indian multinational engaged in EPC projects, hi-tech manufacturing, and services. A strong, customer-focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

Larsen & Toubro reported a 13.96% increase in consolidated net profit to Rs 3,358.84 crore in Q3 FY25 compared with Rs 2,947.36 crore in Q3 FY24. Revenue from operations jumped 17.31% YoY to Rs 64,667.78 crore in Q3 FY25.

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