L&T defers salary appraisals over Rs 12,000 cr billing loss since lockdown

Analysts raise concerns over Q1 show, firm to shift focus to Africa as West Asian market turns weak

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.

Sources added, L&T’s top management