In a recent development, Larsen & Toubro (L&T) has announced the elevation of Mr. R Shankar Raman as President, Whole-time Director & CFO, effective immediately. With a rich background spanning over 40 years in finance, Mr. Shankar Raman brings a wealth of experience and expertise to his new role.
Having joined L&T Group in November 1994 to establish L&T Finance Limited, a wholly-owned subsidiary, Mr. Shankar Raman has since played a pivotal role in shaping the company’s financial strategy and driving growth initiatives. He was appointed to the Board in October 2011 and has served as Senior EVP, Whole-time Director & CFO prior to his recent elevation.
Mr. Shankar Raman’s leadership and strategic vision have been instrumental in strengthening L&T’s financial position, optimizing resources, and enhancing shareholder value. He is widely respected in the industry for his professionalism, integrity, and dedication to excellence.
Expressing his gratitude towards the L&T Board and the company’s CMD, Mr. Shankar Raman stated, “I am deeply honored to accept the appointment as President. I look forward to working closely with the leadership team to achieve our shared goals and aspirations.”
Despite challenges posed by the economic environment, L&T remains committed to its growth trajectory. The company has witnessed a 10 percent increase in its workforce over the past year, adding close to 8,000 employees in 2023-24. Looking ahead, L&T plans to continue expanding its workforce till 2025-26 to effectively execute its ever-growing order book, valued at Rs 475,809 crore as of March 31, 2024.
Mr. Shankar Raman emphasized the company’s commitment to workforce expansion, stating, “We will continue to hire people till 2025-26 to ensure that our current order book is executed in time and to plan out the next five years of our journey.”
Despite expectations of a slowdown in order inflows, both domestically and internationally, L&T remains optimistic about its growth prospects. The company’s focus on workforce expansion underscores its confidence in its ability to navigate challenges and capitalize on opportunities in the evolving business landscape.
As L&T embarks on this new chapter under the leadership of Mr. Shankar Raman, the company remains steadfast in its commitment to driving sustainable growth and creating long-term value for its stakeholders.