L&T Promotes R Shankar Raman To President

Larsen & Toubro Limited has elevated R Shankar Raman to the role of president, whole-time director & CFO, effective immediately.

What Happened: The company announced on Thursday, May 9, that Raman, who was previously the senior executive vice president, whole-time director & CFO, will now also serve as the President, in addition to his existing duties.

Raman joined the L&T Group in November 1994 to establish L&T Finance Limited, a wholly-owned subsidiary. He later took on the role of CFO at L&T and was appointed to the Board in October 2011.

See Also: Uber Launches Grocery And Departmental Store Deliveries In 9 Indian Cities

As CFO, Raman has been instrumental in shaping the company’s financial strategy, driving growth initiatives, and ensuring financial sustainability in a dynamic business environment.

S.N.Subrahmanyan, Chairman & Managing Director L&T, praised Raman, stating, "His strategic initiatives have helped L&T strengthen its financial position, optimize resources, and enhance shareholder value.”

Raman expressed his gratitude to the L&T Board and CMD for their confidence in him to lead in this capacity.

Q4 Earnings: L&T’s shares are experiencing a downturn, despite the company posting double-digit growth for the quarter ended March. The stock fell by over 5% to hit an intraday low of ₹3,290. This slump followed several analysts cutting their price target for the stock, disappointed by the company's margin guidance for the year ending March 2025.

Read Next: Domino’s Effect: Swiggy, Zomato To Pull Listings Of 13 Restaurants Violating The Pizza Giant’s Trademark