Yes that is absolutely correct and the pay cuts have been quite substantial. The chairman and the senior directors of Larsen & Toubro have voluntarily taken a pay cut of over 40-50% to see the company through the tough financial situation. L&T CEO, S N Subrahmanyam, took home Rs.27.17 crore for FY20 after accepting a 43% pay cut for the year.

Most other seniors have also pitched in. Even the CFO, Shankar Raman, took a 47% pay cut in FY20 at Rs.13.20 crore. This was the average pay cut taken by all the directors and senior vice presidents of the company. L&T has seen a sharp compression in its business orders. Non-managerial personnel saw an average hike of 4.5% in their salaries.