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COVID-19 impact on revenue assessed at Rs 1,800 cr in Q4: L&T

COVID-19 impact on revenue assessed at Rs 1,800 cr in Q4: L&T
outlookindia.com
1970-01-01T05:30:00+0530
New Delhi, Jun 8 (PTI) Engineering and construction giant Larsen & Toubro on Monday said COVID-19 impact on its revenue was assessed at Rs 1,800 crore during the quarter ended March 31.

The conglomerate had shut down operations from March 25 in the wake of coronavirus pandemic.

"For the quarter ended 31 March 2020, the impact due to COVID-19 on the company''s revenues and net profits were approximately Rs 18 bn and Rs 4 bn, respectively. This was due to stoppage of work in almost all the sites for the last part of March 2020 as well as the disruption to the last mile work, like physical inspection, customer clearance etc that could not be completed due to lockdown restrictions," the company said in a regulatory filing.

The company said it resumed partial service of operations from April 14, 2020, after implementation of standard protocols and the manpower strength for resumption was gradually increased.

Presently, the firm has resumed work in all offices/manufacturing units, barring some establishments in Maharashtra where employees continue to work from home, it said.

Ninety per cent of the domestic project sites are working with restricted labour capacity, the company said, adding it is presently remobilising workmen as a significant percentage of the migrant workers have gone back to their villages.

All international sites have also resumed work after some interruptions.

The company said its projects business is the largest business where it employs more than 2,50,000 contract labourers around various sites in India and abroad.

L&T also sets up labour camps at their sites to house these labourers including migrant workers. During the lockdown period, the company ensured food, shelter and medical facilities in these camps and timely remittance of wages to workmen and payments to subcontractors, directly to their bank accounts, it said.

There was extra vigilance across the labour camps to ensure proper hygiene, waste management, cleanliness and strict implementation of other protocols, including social distancing.

The company ensured 24X7 availability of ambulances, doctors and other facilities for medical assistance to workmen and employees across all locations.

These workmen and other employees were also provided various health advisories and other updates on COVID-19, including local testing facilities, through SMS alerts in English, Hindi and other vernacular languages. PTI NAM BAL

BAL


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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