Key officials of Larsen & Toubro have taken a voluntary pay cut of up to 53 per cent, including a 24.19 per cent salary cut by group chairman A.M. Naik, according to the company’s annual report.

Naik drew a total remuneration of Rs 6.18 crore for 2019-20 against Rs 8.15 crore in 2018-19. L&T chief executive officer & managing director S.N. Subrahmanyan took home Rs 27.17 crore for 2019-20, showing a pay cut of 43.91 per cent.

“Reduction in managerial remuneration is mainly because of cost reduction measures voluntarily adopted by executive directors in the current pandemic scenario and reduced perquisite value,” the report said.

The average percentage increase made in the salaries of employees other than the managerial personnel for 2019-20 was 4.70 per cent. “Considering the impact of Covid-19 on the business, the executive directors have taken a voluntary reduction of 50 per cent on the entitled commission,” the report said.

Whole-time director & CFO R. Shankar Raman saw a pay cut of 47.33 per cent to Rs 13.20 crore, while whole-time director & senior executive vice-president (power) Shailendra Roy took a salary cut of 53.01 per cent to Rs 6.63 crore during 2019-20.