L&T Financial Statements
L&T Financial Statements
L&T Financial Statements
Dear Sirs,
Further to our letter dated April 24, 2024 and in terms of Regulation 30 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations),
we wish to inform you that the Board of Directors of the Company at its meeting held today
has, inter alia, approved the following:
1 . Consolidated and Standalone Audited Financial Results of the Company, for the
Quarter and Year ended 31st March 2024.
We also enclose the "Audit Report for the Quarter and Year ended 31 st March
2024" issued by our Statutory Auditors, M/s. Deloitte Haskins & Sells LLP,
Chartered Accountants, Mumbai along with a declaration signed by our Company
Secretary & Compliance Officer, for Audit Report with Un-modified opinion.
2. The Board of Directors has recommended a Final Dividend of Rs.28/- per share of
the face value Rs. 2/- each (in addition to the special dividend of Rs. 6 per share paid
in August 2023) for the financial year ended March 31, 2024 (previous year final
dividend Rs. 24/- per share). The Company will arrange to pay the proposed Final
Dividend after approval of the shareholders in the ensuing Annual General Meeting.
The Company has fixed Thursday, 20th June 2024 as the Record Date for determining
the entitlement of Members for the proposed Final Dividend.
Mr. Mohanty has been nominated by LIC in place of Mr. Hemant Bhargava, who shall
cease to be a Director of the Company on account of withdrawal of nomination by LIC
with effect from May 27, 2024.
We confirm that Mr. Mohanty is not debarred from holding office of Director by virtue
of any SEBI order or any other such authority and he is not related to any Directors of
the Company. Brief Profile of Mr. Mohanty is enclosed as Annexure A.
5. 79th Annual General Meeting (AGM) of the Company to be convened on Thursday, 4th
July 2024 at 3.00 p.m. 1ST through Video Conferencing/Other Audio-Visual Means, in
accordance with the circulars issued by the Ministry of Corporate Affairs ("MCA
circulars").
The Company has also fixed Thursday, June 27, 2024, as the Cut-off Date for the
purpose of ascertaining the Members eligible for e-voting on the businesses to be
transacted as per the Notice of the AGM.
In compliance with the MCA and SEBI Circulars, the Integrated Annual Report for FY
2023-24, comprising of the Notice of the AGM and the standalone and consolidated
audited financial statements for FY 2023-24, along with Directors' Report, Auditors'
Report and other documents required to be attached thereto, will be sent to all the
members of the Company whose email addresses are registered with the Company/
it's Registrar & Transfer Agent - KFin Technologies Ltd. / Depository Participant(s), in
due course.
(Y-
The Board Meeting commenced at 1.30 p.m. and concluded at ) •. oO p.m.
Thanking you,
Yours faithfully,
For LARSEN & TOUBRO LIMITED
SIVA~
COMPANY SECRETARY &
COMPLIANCE OFFICER
(FCS 3939)
Encl. as above
e LARSEN & TOUBRO WWW iarsen t oubro com
L&T House
L&T Press Release Ballard Estate, Mumbai 400 001
Tel 91 22 6752 5656
Issued by Corporate Brand Management & Communications CIN L99999MH1946PLC004768
Larsen & Toubro achieved Consolidated Revenues of ₹ 221,113 crore for the year ended
March 31, 2024 recording a healthy y-o-y growth of 21%, facilitated by a strong execution of
a large order book in the Projects & Manufacturing businesses. International revenues during
the year at ₹ 95,086 crore constituted 43% of the total revenues largely led by a ramp up in
execution of multiple international projects.
For the quarter ended March 31, 2024, the Consolidated Revenues at ₹ 67,079 crore recorded
a y-o-y growth of 15%. The share of international revenues during the quarter was 45%.
The Company for the year ended March 31, 2024, posted a Consolidated Profit After Tax
(PAT) of ₹ 13,059 crore, registering a robust growth of 25% compared to the previous year.
The PAT includes an exceptional gain (net of tax) of ₹ 94 crore, attributed to the divestment
of stake in L&T IDPL (L&T Infrastructure Development Projects Limited).
For the quarter ended March 31, 2024, the PAT at ₹ 4,396 crore, registered a growth of 10%
y-o-y basis.
The Board of Directors has recommended a final dividend of ₹ 28 per equity share, for the
approval of shareholders.
The Company received orders worth ₹ 302,812 crore at the group level during the year ended
March 31, 2024, registering a robust y-o-y growth of 31%. During the year, orders were
1
received across multiple segments like Onshore & Offshore verticals in Hydrocarbon, Metros,
Urban Transit Systems, Airports, Roads & Bridges, Residential, Renewables, Transmission &
Distribution and the Precision Engineering sectors. International orders at ₹ 163,112 crore
during the year comprised 54% of the total order inflow with higher ordering momentum
witnessed in GCC countries.
The order inflow for the quarter ended March 31, 2024 stood at ₹ 72,150 crore, registering
a marginal de-growth of 5% over the corresponding quarter of the previous year. Domestic
order inflow grew by 17% as compared to the corresponding quarter of the previous year.
International orders at ₹ 25,217 crore constituted 35% of the total.
The consolidated order book of the group as on March 31, 2024, is at ₹ 475,809 crore
registers growth of 20% over the previous year, with the share of international orders at
38%.
Commenting on the results, S.N. Subrahmanyan, Chairman and Managing Director said:
“The year has concluded on a very strong note for us. We have secured Order Inflows
of more than ₹ 3 lakh crore and Order Book is around ₹ 4.75 lakh crore, reflecting the
continued trust reposed on us by all our esteemed clients. During the year, we
successfully completed the maiden Buyback of Equity Shares, in line with our aim to
improve shareholder value. Furthermore, in addition to the special divided of ₹ 6 per
share paid to our equity shareholders during the year, we are recommending a final
dividend of ₹ 28 per share for the financial year 2023-24.
In line with our Lakshya 2026 plan to divest from non-core businesses, we concluded
the sale of our stake in L&T IDPL.
We are confident that our new age businesses such as Green Energy,
Semiconductor Chip Design, Digital Platforms and Data Centers will harness the power
of technology and compliment the growth of our traditional core businesses in
accelerating our strides towards our perspective plan targets.
Recently, some of our marquee projects were inaugurated / completed such as Atal
Setu and Coastal Road project in Mumbai. The Company also played its part in the
construction of the iconic Ram Mandir at Ayodhya which was consecrated on January
22, 2024. This faith posed by our customers on our capabilities to complete iconic and
complex engineering projects in a time-bound manner with highest standards of quality
and safety continues.
Despite the ongoing geo-political turmoil globally, the growth story of India continues
to power forward and we as a Company are proud to be an integral part of this change.
The tailwinds of India’s economic growth will continue due to the impact of structural
reforms, strengthening physical and digital infrastructure, improving institutional
strength and strong governance.”
2
Segment-wise Performance Highlights
The Infrastructure Projects segment secured order inflow of ₹ 142,589 crore, during the
year ended March 31, 2024, registering a healthy growth of 22%, as compared to the previous
year, aided by capex spend by government and continued investment buoyancy in the Middle
East region. International orders at ₹ 54,641 crore constituted 38% of the total order inflow
of the segment during the year.
The segment secured orders of ₹ 31,340 crore, during the quarter ended March 31, 2024,
registering a degrowth of 24% over the corresponding quarter of the previous year, largely
due to the receipt of some high-value orders in the previous year. International orders
constituted 22% of the total order inflow for the quarter.
The segment order book stood at ₹ 311,665 crore as on March 31, 2024, with the share of
international orders at 27%.
For the year ended March 31, 2024, the customer revenues at ₹ 112,551 crore registered a
healthy y-o-y growth of 30%, aided by robust execution momentum of a diversified order
book portfolio. International revenues constituted 30% of the total customer revenues of
the segment during the year.
The segment recorded customer revenues of ₹ 38,035 crore for the quarter ended
March 31, 2024, registering a y-o-y growth of 22%. International revenues constituted 36%
of the total customer revenues of the segment during the quarter.
The EBITDA margin of the segment during the year ended March 31, 2024 was at 6.2%.
Margin for the year remained subdued, attributed to costs essentially arising out of supply
chain and logistical issues. The same should be overcome as we go forward.
The Energy Projects segment secured orders valued at ₹ 73,788 crore during the year ended
March 31, 2024, registering a substantial growth of more than 100% on y-o-y basis with
receipt of two ulta-mega orders in Onshore vertical & a mega order in the Offshore vertical
of Hydrocarbon business and receipt of a few Flue Gas Desulpharization orders in the Power
business. International order inflow constituted 87% of the total order inflow during the year
aided by higher Oil & Gas capex spend by GCC customers.
The segment secured orders of ₹ 13,120 crore, during the quarter ended March 31, 2024,
registering a significant growth of 48% over the corresponding quarter of the previous year
on the receipt of multiple international orders in Hydrocarbon business. International orders
constituted 52% of the total order inflow for the quarter.
The segment order book was at ₹ 118,189 crore as on March 31, 2024, with the international
order book constituting 80%.
3
For the year ended March 31, 2024, the customer revenues at ₹ 29,539 crore registered a
growth of 19% y-o-y on the back of improved order book execution in the Hydrocarbon
business. International revenues constituted 58% of the total customer revenues of the
segment during the year.
The segment achieved customer revenues of ₹ 8,205 crore during the quarter ended
March 31, 2024, recording a modest growth of 4% y-o-y. International revenues had a share
of 61% of the total customer revenues for the quarter.
The EBITDA margin of the segment at 10.0% for the year ended March 31, 2024 improved
compared to 9.1% over previous year, primarily on account of cost savings and customer
reimbursements, in both Hydrocarbon and Power businesses.
In line with the vision to pursue opportunities in the emerging technology intensive sectors
like Defence and Space, the Defence Engineering business has been renamed to L&T
Precision Engineering & Systems with effect from April 01, 2024. This, along with the
Company’s Heavy Engineering business constitutes the Hi-Tech Manufacturing segment.
The segment secured orders valued at ₹ 14,278 crore during the year ended March 31, 2024
registering a de-growth of 9% over the previous year, with deferment of orders in the
Precision Engineering & Systems business. Export orders constituted 16% of the total order
inflow of the segment during the year.
The segment secured orders of ₹ 8,790 crore, during the quarter ended March 31, 2024,
registering a growth of 3% over the corresponding quarter of the previous year. International
orders constituted 14% of the total order inflow for the quarter.
The order book of the segment was at ₹ 31,975 crore as on March 31, 2024, with the share
of export orders at 8%.
For the year ended March 31, 2024, the customer revenues at ₹ 8,196 crore registered a
robust growth of 25% y-o-y, with improved execution of orders in both businesses.
International revenues constituted 31% of the total customer revenues of the segment during
the year.
The segment posted customer revenues of ₹ 2,462 crore for the quarter ended
March 31, 2024, registering a growth of 15% over the corresponding quarter of the previous
year. Export sales comprised 25% of the total customer revenues for the quarter.
The EBITDA margin of the segment at 16.3% for the year ended March 31, 2024.
The segment recorded customer revenues of ₹ 44,473 crore for the year ended
March 31, 2024, registering y-o-y growth of 7%, reflecting moderate growth, as concerns on
global macroeconomic condition impacted customer spends in the IT&TS sector.
4
International billing contributed 92% of the total customer revenues of the segment for the
year ended March 31, 2024. The aggregate revenues of the two listed subsidiaries
(LTIMindtree Limited and L&T Technology Services Limited) in this segment at USD 5,451 Mn
registered a y-o-y growth of 5%.
The segment recorded customer revenues of ₹ 11,244 crore for the quarter ended
March 31, 2024, recording a y-o-y growth of 3%. International billing contributed 91% of the
total customer revenues. In USD terms, aggregate revenues of the two listed subsidiaries in
the segment revenues of 1,375 Mn for the quarter grew 2% on a y-o-y basis.
The EBITDA margin for the segment was at 20.4% for the year ended March 31, 2024 is largely
in line with previous year.
The segment recorded income from operations at ₹ 13,109 crore during the year ended
March 31, 2024, registering y-o-y growth of 4% with a sharp focus on retail loans.
The segment recorded income from operations at ₹ 3,598 crore during the quarter ended
March 31, 2024, registering y-o-y growth of 15%.
The total Loan Book at ₹ 85,565 crore grew by 6% as compared with March 2023 at
₹ 80,893 crore mainly due to higher retail disbursements across various verticals in Rural
and Urban Finance. The Retail loan book increased by 31% while wholesale loan book shrunk
by 72% during the year. The Retail loan book now constitutes 94% of the total loan book as
on March 31, 2024, achieving its Lakshya targets well ahead of FY 2025-26.
The segment PBT for the year ended March 31, 2024 increased to ₹ 3,028 crore as compared
to ₹ 2,259 crore in the previous year due to better NIM+Fees and lower credit costs arising
out of favourable revenue mix (higher Retail portfolio).
The segment recorded customer revenues of ₹ 5,620 crore during the year ended
March 31, 2024 registering a growth of 12% over the previous year, driven by monetization
of a commercial property and higher ridership in Hyderabad Metro.
For the quarter ended March 31, 2024, the customer revenues at ₹ 1,258 crore, recorded a
growth of 2% y-o-y.
The segment EBIT for the year ended March 31, 2024 registered a profit of ₹ 1,015 crore
with a substantial growth over the previous year, primarily aided by the gain on sale of
commercial property in Hyderabad Metro.
“Others” Segment
“Others” segment comprises (a) Realty (b) Industrial Valves (c) Construction Equipment &
Mining Machinery and (d) Rubber Processing Machinery.
5
Customer revenues of the segment during the year ended March 31, 2024 at ₹ 7,626 crore
registered a growth of 26% y-o-y, primarily on higher handover of residences in the Realty
business and improved demand in Industrial Valves. Export sales constituted 10% of the total
customer revenues of the segment during the year, majorly relating to Industrial Valves and
Rubber Processing Machinery businesses.
The customer revenues of this segment during the quarter ended March 31, 2024 at
₹ 2,277 crore, has registered growth of 27% y-o-y. Export sales constituted 12% of the total
customer revenues.
During the year ended March 31, 2024, the segment EBITDA margin at 21.2%, is higher
vis-à-vis previous year at 19.8% mainly aided by higher handover of flats in the Realty
business.
Note:
The key parameters of the Group and Segment Performance for the quarter and year ended
March 31, 2024, are shown in Annexure 1.
Outlook
India’s economic growth continues to display resilience and strong growth. Domestic activity
has exhibited strong performance on the back of robust domestic demand. Better capacity
utilization in the manufacturing sector, buoyancy in auto and real estate, healthy corporate
balance sheets, strong credit momentum, higher tax collections and acceptable levels of
inflation are aiding the growth prospects of the Indian economy.
India’s growth momentum is likely to continue in the medium term backed by the sustained
strength in domestic demand, easing of inflationary pressures, focussed fiscal spending by
the government and a strong manufacturing revival through new age greenfield investments
and brownfield expansion across sectors. A combination of public and private capex
spending is expected to propel India’s growth in the years to come.
On the global front, the US economy has shown persistence so far, but the inflation levels
have led to the postponement of the rate cut decision by the Fed. Further, US Presidential
elections in November is expected to contribute to the economic volatility. Elsewhere, the
UK and Europe economies are still fragile and concerns around real estate bubble in China
could further dampen economic revitalization.
The Middle East region is also feeling the impact of the conflict in West Asia. An escalation
or spread of the conflict and disruptions in the Red Sea, could have an adverse economic
impact on the region. Besides continued investments in Oil & Gas, structural reforms in
these countries remain critical to boosting growth in the medium term by way of
diversification into clean energy and other industrial sectors such as mineral processing.
6
Headwinds from geopolitical tensions, volatility in international financial markets,
geoeconomic fragmentation, continuing sea route trade disruptions, and extreme weather
events, pose risks to the outlook. Nevertheless, India due to its structural reforms,
strengthening physical and digital infrastructure as well as upbeat business and consumer
confidence is in a relatively superior position to withstand these multiple challenges.
In this backdrop, the Company will continue to focus on profitable execution of its strong
order book as well as positioning itself for tapping into emerging opportunities. A record
high Order Book, a strong Balance Sheet, a well-diversified business portfolio and proven
execution capabilities enables the Company to steer through the current volatile business
environment. The Company as always, remains committed to maximizing sustainable value
to all its stakeholders.
Background:
Larsen & Toubro is a ~ USD 27 billion Indian multinational enterprise engaged in EPC Projects, Hi-
Tech Manufacturing and Services, operating across multiple geographies. A strong, customer–focused
approach and the constant quest for top-class quality have enabled L&T to attain and sustain
leadership in its major lines of business for eight decades.
Media Contacts:
Sumeet Chatterjee
Head - Corporate Brand Management & Communications
sumeet.chatterjee@larsentoubro.com
7
Annexure 1
Q4FY'23 Q4FY'24 % Var Key Paramet ers (in " crore) FY'23 FY'24 % Var
58,335 67,079 15% Revenue from operations 1,83,341 2,21,113 21%
39% 45% International revenue % 38% 43%
51,502 59,845 16% Tota l operationa l expenses 1,62,588 1,97,619 22%
6,833 7,234 6% EBITDA 20,753 23,494 13%
11.7% 10.8% EBITDA % 11.3% 10.6%
Note 1:
------1-1----
Financial Services
NIM + Fees %
Q4 FY'23 Q4 FY'24
9.2% 11.2%
FY'23
8.7%
FY'24
10.7%
Note 2:
------1-1----
Development Projects (₹ crore)
EBIT
Q4 FY'23
430
Q4 FY'24
139
FY'23
392
FY'24
1,015
8
Annexure 2
Segment Composition
Hi-Tech Manufacturing
Heavy Engi neering, Precision Engi neeri ng a Systems, Electrolyser
Manufacturi ng
Financial Services L&T Fi nance Limited (erstwhile L&T Fi nance Holdings Limited)
9
C FJ
3 Profit before exceptional Items and tax (1-2) 6328.23 4771,83 5907,36 20423,50 16973.04
4 Exceptional Items:
•I Exceptional Items before tax {net) [galn/(loss)] 114.44 - 114.44 (91.97)
Current'tax 20.83 20.83 448.35
Deferred tax - - - (676,31)
bl Total tax expense 20.83 - 20.83 (227.96)
ol Exc.eptional items (net of tax) (c=a-b) 93.61 93.61 135,99
5 Profit before tax (3+4) 6421.84 4771.83 5907.36 20517.11 17109.03
6 Tax expense:
•I Current tax 1599.53 1190,58 1129.75 5127.70 5055.17
bl Deferred tax (181.23) (13.26) 330,87 (180.31) {571.01)
Total tax expense 1418.30 1177.32 1460.62 4947.39 4484.16
7 Net profit after tax (5-6) 5003.54 3594.51 4446.74 15569.72 12624.87
8 Share in profitl(loss} after tax of joint ventures/associates (net} 9,63 (1.67) 11.84 (22.62) (94.25)
' Net profit after tax and share in profiU(loss) of joint ventures/associates (7+8)
Attributable to: Owners of the Company
Non-controlling interests
5013.17
4396.12
617.05
3592,84
2947.36
645.48
4458.58
3986.78
471.80
15547,10
13059.11
2487.99
12630.62
10470.72
2059.90
10 Other comprehensive income (OCI)
,1 i) Items that will not be reclassified to profit and loss 2.66 28.96 (41.49) 29.09 (8.02)
ii) Income tax relating to items that will not ba reclassified to profit and loss (1.28) (5,94) 10,79 (8.61) 6.79
bl i) Items that will be reclassified to profit and loss 40.10 591,77 538,61 533,55 (1336,04)
ii) Income tax relating to items that will be reclassified to profit and loss (34.85) (122.23) (91.63) (146.62) 378,73
.
Other comprehensive income (net of tax] (a+b) 6.63 492.56 416.28 407.41 (958.54)
Attributable to: Owners of Iha Company (41.38) 468.99 352.58 235.70 (754.74)
Non-control!ing interests 48.01 23.57 63.70 171.71 (203,80)
11 Total comprehensive income (9+10) 5019,80 4085.40 4874.86 15954.51 11572,08
Attributable to: Owners of the Company 4354.74 3416.35 4339,36 13294.81 9715,98
Non-controlling interests 665.06 669.05 535.50 2659.70 1856.10
12 Paid-up equity share capital (face value of share: t 2 each) 274.93 274.91 281.10 274.93 281.10
13 other equity attributable to owners of the Company 86084.31 89044.85
14 Earnings per share (EPS) (not annualised):
(a) Basic EPS (t) 31.98 21.44 28.37 93.96 74.51
(b) Diluted EPS (') 31,95 21.42 28,35 93.88 74.45
Notes:
(i) The Board of Directors recommended a final dividend of~ 28 per equity share of face value of, 2 each in addition to the special dividend of, 6 per equity share declared on July 25, 2023.
(ii) During the quarter, the Company has allotted 1,20,304 equity shares off 2 each fully paid-up, on exercise of stock options by employees in accordance with the Company's stock option
schemes.
(iii) The Company, on April 10, 2024, has concluded the sale of its stake in L&T Infrastructure Development Projects Limited {L&T IDPL), a joint venture, primarily engaged in the development
and operation of loll roads and power transmission assets. As on March 31, 2024, the investment in the joint venture is classified as "Held for Sale".
Exceptional Items (net of tax) for the quarter reported at, 93.61 crore comprise (a) Gain on divestment of stake in L&T Transportation Infrastructure Limited, a subsidiary of L& T IDPL:
l(' 60.56 crore and (b) Reversal of impairment of investment in L&T IDPL net off customary closing adjustments:, 33.05 crore.
(Iv) Figures for the quarter ended March 31, 2024 and March 31, 2023 rePresent the difference between audited figures for the financial year and the limited reviewed figures fOr the nine
months period ended December 31, 2023 and December 31, 2022 respectively. i
' (v) Consolidated Statement of assets and liabilities:
'l'Crore
As at
March 31, March 31,
Particulars
2024 2023
[Audited] [Audited]
ASSETS:
Non-current assets
Property, plant and equipment 13297.64 11336.28
Capital work-in-progress 2897.04 2949.09
Investment property 2191.37 3360.22
Goodwill 7800,88 7798.65
Other intangible assets 17384,52 18007.98
Intangible assets under development 147.97 116.48
Right-of-use assets 2289.41 2137.87
Financial assets:
Investments in joint ventures and_ associates 1264.25 1304.86
Other investments 9425.94 7920.03
Loans towards financing activities 52154,76 40920.92
Other !cans 475.46 356.00
Other financial assets 1952.08 1965.78
Current assets
Inventories 6620.19 6828.78
Financial assets:
Investments 34957.63 35573.42
Trade receivables 48770,95 44731.53
Cash and cash equivalents 11958.50 16926,69
Other bank balances 3399.89 5592.91
Loans towards financing activities 34814.59 40460,55
Other loans 106.54 251.15
other financial assets 5563.92 4930.10
EQUITY
Equity share capital 274.93 281.10
Other equity 86084.31 89044,85
Equity attributable to owners of the Company 86359.24 89325.95
Non-controlling interest 16190.42 14241.27
TOTAL EQUITY 102549.66 103567.22
LIABILITIES
Non-current liabilities
Financial liabilities:
Borrowings 56506.97 61217.68
Lease liability 1734.78 1646.31
Other financial llabillties 96,07 272.96
Current llablllties
Financial liabilities: I
Borrowings 27834.27 30896.32
Current maturities of long term borrowings 29698.53 26399,38
Lease liability 547.67 490.75
Trade payables:
Due to micro enterprises and small enterprises 1018.71 851.70
Due to others 52274.17 48932.42
Other financial liabilities 7575.67 7441.94
Other current liabilities 52333,73 42166.55
Provisions 3457.61 3493.47
Current tax liabilities (net) 1860.47 1393.46
Sub-total - Current liabilities 176600.73 162065.99
'
(vii) Additional disclosures as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:
2 Debt service coverage ratio (DSCR) 6.39 5.15 6.92 2.39 1.99
3 Interest service coverage ratio (ISCR) 6.97 5.26 6.92 5.79 5.45
5 Long term debt to working capital ratio 1.23 1.25 1.02 1.23 1.02
6 Bad debts to accounts receivable ratio 0.00 0.00 0.01 0.01 0.01
8 Total debt to total assets ratio 0.34 0.37 0,36 0.34 0,36
15 Net worth[" Crore} (As per section 2(57) of Companies Act, 2013) 84932.39 80428.33 88142.76 84932.39 88142.76
Notes:
(a) The ratios are to be read and interpreted considering that the Group has diversified nature of businesses.
(b) Formulae for computation of above ratios are as follows:
Sr.
Particulars Formulae
No.
Total borrowings
1 Debt equity ratio
Total equity
Current assets
4 Current ratio
Current liabilities
Bad debts"
6 Bad debts to accounts receivable ratio Average gross trade receivables"
(" Excluding Financial Services)
Current liabilities
7 Current liability ratio
Total liabilities
Total borrowings
8 Total debt to total assets ratio
Total assets
Revenue from O[;!erations for trailing 12 months"
9 Debtors turnover ratio Average gross trade receivables"
(" Excluding Financial Services)
12 Inventory turnover ratio Not material considering the size and the nature of operations of the Group
(viii) Consolidated Statement of Cash Flows:
t crore
Year ended
Particulars March 31, 2024 March 31, 2023
[Audited] [Audited]
A. Cash flow from operating activities:
Profit before exceptional items and tax 20423.50 16973,04
Adjustments for:
Dividend received (208.49) (6.28)
Depreciation, amortisation, impairment and obsolescence 3682.33 3502.25
Exchange difference on items grouped under financing/investing activities (20.53) (1.83)
Effect of exchange rate changes on cash and cash equivalents (2.37) (66,92)
Finance costs 3545.85 3207.16
Interest income (2447,07) (1817.47)
(Profit)/loss on sale of Property, plant and equipment, Investment property and
Intangible assets (net) (95.44) (167.65)
(Profit)/loss on sale/fair valuation of Investments (net) (734,20) (52.87)
Employee stock option-discount 297,63 249.51
(Gain)/loss on disposal of subsidiary (2.65)
Impairment of Investment in financial Instruments 1,055.47 716.20
(Profit)/loss on transfer of business undertaking in Development Projects business (511.73)
(Gain)/loss on de-recognition of lease liability/right-of-use assets (52,27) (10.16)
Capital subsidy from Government 1.38
Operating profit before working capita\ changes 24931.41 22524.98
Adjustments for:
(lncrease)/decrease in trade and other receivables (10548.40) (4495,26)
(lncrease)/decrease in inventories 244.68 (475.75)
lncrease/(decrease) in trade and other payables 14506,53 5412.71
Cash generated from operations before financing activities 29134.22 22966.68
(lncrease)/decrease In loans and advances towards financing activities (5587.89 4937.44
Cash generated from operations 23546.33 27904.12
Direct taxes refund/(paid) [net] (5280.05 15127.16
Net cash generated from/(used In) operating activities 18266.28 22776.96
B. Cash flow from investing activities:
Purchase of Property, plant and equipment, Investment property and Intangible assets (4516.53) (4143.79)
Sale of Property, plant and equipment, Investment property and Intangible assets 306.06 350,37
Purchase of non-current investments (4889.46) (3036,34)
Sale of non-current investments 2127.87 827.15
(Purchase)/sa!e of current investments (net) 2803.49 (6083,66)
Change in other bank balance and cash not available for immediate use 2697.75 (661,77)
Deposits/loans repaid by associates, joint ventures and third parties 151.72 19.05
Interest received 2408.16 1608.99
Dividend received from Joint ventures/associates 129.83 151.14
Dividend received on other investments 96.25 6.28
Consideration received on disposal of subsidiaries/joint venture 214.67 2887,30
Consideration received on transfer of business undertaking in Development Projects business 651.33
Net payments for transfer of discontinued operations (96.99)
Consideration paid on acquisition of subsidiaries (including contingent consideration) (13.14) (131.22)
Cash and cash equivalents acquired pursuant to acquisition of subsidiaries 0.01 6,66
Cash and cash equivalents of subsidiaries discharged pursuant to divestment/classification to
held for sale (4.97) (14.87)
Net cash generated from/(used in) investing activities 2163.04 (8311.70)
C. Cash flow from financing activities:
Proceeds from Issue of share capital (including share application money) [net] 9.65 10.31
Buyback of equity shares (10000.00)
Tax on buy-back of equity shares (2253.33)
Expenses on buyback of shares (26,55)
Proceeds from non-current borrowings 23125.43 27940.93
Repayment of non-current borrowings (24356.65) (32794.99)
Proceeds from/(repayment of) other borrowings (net) (2871.15) 357.40
Payment (to)/from nonRcontrolling interest (net) (808.09) (612.58)
Settlement of derivative contracts related to borrowings 49.65 87.93
Dividends paid (4216.95) (3091.42)
Repayment of lease liability (459.89) (423,34)
Interest paid on lease liability (167.21) (158.10)
Interest paid (including cash flows on account of interest rate swaps) (3438.27) (2888,63)
Net cash generated from/(used in) financing activities (25413,36) (11572.49)
Net increase in cash and cash equivalents (A+ B + C) (4984.04) 2892.77
Cash and cash equivalents at beginning of the year 16926,69 13770.24
Effect of exchange rate changes on cash and cash equivalents 15.85 263.68
Cash and cash equivalents at end of the year 11958.50 16926.69
Notes:
1 Statement of Cash Flows has been prepared under the indirect method as set out in the Indian Accounting Standard (Ind AS) 7 "Statement of
Cash Flows" as specified in the Companies (Indian Accounting Standards) Rules, 2015.
2 Property, plant and equipment, Investment property and Intangible assets are adjusted for movement of (a) capital workRin-progress for Property,
plant and equipment and Investment property and (b) Intangible assets under development during the year.
(ix) Figures for the previous. periods have been regrouped/reclassified to conform to the classification of the current periods.
(x) The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 8, 2024.
j'.~•~'\V'
Mumbai S.N.SUBRAHMANYA~
May 8, 2024 Chairman & Managing Director
Consolidated audited Segment-wise Revenue, Result, Total assets and Total liabilities:
, Crore
Quarter ended Year ended
March 31, December 31, March 31, March 31, March 31,
Particulars 2024 2023 2023 2024 2023
[Reviewed] [Reviewed] [Reviewed] {Audited] [Audited]
[Nole (VI)] [Note {VI)]
Segment result
1 Infrastructure Projects 2629.80 1205.41 2082,99 5720,93 5140.18
2 Energy Projects 860.62 695.21 771.20 2700.63 2066.69
3 Hi-Tech Manufacturing 356.79 294.78 37~.28 1139.77 995.24
4 IT & Technology Services 1869.32 1970.83 1839.06 7658.79 7215.08
5 Financial Services 694.01 823.96 659,61 3028.41 2258.78
6 Development Projects 139,22 118.43 429.98 1014.73 391.77
7 Others 481.60 345.28 356,19 1507.70 1103,02
Total 7031.36 5453.90 6514.31 22770.96 19170.76
(Add)/Less: Inter-segment margins on capital jobs 57.01 112.19 25.83 248.61 69.43
Less: Finance costs 926.30 904.17 813.00 3545.85 3207.16
Add/(Less): Unallocable corporate Income net of expenditure 280.18 334.29 231.88 1447.00 1078.87
Profit before exceptlonal items and tax 6328,23 4771.83 5907.36 20423,50 16973,04
Add: Exceptional items (net of tax) 93.61 - - 93.61 135,99
Profit before tax 6421.84 4771.83 5907.36 20517.11 17109.03
Segment assets
1 Infrastructure Projects 96899.29 86528.20
2 Energy Projects 24564.66 23880.49
3 Hi-Tech Manufacturing 10228.88 9263.35
4 IT & Technology Services 43582.80 39028.20
5 Financial Services 100863.03 104501.99
6 Development Projects 26212.32 26774.69
7 others 15214,32 14386.27
Total segment assets 317565.30 304363.19
Less: lnter~segment assets 5084.77 2973.58
Add: Unallocable corporate assets 27146.71 28962.70
Total assets 339627.24 330352,31
Segment liabllltles
1 Infrastructure Projects 72851.28 61951.34
2 Energy Projects 18772.84 19581.52
3 Hl-Tech Manufacturing 8875.58 6612.24
4 IT & Technology Services 10548.67 9640.18
5 Financial Services 79165.68 84718.92
6 Development Projects 7020,30 7020.88
7 Others 7239.09 6546.25
Total segment liabilities 204473,44 196071,33
Less: Inter-segment liabilities 5084.77 2973.58
Add: Unallocable corporate liabilities 37688,91 33687.34
Total liabllltles 237077,58 226785.09
Notes:
(I) The Group has reported segment information as per Ind AS 108 "Operating Segments'' The identification of operating segments Is consistent with performance
assessment and resource allocation by the management.
(II) Consequent 1o transfer of the Carved"out Business of Smart World and Communication (SWC) to l&T Technology Services limited {L TTS), a listed subsidiary w.e.f. April
1, 2023, the business which was hitherto a par! of Others segment has now been included in IT & ')"echnology Services segment. Concurrently, the military
communications business has been transferred from Others segment to Hi-Teoh Manufacturing segment.
(Ill) The revised Segment composiiion: lnfrastnicture Projects segment comprises engineering and oonstrucllcn of (a) building and factories, (b) transportation infrastructure,
(t) heavy civil Infrastructure, (cl) power transmission & distribution, (e} water & effluent treatment and (f) minerals end metals. Energy Projects segm1mt comprises
EPC/\urnkey solutions In (a) Hydrocarbon business covering 011 & Gas Industry from front"encl design through cle\eiled engineering, modular fabrication, procuremenl,
project management, oonstruo\ion, installation and commissioning, (b) Power business covering Coal"basecl and Gas-based thermal power plants including power
generation equipment with assooiaied systems and/or balanoe-of"plsnt packages and (o) EPC solutions in Green Energy space. Hl"Teoh Manuf11cturlng segment
comprises design, manufaoture/oonstruot, supply and revamp/retrofit of {a) custom designed, engineered critical equipment & systems to the process plants, nuoiesr
energy & green hydrogen sectors. (b) marine and \and platforms including related equipment & systems: aerospace products & systems; precision and electronics
products & sysiems for defence, security, space and industrial sectors end (o) electrolysers. IT & Technology Services segment comprises (a) Information technology
and Integrated engineering services (including smart world & communication projects}, (b} E-ccmmerce/dlgl!al platforms & data centres and (o) semiconductor chip design,
Financial Services segment comprises retail finance, wholesale finance and asset management (upto the date of divestment). Development Projects segment
comprises (a} development, operation and maintenance of Infrastructure projects, toll and fare oolleotlon and (b) power generation & development- (i) thermal power and
(II} Green Energy. Others segment includes (a) realty, (b) manufacture and sale of Industrial valves, (c) manufacture, marketing and servicing of construction equipment
and parts thereof, (cl) marketing and servicing of mining machinery and parts thereof and {e) manufacture and sale of rubber processing machinery,
(IV) Segment revenue comprises sales and operational income allocable specifically lo a segment and includes in the case of Development Projects and Realty business
(grouped under "Others" segment} profils on sale of business undertaking/stake In the subsidiary and/or Joint venture companies in those segments. Segment result
represents profit before interest and tax. Unallocable corporate Income Includes ma)orly Interest Income, dividends and profit on sale of Investments. Unallocable
expenditure includes majorly corporate expenses not allocated to segments. 0
Unallocable corporate assets comprise majorly investments, Investment in joint ventures and associates Identified with a particular segment are reported as part of the
segment assets of those respective segments. Unallocable corporate liabilities comprise majorly borrowings, In respect of {a} Financial Services segment and (OJ
Deve\opmant Projects segment relating to a power generation asset given on finance lease, segment liabilities include borrowings as finance cosis on the borrowings are
accounted as ~egment expense.
{V) In respect of segments of the Group, revenue and margin do not accrue uniformly during the year.
(VI) Figures for \he quarter ended March 31, 2024 and March 31, 2023 represent the difference between audited figures for the financial year and the limited reviewed figures
for the nine months period ended December 31, 2□23 and December 31, 2022 respectively.
(VII) Figures for the previous.periods have been regrouped/reclassified to conform to the classification of the current periods.
Mumbai
i,s~s~,~~"Y
May 8, 2024 Chairman & Managing Director
Deloitte Chartered Accountants
One Internat ional Center
Tower 3, 27th-32nd Floor
Haskins & Sells LLP Senapati Bapat Marg
Elphinstone Road (West)
Mumbai-400 013
Maharashtra, India
Regd. Office: One International Center, Tower 3, 32nd floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India.
Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: MB-8737
Deloitte
Haskins & Sells LLP
Basis for Opinion on the Audited Consolidated Financial Results for the year ended March 31,
2024
We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under Section
143(10) of the Companies Act, 2013 (the "Act"). Our responsibilities under those Standards are further
described in paragraph (a) of Auditor's Responsibilities section below. We are independent of the
Group, its associates and joint ventures in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India (the "!CAI") together with the ethical requirements that are relevant to
our audit of the Consolidated Financial Results for the year ended March 31, 2024 under the provisions
of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the !CAi's Code of Ethics. We believe that the audit evidence
obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred
to in Other Matters section below, is sufficient and appropriate to provide a basis for our audit opinion.
Management's Responsibilities for the Statement
This Statement, which includes the Consolidated Financial Results is the responsibility of the Parent's
Board of Directors and has been approved by them for the issuance. The Consolidated Financial Results
for the year ended March 31, 2024, has been compiled from the related audited Consolidated Financial
Statements. This responsibility includes the preparation and presentation of the Consolidated Financial
Results for the quarter and year ended March 31, 2024 that give a true and fair view of the
consolidated net profit and consolidated other comprehensive income and other financial information of
the Group including its associates and joint ventures in accordance with the recognition and
measurement principles laid down in the Indian Accounting Standards, prescribed under Section 133 of
the Act, read with relevant rules issued thereunder and other accounting principles generally accepted
in India and in compliance with Regulation 33, Regulation 52 and Regulation 54 of the Listing
Regulations.
The respective Board of Directors of the companies included in the Group and of its associates and
joint ventures are responsible for maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Group and its associates and joint ventures and
for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and the
design, implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the respective financial results that give a true and fair view and are
free from material misstatement, whether due to fraud or error, which have been used for the purpose
of preparation of this Consolidated Financial Results by the Directors of the Parent, as aforesaid.
In preparing the Consolidated Financial Results, the respective Board of Directors of the companies
included in the Group and of its associates and joint ventures are responsible for assessing the ability
of the respective entities to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the respective Board of Directors
either intends to liquidate their respective entities or to cease operations, or has no realistic alternative
but to do so.
The respective Board of Directors of the companies included in the Group and of its associates and
joint ventures are also responsible for overseeing the financial reporting process of the Group and of its
associates and joint ventures.
liZ
Deloitte
Haskins & Sells LLP
Auditor's Responsibilities
(a) Audit of the Consolidated Financial Results for the year ended March 31, 2024
Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for
the year ended March 31, 2024 as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of this Consolidated Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Annual Consolidated Financial Results,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by the Board of Directors.
• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in
terms of the requirements specified under Regulation 33, Regulation 52 and Regulation 54 of the
Listing Regulations.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related
to events or conditions that may cast significant doubt on the ability of the Group and its associates
and joint ventures to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor's report to the related disclosures in the
Consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor's report.
However, future events or conditions may cause the Group and its associates and joint ventures to
cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Annual Consolidated Financial
Results, including the disclosures, and whether the Annual Consolidated Financial Results represent
the underlying transactions and events in a manner that achieves fair presentation.
• Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of
the Listing Regulations to the extent applicable.
• Obtai n sufficie nt appropriate audit evidence regarding the Annual Standalone Financial Results/
financial information of the joint operations, entities within the Group and its associates and joint
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Haskins & Sells LLP
ventures to express an opinion on the Annual Consolidated Financial Results. We are responsible for
the direction, supervision and performance of the audit of financial information of such entities
included in the Annual Consolidated Financial Results of which we are the independent auditors. For
the joint operations or entities included in the Annual Consolidated Financial Results, which have
been audited by the other auditors, such other auditors remain responsible for the direction,
supervision and performance of the audits carried out by them. We remain solely responsible for our
audit opinion.
Materiality is the magnitude of misstatements in the Annual Consolidated Financial Results that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the Annual Consolidated Financial Results may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the
Annual Consolidated Financial Results.
We communicate with those charged with governance of the Parent and such other entities included in
the Consolidated Financial Results of which we are the independent auditors regarding, among other
matters, the planned scope and timing of the audit and significant audit findings including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.
(b) Review of the Consolidated Financial Results for the quarter ended March 31, 2024
We conducted our review of the Consolidated Financial Results for the quarter ended March 31, 2024 in
accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial
Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of
interim financial information consists of making inquiries, primarily of the Company's personnel
responsible for financial and accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with SAs specified under
section 143(10) of the Act and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly, we do not
express an audit opinion.
The Statement includes the results of the entities as listed under paragraph (a)(i) of Opinion and
Conclusion section above.
We also performed procedures in accordance with the circular issued by the SEBI under Regulation
33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,
to the extent applicable.
Other Matters
• The Statement includes the results for the quarter ended March 31, 2024 being the balancing figure
between audited figures in respect of the full finan cial year and the published year to date figures
up to the third quarter of the current financial year which were subject to limited review by us. Our
report is not modified in respect of this matter.
• We did not audit the financial information of 32 joint operations included in the respective
standalone audited financial information of the entiti es included in the Group, whose financial
information reflects total assets of z3,579.32 crore as at March 31 , 2024, total revenues of z922 .86
crore and M ,469.64 crore, total net profit after tax of z34.67 crore and z476 .21 crore, total
Deloitte
Haskins & Sells LLP
comprehensive income (net) of z34.67 crore and z476.21 crore for the quarter and year ended
March 31, 2024 respectively, and net cash flows of z(471.70) crore for the year ended March 31,
2024, as considered in the respective sta ndalone audited financial information of the entities
included in the Group. The financial information of these joint operations has been audited, as
applicable, by the other auditors whose reports have been furnished to us by the Parent's
Management, and our opinion and conclusion in so far as it relates to the amounts and disclosures
included in respect of these joint operations, is based solely on the reports of such other auditors
and the procedures performed by us as stated under Auditor's Responsibilities section above.
• We did not audit the financial information of 63 subsidiaries included in the Consolidated Financial
Results, whose financial information reflects total assets of zl,74,770.36 crore as at March 31, 2024
and total revenues of z21,000.40 crore and z66,961.37 crore, total net profit after tax of zl,772.43
crore and zS,568.29 crore, total comprehensive income (net) of H,681.53 crore and zS,558.79
crore for the quarter and year ended March 31, 2024 respectively, and net cash flows of z4,600.27
crore for the year ended March 31, 2024, as considered in the Statement. The Consolidated
Financial Results also includes the Group's share of total net profit/(loss) after tax of zS.22 crore
and z(28. 76) crore, and total comprehensive income/(loss) of zS.88 crore and z(24.07) crore for
the quarter and year ended March 31, 2024 respectively, as considered in the Statement, in respect
of 2 associates and 8 joint ventures, whose financial information has not been audited by us. This
financial information has been audited, as applicable, by other auditors whose reports have been
furnished to us by the Parent's Management and our opinion and conclusion on the Statement, in so
far as it relates to the amounts and disclosures included in respect of these subsidiaries, associates
and joint ventures, is based solely on the reports of the other auditors and the procedures
performed by us as stated under Auditor's Responsibilities section above.
Our report on the Statement is not modified in respect of the above matters with respect to our
reliance on the work done and the reports of the other auditors.
• The Consolidated Financial Results includes the unaudited financial information of 2 joint operations
included in the respective standalone audited financial information of the entities included in the
Group, whose financial information reflects total assets of zl.67 crore as at March 31, 2024 and
total revenues of zNIL and zNIL, total net loss after tax of z0.01 crore and z0.01 crore, total
comprehensive loss (net) of z0.01 crore and z0.01 crore for the quarter and year ended March 31,
2024 respectively, and net cash inflows of z0.00 crore for the year ended March 31, 2024, as
considered in the respective standalone audited financial information of the entities included in the
Group, whose financial information has not been audited by the respective auditor. These financial
information are unaudited and have been furnished to us by the Parent's Management and our
opinion and conclusion on the Statement, in so far as it relates to the amounts and disclosures
included in respect of this joint operation, is based solely on such unaudited financial information. In
our opinion and according to the information and explanations given to us by the Board of Directors,
this financial information is not material to the Group.
• The Consolidated Financial Results includes the unaudited financial information of 31 subsidiaries,
whose financial information reflects total assets of z838.29 crore as at March 31, 2024 and total
revenues of z289 .06 crore and z909.77 crore, total net loss after tax of z23.70 cro re and zl00.52
crore, total comprehensive loss (net) of z35.91 crore and H0l.14 crore for the quarter and year
ended March 31, 2024 respectively, and net cash flows of z(63.58) crore for the year ended March
31, 2024, as considered in the Statement. The Consolidated Financial Results also includes the
Group's share of total net loss after tax of z6.21 crore and z0.60 cro re, and total comprehensive
loss (net) of z6.21 crore and zl.00 crore for the quarter and year ended March 31, 2024
respectively, as considered in the Statement, in respect of 3 associates and 4 joint ventures, whose
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Haskins & Sells LLP
financial information has not been audited by their respective auditors. This financial information is
unaudited and has been furnished to us by the Parent's Management and our opinion and conclusion
on the Statement, in so far as it relates to the amounts and disclosures included in respect of these
subsidiaries, joint ventures and associates, is based solely on such unaudited financial information.
In our opinion and according to the information and explanations given to us by the Board of
Directors, these financial information are not material to the Group.
Our report on the Statement is not modified in respect of the above matter with respect to our
reliance on the financial information certified by the Management.
Rupen K. Bhatt
(Partner)
(Membership No. 046930)
UDIN: Z4-04-€CJ308KEZ vs qb55
Place: Mumbai
Date: May 08, 2024
Deloitte
Haskins & Sells LLP
Attachment A
Sr.
Name of Entities
No
Parent
Subsidiaries
4 LTIMindtree Limited
Sr.
Name of Entities
No
27 Elevated Avenue Realty LLP (Formerly known as L&T Avenue Realty LLP)
37 L&T Energy Green Tech Limited (Formerly known as L&T Power Limited)
Sr.
Name of Entities
No
55 LTIMindtree LLC
57 LTIMindtree GMBH
59 LTIMindtree Norge AS
63 Syncordis Limited, UK
Sr.
Name of Entities
No
83 LTIMindtree UK Limited
J6
Deloitte
Haskins & Sells LLP
Sr.
Name of Entities
No
104 L&T Offshore Private Limited (Formerly known as L&T Sapura Offshore Private
Limited)Z
Associates
Joint Ventures
Sr.
Name of Entities
No
L&T Infrastructure Engineering Limited and LEA Associates South Asia Private Limited
13
JV LLPaa
Joint Operations
2 Larsen and Toubro Limited-Shapoorji Pallonji & Co. Ltd. Joint Venture
6;;
Deloitte
Haskins & Sells LLP
Sr.
Name of Entities
No
16 L&T-STEC JV Mumbai
28 L&T-IHI Consortium
31 L&T - Powerchina JV
34 L&T - Tecton JV
35 L&T - PCIPL JV
Deloitte
Haskins & Sells LLP
b The Company has been struck off from register of compa nies on August 8, 2023
s The Company has been struck off from register of companies on July 21, 2023
V Merged with L&T Technology Services Limited w.e.f. April 01, 2022
w Merged with L&T Finance Holdings Limited w.e.f. April 01, 2023
Deloitte
Haskins & Sells LLP
The company has been reclassified as wholly owned subsidiary of L&T w.e.f
z
December 27, 2023
ac Merged with L&T Technology Services LLC w .e.f. February 01, 2024
Notes:
(i) The Board of Directors recommended a final dividend of'{ 28 per equity share offaCe value of'{ 2 each in addition to the special dlvidend of~ B per equity share declared
on July 25, 2023.
(ii) During the quarter, the Company has allotted 1,20,304 equity shares of'{ 2 each fully paid~up, on exercise of stock options by employees in accordance with the Company's
stock option schemes.
(iii) The Company, on April 10, 2024, has concluded the sale of its stake in L&T Infrastructure Development Projects Limited (L&T lDPL), a joint venture, primarily engaged in
the development and operation of toll roads and power transmission assets. As on March 31, 2024, the investment in the joint venture is classified as 'Held for Sale".
Exceptional Items (net of tax) for the quarter reported at'{ 50.02 crore comprise (a) Gain on divestment of stake, in L&T Transportation Infrastructure Limited, a subsidiary
of L&T IDPL: '{ 97.05 crore and (b) Reduction in the cari:ying value of investment in L&T IDPL to its net realisable value after considering customaiy closing adjustments:
'{ 47.03 crore.
{iv) Figures for the quarter ended March 31, 2024 and March 31, 2023 represent the difference between audited figures for the financial year and the limited reviewed figures for
the nine months oeriod ended December 31 2023 and December 31 2022 resnectivelv.
{v) Statement of assets and liabilities:
r Crore
Asat
Partlculars March 31, March 31,
2024 2023
[Audited] [Audited]
ASSETS:
Non-current assets
Property, plant and equipment 9203,17 8570.70
Capital work-in-progress 1397.04 1938.38
Investment property 1161.26 568.57
Goodwill 47.29 47.29
Other intangible assets 152.33 146.81
Intangible assets under development 26.63 16.39
Right-of-use assets 475.61 422.59
Financial assets:
Investments 30728,77 27036.97
Loans 579.06 3306.81
Other financial assets 596.84 407.22
Deferred tax assets(net) 1587.12 1539.14
Current tax receivable (net) 3241.03 2290.16
Other non-current assets 1417.29 1592.87
Sub total - Non-current assets 50613.44 47883.90
Current assets
Inventories 3520,97 3428.56
Financial assets:
Investments 16813.34 20224.29
Trade receivables 36961.55 33152.58
Cash and cash equivalents 3939.21 3802.49
Other bank balances 829.98 767.15
Loans 63.04 168.29
Other financial assets 4267.01 3527.90
Other current assets 57096.24 57128.31
Sub total - Current assets 123491.34 122199.57
Note:
Formulae for computation of ratios are as follows:
2 Debt service coverage ratio (DSCR) Profit before interest tax and excegtional items
Finance cost+ Principal repayments (net of refinancing) made during the period for
long term borrowings
3 Interest service coverage ratio (ISCR) Profit before interest tax and excegtional items
Finance cost
5 long term debt to working capital ratio Long term borrowings (Including current maturities of long term borrowings)
Current assets(-} Current liabilities [excluding current maturities of long term
borrowings]
10 Operating margin (%) Profit before depreciation, interest, tax and exceptional items
(-) Other income
Revenue from operations
.
12 Inventory turnover ratio Not material considering the size and the nature of operations of the Company
(vii) Statement of Cash Flows:
Notes:
1 Statement of Cash Flows has been prepared under the indirect method as set out in the Indian Accounting Standard (Ind AS) 7
"Statement of Cash Flows" as specified in the Companfes (Indian Accounting Standards) Rules, 2015.
2 Property, plant and equipment, Investment.property and Intangible assets are adjusted for movement of (a) capital work-in-progress
for Prooertv, olant and e □ uioment and Investment orooertv and (bl lntanaible assets under develooment durina the vear.
(viii) Figures for the previous periods have been regrouped/reclassified to conform to the classification of the current periods.
(ix) The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting he!d on May 8,
2024.
Mumbai
_r1l~~,~
S.N.SUBRAHMANYAN
Mav 8, 2024 Chairman & Manaoina Director
Standalone audited Segment-wise Revenue, Result, Total Assets and Total Liabllities:
rcrore
Quarter ended Year ended
March 31, December 31, March 31, March 31, March 31,
Particulars 2024 2023 2023 2024 2023
[Reviewed] [Reviewed]
[Reviewed] [Audited] [Audited]
[NotefVl\l [Note IVl\l
Gross segment revenue
1 Infrastructure Projects 31181 .30 23882.06 27585.67 95585.62 79823.85
2 Energy Projects 5214.79 4855.82 5986.25 19383.39 20034.40
3 Hi-Tech Manufacturing 2571.21 2184.70 2320.79 8765.31 7160.88
4 Others 978.16 1147.46 1308.61 4263.71 4895.44
Total 39945.46 32070.04 37201,32 127998.03 111914.57
Less: Inter-segment revenue 392.19 469.12 467.19 1762.18 1413.59
Net segment revenue 39553.27 31600.92 36734.13 126235.85 110500.98
Segment results
1 Infrastructure Projects 1839.04 971.67 1912.38 4456.02 4821.69
2 Energy Projects 775.42 579.46 544.19 2240.67 1589.25
3 Hi-Tech Manufacturing 365.85 315.45 375.28 1169.50 995.25
4 Others 94.32 168.77 138.40 511.64 695.46
Total 3074.63 2035.35 2970,25 8377.83 8101.65
Less: Inter-segment margins on capital jobs 21.77 38.90 25.53 108.53 41.81
Less : Finance costs 644.46 629.84 534.01 2405.83 2125.23
Add: Unallocable corporate income net of expenditure 880.66 1249.75 1302.16 5004.85 3898.09
Profit before exceptional items and tax 3289.06 2616.36 3712.87 10868.32 9832.70
Addl(Less): Exceptional items(net of tax) 50.02 - - 447.99 -
Profit before tax 3339.08 2616.36 3712.87 11316,31 9832.70
Segment ·assets
1 Infrastructure Projects 83848.63 78431.66
2 Energy Projects 16265.77 17845.43
3 Hi-Tech Manufacturing 10071.97 9159.89
4 Others 8331.41 8449.64
Total segment assets 118517.78 113886.62
Less: Inter-segment assets 1215.72 1218.73
Add: Unallocable corporate assets 57980.63 59756.60
Total assets 175282.69 172424.49
Segment liabilities
1 Infrastructure Projects 62203.70 55913.06
2 Energy Projects 11482.13 14355.46
3 Hi-Tech Manufacturing 8865.36 6612.24
4 Others 3959.41 4420.84
Total segment liabilities 86510.60 81301.60
Less : Inter-segment liabilities 1215.72 1218.73
Add : Unallocable corporate liabilities 25571.77 20813.67
Total liabilities 110866.65 100896.54
Notes:
(I) The Company has reported segment information as per Ind AS 108 "Operating Segments". The identification of operating segments Is consistent with performance
assessment and resource allocation by the management.
(II) Effective from April 1, 2023, m\litary communications business has been transferred from others segment to Hi-Tech Manufacturing segment.
(Ill) Segment composition: Infrastructure Projects segment comprises engineering and construction of (a) building and factories, (b) transportation infrastructure, (c)
heavy civil infrastructure, (d) power transmission & distribution, (e) water & effluent treatment and (f) minerals and metals. Energy Projects segment comprises
EPCI turnkey solutions in (a) Hydrocarbon business covering Oil & Gas industry from front-end design through detailed engineering, modular fabrication,
procurement, project management, construction, Installation and commissioning and (b) Power business covering Coal-based and Gas-based thermal power plants
including power generation equipment with associated systems and/or balance-of-plant packages and (c) EPC solutions in Green Energy space. HI-Tech
Manufacturing sEigment comprises design, manufacture/ construct, supply, revamp/retrofit of (a) custom designed, engineered critical equipment & systems to the
process plant, nuclear energy and green hydrogen sectors (b) marine and land platforms including related equipment & systems; aerospace products & systems:
precision and electronic products & systems for the defence, security, space and industrial sectors. Others segment includes (a) realty, (b) smart world &
communication projects, (c) marketing and servicing of construction equipment & mining machinery and parts thereof, (d) manufacture and sate of rubber
processing machinery and (e) E-commerce/digital platfonns & data centres.
(IV) Unallocable corporate income includes majorly interest income, dividends and investment related gains. Unallocable expenditure includes majorly corporate
expenses not allocated to segments. Unallocable corporate assets comprise majorly investments. Corporate liabilities comprise majorly borrowings.
(V) ln respect of segments of the Company, revenue and margin do not accrue uniformly during the year.
(VI) Figures for the quarter ended March 31, 2024 and March 31, 2023 represent the difference between audited figures for the financial year and the limited reviewed
figures for the nine months period ended December 31, 2023 and December 31, 2022 respectively.
(VII) Figures for the previous periods have been regrouped/reclassified to conform to the classification of the current periods.
Mumbai
. Mav 8, 2024
fN -~rr··.
S. N. SUBRAHMANYAN
Chairman & ManaAinA Director .
Deloitte Chartered Accountants
One International Center
Tower 3, 27th-32nd Floor
Haskins & Sells LLP Senapati Bapat Marg
Elphinstone Road (West)
Mum bai-400 013
Maharashtra, India
(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended
March 31, 2024
With respect to the Standalone Financial Results for the quarter ended March 31, 2024, based
on our review conducted and procedures performed as stated in paragraph (b) of Auditor's
Responsibilities section below and based on the consideration of the review reports of the
other auditors as referred to in Other Matters section below, nothing has come to our attention
that causes us to believe that the Standa lone Financial Results for the quarter ended March
31, 2024, prepared in accordance with the recognition and measurement principles laid down
in the Indian Accounting Standards and other accounting principles generally accepted in
India, has not disclosed the information required to be disclosed in terms of Regulation 33,
Regulation 52 and Regulation 54 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended, including the manner in wh ich it is to be
disclosed, or that it conta ins any material misstatement.
Regd. Office: One International Center, Tower 3, 32nd floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India.
Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
Deloitte
Haskins & Sells LLP
Basis for Opinion on the Audited Annual Standalone Financial Results for the year
ended March 31, 2024
We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under
Section 143(10) of the Companies Act, 2013 (the "Act"). Our responsibilities under those
Standards are further described in paragraph (a) of Auditor's Responsibilities section below.
We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (the "ICAI") together with the ethical requirements
that are relevant to our audit of the Standalone Financial Results for the year ended March
31, 2024 under the provisions of the Companies Act, 2013 and the Rules thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the
ICAI's Code of Ethics. We believe that the audit evidence obtained by us and the audit
evidence obtained by the other auditors in terms of their. reports referred to in Other Matters
section below, is sufficient and appropriate to provide a basis for our audit opinion.
Management's Responsibilities for the Statement
This Statement which includes the Standalone Financial Results is the responsibility of the
Company's Board of Directors and has been approved by them for the issuance. The
Standalone Financial Results for the year ended March 31, 2024, has been compiled from the
related audited standalone financial statements. This responsibility includes the preparation
and presentation of the Standalone Financial Results for the quarter and year ended March
31, 2024 that give a true and fair view of the net profit and other comprehensive income and
other financial information in accordance with the recognition and measurement principles
laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read
with relevant rules issued thereunder and other accounting principles generally accepted in
India and in compliance with Regulation 33, Regulation 52 and Regulation 54 of the Listing
Regulations. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and the design, implementation and maintenance of adequate internal financial
controls that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the Standalone Financial
Results that give a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the Standalone Financial Results, the Board of Directors is responsible for
assessing the Company's ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the
Board of Directors either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company's financial reporting
process of the Company.
Auditor's Responsibilities
(a) Audit of the Annual Standalone Financial Results for the year ended March 31,
2024
Our objectives are to obtain reasonable assurance about whether the Standalone
Financial Results for the year ended March 31, 2024 as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be
Deloitte
Haskins & Sells LLP
expected to influence the economic decisions of users taken on the basis of this
Standalone Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Annual Standalone
Financial Results, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Board of Directors.
• Evaluate the appropriateness and reasonableness of disclosures made by the Board
of Directors in terms of the requirements specified under Regulation 33, Regulation
52 and Regulation 54 of the Listing Regulations.
• Conclude on the appropriateness of the Board of Directors' use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
the ability of the Company to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor's report
to the related disclosures in the Statement or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor's report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Annual Standalone
Financial Results, including the disclosures, and whether the Annual Standalone
Financial Results represent the underlying transactions and events in a manner that
achieves fair presentation.
• Perform procedures in accordance with the circular issued by the SEBI under
Regulation 33(8) of the Listing Regulations to the extent applicable.
• Obtain sufficient appropriate audit evidence regarding the Annual Standalone
Financial Results of the Company and its joint operations to express an opinion on
the Annual Standalone Financial Results. We are responsible for the direction,
supervision and performance of the audit of financial information of such entities or
business activities included in the Annual Standalone Financial Results of which we
are the independent auditors. For the other entities or business activities included in
the Annual Standalone Financial Results, which have been audited by the other
auditors, such other auditors remain responsible for the direction, supervision and
performance of the audits carried out by them. We remain solely responsible for our
audit opinion.
Deloitte
Haskins & Sells LLP
Our report on the Statement is not modified in respect of the above matters with
respect to our reliance on the work done and the reports of the other auditors.
We, Larsen & Toubro Limited, a Company within the provisions of the
Companies Act, 2013, do hereby state and declare that the Auditor's Report on the
Financial Statements for the year ended March 31, 2024, is with an unmodified
opinion.
Yours faithfully,
for LARSEN & TOUBRO LIMITED
SIVAh -'
COMPANY SECRETARY &
COMPLIANCE OFFICER
(FCS 3939) ~
He joined LIC, as a Direct Recruit Officer in 1985. During his tenure of almost four
decades, he has gained a 3600 knowledge and experience in every domain of Life
Insurance. He has worked in Marketing, HR, Legal and Investments. Among the
positions he held, most notable were Sr. Divisional Manager In charge, Regional
Manager of Marketing Vertical, Chief of Investment, Executive Director (Legal) and CEO
of LIC Housing Finance Ltd , a listed Associate Company of LIC of India and one of the
largest Housing Finance Companies in India. Immediately before becoming
Chairperson, Mr. Mohanty had worked as Managing Director of LIC of India
He Chairs the Board of various National and International Subsidiaries and Associate
Companies. In addition, he is the Chairperson of the Council of Insurance Ombudsman,
Chairman of the Governing Board of National Insurance Academy and a member of the
Council of the Institute of Actuaries of India.
His innovative style of working, strong analytical ability, strategic thinking and
capability to arrive at simple solutions for complex problems have resulted into success
in each of his assignments. He has to his credit a deep understanding of the landscape
of the industry which helps him design unique strategies for achieving desired goals. He
firmly believes that continued digital transformation is the mainstay for any
Organisation.