LARSEN & TOUBRO LIMITED

Registered Office: L&T House, Ballard Estate, Mumbai 400 001

CIN : L99999MH1946PLC004768
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2024

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]
[Note (iv)] [Note (iv)]
1 Income:
a) Revenue from operations 39553.27 31600.92 36734.13 126235.85 110500.98
b) Other income(net) 1020.49 1225.60 1079.92 5340.60 4034.95
Total Income 40573.76 32826.52 37814.05 131576.45 114535.93
2 Expenses:
a) Manufacturing, construction and operating expenses:
i) Cost of raw materials and components consumed 3303.81 2858.60 4145.27 11621.48 13163.05
ii) Construction materials consumed 14394.77 10684.57 12784.65 43031.68 38098.69
iii) Purchases of stock-in-trade 122.26 292.56 184.97 1078.54 1076.29
iv) Stores, spares and tools consumed 880.40 896.01 1201.16 3613.78 4260.17
v) Sub-contracting charges 9092.16 8067.17 8236.13 30750.87 24353.62
vi) Changes in inventories of finished goods, stock-in-trade and work-in-progress 788.02 175.39 11.25 411.83 (2930.73)
vii) Other manufacturing, construction and operating expenses 4161.35 3194.21 3772.93 13724.86 12373.24
b) Employee benefits expense 2386.49 2205.46 2247.20 8864.41 8298.22
c) Sales, administration and other expenses 992.56 767.90 626.37 3453.84 2513.81
d) Finance costs 644.46 629.84 534.01 2405.83 2125.23
e) Depreciation, amortisation, impairment and obsolescence 518.42 438.45 357.24 1751.01 1371.64
Total Expenses 37284.70 30210.16 34101.18 120708.13 104703.23
3 Profit before exceptional items and tax (1-2) 3289.06 2616.36 3712.87 10868.32 9832.70
4 Exceptional items:
a) Exceptional items before tax (net) [gain/(loss)] 70.85 - - 586.47 -
Current tax 20.83 - - 20.83 -
Deferred tax - - - 117.65 -
b) Total tax expense 20.83 - - 138.48 -
c) Exceptional items (net of tax) (c=a-b) 50.02 - - 447.99 -
5 Profit before tax (3+4) 3339.08 2616.36 3712.87 11316.31 9832.70
6 Tax expense:
a) Current tax 791.48 478.26 904.88 2205.00 2334.76
b) Deferred tax (118.47) 1.92 (194.86) (193.02) (351.03)
Total tax expense 673.01 480.18 710.02 2011.98 1983.73
7 Net profit after tax (5-6) 2666.07 2136.18 3002.85 9304.33 7848.97
8 Other comprehensive income (OCI)
a) i) Items that will not be reclassified to profit and loss 4.14 25.29 (40.71) 13.94 (33.90)
ii) Income tax relating to items that will not be reclassified to profit and loss (1.03) (6.36) 10.24 (3.51) 8.53
b) i) Items that will be reclassified to profit and loss (142.85) 366.14 76.37 (69.31) (528.20)
ii) Income tax relating to items that will be reclassified to profit and loss 40.74 (113.86) (1.13) 12.63 101.07
Other comprehensive income [net of tax] (a+b) (99.00) 271.21 44.77 (46.25) (452.50)
9 Total comprehensive income (7+8) 2567.07 2407.39 3047.62 9258.08 7396.47
10 Paid-up equity share capital (face value of share: 2 each) 274.93 274.91 281.10 274.93 281.10
11 Other equity 64141.11 71246.85

12 Earnings per equity share (EPS) (not annualised):

(a) Basic EPS ( ) 19.40 15.54 21.37 66.95 55.85
(b) Diluted EPS ( ) 19.38 15.53 21.35 66.89 55.81

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 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 IDPL), 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 carrying value of investment in L&T IDPL to its net realisable value after considering customary 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 period ended December 31, 2023 and December 31, 2022 respectively.
(v) Statement of assets and liabilities:
Crore
As at
Particulars 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

Group(s) of assets classified as held for sale 1177.91 2341.02

TOTAL ASSETS 175282.69 172424.49

EQUITY AND LIABILITIES:

EQUITY
Equity share capital 274.93 281.10
Other equity 64141.11 71246.85
TOTAL EQUITY 64416.04 71527.95
LIABILITIES
Non-current liabilities
Financial liabilities:
Borrowings 11931.14 9390.85
Lease liability 112.25 50.12
Other financial liabilities 75.81 108.41
Provisions 697.73 636.97
Other non-current liabilities 22.67 7.05
Sub total - Non-current liabilities 12839.60 10193.40
Current liabilities
Financial liabilities:
Borrowings 4864.65 3179.36
Current maturities of long term borrowings 5744.68 5580.88
Lease liability 158.89 137.32
Trade payables:
Due to micro enterprises and small enterprises 871.22 751.71
Due to others 39975.11 41028.66
Other financial liabilities 4071.50 4117.92
Other current liabilities 39383.81 32277.37
Provisions 1651.57 1832.37
Current tax liabilities(net) 1305.62 799.07
Sub total - Current liabilities 98027.05 89704.66

Liabilities associated with the group(s) of assets classified as

held for sale - 998.48
TOTAL LIABILITIES 110866.65 100896.54

TOTAL EQUITY AND LIABILITIES 175282.69 172424.49

(vi) Additional disclosures as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:
Quarter ended Year ended
Sr. No. Particulars March 31, December 31, March 31, March 31, March 31,
2024 2023 2023 2024 2023

1 Debt equity ratio 0.35 0.47 0.25 0.35 0.25

2 Debt service coverage ratio (DSCR) 6.10 4.93 7.95 1.83 1.56
3 Interest service coverage ratio (ISCR) 6.10 5.15 7.95 5.52 5.63
4 Current ratio 1.26 1.24 1.36 1.26 1.36
5 Long term debt to working capital ratio 0.57 0.61 0.39 0.57 0.39
6 Bad debts to accounts receivable ratio 0.00 0.00 0.00 0.02 0.00
7 Current liability ratio 0.88 0.88 0.89 0.88 0.89
8 Total debt to total assets ratio 0.13 0.17 0.11 0.13 0.11
9 Debtors turnover ratio 3.23 3.16 2.87 3.23 2.87
10 Operating margin (%) 8.68% 7.78% 9.59% 7.67% 8.41%
11 Net profit margin (%) 6.74% 6.76% 8.17% 7.37% 7.10%
12 Inventory turnover ratio (refer note below) NA NA NA NA NA
13 Capital Redemption Reserve/Debenture Redemption Reserve [ Crore] 266.25 266.25 280.42 266.25 280.42
14 Net worth [ Crore] (As per section 2(57) of Companies Act, 2013) 64393.75 61685.98 71471.24 64393.75 71471.24
15 The Company has not issued any secured listed non-convertible debt securities.

Note:
Formulae for computation of ratios are as follows:

Sr. No. Particulars Formulae

1 Debt equity ratio Total borrowings

Total equity

2 Debt service coverage ratio (DSCR) Profit before interest, tax and exceptional 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 exceptional items
Finance cost

4 Current ratio Current assets

Current liabilities

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]

6 Bad debts to accounts receivable ratio Bad debts

Average gross trade receivables

7 Current liability ratio Current liabilities

Total liabilities

8 Total debt to total assets ratio Total borrowings

Total assets

9 Debtors turnover ratio Revenue from operations for trailing 12 months

Average gross trade receivables

10 Operating margin (%) Profit before depreciation, interest, tax and exceptional items
(-) Other income
Revenue from operations

11 Net profit margin (%) Net profit after tax

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:
crore
March 31, March 31,
Particulars 2024 2023
[Audited] [Audited]

A. Cash flow from operating activities:

Profit before tax (excluding exceptional items) 10868.32 9832.70
Adjustments for:
Dividend received (2655.67) (1713.39)
Depreciation, amortisation, impairment and obsolescence 1751.01 1371.64
Exchange difference on items grouped under financing/investing activities (43.23) (12.70)
Effect of exchange rate changes on cash and cash equivalents (2.06) 7.92
Finance costs 2405.83 2125.23
Interest income (1648.20) (1612.25)
(Profit)/loss on sale of Property, plant and equipment, Investment property and
Intangible assets (net) (58.67) (130.65)
(Profit)/loss on sale of investments (net) [including fair valuation] (284.78) (160.17)
Reversal of provision with respect to loans given to subsidiary companies (70.24) (891.86)
Loss on cancellation of equity shares on capital reduction by subsidiary - 602.95
Employee stock option-discount forming part of employee benefits expense 91.25 28.16
Other adjustments 0.42 -
Operating profit before working capital changes 10353.98 9447.58
Adjustments for:
(Increase)/decrease in trade and other receivables (5434.80) (143.75)
(Increase)/decrease in inventories (74.95) (290.99)
Increase/(decrease) in trade and other payables 6078.46 581.62
Cash (used in)/generated from operations 10922.69 9594.46
Direct taxes paid (net) (2629.14) (2330.50)
Net cash (used in)/from operating activities 8293.55 7263.96
B. Cash flow from investing activities:
Purchase of Property, plant and equipment, Investment property and Intangible assets (2916.46) (2396.90)
Sale of Property, plant and equipment, Investment property and Intangible assets 94.55 161.18
Investment in subsidiaries, associates and joint venture companies (3719.66) (1447.02)
Divestment of stake/capital reduction in subsidiary companies 186.67 522.95
Purchase of non-current investments - (84.17)
Sale of non-current investments 34.23 46.36
Net proceeds from transfer of business undertaking 800.00 98.18
Net payments for transfer of discontinued operations (net of tax) - (113.19)
(Purchase)/sale of current investments (net) 4757.26 (2845.35)
Change in other bank balances and cash not availabe for immediate use (146.31) (21.01)
Long term deposits/loans (given) - subsidiaries, associates, joint venture companies
and third parties (110.21) (296.10)
Long term deposits/loans repaid - subsidiaries, associates, joint venture companies
and third parties 2499.27 1573.03
Short term deposits/loans (given)/repaid (net) - subsidiaries, associates, joint venture
companies and third parties 192.71 14.07
Interest received 2034.17 1321.86
Dividend received from subsidiaries and joint venture companies 2649.30 1712.43
Dividend received from other investments 6.37 0.97
Net cash (used in)/from investing activities 6361.89 (1752.71)
C. Cash flow from financing activities:
Proceeds from fresh issue of share capital (including share application money)[net] 9.65 10.31
Proceeds from non-current borrowings 7450.00 2450.00
Repayments of non-current borrowings (4845.00) (5549.00)
(Repayments)/proceeds from other borrowings (net) 1676.96 1078.98
Settlement of derivative contracts related to borrowings 49.65 87.93
Interest paid on lease liability (17.56) (12.02)
Principal repayment on lease liability (98.70) (95.18)
Dividends paid (4216.95) (3091.42)
Buyback of equity shares (10000.00) -
Tax on buyback of equity shares (2253.33) -
Expenses for buyback of equity shares (net of tax) (26.55) -
Interest paid (including cash flows from interest rate swaps) (2250.23) (2320.99)
Net cash (used in)/from financing activities (14522.06) (7441.39)
Net (decrease)/increase in cash and cash equivalents (A + B + C) 133.38 (1930.14)
Cash and cash equivalents at beginning of the year 3802.49 5718.23
Effect of exchange rate changes on cash and cash equivalents 3.34 14.41
Cash and cash equivalents classified as asset held for sale - (0.01)
Cash and cash equivalents at end of the year 3939.21 3802.49

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 work-in-progress
for Property, plant and equipment and Investment property and (b) Intangible assets under development during the year.

(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 held on May 8,
2024.

for LARSEN & TOUBRO LIMITED

Mumbai S. N. SUBRAHMANYAN
May 8, 2024 Chairman & Managing Director
Standalone audited Segment-wise Revenue, Result, Total Assets and Total Liabilities:

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]
[Note (VI)] [Note (VI)]
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
Add/(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, military communications business has been transferred from Others segment to Hi-Tech Manufacturing segment.

(III) 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
EPC/ 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 segment 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 sale of rubber
processing machinery and (e) E-commerce/digital platforms & 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) In 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.

for LARSEN & TOUBRO LIMITED

Mumbai S. N. SUBRAHMANYAN
May 8, 2024 Chairman & Managing Director
 LARSEN & TOUBRO LIMITED
Registered Office: L&T House, Ballard Estate, Mumbai 400 001
CIN: L99999MH1946PLC004768
STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2024
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]
[Note (iv)] [Note (iv)]
1 Income:
a) Revenue from operations 67078.68 55127.82 58335.15 221112.91 183340.70
b) Other income (net) 1041.74 837.75 740.91 4158.03 2929.17
Total Income 68120.42 55965.57 59076.06 225270.94 186269.87
2 Expenses:
a) Manufacturing, construction and operating expenses:
i) Cost of raw materials and components consumed 5547.44 4835.59 6018.27 19442.25 18995.11
ii) Construction materials consumed 19186.09 12922.28 15472.91 54813.97 43237.35
iii) Purchase of stock-in-trade 114.75 285.15 175.45 1063.77 1052.86
iv) Stores, spares and tools consumed 1106.34 1140.69 1358.52 4432.02 4814.89
v) Sub-contracting charges 10845.64 9101.32 9118.55 35054.35 25624.45
vi) Changes in inventories of finished goods, stock-in-trade and work-in-progress 1057.29 (2.08) 66.37 1021.07 (3156.64)
vii) Other manufacturing, construction and operating expenses 6768.75 6946.46 5755.83 24486.49 20020.81
b) Finance cost of financial services business and finance lease activity 1419.05 1439.65 1521.29 5714.90 6026.44
c) Employee benefits expense 10729.52 10253.27 9981.09 41171.02 37214.11
d) Sales, administration and other expenses 3069.82 2446.49 2033.92 10419.42 8758.04
e) Finance costs 926.30 904.17 813.00 3545.85 3207.16
f) Depreciation, amortisation, impairment and obsolescence 1021.20 920.75 853.50 3682.33 3502.25
Total Expenses 61792.19 51193.74 53168.70 204847.44 169296.83

3 Profit before exceptional items and tax (1-2) 6328.23 4771.83 5907.36 20423.50 16973.04
4 Exceptional items:
a) Exceptional items before tax (net) [gain/(loss)] 114.44 - - 114.44 (91.97)
Current tax 20.83 - - 20.83 448.35
Deferred tax - - - - (676.31)
b) Total tax expense 20.83 - - 20.83 (227.96)
c) Exceptional 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:
a) Current tax 1599.53 1190.58 1129.75 5127.70 5055.17
b) 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 profit/(loss) after tax of joint ventures/associates (net) 9.63 (1.67) 11.84 (22.62) (94.25)
9 Net profit after tax and share in profit/(loss) of joint ventures/associates (7+8) 5013.17 3592.84 4458.58 15547.10 12530.62
Attributable to: Owners of the Company 4396.12 2947.36 3986.78 13059.11 10470.72
Non-controlling interests 617.05 645.48 471.80 2487.99 2059.90
10 Other comprehensive income (OCI)
a) 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 be reclassified to profit and loss (1.28) (5.94) 10.79 (8.61) 6.79
b) 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 the Company (41.38) 468.99 352.58 235.70 (754.74)
Non-controlling 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: 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 ( ) 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 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 IDPL), 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 93.61 crore comprise (a) Gain on divestment of stake in L&T Transportation Infrastructure Limited, a subsidiary of L&T IDPL:
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.
(v) Consolidated Statement of assets and liabilities:
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 loans 475.46 356.00
Other financial assets 1952.08 1965.78

Deferred tax assets (net) 3863.72 3984.79

Current Tax receivable (net) 4245.78 3611.66
Other non-current assets 2156.55 2377.38
Sub-total - Non-current assets 121547.37 108147.99

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

Other current assets 70882.30 65920.39

Sub-total - Current assets 217074.51 221215.52

Group(s) of assets classified as held for sale 1005.36 988.80

TOTAL ASSETS 339627.24 330352.31

EQUITY AND LIABILITIES:

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 liabilities 96.07 272.96

Provisions 987.38 869.99

Deferred tax liabilities (net) 533.63 630.43
Other non-current liabilities 618.02 81.73
Sub-total - Non-current liabilities 60476.85 64719.10

Current liabilities
Financial liabilities:
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 3457.51 3493.47
Current tax liabilities (net) 1860.47 1393.46
Sub-total - Current liabilities 176600.73 162065.99

TOTAL LIABILITIES 237077.58 226785.09

TOTAL EQUITY AND LIABILITIES 339627.24 330352.31

(vi) The Company reports its consolidated financial results on a quarterly basis. The standalone financial results are available on the Company's website viz. www.larsentoubro.com and on the
websites of BSE (www.bseindia.com) and NSE (www.nseindia.com). The specified items of the standalone financial results of the Company for the quarter and year ended March 31, 2024
are given below:
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]
[Note (iv)] [Note (iv)]
a) Revenue from operations 39553.27 31600.92 36734.13 126235.85 110500.98
b) Profit before exceptional items and tax 3289.06 2616.36 3712.87 10868.32 9832.70
c) Profit before tax 3339.08 2616.36 3712.87 11316.31 9832.70
d) Net profit after tax 2666.07 2136.18 3002.85 9304.33 7848.97
(vii) Additional disclosures as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

Quarter ended Year ended

Sr.
Particulars March 31, December 31, March 31, March 31, March 31,
No.
2024 2023 2023 2024 2023
1 Debt equity ratio 1.11 1.23 1.14 1.11 1.14

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

4 Current ratio 1.23 1.24 1.36 1.23 1.36

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

7 Current liability ratio 0.74 0.73 0.71 0.74 0.71

8 Total debt to total assets ratio 0.34 0.37 0.36 0.34 0.36

9 Debtors turnover ratio 4.07 3.88 3.45 4.07 3.45

10 Operating margin (%) 10.78% 10.45% 11.71% 10.63% 11.32%

11 Net profit margin (%) 7.47% 6.52% 7.64% 7.03% 6.83%

12 Inventory turnover ratio (refer note below) NA NA NA NA NA

13 Outstanding Redeemable Preference Shares [` Crore] - - - - -

14 Capital Redemption Reserve/Debenture Redemption Reserve [ Crore] 338.23 339.08 353.25 338.23 353.25

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

Profit before interest, tax and exceptional items^

Finance costs^ + Principal repayments (net of refinancing) made during the period
2 Debt service coverage ratio (DSCR)
for long term borrowings^
(^ Excluding Financial Services and Finance lease model business)

Profit before interest, tax and exceptional items^

3 Interest service coverage ratio (ISCR) Finance costs^
(^ Excluding Financial Services and Finance lease model business)

Current assets
4 Current ratio
Current liabilities

Long term borrowings (including current maturities of long term borrowings)

5 Long term debt to working capital ratio Current assets (-) Current liabilities [excluding current maturities of long term
borrowings]

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 operations for trailing 12 months^
9 Debtors turnover ratio Average gross trade receivables^
(^ Excluding Financial Services)

Profit before depreciation, interest^, tax and exceptional items

(-) Other income
10 Operating margin (%)
Revenue from operations
(^ Excluding Finance cost of Financial Services and Finance lease model business)

Net profit after tax and share in profit/(loss) of joint ventures/associates

11 Net profit margin (%)
Revenue from operations

12 Inventory turnover ratio Not material considering the size and the nature of operations of the Group
(viii) Consolidated Statement of Cash Flows:
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 capital changes 24931.41 22524.98
Adjustments for:
(Increase)/decrease in trade and other receivables (10548.40) (4495.26)
(Increase)/decrease in inventories 244.68 (475.75)
Increase/(decrease) in trade and other payables 14506.53 5412.71
Cash generated from operations before financing activities 29134.22 22966.68
(Increase)/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) (5127.16)
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)/sale 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 non-controlling 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 work-in-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.

for LARSEN & TOUBRO LIMITED

Mumbai S. N. SUBRAHMANYAN
May 8, 2024 Chairman & Managing Director
Consolidated audited Segment-wise Revenue, Result, Total assets and Total liabilities:

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]
[Note (VI)] [Note (VI)]

Gross segment revenue

1 Infrastructure Projects 38369.39 28266.43 31548.78 114008.21 87823.15
2 Energy Projects 8215.93 7870.30 7929.18 29570.90 24956.26
3 Hi-Tech Manufacturing 2571.18 2184.70 2320.79 8765.29 7160.87
4 IT & Technology Services 11382.70 11325.97 11014.26 44916.31 41789.25
5 Financial Services 3598.24 3406.66 3116.33 13108.62 12574.92
6 Development Projects 1258.62 1219.87 1232.10 5628.01 5028.77
7 Others 2515.87 1741.80 1885.54 8492.89 6270.78
Total 67911.93 56015.73 59046.98 224490.23 185604.00
Less: Inter-segment revenue 833.25 887.91 711.83 3377.32 2263.30
Net segment revenue 67078.68 55127.82 58335.15 221112.91 183340.70

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 356.79 294.78 375.28 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 exceptional 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: Inter-segment assets 5084.77 2973.58
Add: Unallocable corporate assets 27146.71 28962.70
Total assets 339627.24 330352.31

Segment liabilities
1 Infrastructure Projects 72851.28 61951.34
2 Energy Projects 18772.84 19581.52
3 Hi-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 liabilities 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 to transfer of the Carved-out Business of Smart World and Communication (SWC) to L&T Technology Services Limited (LTTS), a listed subsidiary w.e.f. April
1, 2023, the business which was hitherto a part of Others segment has now been included in IT & Technology Services segment. Concurrently, the military
communications business has been transferred from Others segment to Hi-Tech Manufacturing segment.
(III) The revised 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
EPC/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, (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 segment
comprises design, manufacture/construct, supply and revamp/retrofit of (a) custom designed, engineered critical equipment & systems to the process plants, nuclear
energy & green hydrogen sectors. (b) marine and land platforms including related equipment & systems; aerospace products & systems; precision and electronics
products & systems for defence, security, space and industrial sectors and (c) electrolysers. IT & Technology Services segment comprises (a) information technology
and integrated engineering services (including smart world & communication projects), (b) E-commerce/digital platforms & data centres and (c) 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 collection 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, (d) 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 to a segment and includes in the case of Development Projects and Realty business
(grouped under "Others" segment) profits 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 majorly interest income, dividends and profit on sale of investments. Unallocable
expenditure includes majorly corporate expenses not allocated to segments.
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 (b)
Development Projects segment relating to a power generation asset given on finance lease, segment liabilities include borrowings as finance costs on the borrowings are
accounted as segment expense.
(V) In respect of segments of the Group, 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.

for LARSEN & TOUBRO LIMITED

Mumbai S. N. SUBRAHMANYAN
May 8, 2024 Chairman & Managing Director