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    500510   INE018A01030

LARSEN & TOUBRO LIMITED

(500510)
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Larsen & Toubro : Standalone and Consolidated Results 2021-22-Q1

07/26/2021 | 08:48am EST

LARSEN & TOUBRO LIMITED

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

CIN : L99999MH1946PLC004768

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021

Quarter ended

Year ended

June 30,

March 31,

June 30,

March 31,

Particulars

2021

2021

2020

2021

[Reviewed]

[Reviewed]

[Reviewed]

[Audited]

[Note (vi)]

1

Income:

a)

Revenue from operations

13109.00

29754.11

8149.99

73315.59

b)

Other income(net)

670.49

674.37

698.26

3435.44

Total Income

13779.49

30428.48

8848.25

76751.03

2

Expenses:

a)

Manufacturing, construction and operating expenses:

i) Cost of raw materials and components consumed

1287.44

1844.24

804.76

5693.94

ii) Stores, spares and tools consumed

388.32

448.12

182.26

1418.59

iii) Sub-contracting charges

2920.73

8188.71

1653.07

19625.19

iv) Construction materials consumed

3648.97

10803.72

1784.28

22426.38

v) Purchases of stock-in-trade

239.46

436.69

141.11

1226.68

vi) Changes in inventories of finished goods, stock-in-trade and work-in-progress

(362.83)

(205.18)

(144.77)

342.53

vii) Other manufacturing, construction and operating expenses

1772.53

2617.22

1343.14

7556.80

b)

Employee benefits expense

1543.25

1325.08

1357.08

5474.32

c)

Sales, administration and other expenses

645.28

705.61

447.45

2285.01

d)

Finance costs

466.92

486.89

708.45

2419.55

e)

Depreciation, amortisation, impairment and obsolescence

260.27

301.02

234.76

1025.62

Total Expenses

12810.34

26952.12

8511.59

69494.61

3

Profit before exceptional items and tax (1-2)

969.15

3476.36

336.66

7256.42

4

Tax expense:

a)

Current tax

219.56

836.07

51.00

1434.27

b)

Deferred tax

(0.38)

173.25

4.01

317.01

Total tax expense

219.18

1009.32

55.01

1751.28

5

Net profit after tax (before exceptional items) from continuing operations (3-4)

749.97

2467.04

281.65

5505.14

6

Exceptional items:

a)

Exceptional items before tax

-

-

-

(2818.65)

b)

Tax expense on exceptional items

-

-

-

-

Exceptional items (net of tax)

-

-

-

(2818.65)

7

Net profit after tax from continuing operations (5+6)

749.97

2467.04

281.65

2686.49

8

Profit before tax from discontinued operations

-

(33.58)

33.34

11199.23

9

Tax expense of discontinued operations

-

(7.65)

8.41

2548.75

10

Net profit after tax from discontinued operations

-

(25.93)

24.93

8650.48

11

Net profit after tax from continuing operations & discontinued operations (7+10)

749.97

2441.11

306.58

11336.97

12

Other comprehensive income (net of tax)

150.19

(409.85)

219.52

491.55

13

Total comprehensive income (11+12)

900.16

2031.26

526.10

11828.52

14

Paid-up equity share capital (face value of share: 2 each)

280.92

280.91

280.80

280.91

15

Other equity

60132.63

16 Earnings per equity share (EPS) from continuing operations after exceptional items (not annualised):

(a) Basic EPS ( )

5.34

17.57

2.00

19.13

(b) Diluted EPS ( )

5.33

17.55

2.00

19.11

17 Earnings per equity share (EPS) from discontinued operations (not annualised):

(a) Basic EPS ( )

-

(0.18)

0.18

61.61

(b) Diluted EPS ( )

-

(0.18)

0.18

61.54

18 Earnings per equity share (EPS) from continuing operations & discontinued operations (not

annualised):

(a) Basic EPS ( )

5.34

17.39

2.18

80.74

(b) Diluted EPS ( )

5.33

17.37

2.18

80.65

Notes:

  1. The Company's operations were impacted by the second wave of the Covid-19 pandemic and the recovery was seen in the later part of the quarter ended June 30, 2021. The company expects to recover the carrying value of assets, based on its assessment of the business/economic conditions and will continue to evaluate the pandemic-related uncertainty and update its assessment.
  2. By a business transfer agreement dated May 20, 2021, the Company transferred its business undertaking ('NxT Digital Business') to Mindtree Limited, a listed subsidiary for a cash consideration of 198.00 crore and net working capital as at the closing date. The transfer was completed on July 1, 2021.
  3. During the quarter ended June 30, 2021, the Company has allotted 49,614 equity shares of 2 each fully paid-up, on exercise of stock options by employees in accordance with the Company's stock option schemes.
  4. The Company will assess the impact of Code on Wages, 2019 and the Code on Social Security, 2020 and give effect in the Financial Statements when the date of implementation of these codes and the Rules/Schemes thereunder are notified.
  5. For better understanding of the Company's financial performance, line items have been added in the previous year to show Profit after tax from continuing operations separately from exceptional items. This is in line with guidance available in Schedule III to the Companies Act, 2013.
  6. Figures for the quarter ended March 31, 2021 represent the difference between audited figures for the financial year and the limited reviewed figures for the nine months period ended December 31, 2020.
  7. Figures for the previous periods have been regrouped/reclassified to conform to the classification of the current period.
  8. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on July 26, 2021.The same have also been subjected to Limited Review by the Statutory Auditors.

for LARSEN & TOUBRO LIMITED

Mumbai

S. N. SUBRAHMANYAN

July 26, 2021

Chief Executive Officer & Managing Director

Standalone unaudited segment-wise Revenue, Result, Total assets and Total liabilities in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended:

Quarter ended

Year ended

June 30,

March 31,

June 30,

March 31,

Particulars

2021

2021

2020

2021

[Reviewed]

[Reviewed]

[Reviewed]

[Audited]

[Note (V)]

Gross segment revenue

1

Infrastructure

9781.99

24765.72

6040.17

58364.15

2

Power

764.48

1220.21

380.00

3192.64

3

Heavy Engineering

629.76

1081.91

425.13

3018.23

4

Defence Engineering

690.05

1140.84

476.49

3410.12

5

Electrical & Automation (discontinued operations)

-

-

565.68

1262.74

6

Others

1315.72

1683.73

876.56

5660.86

Total

13182.00

29892.41

8764.03

74908.74

Less: Revenue of discontinued operations

-

-

565.68

1262.74

Less : Inter-segment revenue

73.00

138.30

48.36

330.41

Net segment revenue from continuing operations

13109.00

29754.11

8149.99

73315.59

Segment results

1

Infrastructure

516.70

2610.03

238.72

4274.16

2

Power

10.97

94.91

(4.89)

111.42

3

Heavy Engineering

86.65

280.50

55.49

489.47

4

Defence Engineering

110.71

302.83

24.95

616.98

5

Electrical & Automation (discontinued operations)

-

-

33.34

120.91

6

Others

117.39

109.56

33.82

773.64

Total

842.42

3397.83

381.43

6386.58

Less : Result of discontinued operations

-

-

33.34

120.91

Less : Inter-segment margins on capital jobs

-

9.43

1.68

11.11

Less : Finance costs

466.92

486.89

708.45

2419.55

Add : Unallocable corporate income net of expenditure

593.65

574.85

698.70

3421.41

Profit before tax from continuing operations (before exceptional items)

969.15

3476.36

336.66

7256.42

Add/(Less) : Exceptional items(net)

-

-

-

(2818.65)

Profit/(loss) before tax from continuing operations (including exceptional items)

969.15

3476.36

336.66

4437.77

Segment assets

1

Infrastructure

69813.62

68769.15

71165.62

2

Power

5314.31

4901.65

5518.52

3

Heavy Engineering

3051.09

3100.68

3165.37

4

Defence Engineering

5876.94

7130.84

5843.61

5

Electrical & Automation (discontinued operations)

-

2572.00

-

6

Others

7153.44

6418.03

6967.26

Total segment assets

91209.40

92892.35

92660.38

Less : Inter-segment assets

894.77

556.08

869.96

Add : Unallocable corporate assets

54573.04

55248.71

56162.14

Total assets

144887.67

147584.98

147952.56

Segment liabilities

1

Infrastructure

45141.86

41843.89

48169.76

2

Power

4442.66

4309.08

4672.13

3

Heavy Engineering

1379.75

1462.33

1430.07

4

Defence Engineering

3483.21

4031.21

3766.93

5

Electrical & Automation (discontinued operations)

-

1086.31

-

6

Others

4410.86

2883.74

4377.18

Total segment liabilities

58858.34

55616.56

62416.07

Less : Inter-segment liabilities

894.77

556.08

869.96

Add : Unallocable corporate liabilities

25598.06

39809.56

25992.91

Total liabilities

83561.63

94870.04

87539.02

Notes:

  1. The Company has reported segment information as per Ind AS 108 "Operating Segments" read with SEBI circular dated July 5, 2016. The identification of operating segments is consistent with performance assessment and resource allocation by the management.
  1. Segment composition: Infrastructure 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 systems and (f) metallurgical & material handling systems. Power segment comprises turnkey solutions for Coal-based and Gas-based thermal power plants including power generation equipment with associated systems and/or balance-of-plant packages. Heavy Engineering segment comprises manufacture and supply of custom designed, engineered critical equipment & systems to core sector industries like Fertiliser, Refinery, Petrochemical, Chemical, Oil & Gas and Thermal & Nuclear Power. Defence Engineering segment comprises (a) design, development, serial production and through life-support of equipment, systems and platforms for Defence and Aerospace sectors and (b) design, construction, and repair/refit of defence vessels. Electrical & Automation segment (upto the date of transfer and disclosed as discontinued operation) comprises manufacture and sale of low and medium voltage switchgear components, custom-built low and medium voltage switchboards, electronic energy meters/protection (relays) systems and control & automation products. Others segment includes realty, smart world & communication projects (including military communications), hydrocarbon, marketing and servicing of construction & mining machinery and parts thereof and manufacture and sale of rubber processing machinery.
  1. Unallocable corporate income primarily includes interest income, dividends and profit on sale of investments. Unallocable expenditure mainly includes corporate expenses not allocated to segments. Unallocable corporate assets mainly comprise investments. Corporate liabilities mainly comprise borrowings.

(IV) In respect of most of the segments of the Company, revenue and margins do not accrue uniformly during the year.

  1. Figures for the quarter ended March 31, 2021 represent the difference between audited figures for the financial year and the limited reviewed figures for the nine months period ended December 31, 2020.

(VI) Figures for the previous periods have been regrouped/reclassified to conform to the classification of the current period.

for LARSEN & TOUBRO LIMITED

Mumbai

S. N. SUBRAHMANYAN

July 26, 2021

Chief Executive Officer & Managing Director

LARSEN & TOUBRO LIMITED

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

CIN: L99999MH1946PLC004768

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021

Quarter ended

Year ended

June 30,

March 31,

June 30,

March 31,

Particulars

2021

2021

2020

2021

[Reviewed]

[Reviewed]

[Reviewed]

[Audited]

[Note (v)]

  • Income:

a)

Revenue from operations

29334.73

48087.90

21259.97

135979.03

b)

Other income (net)

647.97

1028.26

777.40

3429.35

Total Income

29982.70

49116.16

22037.37

139408.38

2

Expenses:

a)

Manufacturing, construction and operating expenses:

i) Cost of raw materials and components consumed

3721.95

5079.76

2348.75

15571.40

ii) Stores, spares and tools consumed

468.07

737.99

272.84

2023.54

iii) Sub-contracting charges

3779.58

9239.85

2088.79

22316.18

iv) Construction materials consumed

4195.96

11732.72

2057.71

24558.23

v) Purchase of stock-in-trade

239.01

433.93

139.48

1213.58

vi) Changes in inventories of finished goods, stock-in-trade and work-in-progress

(459.16)

(301.57)

(192.63)

343.37

vii) Other manufacturing, construction and operating expenses

3495.08

4262.81

2518.16

12983.56

b)

Finance cost of financial services business and finance lease activity

1565.79

1816.50

2103.89

7691.04

c)

Employee benefits expense

6879.51

6351.84

6150.73

24750.97

d)

Sales, administration and other expenses

2277.45

2345.14

2151.78

8903.06

e)

Finance costs

827.46

853.07

1055.90

3913.44

f)

Depreciation, amortisation, impairment and obsolescence

717.38

816.76

672.23

2904.21

Total Expenses

27708.08

43368.80

21367.63

127172.58

3

Profit before exceptional items and tax (1-2)

2274.62

5747.36

669.74

12235.80

4

Tax expense:

a)

Current tax

1020.68

1661.85

515.07

3923.39

b)

Deferred tax

(302.24)

424.86

(307.07)

87.43

Total tax expense

718.44

2086.71

208.00

4010.82

5

Net profit after tax (before exceptional items) from continuing operations (3-4)

1556.18

3660.65

461.74

8224.98

6

Share in profit/(loss) after tax of joint ventures/associates (net)

(24.52)

159.51

(101.14)

14.40

7

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

1531.66

3820.16

360.60

8239.38

operations before exceptional items (5+6)

8

Exceptional items:

a)

Exceptional items before tax

-

-

224.72

(3693.78)

Current tax

-

-

48.44

48.44

Deferred tax

-

-

-

(186.20)

b)

Total tax expense

-

-

48.44

(137.76)

Exceptional items (net of tax) (a-b)

-

-

176.28

(3556.02)

9

Net profit after tax from continuing operations including share in profit/(loss) of joint ventures/

1531.66

3820.16

536.88

4683.36

associates (7+8)

10

Profit/(loss) before tax from discontinued operations

-

(132.14)

16.72

10790.50

11

Tax expense of discontinued operations

-

(7.68)

9.67

2552.58

12

Net profit/(loss) after tax from discontinued operations (10-11)

-

(124.46)

7.05

8237.92

13

Net profit after tax from continuing operations & discontinued operations (9+12)

1531.66

3695.70

543.93

12921.28

Attributable to: Owners of the Company

1174.44

3292.81

303.14

11582.93

Non-controlling interests

357.22

402.89

240.79

1338.35

14

Other comprehensive income (OCI) [net of tax]

172.66

(414.53)

508.53

1454.37

Attributable to: Owners of the Company

167.28

(437.88)

418.20

1129.49

Non-controlling interests

5.38

23.35

90.33

324.88

15

Total comprehensive income (13+14)

1704.32

3281.17

1052.46

14375.65

Attributable to: Owners of the Company

1341.72

2854.93

721.34

12712.42

Non-controlling interests

362.60

426.24

331.12

1663.23

16

Paid-up equity share capital (face value of share: 2 each)

280.92

280.91

280.80

280.91

17

Other equity attributable to owners of the Company

75587.62

18 Earnings per share (EPS) from continuing operations after exceptional items (not annualised):

(a) Basic EPS ( )

8.36

24.34

2.11

23.82

(b) Diluted EPS ( )

8.35

24.31

2.11

23.80

19 Earnings per share (EPS) from discontinued operations (not annualised):

(a) Basic EPS ( )

-

(0.89)

0.05

58.67

(b) Diluted EPS ( )

-

(0.89)

0.05

58.61

20 Earnings per share (EPS) from continuing operations & discontinued operations (not annualised):

(a) Basic EPS ( )

8.36

23.45

2.16

82.49

(b) Diluted EPS ( )

8.35

23.42

2.16

82.41

Notes:

  1. The Group's operations during the quarter were impacted by the second wave of the Covid-19 pandemic. The Group expects to recover the carrying value of assets, based on its assessment of the business/economic conditions and will continue to evaluate the pandemic-related uncertainty and update its assessment.
  1. During the quarter ended June 30, 2021, the Company has allotted 49,614 equity shares of 2 each fully paid-up, on exercise of stock options by employees in accordance with the Company's stock option schemes.
  1. The Group will assess the impact of Code on Wages, 2019 and the Code on Social Security, 2020 and give effect in the Financial Statements when the date of implementation of these codes and the Rules/Schemes thereunder are notified.
  2. For better understanding of the Group's financial performance, line items have been added in the previous year to show Profit after tax from continuing operations separately from exceptional items. This is in line with guidance available in Schedule III to the Companies Act, 2013.
  1. Figures for the quarter ended March 31, 2021 represent the difference between audited figures for the financial year and the limited reviewed figures for the nine months period ended December 31, 2020.
  1. The Company reports consolidated financial results on quarterly basis as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. 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 ended June 30, 2021 are given below:

Quarter ended

Year ended

June 30,

March 31,

June 30,

March 31,

Particulars

2021

2021

2020

2021

[Reviewed]

[Reviewed]

[Reviewed]

[Audited]

[Note (v)]

a)

Revenue from continuing operations

13109.00

29754.11

8149.99

73315.59

b)

Profit before tax from continuing operations (before exceptional items)

969.15

3476.36

336.66

7256.42

c)

Profit before tax from continuing operations (after exceptional items)

969.15

3476.36

336.66

4437.77

d)

Net profit after tax from continuing operations

749.97

2467.04

281.65

2686.49

e)

Profit/(loss) before tax from discontinued operations

-

(33.58)

33.34

11199.23

f)

Net profit/(loss) after tax from discontinued operations

-

(25.93)

24.93

8650.48

g)

Net profit after tax from continuing operations & discontinued operations (d+f)

749.97

2441.11

306.58

11336.97

h)

Net profit after tax from continuing operations (excluding exceptional items)

749.97

2467.04

281.65

5505.14

(vii) Figures for the previous periods have been regrouped/reclassified to conform to the classification of the current period.

  1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on July 26, 2021.The same have also been subjected to Limited Review by the Statutory Auditors.

for LARSEN & TOUBRO LIMITED

Mumbai

S. N. SUBRAHMANYAN

July 26, 2021

Chief Executive Officer & Managing Director

Consolidated unaudited segment-wise Revenue, Result, Total assets and Total liabilities in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended:

Quarter ended

Year ended

June 30,

March 31,

June 30,

March 31,

Particulars

2021

2021

2020

2021

[Reviewed]

[Reviewed]

[Reviewed]

[Audited]

[Note (V)]

Gross segment revenue

1

Infrastructure

10543.46

26436.69

6456.06

61961.64

2

Power

764.48

1220.21

380.00

3192.64

3

Heavy Engineering

629.76

1081.94

425.13

3018.48

4

Defence Engineering

690.05

1140.84

476.49

3410.12

5

Electrical & Automation (discontinued operations)

-

-

754.87

1605.67

6

Hydrocarbon

4201.56

5421.69

3070.10

16963.80

7

IT & Technology Services

7241.30

6845.43

6043.38

25618.76

8

Financial Services

3061.39

3376.74

3284.19

13403.55

9

Developmental Projects

1126.30

1113.77

554.30

3621.43

10

Others

1383.95

1906.49

768.36

6092.75

Total

29642.25

48543.80

22212.88

138888.84

Less: Revenue of discontinued operations

-

-

754.87

1605.67

Less: Inter-segment revenue

307.52

455.90

198.04

1304.14

Net segment revenue from continuing operations

29334.73

48087.90

21259.97

135979.03

Segment result

1

Infrastructure

556.73

2795.52

244.80

4521.54

2

Power

11.03

94.93

(5.01)

111.22

3

Heavy Engineering

86.70

280.61

54.29

488.32

4

Defence Engineering

110.71

302.83

24.95

616.98

5

Electrical & Automation (discontinued operations)

-

-

17.79

84.37

6

Hydrocarbon

359.31

658.32

117.86

1568.31

7

IT & Technology Services

1382.66

1366.02

966.99

4823.20

8

Financial Services

233.83

730.76

(125.24)

1285.78

9

Developmental Projects

(90.73)

(65.18)

(38.55)

(196.55)

10

Others

177.71

233.34

22.90

1122.96

Total

2827.95

6397.15

1280.78

14426.13

Less: Result of discontinued operations

-

-

17.79

84.37

(Add)/Less: Inter-segment margins on capital jobs

7.99

14.45

2.48

24.95

Less: Finance costs

827.46

853.07

1055.90

3913.44

Add/(Less): Unallocable corporate income net of expenditure

282.12

217.73

465.13

1832.43

Profit before tax from continuing operations (before exceptional items)

2274.62

5747.36

669.74

12235.80

Add/(Less): Exceptional items (net)

-

-

224.72

(3693.78)

Profit before tax from continuing operations (including exceptional items)

2274.62

5747.36

894.46

8542.02

Segment assets

1

Infrastructure

76580.53

74072.70

77112.89

2

Power

6508.31

6048.38

6694.17

3

Heavy Engineering

3055.74

4188.07

3169.97

4

Defence Engineering

5894.28

7137.13

5857.41

5

Electrical & Automation (discontinued operations)

-

4103.95

-

6

Hydrocarbon

14575.78

14062.58

14519.27

7

IT & Technology Services

31266.09

27419.08

30340.20

8

Financial Services

102766.87

108342.93

107342.41

9

Developmental Projects

28867.46

33505.60

30091.85

10

Others

13643.85

12667.55

13636.87

Total segment assets

283158.91

291547.97

288765.04

Less: Inter-segment assets

2664.01

2818.06

2241.23

Add: Unallocable corporate assets

22433.26

26502.42

24749.90

Total assets

302928.16

315232.33

311273.71

Segment liabilities

1

Infrastructure

49709.13

44773.57

51943.12

2

Power

4442.66

4309.08

4672.13

3

Heavy Engineering

1379.66

1461.29

1430.06

4

Defence Engineering

3483.21

4032.40

3766.94

5

Electrical & Automation (discontinued operations)

-

1658.59

-

6

Hydrocarbon

11444.25

11741.31

11489.78

7

IT & Technology Services

6869.40

6672.34

6898.22

8

Financial Services

85408.57

94995.18

89968.72

9

Developmental Projects

7523.41

8953.31

8689.24

10

Others

5889.31

4320.99

5984.01

Total segment liabilities

176149.60

182918.06

184842.22

Less: Inter-segment liabilities

2664.01

2818.06

2241.23

Add: Unallocable corporate liabilities

39782.06

57789.20

40752.66

Total liabilities

213267.65

237889.20

223353.65

Notes:

  1. The Group has reported segment information as per Ind AS 108 "Operating Segments" read with SEBI circular dated July 5, 2016. The identification of operating segments is consistent with performance assessment and resource allocation by the management.
  1. Segment composition: Infrastructure 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) metallurgical & material handling systems. Power segment comprises turnkey solutions for Coal-based and Gas-based thermal power plants including power generation equipment with associated systems and/or balance-of-plant packages. Heavy Engineering segment comprises manufacture and supply of custom designed, engineered critical equipment & systems to core sector industries like Fertiliser, Refinery, Petrochemical, Chemical, Oil & Gas and Thermal & Nuclear Power. Defence Engineering segment comprises (a) design, development, serial production and through life-support of equipment, systems and platforms for Defence and Aerospace sectors and (b) design, construction and repair/refit of defence vessels. Electrical & Automation segment (upto the date of divestment and disclosed as discontinued operation) comprises (a) manufacture and sale of low and medium voltage switchgear components, custom-built low and medium voltage switchboards, electronic energy meters/protection (relays) systems and control & automation products and (b) marine control & automation systems. Hydrocarbon segment comprises EPC solutions for the global Oil & Gas Industry from front-end design through detailed engineering, modular fabrication, procurement, project management, construction, installation and commissioning. IT & Technology Services segment comprises information technology and integrated engineering services. Financial Services segment comprises (a) rural finance, housing finance, wholesale finance, mutual fund and (b) wealth management (upto the date of divestment). Developmental Projects segment comprises development, operation and maintenance of basic infrastructure projects, toll and fare collection and power generation & development. Others segment includes realty, manufacture and sale of industrial valves, smart world & communication projects (including military communications), manufacture, marketing and servicing of construction equipment and parts thereof, marketing and servicing of mining machinery and parts thereof and manufacture and sale of rubber processing machinery.
  1. Segment revenue comprises sales and operational income allocable specifically to a segment and includes in the case of Developmental Projects and Realty business (grouped under "Others" segment) profits on sale of stake in the subsidiary and/or joint venture companies in those segments. Segment result represents profit before interest and tax. Unallocable corporate income primarily includes interest income, dividends and profit on sale of investments. Unallocable expenditure mainly includes corporate expenses not allocated to segments.
    Unallocable corporate assets mainly comprise investments. Investment (including long term loans) 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 mainly comprise borrowings. In respect of (a) Financial Services segment and (b) Developmental 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 the segment expense.

(IV) In respect of most of the segments of the Group, revenue and margins do not accrue uniformly during the year.

  1. Figures for the quarter ended March 31, 2021 represent the difference between audited figures for the financial year and the limited reviewed figures for the nine months period ended December 31, 2020.

(VI) Figures for the previous periods have been regrouped/reclassified to conform to the classification of the current period.

for LARSEN & TOUBRO LIMITED

Mumbai

S. N. SUBRAHMANYAN

July 26, 2021

Chief Executive Officer & Managing Director

Disclaimer

Larsen & Toubro Limited published this content on 26 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2021 12:47:01 UTC.


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