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Larsen & Toubro Ltd

BSE Code : 500510 | NSE Symbol : LT | ISIN:INE018A01030| SECTOR : Infrastructure Developers & Operators |

NSE BSE
 
SMC up arrow

1,122.40

3.55 (0.32%) Volume 280564

27-Nov-2020 EOD

Prev. Close

1,118.85

Open Price

1,129.00

Bid Price (QTY)

1,122.40(5191)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 1,139.80 - 1,092.00

52 wk High/Low 1,383.70 - 661.00

Key Stats

MARKET CAP (RS CR) 156686.96
P/E 11.93
BOOK VALUE (RS) 416.4861845
DIV (%) 900
MARKET LOT 1
EPS (TTM) 93.53
PRICE/BOOK 2.67908046299192
DIV YIELD.(%) 1.61
FACE VALUE (RS) 2
DELIVERABLES (%) 38.32
4

News & Announcements

27-Nov-2020

L&T gains on signing contract with NHSRCL

25-Nov-2020

L&T Construction secures large contract for longest road bridge across Brahmaputra river

25-Nov-2020

L&T bags large order to build India's longest river bridge

25-Nov-2020

Larsen & Toubro Ltd - Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

25-Nov-2020

L&T Construction secures large contract for longest road bridge across Brahmaputra river

19-Nov-2020

L&T Construction bags mega contract for Mumbai-Ahmedabad bullet train project

18-Nov-2020

Larsen & Toubro bags order for supply of Komatsu Mining Equipment

29-Oct-2020

Board of Larsen & Toubro recommends Special Dividend

Corporate Actions

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Financials

Income Statement

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Peers Comparsion

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Share Holding

Category No. of shares Percentage
Total Foreign 284995437 20.30
Total Institutions 491425533 35.00
Total Govt Holding 6957241 0.50
Total Non Promoter Corporate Holding 17039469 1.21
Total Promoters 0 0.00
Total Public & others 603617166 42.99
Total 1404034846 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Larsen & Toubro Ltd

Larsen & Toubro is a major technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. The company is one of the largest and most respected companies in India's private sector. The company operates in three segments Engineering & Construction Segment, Electrical & Electronics segment, Machinery & Industrial Products, and others. The company's Engineering, Construction & Contracts Division (ECCD) undertakes engineering, design and construction of infrastructure, buildings, factories, water supply, and metallurgical & material handling projects covering civil, mechanical, electrical and instrumentation engineering disciplines. Their Engineering & Construction Division designs, engineering and executes projects for hydrocarbon sector with front-end design. Its heavy engineering division is organized into two independent companies: Heavy Engineering Independent Company and Ship Building Independent Company. Their Electrical & Electronics division comprises Electrical and Automation Independent Company and Medical Equipment and Systems business. L&T has an international presence, with a global spread of offices. A thrust on international business has seen overseas earnings grow significantly. It continues to grow its overseas manufacturing footprint, with facilities in China and the Gulf region. The company's businesses are supported by a wide marketing and distribution network, and have established a reputation for strong customer support. Larsen & Toubro Ltd was incorporated in the year 1946 as a private limited company. Earlier, the company was established as a partnership firm founded by two Danish engineers Henning Holk Larsen with Soren Kristian Toubro im Mumbai. In December 1950, the company became a Public Company with a paid-up capital of Rs.2 million. They executed prestigious orders during this period which includes the Amul Dairy at Anand and Blast Furnaces at Rourkela Steel Plant. During the year 1981-82, the company acquired 2 bulk shipping carriers from Japan. During the year 1983-84, they started one cement plant with capacity of 1 MTPA at Maharashtra. In the year 1997, the company formed a joint venture company with Deere Pvt Ltd to manufacture agricultural tractors namely L&T-John Deere Pvt Ltd. In April 1, 2003, the company transferred their cement business to Ultra Tech Cement Ltd. The company received a host of awards, medals and trophies for their continuous efforts. They received Environmental Excellence Gold award from Greentech Foundation during the years 2003-04 and 2004-05. Engineering Export Promotion Council (EEPC) offered a trophy for high exports. The Ministry of Power conferred the first prize in National Energy Conservation for the year 2005. In July 2005, the company approved the divestment of their stake in L&T-John Deere Pvt Ltd. In August 2005, the company entered into a MoU with DatarSwitchgear Ltd (DSL) to merger the company with L&T. As on October 2005, the company totally exited from the packaging business by sale of their Glass Containers Business to ACE Glass. In the year 2006, the company amalgamated two of their own folds, the L&T Power Investments Pvt Ltd (LTPL) amalgamated with India Infrastructure Developers Ltd (IIDL). During the year 2006-07, A Wall Street Journal survey featured L & T among Asia's 'Most Admired Companies' and ranked the company No.1 for quality of products and for overall reputation. In April 2007, the company and theirs associate Audco India Ltd (AIL) invested Rs 35 crore in the Coimbatore (TN) switchboard and valve unit. Larsen & Toubro made a tie up with Japan's Toshiba Corporation and Mitsubishi Heavy Industries for setting up manufacturing facilities for super-critical turbines and boilers used in coal-fired power generation plants. During the year 2008-09, the company transferred their entire 100% stake in L&T Infrastructure Finance Company Ltd, L&T Finance Ltd and India Infrastructure Developers Ltd to L&T Capital Holdings Ltd (LTCHL). In March 31, 2009, the company acquired 50% stake in L&T-Demag Plastics Machinery Ltd from the joint venture partner Sumitomo (SHI) Demag Plastics Machinery GmbH. Accordingly, L&T-Demag Plastics Machinery Ltd became a wholly owned subsidiary of the company with effect from March 31, 2009. In April 2010, the company and Rolls-Royce, the global power systems company, signed an MoU for cooperation to effectively address the projected need for light water reactors in India and internationally. Also, the company won a critical offshore platform contract from Gujarat State Petroleum Corporation (GSPC) valued at Rs 1060 crore. In May 2010, the company and Howden signed a joint venture to design, engineer, manufacture and supply axial fans and air preheaters to Indian thermal power plants ranging between 100 MW to 1200 MW. The joint venture will invest around Rs 100 crore for setting up of the industrial facility and related infrastructure. The manufacturing unit will be setup in Hazira, Gujarat. In June 2010, the company secured orders aggregating Rs 747 crore from various customers like Coal India, Indiabulls Power Ltd and Hindalco Industries Ltd. Also, they secured orders aggregating to Rs 1440 crore for the construction of residential towers, township and factory building. The Thermal Power Plant Construction business unit secured two orders aggregating Rs 827 crore from GVK Power for their Gautami Combined Cycle Power Plant Expansion and from SEPCO-I for Talwandi Sabo Power Plant in Punjab. In July 2010, the company won an offshore rig refurbishment contract from Oil and Natural Gas Corporation valued at Rs 376 crore. In August 2010, the company's Building & Factories Operating Company (B&F-OC), secured orders aggregating to Rs 10.25 billion for the construction of two hospital building, residential projects in Mumbai and a cement plant from a major cement manufacturer. Also, the company received two projects worth Rs 1195 crore from ONGC to set up additional processing units at its gas processing complexes at Hazira and Uran. In September 2010, the company and Befula Investments (South Africa) signed a shareholders agreement to incorporate Larsen & Toubro T&D SA (Pty) Ltd in South Africa to capitalize on the power transmission and distribution opportunities in South Africa. In October 2010, the company received an order valued at Rs 1449 crore from DB Power Ltd promoted by the Bhaskar Group. In December 2010, they secured two orders amounting Rs 415 crore from Hindalco and Sepco-I. The Hindalco order worth Rs 253 crores is for carrying out structural steel works for the 6x150 MW captive power plant in Orissa. The Sepco-I order valued at Rs 162 crore is for the erection of boilers for their 2x660 MW Talwandi Sabo Power plant, developed by Sterlite Energy Ltd in Punjab. In January 2011, the company secured orders aggregating Rs 1103 crore from various power plant developers for construction of merry go round systems, construction of dedicated railway lines to link power plant sites to the main line rail network. The company and Kobe Steel Ltd entered into a joint venture (JV) for the manufacture of internal mixers and twin screw rollerhead extruders for the tyre & rubber industry for global markets, including India. The JV aims to provide customers with products for the tyre industry. In February 2011, the company secured an order valued over Rs 1,100 crore from Gujarat State Electricity Corporation Ltd (GSECL), a government of Gujarat company, to set up a 1 x 375 MW gas based power plant at Dhuvaran, near Baroda in Gujarat, on EPC basis. In May 2011, the company received an order valued over Rs 3500 crore from PPN Power Generating Company Ltd based in Chennai, for setting up a 3 x 360 MW gas based power plant at Village Pillaiperumalnallur in Nagpattinam District of Tamil Nadu State, on EPC basis. They won a process platform contract from Gujarat State Corporation (GSPC) valued at Rs 14.50 billion. In July 2011, the company bagged a major international EPC order valued at Rs 1210 crore from Qatar General Electricity & Water Corporation (KAHRAMAA) for supply and construction of thirteen extra high voltage (EHV) substations in Qatar. In August 2011, the company bagged international orders valued at USD 889 million in the hydrocarbon sector. One order is from Abu Dhabi Gas Industries Limited (GASCO) for its Habshan-Ruwais-Shuweihat (52'/48' dia) Gas Pipeline Project. Valued at around USD 189 million, it involves EPC installation & commissioning of 123 KM of the pipeline to be commissioned in 24 to 26 months. The other order is a USD 450 million EPCI project awarded to L&T Hydrocarbon's Upstream Business Group from ADMA-OPCO, a subsidiary of ADNOC and a major producer of Oil & Gas for the UAE. In August 2011, the company secured new orders worth Rs 1340 crore in the Building & Factories segment for the construction of commercial & residential buildings including add-on orders from ongoing projects. In September 2011, they received a project order valued around Rs 700 crore from the Petroleum Development Oman LLC (PDO). The order is for setting up a green field project planned to treat an average of 3 MMSCMD of gas. In November 2011, they bagged new orders worth Rs 1629 crore in the building and factories segment. In December 2011, the company bagged a major order valued at Rs 21.64 billion in their Infrastructure Segment from GMR Infrastructure. The order is for construction of stretches consisting of six laning of Kishangarh Udaipur Ahmedabad Highway. The development would be executed on EPC (Engineering, Procurement & Construction) basis. In 2012 Larsen and Toubro's financial arm L&T Finance Holdings Limited (LTFH) has entered into the housing finance business by acquiring Indo Pacific Housing Finance Ltd (IPHF), a small sized housing finance company. Larsen & Toubro (L&T) also bagged Rs 1,937 crore order for 4-laning of a major portion of Shivpuri-Dewas section of NH-3 in Madhya Pradesh from GVK Group. The company and Samsung Techwin have joined hands to cooperate in the Indian Army's Tracked Self Propelled Artillery programme. L&T and Nexter Systems join hands for Indian army artillery programme. L&T Joint Venture firm bags contract from Sadara Chemical Company. L&T Construction Secures Orders Valued at over Rs 2592 Crore, Rs 2040 crores and Rs 2008 crore from various business segments. L&T Wins Rs. 749 Crore Contract from ONGC for 4 Wellhead Platforms. L&T Wins Prestigious Order for Manufacture of Cryostat for International Fusion Energy Project. L&T led Joint Venture wins Rs. 1252 Cr Delhi Metro Contract. Larsen & Toubro bags $250mn EPC contract in Ras Laffan, Qatar. L&T bags Rs 781 cr contract from ONGC In 2013 L&T Completes Acquisition of Audco India Ltd. L&T IDPL bags Rs. 1293 crore road project in Odisha. L&T Group Company Wins Saudi Aramco Contract. L&T Ranked Asia's 2nd Most Sustainable Company in Industrial Sector. L&T Technology Services Wins Frost & Sullivan Excellence Award. L&T Wins Golden Peacock Award for Excellence in Corporate Governance. L&T Power Wins National Energy Conservation Award. L&T Wins ICICI Foundation-CNBC TV 18 Inclusive India' Award. L&T Construction also Wins Rs.1630 Crores Expressway Project in Uttar Pradesh. L&T Wins Saudi Aramco Contract. L&T Wins Rs 5100 Crore Supercritical Power Plant Order from MP State Utility. L&T Construction Wins Rs. 4510 Crs Doha Metro Project In 2015 L&T Won Golden Peacock Award for Risk Management', Award for Excellence in Power Project Execution from the Central Board and Good Corporate Citizen Award. L&T Construction Commissions India's first 765kV Gas Insulated Substation. L&T secures Rs 5,580 cr power plant order from NTPC. L&T also Signs MoU with AREVA for Jaitapur Nuclear Power Project. L&T opens new service centre in Nagpur. At the time of announcement of Q4 March 2015 results on 30 May 2015, L&T said that the company's consolidated order inflow surged 39% on year-on-year basis at Rs 47582 crore in Q4 March 2015. On 3 July 2015, L&T announced that it has successfully flagged off India's first Nuclear 700 MWe Steam Generator for Kakrapar nuclear power plant in Gujarat. At the time of announcement of Q1 June 2015 results on 31 July 2015, L&T said that the company won new orders worth Rs 26376 crore at consolidated level in Q1 June 2015. On 21 September 2015, Larsen & Toubro announced that it has sold 8.52 crore equity shares of its subsidiary L&T Finance Holdings representing 4.95% stake in the company on the National Stock Exchange at Rs 70 per share. At the time of announcement of Q2 September 2015 results on 30 October 2015, L&T said that the company won new orders worth Rs 28620 crore at consolidated level in Q2 September 2015. On 9 November 2015, Larsen & Toubro announced that it has entered into an in-principle agreement for strategic sale of Kattupalli port in Tamil Nadu to Adani Kattupalli Ports Private Limited (AKPPL), a subsidiary of Adani Ports and Special Economic Zone (APSEZ). At the time of announcement of Q3 December 2015 results on 29 January 2016, L&T said that the company won new orders worth Rs 38528 crore at consolidated level in Q3 December 2015. On 25 February 2016, L&T announced that its fully-owned subsidiary L&T Hydrocarbon Engineering Limited (LTHE) has signed a long-term agreement with McDermott International focused on subsea projects in deepwater segment emerging on the east coast of India. Under the agreement, LTHE and McDermott will develop a cost-effective approach which will utilize LTHE's state-of-the-art, strategically located Kattupalli facility near Chennai. It will be used for fabrication and setting up of a local spool base in India. On 31 March 2016, L&T announced that it has sold its entire 89% stake in L&T Infocity Limited to Ace Urban Developers for total consideration of Rs 191 crore. L&T had promoted L&T Infocity Limited as a special purpose vehicle (SPV) in 1997 in partnership with Andhra Pradesh Infrastructure Investment Corporation to develop IT infrastructure in Andhra Pradesh. At the time of announcement of Q4 March 2016 results on 25 May 2016, L&T said that the company won new orders worth Rs 43334 crore at consolidated level in Q4 March 2016. On 31 May 2016, L&T's wholly-owned subsidiary L&T Hydrocarbon Engineering (LTHE) announced a teaming agreement with Parsons Corporation to provide engineering and design solutions for onshore and offshore projects across the hydrocarbon, fertilizer, chemicals, and modular plant sectors. On 15 July 2016, L&T announced that it has decided to participate in the offer for sale of equity shares by way of initial public offering by its subsidiary L&T Technology Services. L&T proposes to sell up to 15% of the equity shares held in L&T Technology Services through the offer. At the time of announcement of Q1 June 2016 results on 29 July 2016, L&T said that the company's consolidated order inflow rose 14% on year-on-year basis at Rs 29702 crore in Q1 June 2016. On 26 August 2016, L&T Group Chairman A.M. Naik said at the 71st Annual General Meeting of the company that L&T plans to achieve revenue of Rs 2 lakh crore (USD 30 billion at the prevailing exchange rates) by 2021 without compromising on profit margins and achieving an order inflow in excess of Rs 2.5 lakh crore per annum. On 22 September 2016, Larsen & Toubro announced that it has won an order worth USD 99.7 million from Vietnam Border Guard for design and construction of high speed patrol vessels in India as well as for transfer of design and technology along with supply of equipment and material kits for construction of follow-on vessels at a Vietnam shipyard. It is the biggest export order given to a private Indian Shipyard till date. On 4 October 2016, Larsen & Toubro announced that it has achieved synchronisation of the first 660 MW supercritical unit (Unit-5) of the 2x660 MW supercritical thermal power project at Chhabra in Rajasthan in record time of 42 months and four days from the date of Notice to Proceed. On 14 October 2016, L&T announced that a consortium of the company and Sojitz Corp., Japan has won a major order worth Rs 3799 crore from the Dedicated Freight Corridor Corporation of India Ltd. (DFCCIL). This Design and Build Integrated Package involves the construction of Civil (Embankment, Structure, Tunnel), Track Works, Overhead Electrification, Traction Substations and Signaling & Telecommunication Works for double line electrified tracks with 2x25 kV AC, high rise Overhead Catenary System capable of operating at a maximum train speed of 100 Km/h, from Rewari to Dadri (128 Km). On 20 October 2016, L&T announced the signing of a formal contract with the Department of Information & Technology, Maharashtra Government, under which Nagpur will be converted into the country's first large-scale integrated Smart City. L&T-MHPS Boilers Private Limited (LMB), a joint venture of Larsen & Toubro Limited (L&T) and Mitsubishi Hitachi Power Systems Limited (MHPS), Japan, signed a Technology Licence Agreement with MHPS on 7 November 2016 for Selective Catalytic Reduction (SCR) systems. The technology licensing agreement is for design, engineering, manufacture, installation, commissioning, and sale of new boilers under BTG, EPC or SG packages or standalone SCR systems, and for existing and under construction boilers on exclusive basis in India. On 8 November 2016, L&T announced that it has signed a long-term technical licence agreement with Chiyoda Corporation, Japan for its Flue Gas Desulphurisation (FGD) technology. The agreement grants L&T exclusive rights to undertake EPC of CT-121TM FGD Systems. At the time of announcement of Q2 September 2016 results on 22 November 2016, L&T said that the company's consolidated order inflow rose 11% on year-on-year basis at Rs 31119 crore in Q2 September 2016. On 2 January 2017, L&T announced that it has bagged a project from Pune Municipal Corporation to convert Pune into a smart city as a part of Government of India's Smart City Mission. On the same day, L&T announced that its fully owned subsidiary L&T Hydrocarbon Engineering in consortium with EMAS CHIYODA Subsea, has won two awards involving Engineering, Procurement, Construction and Installation contracts from Saudi Arabian oil giant and biggest oil company in world, Saudi Aramco. On 13 February 2017, L&T announced that the company has formed a joint venture with MBDA, a world leader in missile systems, to develop and supply missiles and missile systems to meet the growing potential requirements of the Indian armed forces. L&T will own 51% of the new joint venture company with MBDA owning the remaining 49% stake. On 25 February 2017, L&T announced that its wholly owned subsidiary L&T Hydrocarbon Engineering (LTHE) has bagged an onshore EPC contract worth around Rs 1100 crore from Indian Oil Corporation Limited (IOCL) for setting up a 0.740 MMTPA Fluidised Cracking Unit (FCC) including LPG Treatment Facility at IOCL's Bongaigaon refinery in Assam. On 28 February 2017, L&T announced that its wholly-owned subsidiary L&T Hydrocarbon Engineering (LTHE) has signed an Enterprise Framework Agreement (EFA) with Shell Global Solutions International B.V., for providing Engineering, Procurement and Construction Management (EPCM) services for Shell projects in the Middle East, South East Asia and India. The EFA is for a period of five years. On 20 March 2017, L&T announced that its wholly-owned subsidiary L&T Hydrocarbon Engineering Limited (LTHE) has bagged an offshore contract valued at Rs 1656 crore for the Neelam Re-Development & B173AC Project from Oil & Natural Gas Corporation (ONGC). On 28 March 2017, L&T announced that the Buildings & Factories Business of L&T Construction has bagged a major design & build order worth Rs 2903 crore to re-develop Mumbai's century-old BDD Chawls for Maharashtra Housing and Area Development Authority (MHADA). On 30 March 2017, L&T announced that its wholly-owned subsidiary L&T Hydrocarbon Engineering Limited has bagged orders totalling close to Rs 4000 crore in the International market. On 7 April 2017, L&T announced that it has commissioned gas turbines in open cycle for two large gas-based power projects in Bangladesh in quick succession during March 2017. On 21 April 2017, Larsen & Toubro and Hanwha Techwin (HTW) of South Korea signed a contract for execution of the 155mm/ 52 Cal Tracked Self Propelled (SP) gun program for the Indian Army. On 12 May 2017, Larsen & Toubro announced that it has won a contract worth Rs 4500 crore for supply of 100 units of 155mm/ 52 calibre Tracked Self-Propelled gun systems to the Indian Army. It is the largest private sector defence order for artillery guns. On 26 May 2017, L&T announced that its wholly-owned subsidiary L&T Hydrocarbon Engineering (LTHE) has signed a Memorandum of Agreement (MOA) with Institute of Chemical Technology (ICT) to build ethanol plants based on the fully indigenous technology developed by ICT for producing Second Generation Ethanol. At the time of announcement of Q4 March 2017 results on 29 May 2017, L&T said its consolidated order inflow rose 9.6% on year-on-year basis to Rs 47289 crore in Q4 March 2017. On 20 June 2017, Larsen & Toubro announced the launch of a Floating Dock (FDN-2) designed and built for the Indian Navy at the company's greenfield shipyard at Kattupalli, near Chennai. This marks a significant achievement for L&T's Shipbuilding arm in Design, Construction and Project Management of Defence Vessels. At the time of announcement of Q1 June 2017 results on 28 July 2017, L&T said that the company won new orders worth Rs 26352 crore at consolidated level in Q1 June 2017 in a challenging business environment. On 2 August 2017, Larsen & Toubro announced the bagging of a Rs 3375-crore major breakthrough order from Metro Express Limited which is owned by the Government of Mauritius to design and build an Integrated Light Rail-based Urban Transit System in Mauritius. The project will be fully funded through a Government of India grant and Line of Credit. On 16 August 2017, L&T announced that it entered into a definitive agreement for the divestment of its entire stake in its wholly-owned subsidiary L&T Cutting Tools Limited to IMC International Metalworking Companies B.V, a company owned by Berkshire Hathaway Inc., for a total consideration of Rs 174.04 crore. On 2 September 2017, L&T announced that its subsidiary Infrastructure Development Projects Limited (L&T IDPL) has filed an application with Securities and Exchange Board of India for registration of its proposed infrastructure investment trust, named IndInfravit Trust. On 3 October 2017, Larsen & Toubro announced that it has completed the purchase of the entire remaining 26% stake held by Airbus Defence and Space GmbH (earlier known as EADS Deutschland GmbH) in L&T Cassidian, a joint venture between Larsen & Toubro and Airbus Defence and Space GmbH. At the time of announcement of Q2 September 2017 results on 11 November 2017, L&T said that the company won new orders worth Rs 28732 crore at consolidated level in Q2 September 2017 amidst subdued business environment, policy uncertainties and delayed implementation. On 1 January 2018, L&T announced that its wholly owned subsidiary L&T Hydrocarbon Engineering Limited (LTHE) has secured a major EPC contract for Crude Distillation and Vacuum Distillation Unit (CDU & VDU) from Hindustan Petroleum Corporation Limited, Visakhapatnam Refinery, and an extension to an ongoing contract for Reliance Industries Jamnagar, both adding to about Rs 2100 crore. On 2 January 2017, L&T announced that its construction division has won orders worth Rs 1454 crore across various business segments. On 5 January 2018, L&T announced that its wholly-owned subsidiary L&T Hydrocarbon Engineering Limited (LTHE) has secured an offshore contract for Bassein Development 3 Well Platform & Pipeline Project' from Oil & Natural Gas Corporation (ONGC). The order is valued at approximately Rs 1483 crore. On 8 January 2018, L&T announced the Transportation Infrastructure and Water & Effluent Treatment businesses of L&T Construction have jointly bagged three EPC orders worth Rs 2265 crore from Andhra Pradesh Capital Region Development Authority (APCRDA). At the time of announcement of Q3 December 2017 results on 31 January 2018, L&T said its consolidated order inflow jumped 38% on year-on-year basis to Rs 48130 crore in Q3 December 2017. Consolidated order book of the group stood at Rs 270727 crore as on 31 December 2017. The international order book constituted 25% of the total order book. The board of directors of the company at a meeting held on 31 January 2018 approved subscription to equity shares offered by its subsidiary L&T Finance Holdings (LTFH) on a preferential basis up to an amount not exceeding Rs 2000 crore, subject to necessary approvals, including the approval of board of directors and shareholders of LTFH. The exact amount of the subscription would depend on the preferential issue that LTFH would be making to L&T.

Larsen & Toubro Ltd Chairman Speech

Dear Shareholders

I am addressing you at a time when the nation is grappling with a global pandemic, while simultaneously gearing itself for a phased reopening of the economy, and preparing for life beyond Covid-19. Further, simmering tensions along our northern border have precipitated an anti-China sentiment within the country. The world too is witnessing a growing groundswell of opinion against China, and seeking viable alternative sources of supply. I believe this is the opportune moment for the Government of india and indian industry to act in unison to minimise our external dependencies and enhance self-reliance.

Our Hon'ble prime minister's call for ^aatma nirbhar Bharat' has resonated across the country. To ensure that the pm's thrust on self-dependence achieves the desired outcomes swiftly, it is essential for the Government to introduce much-needed reforms in several areas including Land acquisition, Competency & Skill Building. In tandem, the administration would do well to streamline processes and accelerate the pace of decision making.

We are confident that if these measures are adopted and if the nation remains united, our determination and resolve will enable us to overcome the challenges ahead. Your company, as always, stands by the country and its leadership in this hour of need.

Right from the onset of the pandemic, L&T adopted stringent safety measures to ensure the safety and wellbeing of its people and stakeholders. As a good corporate citizen with a social conscience, we responded to the humanitarian crisis caused by the virus with monetary and material assistance. L&T, at the group level, contributed RS 150 crore for the pm CARES fund in FY 2019-20, and further donated medical equipment including personnel protective Equipment worth R 40 crore to states across the country.

Amid widespread concerns about the plight of daily wage earners, we took it upon ourselves to ensure that the 1,60,000 contract workmen at our project sites received good care. We continued to pay them their wages, provide food, shelter and medical assistance while maintaining prescribed Covid 19 preventive & containment protocols. This has involved an outlay of approximately RS 500 crore per month.

As india's leading technology, engineering and construction company, we are also extending expert assistance for the cause. Our construction business has converted hospitals to covid care centres at six locations around the country. Our array of smart solutions helps civic administrators in different cities to monitor crowds and alert the authorities. Your company's public spirited initiatives have been appreciated by various state governments.

Economic Scenario

The year witnessed faltering economic growth and underutilization of capacity due to a combination of contributory factors. Private sector investments, already under stress, were further affected by fiscal slippages at the Centre and States and tight liquidity conditions. Consumption spends, which hitherto had been a robust driver of economic growth, lost momentum in FY 2019-20. Expectedly, both export earnings and tax collections were weak. In its bid to revive the economy, the Government initiated several monetary and fiscal measures. Amongst them were a reduction in corporate tax rates, re-capitalisation of banks and consolidation within the banking sector, initiatives to improve credit availability, faster resolution of stressed assets and the announcement of packages for sectors like real estate and exports.

These steps did lead to some encouraging results. The onset of the pandemic however, negated these gains, dragging real gdp growth down to 4.2% for FY 2019-20 as a whole. The lockdown imposed towards the end of FY 2019-20, has dealt a severe blow to both demand and supply. In response, the Government has initiated a wide range of stimulus measures. Booster doses of fiscal and monetary resources aimed at improving liquidity have been announced, providing relief to stressed sections of society and revitalizing economic activity. While these measures are stemming the slide, it is likely that economic growth will still take a few more quarters to revive fully.

On the global front, the world is bracing itself for growing insularity and economic uncertainty. We see a marked slowdown in manufacturing and trade, and heightened geo-political tensions. The domino effect of the us-China trade dispute is being felt in different geographies as more countries begin to view international relations through a bipolar lens. Increasingly, countries are adopting a protectionist stance in an attempt to safeguard their own economies. Meanwhile, oil prices remained soft due to shifting demand-supply positions and rapidly changing geopolitical alignments. This has led to fiscal imbalances in oil producing countries.

It is this volatile situation which the onslaught of the pandemic has roiled further. Lockdowns in country after country have stalled the world's growth engine casting a long shadow of economic uncertainty for some time to come. A few countries are now on the road to recovery and have sought to re-boot growth by injecting stimulus measures through a combination of monetary and fiscal resources. These accommodative fiscal and monetary policies are likely to continue through 2020.

National infrastructure Pipeline (nip)

The Government has formulated a National infrastructure project pipeline of RS 111 lac crore over a 6-year period. Although inadequate given the scale of india's infrastructure deficit, this is a step forward. This project pipeline consists of around 6,500 projects to be collectively funded by Central Government and State Governments to the extent of 79%. The remaining 21% is envisaged to come from the private sector. A reading of the Nip indicates that the next few years are likely to see increased public spends in areas of water, metro rail networks, roads, renewable energy, power transmission and distribution as well as urban infrastructure. Projected investments by the private sector, however, appear a bit optimistic, despite corporate tax cuts. Since infrastructure investments serve the twin benefits of improving productivity and generating employment, we believe that the underlying macro drivers for investments in india remain intact and that the Company is poised to capitalise on these opportunities in the future.

Performance 2019-20

For most of the year, L&T exhibited growth and strength on all key performance parameters - even in the face of a stressed economic environment. Your Company's strategically diversified business portfolio, geographical dispersion, robust Balance Sheet, strong Order Book position and execution strengths have stood L&T in good stead.

Covid-19 impact: The period leading up to the lockdown and the subsequent stoppage of all economic activity from 25th March, 2020 has adversely affected your Company's operations in late FY 2019-20 as well as the better part of Q1 FY 2020-21. The lockdown was progressively lifted from 14th April, 2020, with the initial resumption of operations being conducted under restrictions imposed by local authorities. Currently most of these project sites are active, and execution of jobs is progressing with a reasonable level of labour workforce.

Sub-contracted labour force

The sections of society hardest hit by the prolonged lockdown are daily wage earners and contract labour, images of migrant workers returning to their homes, some on foot, some by hitch-hiking and a large number through special 'Shramik' trains and buses arranged by the Central Government in coordination with State Governments have been imprinted on our minds through mainstream and social media. While L&T on its part has taken measures to provide relief to workmen at our project sites, we have not been immune to the impact of labour disruption. From a sub-contracted labour force of around 2,25,000 working at project sites prior to the Covid-19 outbreak, the workforce came down to 1,60,000 at the beginning of the lockdown and dropped further as project sites were progressively reopened. Normalcy is being gradually restored and is expected to stabilise to near regular levels in the second quarter of FY 2020-21

Group performance overview

In a year overshadowed by uncertainty, your Company turned in a creditable performance and registered growth in key performance parameters. Order inflows which enable the core EPC business to flourish and grow, expanded by 9% over the previous year. Revenues which demonstrate the ability of the Company to execute and deliver on customer commitments grew by 8%. Shareholder value was delivered through healthy Profit after Tax which stood at RS 9,549 crores representing a growth of 7% over the previous year. The total Order Book of RS 303,857 crores as on 31st March, 2020 grew by 4% over the previous year-end and provides multi-year revenue visibility to the Company. Revenue growth in the core business was provided by infrastructure, Hydrocarbon, Heavy Engineering and Defence Engineering Segments. Businesses in the it and Technology Services Segment, which could transition, with relative ease, to a 'work from home' environment grew significantly, aided by inclusion of revenues from an acquisition made in FY 2019-20. The Financial Services business also registered modest growth, even while grappling with constraints of tight liquidity, stoppage of disbursements in end-March, 2020 and the dominant risk-averse sentiment of the lending community.

It gives me great pleasure to inform you that the Board of Directors has recommended a Dividend of RS 18.00 per

Share including interim dividend of RS 10.00 paid before 31st March, 2020.

International business

The Company has, over the years, expanded its international footprint through a geographical diversification and de- risking strategy. While the middle East region has obviously remained an area of focus, the Company has turned its attention to North and East Africa. We have also looked at Bhutan, Sri Lanka, Bangladesh and other South East Asian countries to steadily augment our international business. As things stand, the middle East region constitutes 57% of the international order Book of RS 75,038 crores.

Talent management and succession planning

People continue to be the fulcrum of your Company's operations and focused attention is given to retention and professional development of talent at all levels. L&T has a well-structured 7-step leadership development program designed to develop leadership at multiple levels spanning junior through middle to top management. Several initiatives including monetary and non-monetary rewards are in place to incentivise performance and provide our people the impetus to surpass themselves. The top management devotes considerable attention to ensuring that employees are given opportunities for professional development and are able to grow along with the businesses they work for.

Business Developments

During the year, your Company acquired a majority stake in mindtree Ltd., an it-enabled services company.

This acquisition has helped the services segment of the L&T Group to expand and contribute to higher revenues and profits. Going forward, we are confident that the contribution of the services businesses will exceed 40 per cent of Group turnover. The process of integrating the staff of mindtree and aligning common interests was completed through the active engagement of top management. This is now paying off through improved performance and growth. L&T has been steadfastly following its 5-year Strategic plan under the overarching theme of improving the Consolidated Return on Equity (roe). The impact of the pandemic and additional provisions in Financial Services business has, however, depressed the roe for FY 2019-20. We are also incubating new age businesses which are expected to provide growth in the coming years.

Sustainable development

Your Company takes a 360-degree view of sustainable development that encompasses the social, economic, governance and financial aspects of an organisation. We have been disclosing our sustainability performance through our annual Sustainability / integrated reports which are being published for the last 12 years. The reports, which serve as ESG progress score cards, also adhere to the Global reporting initiative (Gn) Standards and Sustainable Development Goals (sdgs), and are independently verified by a third-party assurance agency.

Our approach covers a wide spectrum - ranging from progressive reduction of carbon emission intensity at our campuses and project sites, water conservation at the locations we operate in and the phased induction of alternative and recycled substitutes in our operations. The health, safety and well-being of your Company's staff and all those who work at our factories and project sites are accorded the highest priority.

Wherever we are and whatever we do, we make sure that the communities around us see a tangible and durable benefit from our presence. They see it in the shape of better access to potable water, an improved level of sanitation, and facilities for health, education and skill building. We believe each of these steps contribute to building a happier community which in turn will lead to a more harmonious society.

Outlook

The Covid-19 pandemic and its fallout makes it difficult to forecast the future with any degree of certainty. While we are hopeful that the 2nd half of FY 2020-21 will herald better economic and business activity in terms of tendering, good liquidity and revival of labour and supply chains, it would be premature to predict the Company's business outcomes for FY 2020-21. The company is putting in enormous efforts to mitigate the impact of the pandemic, and register enhanced performance in FY 2021-22.

At this point in time, we see prospects in the areas of Government buildings, data centres, healthcare infra, airports, metro railways, water projects including wastewater treatment and irrigation, hydel projects, expressways as well as onshore and offshore hydrocarbon projects. We are uncertain, however, of the timelines when these projects will take off.

We are all passing through a crisis of unprecedented magnitude, and i would like to thank Team L&T as well as our customers, vendors and other stakeholders for the confidence and trust they have reposed in us. I also thank my fellow Board Members for their invaluable support in guiding the Company and enabling another year of growth.

Thank You

A.M. Naik

   

Larsen & Toubro Ltd Company History

Larsen & Toubro is a major technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. The company is one of the largest and most respected companies in India's private sector. The company operates in three segments Engineering & Construction Segment, Electrical & Electronics segment, Machinery & Industrial Products, and others. The company's Engineering, Construction & Contracts Division (ECCD) undertakes engineering, design and construction of infrastructure, buildings, factories, water supply, and metallurgical & material handling projects covering civil, mechanical, electrical and instrumentation engineering disciplines. Their Engineering & Construction Division designs, engineering and executes projects for hydrocarbon sector with front-end design. Its heavy engineering division is organized into two independent companies: Heavy Engineering Independent Company and Ship Building Independent Company. Their Electrical & Electronics division comprises Electrical and Automation Independent Company and Medical Equipment and Systems business. L&T has an international presence, with a global spread of offices. A thrust on international business has seen overseas earnings grow significantly. It continues to grow its overseas manufacturing footprint, with facilities in China and the Gulf region. The company's businesses are supported by a wide marketing and distribution network, and have established a reputation for strong customer support. Larsen & Toubro Ltd was incorporated in the year 1946 as a private limited company. Earlier, the company was established as a partnership firm founded by two Danish engineers Henning Holk Larsen with Soren Kristian Toubro im Mumbai. In December 1950, the company became a Public Company with a paid-up capital of Rs.2 million. They executed prestigious orders during this period which includes the Amul Dairy at Anand and Blast Furnaces at Rourkela Steel Plant. During the year 1981-82, the company acquired 2 bulk shipping carriers from Japan. During the year 1983-84, they started one cement plant with capacity of 1 MTPA at Maharashtra. In the year 1997, the company formed a joint venture company with Deere Pvt Ltd to manufacture agricultural tractors namely L&T-John Deere Pvt Ltd. In April 1, 2003, the company transferred their cement business to Ultra Tech Cement Ltd. The company received a host of awards, medals and trophies for their continuous efforts. They received Environmental Excellence Gold award from Greentech Foundation during the years 2003-04 and 2004-05. Engineering Export Promotion Council (EEPC) offered a trophy for high exports. The Ministry of Power conferred the first prize in National Energy Conservation for the year 2005. In July 2005, the company approved the divestment of their stake in L&T-John Deere Pvt Ltd. In August 2005, the company entered into a MoU with DatarSwitchgear Ltd (DSL) to merger the company with L&T. As on October 2005, the company totally exited from the packaging business by sale of their Glass Containers Business to ACE Glass. In the year 2006, the company amalgamated two of their own folds, the L&T Power Investments Pvt Ltd (LTPL) amalgamated with India Infrastructure Developers Ltd (IIDL). During the year 2006-07, A Wall Street Journal survey featured L & T among Asia's 'Most Admired Companies' and ranked the company No.1 for quality of products and for overall reputation. In April 2007, the company and theirs associate Audco India Ltd (AIL) invested Rs 35 crore in the Coimbatore (TN) switchboard and valve unit. Larsen & Toubro made a tie up with Japan's Toshiba Corporation and Mitsubishi Heavy Industries for setting up manufacturing facilities for super-critical turbines and boilers used in coal-fired power generation plants. During the year 2008-09, the company transferred their entire 100% stake in L&T Infrastructure Finance Company Ltd, L&T Finance Ltd and India Infrastructure Developers Ltd to L&T Capital Holdings Ltd (LTCHL). In March 31, 2009, the company acquired 50% stake in L&T-Demag Plastics Machinery Ltd from the joint venture partner Sumitomo (SHI) Demag Plastics Machinery GmbH. Accordingly, L&T-Demag Plastics Machinery Ltd became a wholly owned subsidiary of the company with effect from March 31, 2009. In April 2010, the company and Rolls-Royce, the global power systems company, signed an MoU for cooperation to effectively address the projected need for light water reactors in India and internationally. Also, the company won a critical offshore platform contract from Gujarat State Petroleum Corporation (GSPC) valued at Rs 1060 crore. In May 2010, the company and Howden signed a joint venture to design, engineer, manufacture and supply axial fans and air preheaters to Indian thermal power plants ranging between 100 MW to 1200 MW. The joint venture will invest around Rs 100 crore for setting up of the industrial facility and related infrastructure. The manufacturing unit will be setup in Hazira, Gujarat. In June 2010, the company secured orders aggregating Rs 747 crore from various customers like Coal India, Indiabulls Power Ltd and Hindalco Industries Ltd. Also, they secured orders aggregating to Rs 1440 crore for the construction of residential towers, township and factory building. The Thermal Power Plant Construction business unit secured two orders aggregating Rs 827 crore from GVK Power for their Gautami Combined Cycle Power Plant Expansion and from SEPCO-I for Talwandi Sabo Power Plant in Punjab. In July 2010, the company won an offshore rig refurbishment contract from Oil and Natural Gas Corporation valued at Rs 376 crore. In August 2010, the company's Building & Factories Operating Company (B&F-OC), secured orders aggregating to Rs 10.25 billion for the construction of two hospital building, residential projects in Mumbai and a cement plant from a major cement manufacturer. Also, the company received two projects worth Rs 1195 crore from ONGC to set up additional processing units at its gas processing complexes at Hazira and Uran. In September 2010, the company and Befula Investments (South Africa) signed a shareholders agreement to incorporate Larsen & Toubro T&D SA (Pty) Ltd in South Africa to capitalize on the power transmission and distribution opportunities in South Africa. In October 2010, the company received an order valued at Rs 1449 crore from DB Power Ltd promoted by the Bhaskar Group. In December 2010, they secured two orders amounting Rs 415 crore from Hindalco and Sepco-I. The Hindalco order worth Rs 253 crores is for carrying out structural steel works for the 6x150 MW captive power plant in Orissa. The Sepco-I order valued at Rs 162 crore is for the erection of boilers for their 2x660 MW Talwandi Sabo Power plant, developed by Sterlite Energy Ltd in Punjab. In January 2011, the company secured orders aggregating Rs 1103 crore from various power plant developers for construction of merry go round systems, construction of dedicated railway lines to link power plant sites to the main line rail network. The company and Kobe Steel Ltd entered into a joint venture (JV) for the manufacture of internal mixers and twin screw rollerhead extruders for the tyre & rubber industry for global markets, including India. The JV aims to provide customers with products for the tyre industry. In February 2011, the company secured an order valued over Rs 1,100 crore from Gujarat State Electricity Corporation Ltd (GSECL), a government of Gujarat company, to set up a 1 x 375 MW gas based power plant at Dhuvaran, near Baroda in Gujarat, on EPC basis. In May 2011, the company received an order valued over Rs 3500 crore from PPN Power Generating Company Ltd based in Chennai, for setting up a 3 x 360 MW gas based power plant at Village Pillaiperumalnallur in Nagpattinam District of Tamil Nadu State, on EPC basis. They won a process platform contract from Gujarat State Corporation (GSPC) valued at Rs 14.50 billion. In July 2011, the company bagged a major international EPC order valued at Rs 1210 crore from Qatar General Electricity & Water Corporation (KAHRAMAA) for supply and construction of thirteen extra high voltage (EHV) substations in Qatar. In August 2011, the company bagged international orders valued at USD 889 million in the hydrocarbon sector. One order is from Abu Dhabi Gas Industries Limited (GASCO) for its Habshan-Ruwais-Shuweihat (52'/48' dia) Gas Pipeline Project. Valued at around USD 189 million, it involves EPC installation & commissioning of 123 KM of the pipeline to be commissioned in 24 to 26 months. The other order is a USD 450 million EPCI project awarded to L&T Hydrocarbon's Upstream Business Group from ADMA-OPCO, a subsidiary of ADNOC and a major producer of Oil & Gas for the UAE. In August 2011, the company secured new orders worth Rs 1340 crore in the Building & Factories segment for the construction of commercial & residential buildings including add-on orders from ongoing projects. In September 2011, they received a project order valued around Rs 700 crore from the Petroleum Development Oman LLC (PDO). The order is for setting up a green field project planned to treat an average of 3 MMSCMD of gas. In November 2011, they bagged new orders worth Rs 1629 crore in the building and factories segment. In December 2011, the company bagged a major order valued at Rs 21.64 billion in their Infrastructure Segment from GMR Infrastructure. The order is for construction of stretches consisting of six laning of Kishangarh Udaipur Ahmedabad Highway. The development would be executed on EPC (Engineering, Procurement & Construction) basis. In 2012 Larsen and Toubro's financial arm L&T Finance Holdings Limited (LTFH) has entered into the housing finance business by acquiring Indo Pacific Housing Finance Ltd (IPHF), a small sized housing finance company. Larsen & Toubro (L&T) also bagged Rs 1,937 crore order for 4-laning of a major portion of Shivpuri-Dewas section of NH-3 in Madhya Pradesh from GVK Group. The company and Samsung Techwin have joined hands to cooperate in the Indian Army's Tracked Self Propelled Artillery programme. L&T and Nexter Systems join hands for Indian army artillery programme. L&T Joint Venture firm bags contract from Sadara Chemical Company. L&T Construction Secures Orders Valued at over Rs 2592 Crore, Rs 2040 crores and Rs 2008 crore from various business segments. L&T Wins Rs. 749 Crore Contract from ONGC for 4 Wellhead Platforms. L&T Wins Prestigious Order for Manufacture of Cryostat for International Fusion Energy Project. L&T led Joint Venture wins Rs. 1252 Cr Delhi Metro Contract. Larsen & Toubro bags $250mn EPC contract in Ras Laffan, Qatar. L&T bags Rs 781 cr contract from ONGC In 2013 L&T Completes Acquisition of Audco India Ltd. L&T IDPL bags Rs. 1293 crore road project in Odisha. L&T Group Company Wins Saudi Aramco Contract. L&T Ranked Asia's 2nd Most Sustainable Company in Industrial Sector. L&T Technology Services Wins Frost & Sullivan Excellence Award. L&T Wins Golden Peacock Award for Excellence in Corporate Governance. L&T Power Wins National Energy Conservation Award. L&T Wins ICICI Foundation-CNBC TV 18 Inclusive India' Award. L&T Construction also Wins Rs.1630 Crores Expressway Project in Uttar Pradesh. L&T Wins Saudi Aramco Contract. L&T Wins Rs 5100 Crore Supercritical Power Plant Order from MP State Utility. L&T Construction Wins Rs. 4510 Crs Doha Metro Project In 2015 L&T Won Golden Peacock Award for Risk Management', Award for Excellence in Power Project Execution from the Central Board and Good Corporate Citizen Award. L&T Construction Commissions India's first 765kV Gas Insulated Substation. L&T secures Rs 5,580 cr power plant order from NTPC. L&T also Signs MoU with AREVA for Jaitapur Nuclear Power Project. L&T opens new service centre in Nagpur. At the time of announcement of Q4 March 2015 results on 30 May 2015, L&T said that the company's consolidated order inflow surged 39% on year-on-year basis at Rs 47582 crore in Q4 March 2015. On 3 July 2015, L&T announced that it has successfully flagged off India's first Nuclear 700 MWe Steam Generator for Kakrapar nuclear power plant in Gujarat. At the time of announcement of Q1 June 2015 results on 31 July 2015, L&T said that the company won new orders worth Rs 26376 crore at consolidated level in Q1 June 2015. On 21 September 2015, Larsen & Toubro announced that it has sold 8.52 crore equity shares of its subsidiary L&T Finance Holdings representing 4.95% stake in the company on the National Stock Exchange at Rs 70 per share. At the time of announcement of Q2 September 2015 results on 30 October 2015, L&T said that the company won new orders worth Rs 28620 crore at consolidated level in Q2 September 2015. On 9 November 2015, Larsen & Toubro announced that it has entered into an in-principle agreement for strategic sale of Kattupalli port in Tamil Nadu to Adani Kattupalli Ports Private Limited (AKPPL), a subsidiary of Adani Ports and Special Economic Zone (APSEZ). At the time of announcement of Q3 December 2015 results on 29 January 2016, L&T said that the company won new orders worth Rs 38528 crore at consolidated level in Q3 December 2015. On 25 February 2016, L&T announced that its fully-owned subsidiary L&T Hydrocarbon Engineering Limited (LTHE) has signed a long-term agreement with McDermott International focused on subsea projects in deepwater segment emerging on the east coast of India. Under the agreement, LTHE and McDermott will develop a cost-effective approach which will utilize LTHE's state-of-the-art, strategically located Kattupalli facility near Chennai. It will be used for fabrication and setting up of a local spool base in India. On 31 March 2016, L&T announced that it has sold its entire 89% stake in L&T Infocity Limited to Ace Urban Developers for total consideration of Rs 191 crore. L&T had promoted L&T Infocity Limited as a special purpose vehicle (SPV) in 1997 in partnership with Andhra Pradesh Infrastructure Investment Corporation to develop IT infrastructure in Andhra Pradesh. At the time of announcement of Q4 March 2016 results on 25 May 2016, L&T said that the company won new orders worth Rs 43334 crore at consolidated level in Q4 March 2016. On 31 May 2016, L&T's wholly-owned subsidiary L&T Hydrocarbon Engineering (LTHE) announced a teaming agreement with Parsons Corporation to provide engineering and design solutions for onshore and offshore projects across the hydrocarbon, fertilizer, chemicals, and modular plant sectors. On 15 July 2016, L&T announced that it has decided to participate in the offer for sale of equity shares by way of initial public offering by its subsidiary L&T Technology Services. L&T proposes to sell up to 15% of the equity shares held in L&T Technology Services through the offer. At the time of announcement of Q1 June 2016 results on 29 July 2016, L&T said that the company's consolidated order inflow rose 14% on year-on-year basis at Rs 29702 crore in Q1 June 2016. On 26 August 2016, L&T Group Chairman A.M. Naik said at the 71st Annual General Meeting of the company that L&T plans to achieve revenue of Rs 2 lakh crore (USD 30 billion at the prevailing exchange rates) by 2021 without compromising on profit margins and achieving an order inflow in excess of Rs 2.5 lakh crore per annum. On 22 September 2016, Larsen & Toubro announced that it has won an order worth USD 99.7 million from Vietnam Border Guard for design and construction of high speed patrol vessels in India as well as for transfer of design and technology along with supply of equipment and material kits for construction of follow-on vessels at a Vietnam shipyard. It is the biggest export order given to a private Indian Shipyard till date. On 4 October 2016, Larsen & Toubro announced that it has achieved synchronisation of the first 660 MW supercritical unit (Unit-5) of the 2x660 MW supercritical thermal power project at Chhabra in Rajasthan in record time of 42 months and four days from the date of Notice to Proceed. On 14 October 2016, L&T announced that a consortium of the company and Sojitz Corp., Japan has won a major order worth Rs 3799 crore from the Dedicated Freight Corridor Corporation of India Ltd. (DFCCIL). This Design and Build Integrated Package involves the construction of Civil (Embankment, Structure, Tunnel), Track Works, Overhead Electrification, Traction Substations and Signaling & Telecommunication Works for double line electrified tracks with 2x25 kV AC, high rise Overhead Catenary System capable of operating at a maximum train speed of 100 Km/h, from Rewari to Dadri (128 Km). On 20 October 2016, L&T announced the signing of a formal contract with the Department of Information & Technology, Maharashtra Government, under which Nagpur will be converted into the country's first large-scale integrated Smart City. L&T-MHPS Boilers Private Limited (LMB), a joint venture of Larsen & Toubro Limited (L&T) and Mitsubishi Hitachi Power Systems Limited (MHPS), Japan, signed a Technology Licence Agreement with MHPS on 7 November 2016 for Selective Catalytic Reduction (SCR) systems. The technology licensing agreement is for design, engineering, manufacture, installation, commissioning, and sale of new boilers under BTG, EPC or SG packages or standalone SCR systems, and for existing and under construction boilers on exclusive basis in India. On 8 November 2016, L&T announced that it has signed a long-term technical licence agreement with Chiyoda Corporation, Japan for its Flue Gas Desulphurisation (FGD) technology. The agreement grants L&T exclusive rights to undertake EPC of CT-121TM FGD Systems. At the time of announcement of Q2 September 2016 results on 22 November 2016, L&T said that the company's consolidated order inflow rose 11% on year-on-year basis at Rs 31119 crore in Q2 September 2016. On 2 January 2017, L&T announced that it has bagged a project from Pune Municipal Corporation to convert Pune into a smart city as a part of Government of India's Smart City Mission. On the same day, L&T announced that its fully owned subsidiary L&T Hydrocarbon Engineering in consortium with EMAS CHIYODA Subsea, has won two awards involving Engineering, Procurement, Construction and Installation contracts from Saudi Arabian oil giant and biggest oil company in world, Saudi Aramco. On 13 February 2017, L&T announced that the company has formed a joint venture with MBDA, a world leader in missile systems, to develop and supply missiles and missile systems to meet the growing potential requirements of the Indian armed forces. L&T will own 51% of the new joint venture company with MBDA owning the remaining 49% stake. On 25 February 2017, L&T announced that its wholly owned subsidiary L&T Hydrocarbon Engineering (LTHE) has bagged an onshore EPC contract worth around Rs 1100 crore from Indian Oil Corporation Limited (IOCL) for setting up a 0.740 MMTPA Fluidised Cracking Unit (FCC) including LPG Treatment Facility at IOCL's Bongaigaon refinery in Assam. On 28 February 2017, L&T announced that its wholly-owned subsidiary L&T Hydrocarbon Engineering (LTHE) has signed an Enterprise Framework Agreement (EFA) with Shell Global Solutions International B.V., for providing Engineering, Procurement and Construction Management (EPCM) services for Shell projects in the Middle East, South East Asia and India. The EFA is for a period of five years. On 20 March 2017, L&T announced that its wholly-owned subsidiary L&T Hydrocarbon Engineering Limited (LTHE) has bagged an offshore contract valued at Rs 1656 crore for the Neelam Re-Development & B173AC Project from Oil & Natural Gas Corporation (ONGC). On 28 March 2017, L&T announced that the Buildings & Factories Business of L&T Construction has bagged a major design & build order worth Rs 2903 crore to re-develop Mumbai's century-old BDD Chawls for Maharashtra Housing and Area Development Authority (MHADA). On 30 March 2017, L&T announced that its wholly-owned subsidiary L&T Hydrocarbon Engineering Limited has bagged orders totalling close to Rs 4000 crore in the International market. On 7 April 2017, L&T announced that it has commissioned gas turbines in open cycle for two large gas-based power projects in Bangladesh in quick succession during March 2017. On 21 April 2017, Larsen & Toubro and Hanwha Techwin (HTW) of South Korea signed a contract for execution of the 155mm/ 52 Cal Tracked Self Propelled (SP) gun program for the Indian Army. On 12 May 2017, Larsen & Toubro announced that it has won a contract worth Rs 4500 crore for supply of 100 units of 155mm/ 52 calibre Tracked Self-Propelled gun systems to the Indian Army. It is the largest private sector defence order for artillery guns. On 26 May 2017, L&T announced that its wholly-owned subsidiary L&T Hydrocarbon Engineering (LTHE) has signed a Memorandum of Agreement (MOA) with Institute of Chemical Technology (ICT) to build ethanol plants based on the fully indigenous technology developed by ICT for producing Second Generation Ethanol. At the time of announcement of Q4 March 2017 results on 29 May 2017, L&T said its consolidated order inflow rose 9.6% on year-on-year basis to Rs 47289 crore in Q4 March 2017. On 20 June 2017, Larsen & Toubro announced the launch of a Floating Dock (FDN-2) designed and built for the Indian Navy at the company's greenfield shipyard at Kattupalli, near Chennai. This marks a significant achievement for L&T's Shipbuilding arm in Design, Construction and Project Management of Defence Vessels. At the time of announcement of Q1 June 2017 results on 28 July 2017, L&T said that the company won new orders worth Rs 26352 crore at consolidated level in Q1 June 2017 in a challenging business environment. On 2 August 2017, Larsen & Toubro announced the bagging of a Rs 3375-crore major breakthrough order from Metro Express Limited which is owned by the Government of Mauritius to design and build an Integrated Light Rail-based Urban Transit System in Mauritius. The project will be fully funded through a Government of India grant and Line of Credit. On 16 August 2017, L&T announced that it entered into a definitive agreement for the divestment of its entire stake in its wholly-owned subsidiary L&T Cutting Tools Limited to IMC International Metalworking Companies B.V, a company owned by Berkshire Hathaway Inc., for a total consideration of Rs 174.04 crore. On 2 September 2017, L&T announced that its subsidiary Infrastructure Development Projects Limited (L&T IDPL) has filed an application with Securities and Exchange Board of India for registration of its proposed infrastructure investment trust, named IndInfravit Trust. On 3 October 2017, Larsen & Toubro announced that it has completed the purchase of the entire remaining 26% stake held by Airbus Defence and Space GmbH (earlier known as EADS Deutschland GmbH) in L&T Cassidian, a joint venture between Larsen & Toubro and Airbus Defence and Space GmbH. At the time of announcement of Q2 September 2017 results on 11 November 2017, L&T said that the company won new orders worth Rs 28732 crore at consolidated level in Q2 September 2017 amidst subdued business environment, policy uncertainties and delayed implementation. On 1 January 2018, L&T announced that its wholly owned subsidiary L&T Hydrocarbon Engineering Limited (LTHE) has secured a major EPC contract for Crude Distillation and Vacuum Distillation Unit (CDU & VDU) from Hindustan Petroleum Corporation Limited, Visakhapatnam Refinery, and an extension to an ongoing contract for Reliance Industries Jamnagar, both adding to about Rs 2100 crore. On 2 January 2017, L&T announced that its construction division has won orders worth Rs 1454 crore across various business segments. On 5 January 2018, L&T announced that its wholly-owned subsidiary L&T Hydrocarbon Engineering Limited (LTHE) has secured an offshore contract for Bassein Development 3 Well Platform & Pipeline Project' from Oil & Natural Gas Corporation (ONGC). The order is valued at approximately Rs 1483 crore. On 8 January 2018, L&T announced the Transportation Infrastructure and Water & Effluent Treatment businesses of L&T Construction have jointly bagged three EPC orders worth Rs 2265 crore from Andhra Pradesh Capital Region Development Authority (APCRDA). At the time of announcement of Q3 December 2017 results on 31 January 2018, L&T said its consolidated order inflow jumped 38% on year-on-year basis to Rs 48130 crore in Q3 December 2017. Consolidated order book of the group stood at Rs 270727 crore as on 31 December 2017. The international order book constituted 25% of the total order book. The board of directors of the company at a meeting held on 31 January 2018 approved subscription to equity shares offered by its subsidiary L&T Finance Holdings (LTFH) on a preferential basis up to an amount not exceeding Rs 2000 crore, subject to necessary approvals, including the approval of board of directors and shareholders of LTFH. The exact amount of the subscription would depend on the preferential issue that LTFH would be making to L&T.

Larsen & Toubro Ltd Directors Reports

Dear Members,

The Directors have pleasure in presenting their 75th Annual Report and Audited Financial Statements for the year ended 31st March 2020.

FINANCIAL RESULTS:

Particulars 2019-20

2018-19

Rs crore

Rs crore

Profit Before Depreciation, exceptional items & tax 7379.43 8576.66
Less: Depreciation, amortization, impairment and obsolescence 1020.51 999.55
Profit before exceptional items and tax 6358.92 7577.11
Add: Exceptional Items 626.99 1642.35
Profit before tax 6985.91 9219.46
Less: Provision for tax 961.15 2271.13
Profit for the year from continuing operations 6024.76 6948.33
Profit before tax from discontinued operations 865.38 812.40
Less: tax expense of discontinued operations 210.93 269.34
Net profit after tax from discontinued operations 654.45 543.06
Net profit after tax from continuing operations and discontinued operations 6679.21 7491.39
Add: Balance brought forward from the previous year 15046.99 14250.01
Less: Business combination impact

-

3291.90
Less: Ind AS 115 transition adjustment

-

704.04
Less: Ind AS 116 transition adjustment 3.97

-

Less: Dividend paid for the previous year (Including dividend distribution tax) 2754.94 2596.78
Less: Interim dividend paid during the year 1403.89
Less: Loss on remeasurement of the net defined benefits plans / Equity instruments through Other Comprehensive Income 512.96 20.37
Balance available for disposal (which the Directors appropriate as follows) 17050.44 15128.31
Less: Debenture Redemption Reserve 93.27 81.32
Balance to be carried forward 16957.17 15046.99

STATE OF COMPANY AFFAIRS:

The total income for the financial year under review was Rs 85,192 crore as against RS 84,999 crore for the previous financial year, registering an increase of 0.23%. The profit before tax from continuing operations including exceptional items was RS 6,986 crore for the financial year under review as against RS 9,219 crore for the previous financial year, registering a decrease of 24%. The profit after tax from continuing operations including exceptional items was RS 6,025 crore for the financial year under review as against RS 6,948 crore for the previous financial year, registering a decrease of 13%.

Amount to be carried to reserve:

The Company has not transferred any amount to the reserves during the current financial year.

DIVIDEND:

During the Financial Year ended March 31, 2020, the Company paid an interim dividend of RS 10/- (500%) per equity share amounting to RS 1,403.89 crore

The Directors recommend payment of dividend of RS 8/- (400%) per equity share of RS 2/- each on the share capital amounting to RS 1,123.11 crore for FY 2020.

The total dividend for FY 2020, including the final dividend, if approved by shareholders, would amount to RS 18/- (900%) per equity share.

The Dividend payment is based upon the parameters mentioned in the Dividend Distribution policy approved by the Board of Directors of the Company which is in line with regulation 43A of the SEBI (Listing obligations & Disclosure Requirements) Regulations, 2015 ('SEBI lodr Regulations'). The Policy is provided as Annexure 'G' forming a part of this Board Report and also uploaded on the Company's website at http://investors.larsentoubro. Com/Listing-Compliance.aspx.

CAPITAL & FINANCE:

During the year under review, the Company allotted 7,83,249 equity shares of RS 2/- each upon exercise of stock options by the eligible employees under the Employee Stock Option Schemes.

On exercise of the conversion option of US$200 million

0.675% convertible bonds due in 2019, the Company has allotted 3,79,388 equity shares of RS 2/- each against conversion of 7,970 fccbs of the face value of US$ 1000 each. Remaining 1,92,030 Bonds of the face value of US$1000 each were redeemed/repaid.

The Company repaid long-term borrowings of USD 492.03 million (approx. RS 3,500 crore) during the year under review on scheduled due dates. On the other hand, the Company raised USD 425 million of foreign currency borrowings for meeting business requirements and certain capital expenditure.

The Company has issued and allotted on private placement basis, Unsecured, Rated, Listed, Redeemable Non-convertible Debentures (ncds) aggregating to RS 5900 crore during the financial yea Rs 2019-20. The funds raised through issuance of ncds had been utilised for capital expenditures, long-term working capital, business expenses, treasury investments and bonafide purposes in the normal course of business. These ncds are listed on the Wholesale Debt Market Segment of National Stock Exchange of India Limited and BSE Limited.

Listing of cps

The Company has issued Commercial papers amounting to R 4,845 Crore during the FY 2019-20.

Pursuant to the SEBI Circular dated octobe Rs 2019, the Company has listed the Commercial papers on BSE Limited.

The Company has not defaulted on any of its dues to the financial lenders.

The Company's borrowings are rated by CRISIL and ICRA. The details of the same are given on page 115 in Annexure 'B' - Report on Corporate Governance forming part of this Board Report and is also available on the website of the Company.

DIVESTMENT OF ELECTRICAL & AUTOMATION BUSINESS:

As disclosed in our previous Report, the Company had on 1st May 2018 signed, subject to regulatory approvals, definitive agreements with Schneider Electric, a global player in energy management and automation for strategic divestment of its Electrical and Automation (E&A) business for an all-cash consideration of RS 14,000 crore. As reported last time, Schneider Electric had received approval from Competition Commission of India for the proposed combination, vide letter dated 18th April 2019. The process of divestment was progressing well. However, due to the Covid-19 Pandemic and subsequent lock-down, the process has been delayed and the Company expects the transaction to close after normalcy is restored.

Capital expenditure:

As at 31st March 2020, the gross property, plant and equipment, investment property and other intangible assets including leased assets, stood at RS 13,559.73 crore and the net property, plant and equipment, investment property and other intangible assets, including leased assets, at RS 8,637.58 crore. Capital Expenditure during the year amounted to RS 1,370.51 crore.

DEPOSITS:

The Company has not accepted deposits from the public falling within the ambit of Section 73 of the Companies Act, 2013. The Company does not have any unclaimed deposits as of date. All unclaimed deposits have been transferred to Investor Education & Protection Fund.

Pursuant to the Ministry of Corporate Affairs (MCA) notification amending the Companies (Acceptance of Deposits) Rules, 2014, the Company has filed with the Registrar of Companies (roc) the requisite returns for outstanding receipt of money/loan by the Company, which is not considered as deposits.

Depository SYSTEM:

As the members are aware, the Company's shares are compulsorily tradable in electronic form. As on 31st March 2020, 98.68% of the Company's total paid up capital representing 1,38,52,96,740 shares are in dematerialized form.

SEBI LODR Regulations mandate that the transfer, except transmission and transposition, of securities are to be carried out in dematerialized form only with effect from 1st April 2019. In view of the numerous advantages offered by the Depository system as well as to avoid frauds, members holding shares in physical mode are advised to avail of the facility of dematerialization from either of the depositories. Accordingly, any investor desirous of transferring shares (which are held in physical form) can transfer only after their shares are dematerialized.

Further in adherence to SEBI's circular to enhance the due-diligence for dematerialization of the physical shares, the Company has provided the static database of the shareholders holding shares in physical form to the depositories to augment the integrity of its existing systems and enable the depositories to validate any dematerialization request.

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND:

The Company has been regularly sending communications to members whose dividends are unclaimed, requesting them to provide/update bank details with RTA/Company, so that dividends paid by the Company are credited to the investor's account on time. Efforts are also made by the Company in co-ordination with the Registrar to locate the shareholders who have not claimed their dues.

Despite these efforts, an amount of RS 5,27,14,490 which was due & payable and remained unclaimed and unpaid for a period of seven years, was transferred to Investor education & protection Fund (iepf) as provided in section 125 of the Companies Act, 2013 and the rules made thereunder. Cumulatively, the amount transferred to the said fund was RS 29,61,28,286 as on 31st March 2020.

In accordance with the provisions of the Section 124(6) of the Companies Act, 2013 and Rule 6(3)(a) of the Investor education and protection Fund Authority (Accounting, Audit, transfer and Refund) Rules, 2016 ('iepf Rules'), the Company has transferred 2,47,300 equity shares of RS 2 each (0.02% of total number of shares) held by 2,709 shareholders (0.24% of total shareholders) to IEPF. The said shares correspond to the dividend which had remained unclaimed for a period of seven consecutive years from the financial yea Rs 2011-12. Subsequent to the transfer, the concerned shareholders can claim the said shares along with the dividend(s) by making an application to IEPF Authority in accordance with the procedure available on www.iepf.gov.in and on submission of such documents as prescribed under the IEPF Rules.

The Company sends specific advance communication to the concerned shareholders at their address registered with the Company and also publishes notice in newspapers providing the details of the shares due for transfer so as to enable them to take appropriate action. All corporate benefits accruing on such shares viz. Bonus shares, etc. Including dividend except right shares shall be credited to IEPF.

SUBSIDIARY / ASSOCIATE / JOINT VENTURE COMPANIES:

During the year under review, the Company subscribed to / acquired equity / preference shares in various subsidiary / associate / joint venture companies. The details of

Investments / divestments in subsidiary companies during the year are as under:

A) Shares acquired during the year:

Name of the Company Type of Shares No. Of shares
L&T Shipbuilding Limited (Note 1) Equity 1,33,20,000
Mindtree Limited (Note 2) Equity 10,05,27,734
L&T Construction Machinery Limited (Note 3) Equity 19,91,32,091
L&T Construction Equipment Limited (Note 3) Equity 4,71,600
L&T Construction Equipment Limited (Note 3) Preference 64,83,00,000

Note:

1. The Company had acquired the entire stake held by Tamil Nadu Industrial Development Corporation (TIDCO) in L&T Shipbuilding Limited thereby making it a wholly owned subsidiary of the Company. Subsequently, pursuant to the National Company Law Tribunal (Mumbai & Chennai bench) approval for the Scheme of Amalgamation, L&T Shipbuilding Limited has merged with the Company (appointed date 1st April 2019 and effective date 18th May 2020).

2. The Company acquired 3,27,60,229 equity shares of Mindtree Limited, pursuant to the Share Purchase Agreement. Further, 164,42,134 equity shares of Mindtree Limited have been acquired in the open market and 5,13,25,371 equity shares have been acquired through open offer.

3. Pursuant to the approval of the Composite Scheme of Amalgamation & Arrangement between L&T Realty Limited (LTR), L&T Construction Equipment Limited (LTCEL) and L&T Construction Machinery Limited (LTCML) by National Company Law Tribunal, Mumbai bench (appointed date 1st April 2018 and effective date 17th May 2020), LTR has been amalgamated into LTCEL and the manufacturing business of LTCEL has been demerged into LTCML. As consideration towards this amalgamation and demerger, the Company has been allotted 19,91,32,091 equity shares of RS 10 each by L&T Construction Machinery Limited and 4,71,600 equity shares of RS 10 each and 64,83,00,000 12% non-convertible preference shares of RS 10 each by L&T Construction Equipment Limited.

B) Equity shares sold / transferred / reduced during the year:

Name of the Company Number of shares
L&T Technology Services Limited (Note 1) 40,63,632
L&T Kobelco Machinery private Limited (LTKM) (Note 2) 2,55,00,000

Pursuant to the amendment agreement entered by the Company with Canadian Pension Plan Investment Board (CCPIB), L&T Infrastructure Development projects Limited, (L&T idpl), a wholly owned subsidiary of the Company, has allotted 30,84,62,468 equity shares to ccpib India private Holdings Inc. Accordingly, the Company presently holds 51% in L&T idpl.

Note:

1. The Company had sold shares of L&T Technology Services Limited in the open market and through offer for Sale towards achieving the minimum public shareholding norm. Pursuant to this sale, the present public shareholding in L&T technology Services Limited is more than 25% and is in compliance of SEBI requirements.

2. Sale of 51% stake of L&T in crkm to the JV partner is in line with L&T's strategy to move away from the non-core businesses.

C) Companies Struck off:

L&T Cassadian Limited has applied to the Ministry of Corporate Affairs for strike off under the provisions of Companies Act, 2013 and is awaiting approval for the same.

D) Performance and Financial Position of subsidiary / associate and joint venture companies:

A statement containing the salient features of the financial statement of subsidiary / associate / joint venture companies and their contribution to the overall performance of the Company is provided on pages 594 to 607 of this Annual Report.

The Company has formulated a policy on identification of material subsidiaries in line with Regulation 16(c) of the SEBI lodr Regulations and the same is placed on the website at http://investors.larsentoubro.com/ Listing-Compliance.aspx. The Company does not have any material subsidiaries.

PARTICULARS of loans GIVEN, INVESTMENTS Made, guarantees given or security provided

BY THE company:

The Company has disclosed the full particulars of the loans given, investments made or guarantees given or security provided as required under section 186 of the Companies Act, 2013, Regulation 34(3) and Schedule V of the SEBI lodr Regulations in Note 58 forming part of the financial statement.

PARTICULARS of contracts or ARRANGEMENTS WITH RELATED PARTIES:

The Audit Committee and the Board of Directors have approved the Related party Transactions policy, signifying the individual threshold limits for each transaction and the same has been uploaded on the Company's website http://investors.larsentoubro.com/Listing-Compliance. Aspx.

The Company has a process in place to periodically review and monitor Related party Transactions.

All the related party transactions were in the ordinary course of business and at arm's length. The Audit Committee has approved the related party transactions for the FY 2019-20 and estimated related party transactions for FY 2020-21.

There were no materially significant related party transactions that may have conflict with the interest of the Company.

MATERIAL CHANGES AND commitments AFFECTING THE FINANCIAL position of THE company, between the end of THE FINANCIAL YEAR AND THE DATE of THE report:

The Company had filed a petition for merger of L&T Shipbuilding Limited with the Company. The amalgamation was approved by National Company Law Tribunals at Mumbai & Chennai. L&T Shipbuilding Limited has thus merged with the Company (appointed date 1st April 2019 and effective date 18th May 2020).

There are no other material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of this report.

Company response to covid-19

During March 2020, the covid pandemic increased rapidly forcing Governments of most countries to enforce a lockdown of all activities. Heeding to the various guidelines issued in India by the Central and State Governments and abroad by various agencies on the Covid-19 pandemic, all establishments, offices & factories of the Company had shut down operations from March 25, 2020. Your Company immediately took several measures to ensure health and safety of its workers and other employees and thereafter, steps were taken to ensure business continuity of essential services including Security and IT lights-on operations. Special permissions were also taken for ensuring that very critical operations such as defence business, dewatering in Metro projects, etc. Continued with all the precautionary measures.

A Decision Response team was formed which consisted of members from the Executive Committee to assess the situation and take appropriate decisions. Smaller teams/ task forces were set up at each location / site / factory / manufacturing units etc to regularly monitor the situation.

Your Company employs more than 250,000 contract labourers around various sites in India and abroad. Your Company set up labour camps at their sites to house these labourers including migrant labourers. During the lockdown period, your Company ensured food, shelter and medical facilities in these labour camps and timely remittance of wages to workmen and payments to subcontractors, directly to their bank accounts.

Your Company along with its subsidiary companies and employees who donated two days salary, contributed RS 150 Crore to the PM-CARES Fund, responding to the call given by Hon'ble Prime Minister of India. Additionally, your Directors, Executive Committee members, with equivalent contribution from the Company, contributed RS 5.58 crore to the PM CARES fund. Your Company also provided a wide range of material assistance viz., donated medical equipment to various hospitals and other institutions, distributed grocery kits and cooked food to doctors, sanitation workers, stranded families and migrant workers. Your Company has also extended its technological expertise to partner with civic authorities and the police to set up monitoring systems and manage Command & Control Centers. Such centers are in operation in ove Rs 20 cities including Mumbai, Pune, Nagpur, Prayagraj, Ahmedabad, Visakhapatnam and Hyderabad. As of date, your Company has re-purposed sections of hospitals in Delhi, Dwarka, Bettiah, Puducherry, Kolkata and Gorakhpur to meet the needs of COVID patients.

For the quarter ended 31 March 2020, the impact due to COVID 19 on your Company's revenues and net profits was approximately RS 1800 crore and R 400 crore respectively. This was due to stoppage of work in almost all the sites for the last part of March 2020 as well as the disruption to the last mile work, like physical inspection, customer clearance etc., that could not be completed due to lockdown restrictions.

Your Company resumed partial service of operations from April 14, 2020, after implementation of standard protocols in line with the guidelines prescribed. As on the date of this report, your Company has resumed work in all offices/manufacturing units, barring some establishments in Maharashtra where the employees continue to Work from Home. 90% of the domestic project sites of the Company are working with restricted labour capacity. The Company is remobilizing the workmen as a significant percentage of the migrant workmen have gone back to their villages.

All international sites have also resumed work after some interruptions. Employees are working in a staggered manner with mandatory rotation on a periodic basis and in adherence to all the safety protocols.

In fact, all the plants and office establishments that have started functioning have implemented safety and hygiene protocols like wearing of face masks, social distancing norms, workplace sanitation and employee awareness programmes. The protocols are regularly reviewed and updated based on revisions in guidelines received from authorities concerned from time to time.

With the graded opening of sites and factories, the Company is making every effort possible to make up for the lost time, due to the pandemic, during the year. The impact of the lockdown disruption is being assessed from time to time. A lot depends on the success of the various pandemic containment efforts being undertaken by the State and Central Government and Health authorities.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

Information as required to be given under Section 134(3) (m) read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is provided in Annexure 'A' forming part of this Board Report.

RISK MANAGEMENT:

The Risk Management Committee was reconstituted during the year and comprises of Mr. Adil Zainulbhai, Mr. Sanjeev Aga and Mr. Subramanian Sarma, Directors of the Company. Mr. Adil Zainulbhai is the Chairman of the Committee.

The Company has formulated a risk management policy and has in place a mechanism to inform the Board Members about risk assessment. The risk assessment includes review of strategic risks of the group at the domestic and international level, including Sectoral developments, risk related to market, financial, geographical, political and reputational issues, Environment, Social and Governance (ESG) risks, cyber security and risk minimization initiatives. The Committee periodically reviews the risk to ensure that executive management controls risk by means of a properly designed framework.

A detailed note on risk management is given under financial review section of the Management Discussion and Analysis on pages 331 to 334 of this Annual Report.

CORPORATE SOCIAL RESPONSIBILITY:

The Corporate Social Responsibility Committee comprises of Mr. M. M. Chitale, Mr. R. Shankar Raman and Mr. D. K. Sen as the Members. Mr. Chitale is the Chairman of the Committee.

The CSR policy framework is available on its website Http://investors.larsentoubro.com/Listing-Compliance.

Aspx.

A brief note regarding the Company's initiatives with respect to CSR is given in Annexure 'B' - Report on Corporate Governance forming part of this Board Report. Please refer to pages 105 to 107 of this Annual Report.

The disclosures required to be given under Section 135 of the Companies Act, 2013 read with Rule 8(1) of the Companies (Corporate Social Responsibility Policy) Rules, 2014 are given in Annexure 'C' forming part of this Board Report.

DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL APPOINTED/ RESIGNED:

Mr. Akhilesh Gupta ceased to be an Independent Director of the Company w.e.f. 8th Septembe Rs 2019 on account of completion of his term as Independent Director.

Mr. Arvind Gupta, Nominee Director representing equity interest of the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) on the Board of the Company, has demitted the office as a Nominee Director of the Company with effect from 26th March 2020 on account of withdrawal of his nomination by SUUTI, pursuant to divestment of their stake held in the Company.

Mr. Thomas Mathew T. Ceased to be an Independent Director of the Company w.e.f. 2nd April 2020 on account of completion of his term as Independent Director.

Mr. Ajay Shankar ceased to be an Independent Director of the Company w.e.f. 29th May 2020 on account of completion of his term as Independent Director.

Mr. N. Hariharan, Executive Vice-President & Company Secretary superannuated from the services of the Company with effect from 1st January, 2020.

The Board places on record its appreciation towards valuable contribution made by them during their tenure as Directors and Key Managerial Personnel of the Company.

Pursuant to the recommendation of the Nomination and Remuneration Committee, the Board at its Meeting held on 23rd Octobe Rs 2019, approved the appointment of Mr. Sivaram Nair A as the Company Secretary and Compliance Officer with effect from 2nd January 2020.

The Board has re-appointed Mr. D. K. Sen as a Wholetime Director of the Company from 1st Octobe Rs 2020 to 7th April 2023, subject to the approval of the shareholders.

The Board has re-appointed Mr. A M Naik as nonexecutive Chairman of the Company for a period of 3 years from 1st Octobe Rs 2020, subject to the approval of the shareholders.

Mr. Subramanian Sarma, Ms. Sunita Sharma and Mr. A M Naik, retire by rotation at the ensuing AGM and being eligible, offer themselves for re-appointment.

The notice convening the AGM includes the proposal for re-appointment of Directors.

The terms and conditions of appointment of the Independent Directors are in compliance with the provisions of the Companies Act, 2013 and are placed on the website of the Company http://investors.larsentoubro. Com/Listing-Compliance.aspx.

The Company has also disclosed on its website http://investors.larsentoubro.com/Listing-Compliance.aspx details of the familiarization programs to educate the Directors regarding their roles, rights and responsibilities in the Company and the nature of the industry in which the Company operates, the business model of the Company, etc.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:

This information is given in Annexure 'B' - Report on Corporate Governance forming part of this Report. Members are requested to refer to pages 92 and 93 of this Annual Report.

AUDIT COMMITTEE:

The Company has in place an Audit Committee in terms of the requirements of the Companies Act, 2013 read with the rules made thereunder and Regulation 18 of the SEBI LODR Regulations. The details relating to the same are given in Annexure 'B' - Report on Corporate Governance forming part of this Board Report. Members are requested to refer to pages 98 to 100 of this Annual Report.

COMPANY POLICY ON DIRECTORS' APPOINTMENT AND Remuneration:

The Company has in place a Nomination and Remuneration Committee in accordance with the requirements of the Companies Act, 2013 read with the rules made thereunder and Regulation 19 of the SEBI LODR Regulations. The details relating to the same are given in Annexure 'B' - Report on Corporate Governance forming part of this Board Report. Members are requested to refer to pages 100 to 104 of this Annual Report.

The Committee has formulated a policy on Directors' appointment and remuneration including recommendation of remuneration of the key managerial personnel and senior management personnel, composition and the criteria for determining qualifications, positive attributes and independence of a Director. The Nomination and Remuneration Policy is provided as Annexure 'H' forming part of this Board Report and is also disclosed on the Company's website at http://investors.larsentoubro.com/Listing-Compliance.aspx.

The Committee has also formulated a separate policy on Board Diversity.

Declaration OF independence:

The Company has received Declarations of Independence as stipulated under Section 149(7) of the Companies Act, 2013 from Independent Directors confirming that he/she is not disqualified from appointing/continuing as Independent Director as laid down in section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of SEBI LODR Regulations. The same are also displayed on the website of the Company http://investors.larsentoubro. Com/Listing-Compliance.aspx. The Independent Directors have complied with the Code for Independent Directors prescribed in Schedule IV to the Companies Act, 2013.

The Independent Directors of the Company have registered / in the process of registering themselves with the data bank maintained by Indian Institute of Corporate Affairs (IICA). In terms of Section 150 of the Act read with Rule 6(4) of the Companies (Appointment & Qualification of Directors) Rules, 2014, the Independent Directors are required to undertake online proficiency self-assessment test conducted by the IICA within a period of one (1) year from the date of inclusion of their names in the data bank. The said online proficiency self-assessment test will be undertaken by the Independent Directors of the Company, as applicable, within the prescribed timelines.

EXTRACT OF ANNUAL RETURN:

As per the provisions of Section 92(3) of the Companies Act, 2013, an extract of the Annual Return in Form MGT-9 is attached as Annexure 'F' to this Report.

DIRECTORS' RESPONSIBILITY STATEMENT:

The Board of Directors of the Company confirms:

A) In the preparation of Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

B) The Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

C) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

D) The Directors have prepared the Annual Accounts on a going concern basis;

E) the Directors have laid down an adequate system of internal financial control to be followed by the Company and such internal financial controls are adequate and operating efficiently;

F) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and were operating effectively.

ADEQUACY OF INTERNAL FINANCIAL CONTROL:

The Company has designed and implemented a process driven framework for Internal Financial Controls ("IFC") within the meaning of the explanation to Section 134(5) (e) of the Companies Act, 2013. For the year ended 31st March 2020, the Board is of the opinion that the Company has sound IFC commensurate with the nature and size of its business operations and operating effectively and no material weakness exists. The Company has a process in place to continuously monitor the same and identify gaps, if any, and implement new and/or improved controls wherever the effect of such gaps would have a material effect on the Company's operations.

PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES, Directors And CHAIRMAN:

The Nomination & Remuneration Committee and the Board have laid down the manner in which formal annual evaluation of the performance of the Board, committees, individual directors and the Chairman has to be made. All Directors responded through a structured questionnaire giving feedback about the performance of the Board, its Committees, Individual directors and the Chairman.

For the year under review, the questionnaire was modified suitably to include qualitative criteria, based on the comments and suggestions received from Independent Directors. As in the previous years, an external consultant was engaged to receive the responses of the Directors and consolidate/ analyze the responses. The same external consultant's IT platform was used from initiation till conclusion of the entire board evaluation process.

This ensured that the process was transparent and Independent of involvement of the Management or the Company. This has enabled unbiased feedback.

The Board Performance Evaluation inputs, including areas of improvement, for the Directors, Board processes and related issues for enhanced Board effectiveness were discussed in the meeting of the Independent Directors held on 18th May, 2020 and in the subsequent meeting of Nomination and Remuneration Committee and the Board.

Most of the suggestions from the Board Evaluation exercise of FY 2019-20 have been suitably implemented such as considering qualitative criteria for performance evaluation exercise.

DISCLOSURE OF REMUNERATION:

The details of remuneration as required to be disclosed under the Companies Act, 2013 and the rules made thereunder, are given in Annexure 'D' forming part of this Board report.

The information in respect of employees of the Company required pursuant to Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended from time to time, is provided in Annexure 'I' forming part of this report. In terms of Section 136(1) of the Act and the rules made thereunder, the Report and Accounts are being sent to the shareholders excluding the aforesaid Annexure. Any Shareholder interested in obtaining a copy of the same may write to the Company Secretary at the Registered Office of the Company. None of the employees listed in the said Annexure is related to any Director of the Company.

COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND GENERAL MEETINGS:

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board Meetings and General Meetings.

PROTECTION OF WOMEN AT WORKPLACE:

The Company has formulated a policy on 'Protection of Women's Rights at Workplace' as per the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013. The policy has been widely disseminated. The Company has constituted Internal Complaints Committees as per the above Act.

No complaint was received in the Company during the F.Y. 2019-20.

In addition to the continuous online awareness programs, more than 100 awareness workshops and training programs were conducted during the year across the Company to sensitize employees to uphold the dignity of their colleagues at workplace specially with respect to prevention of sexual harassment.

OTHER DISCLOSURES:

• Esop Disclosures: There has been no material change in the employee Stock option Schemes (esop schemes) during the current financial year. The esop Schemes are in compliance with Securities and exchange Board of India (Share Based employee Benefit) Regulations, 2014 ("SBEB Regulations").

The disclosures relating to esops required to be made under the provisions of the Companies Act, 2013 and the rules made thereunder and the SBEB Regulations is provided on the website of the Company http:// investors.larsentoubro.com/Listing-Compliance.aspx.

The certificate obtained from the Statutory Auditors, confirming compliance with the Companies Act, 2013 and the SBEB Regulations is also provided in Annexure 'B' forming part of this Report.

• Corporate Governance: Pursuant to Regulation 34 of the SEBI lodr Regulations, a Report on Corporate Governance and a certificate obtained from the Statutory Auditors confirming compliance, are provided in Annexure 'B' forming part of this Report.

• Integrated Reporting: Pursuant to SEBI Circular on Integrated Reporting, the Company is complying with the applicable requirements of the Integrated Reporting Framework. The Sustainability Report has been replaced by an Integrated Report which tracks the sustainability performance of the organization and its interconnectedness with the financial performance, showcasing how the Company is adding value to its stakeholders.

The Integrated Report encompasses areas such as Corporate Governance, the IR & Sustainability Structure, Sustainability Roadmap 2021, Risks & opportunities, enhancement of Financial Capital, Manufactured Capital, Intellectual Capital, Human Capital, Natural Capital and Social & Relationship Capital and alignment to sustainable development goals. It also covers strategy, business model and resource allocation.

The integrated Report for the yea Rs 2018-19 is available on the Company's website http://www. Larsentoubro.com/corporate/sustainability/integrated- report/ and the report for the yea Rs 2019-20 shall be published shortly.

• Statutory Compliance: The Company complies with all applicable laws and regulations, pays applicable taxes on time, takes care of all its stakeholders, ensures statutory CSR spend and initiates sustainable activities.

• MSME: The Ministry of Micro, Small and Medium Enterprises vide their Notification dated 2nd Novembe Rs 2018 has instructed all the Companies registered under the Companies Act, 2013, with a turnover of more than Rupees Five Hundred crore to get themselves onboarded on the Trade Receivables Discounting system platform (treds), set up by

The Reserve Bank of India. In compliance with this requirement, the Company has registered itself on treds through the service providers Receivables Exchange of India Limited (RXIL).

The Company complies with the requirement of submitting a half yearly return to the Ministry of Corporate Affairs within the prescribed timelines.

• IBC: There is no Corporate Insolvency Resolution process initiated under the Insolvency and Bankruptcy Code, 2016 (IBC).

VIGIL MECHANISM:

As per the provisions of Section 177(9) of the Companies Act, 2013 ('Act'), the Company is required to establish an effective Vigil Mechanism for directors and employees to report genuine concerns.

The Company has a Whistle-blower Policy in place since 2004 to encourage and facilitate employees to report concerns about unethical behaviour, actual/ suspected frauds and violation of Company's Code of Conduct or Ethics Policy. The Policy has been suitably modified to meet the requirements of Vigil Mechanism under the Companies Act, 2013. The policy provides for adequate safeguards against victimisation of persons who avail the same and provides for direct access to the Chairperson of the Audit Committee. The policy also establishes adequate mechanism to enable employees report instances of leak of unpublished price sensitive information. The Audit Committee of the Company oversees the implementation of the Whistle-Blower Policy.

The Company has disclosed information about the establishment of the Whistle Blower Policy on its website http://investors.larsentoubro.com/corporateaovernance. Aspx. During the year, no person has been declined access to the Audit Committee, wherever desired.

Also see page 108 forming part of Annexure 'B' of this Board Report.

BUSINESS RESPONSIBILITY REPORTING:

As per Regulation 34 of the SEBI LODR Regulations, a separate section on Business Responsibility Reporting forms a part of this Annual Report (refer pages 22 to 43).

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:

During the year under review, there were no material and significant orders passed by the regulators or courts or tribunals impacting the going concern status and the Company's operations in future.

CONSOLIDATED FINANCIAL STATEMENTS:

Your Directors have pleasure in attaching the Consolidated Financial Statements pursuant to Section 129(3) of the Companies Act, 2013 and Regulation 34 of the SEBI LODR Regulations and prepared in accordance with the Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards)

Rules, 2015 and amendments thereof issued by the Ministry of Corporate Affairs in exercise of the powers conferred by section 133 of the Companies Act, 2013.

AUDIT REPORT:

The Auditors' report to the shareholders does not contain any qualification, observation or adverse comment.

SECRETARIAL AUDIT REPORT:

The Secretarial Audit Report issued by M/s. S. N. Ananthasubramanian & Co., Company Secretaries is attached as Annexure 'E' forming part of this Board Report.

AUDITORS:

In view of the mandatory rotation of auditors' requirement and in accordance with the provisions of Companies Act, 2013, M/s. Deloitte Haskins & Sells LLP were appointed as Statutory Auditors for a period of 5 continuous years from the conclusion of 70th Annual General Meeting till the conclusion of 75th Annual General Meeting of the Company.

Accordingly, in terms of Section 139 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, the present Statutory Auditors of the Company, M/s Deloitte Haskins & Sells LLP would hold office until the conclusion of the ensuing Annual General Meeting. They have expressed their willingness to be reappointed for a further term.

The Board of Directors of the Company, after considering the recommendation of the Audit Committee, recommends the re-appointment of M/s Deloitte Haskins & Sells LLP for the 2nd and final term of five consecutive years from the conclusion of this ensuing 75th Annual General Meeting till the conclusion of 80th Annual General Meeting of the Company.

M/s Deloitte Haskins & Sells LLP has submitted their confirmation to the effect that they continue to satisfy the criteria provided in Section 141 of the Companies Act, 2013 and that their appointment is within the limits prescribed under Section 141(3)(g) of the Act.

The Auditors have confirmed that they have subjected themselves to the peer review process of Institute of Chartered Accountants of India (ICAI) and hold valid certificate issued by the Peer Review Board of the ICAI.

The Auditors have also furnished a declaration confirming their independence as well as their arm's length relationship with the Company as well as declaring that they have not taken up any prohibited non-audit assignments for the Company.

The Audit Committee reviews the independence and objectivity of the Auditors and the effectiveness of the Audit process.

The Auditors attend the Annual General Meeting of the Company.

The Notice convening the AGM includes a resolution for their re-appointment. The terms and conditions of their appointment including remuneration are specified in the explanatory statement which is a part of the notice convening the AGM.

Also see pages 108 and 109 forming part of Annexure 'B' of this Board Report.

REPORTING OF FRAUD:

The Auditors of the Company have not reported any instances of fraud committed against the Company by its officers or employees as specified under Section 143(12) of the Companies Act, 2013.

COST AUDITORS:

Pursuant to the provisions of Section 148 of the Companies Act, 2013 and as per the Companies (Cost Records and Audit) Rules, 2014 and amendments thereof, the Board, on the recommendation of the Audit Committee, at its meeting held on 5th June 2020, has approved the appointment of M/s R. Nanabhoy & Co., Cost Accountants as the Cost Auditors for the Company for the financial year ending 31st March 2021 at a remuneration of RS 13 lakhs.

A proposal for ratification of remuneration of the Cost Auditor for the financial yea Rs 2020-21 is placed before the shareholders.

The Report of the Cost Auditors for the financial year ended 31st March 2020 is under finalization and shall be filed with the Ministry of Corporate Affairs within the prescribed period.

The provisions of Section 148(1) of the Companies Act, 2013 are applicable to the Company and accordingly the Company has maintained cost accounts and records in respect of the applicable products for the year ended 31st March 2020.

ACKNOWLEDGEMENT

Your Directors take this opportunity to thank the customers, supply chain partners, employees, Financial Institutions, Banks, Central and State Government authorities, Regulatory authorities, Stock Exchanges and all the various stakeholders for their continued co-operation and support to the Company. Your Directors also wish to record their appreciation for the continued co-operation and support received from the Joint Venture partners / Associates.

For and on behalf of the Board

A. M. Naik

Group Chairman

(DIN: 00001514)
Date : 5th June 2020
Place : Mumbai

   

Larsen & Toubro Ltd Company Background

A M NaikS N Subrahmanyan
Incorporation Year1946
Registered OfficeL&T House,Ballard Estate
Mumbai,Maharashtra-400001
Telephone91-22-67525656,Managing Director
Fax91-22-67525893
Company SecretarySivaram Nair A
AuditorDeloitte Haskins & Sells LLP
Face Value2
Market Lot1
ListingBSE,London,Luxembourg,MSEI ,NSE,
RegistrarKFin Techologies Pvt Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Larsen & Toubro Ltd Company Management

Director NameDirector DesignationYear
A M Naik Group Chairman 2020
M M Chitale Independent Director 2020
Subodh Bhargava Independent Director 2020
S N Subrahmanyan Managing Director & CEO 2020
R Shankar Raman Whole Time Director & CFO 2020
M Damodaran Independent Director 2020
Vikram Singh Mehta Independent Director 2020
Adil Zainulbhai Independent Director 2020
Sunita Sharma Nominee (LIC) 2020
Subramanian Sarma Whole-time Director 2020
D K Sen Whole Time Director & SeniorVP 2020
M V Satish Whole Time Director & SeniorVP 2020
Naina Lal Kidwai Independent Director 2020
Sanjeev Aga Independent Director 2020
Narayanan Kumar Independent Director 2020
JAYANT DAMODAR PATIL Whole Time Director & SeniorVP 2020
Hemant Bhargava Nominee (LIC) 2020
Sivaram Nair A Company Secretary 2020
SUDHINDRA VASANTRAO DESAI Whole-time Director 2020
T Madhava Das Whole-time Director 2020

Larsen & Toubro Ltd Listing Information

Listing Information
BSE_SENSEX
NIFTY
BSE_500
BSE_CG
BSE_100
BSE_200
BSEDOLLEX
CNX500
CNX100
CNXINFRAST
CNX200
BSEGREENEX
BSECARBONE
NIFTY50V20
BSEINFRA
NFT100EQWT
BSEALLCAP
BSELARGECA
INDUSTRIAL
BSEMANUFAC
SENSEX50
BSEBHARA22
LMI250
BSEDSI
NFT50EQWT
NFT100LV30

Larsen & Toubro Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Construction & Proj. Activity Rs.00078091
Manufacturing &Trading ActivitNA 0002065.73
Service Rendered Rs.0001141.31
Other Operational Income NA 000765.67
Property Development Activity NA 000174.82
Commission Rs.00098.25
Engineering & Service Fees NA 00046.87
Nuclear Purpose Equipment NA 0000
Others NA 0000
Parts & Accessories for Prime No 0000
Parts for aircraft & Other MetNo 0000
Powder Metallurgy Products NA 0000
Compmens/Engineering/Serv FeesRs.0000
Design,dvlp & mfg of airbon EqNo 0000
Sale of Services NA 0000
Oil-Crude Bbl0000
Portland Cement MT 0000
Ready Mix Concretes CuM0000
Pulp/Paper Making Plant MT 0000
Glass Bottles & Jars No 0000
Steel Re-Rolling MT 0000
Steel Structure-Fabrication MT 0000
Steel Structure-Fabrication No 0000
Trans.Line Towers MT 0000
Gas Containers-Carrying Cap. Ton0000
Presstools/Jigs/Fixtures No 0000
Presstools/Jigs/Fixtures Rs.0000
Crown Corks No 0000
Al.Capsules/RO/ROPP Cap/OthersNo 0000
Welding Alloys/Accessories Rs.0000
Industrial Machinery MT 0000
Power Plants NA 0000
Rubber Process. Machinery No 0000
Equip./Deaerator-Nuclear Purp.MT 0000
Plant/Equipment-Nuclear Proj. MT 0000
Petrol Dispen./Metering Pumps No 0000
Suspended Particles Drying Pl.No 0000
Cement Machinery No 0000
Bottling-High Speed No 0000
Packaging Machinery Rs.0000
Earthmoving Machinery No 0000
Scrapper/Bulldozer/Ripper No 0000
Road Rollers/Hot Mix Plants No 0000
Dairy Machinery & Equipment No 0000
Feed Milling Plants & Grain No 0000
Food Processing Equipment MT 0000
Sugarcane/Beet diffusion PlantNo 0000
Chemical Plant & Machinery Ton0000
Valves & Accessories NA 0000
Valves-Steel Plant No 0000
Defence Equipments No 0000
Electrical Items-MiscellaneousNo 0000
Electronic Devices No 0000
Switchgears No 0000
Relays No 0000
Control & Relay Panels No 0000
Indl.Electronic Control PanelsNo 0000
Commercial Ships No 0000
Ship Auxillaries & Components MT 0000
Electro Surgical Unit & Acces.No 0000
Patient Monitoring Systems No 0000
Ultrasound Eqpts./Access. No 0000
Electricity meters No 0000

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