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Larsen & Toubro Ltd

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

NSE BSE
 
SMC down arrow

1,768.75

-0.95 (-0.05%) Volume 280564

24-Sep-2021 EOD

Prev. Close

1,769.70

Open Price

1,780.00

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

1,768.75(1426)

 

Today’s High/Low 1,810.00 - 1,750.00

52 wk High/Low 1,810.00 - 843.00

Key Stats

MARKET CAP (RS CR) 248357.23
P/E 17.26
BOOK VALUE (RS) 430.0950608
DIV (%) 1800
MARKET LOT 1
EPS (TTM) 102.45
PRICE/BOOK 4.11095165034269
DIV YIELD.(%) 2.04
FACE VALUE (RS) 2
DELIVERABLES (%) 51.73
4

News & Announcements

23-Sep-2021

L&T Hydrocarbon Engineering wins 3 Gold Awards from American Society of Safety Professionals

23-Sep-2021

Larsen & Toubro Ltd - Announcement under Regulation 30 (LODR)-Press Release / Media Release

21-Sep-2021

L&T Hydrocarbons secures two orders under its construction services biz

21-Sep-2021

L&T subsidiary bags significant order

23-Sep-2021

L&T Hydrocarbon Engineering wins 3 Gold Awards from American Society of Safety Professionals

21-Sep-2021

L&T Hydrocarbons secures two orders under its construction services biz

20-Sep-2021

L&T Hydrocarbon Engineering secures order from Petronet LNG

07-Sep-2021

L&T secures order for its water & effluent treatment business

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Peers Comparsion

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Share Holding

Category No. of shares Percentage
Total Foreign 351542736 25.03
Total Institutions 453678245 32.30
Total Govt Holding 3208660 0.23
Total Non Promoter Corporate Holding 15432787 1.10
Total Promoters 0 0.00
Total Public & others 580742483 41.35
Total 1404604911 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. During the FY2019, the company repaid long-term borrowings of USD 233 million (approx.Rs 1610 crore including secured debentures of Rs 400 crore). On the other hand, the company raised USD 100 million of foreign currency borrowings and Rs 90 Crore of Rupee Term Loan as fresh unsecured long-term borrowings for meeting business requirements and certain capital expenditure. As at 31March 2019, the gross property, plant and equipment, investment property and other intangible assets including leased assets, stood at Rs 12,174.29 crore and the net property, plant and equipment, investment property and other intangible assets, including leased assets, at Rs 7,934.32 crore and spent capital expenditure during the year amounted to R 1,571.41 crore. The company had proposed a buyback of up to 6,10,16,949 equity shares from its equity shareholders as on the record date, being 15 October 2018, on a proportionate basis by way of the tender offer route through the stock exchange mechanism at a price of Rs 1,475 per equity share, aggregating up to Rs 9,000 crore. The company has entered into a share purchase agreement on 18 March 2019 with Mr. V. G. Siddhartha, Coffee Day Trading Limited and Coffee Day Enterprises Limited (Sellers') for acquisition of 3,33,60,229 equity shares of Mindtree Limited aggregating to 20.32% of the paid-up equity share capital of Mindtree Limited. Further the company, has acquired entire stake held by Tamil Nadu Industrial Development Corporation (TIDCO) in L&T Shipbuilding Limited on 10 April 2019. With this acquisition, L&T Shipbuilding Limited is now a wholly owned subsidiary of the Company. Pursuant to an order dated 13 December 2018 passed by the National Company Law Tribunal, Mumbai bench, the equity share capital of L&T Seawoods Limited, a wholly owned subsidiary, was reduced to the extent of 34.50 crore shares aggregating to Rs 345 crore. The Company has divested its entire stake in L&T Kobelco Machinery Private Limited, a subsidiary, to Kobe Steel, Ltd. on 17 April 2019. As at 31 March 2019, L&T Group comprises 110 subsidiaries, 8 associates, 27 joint venture companies and 31 joint operations. L&T Group achieved order inflow of Rs 176834 crore during the year 2018-19, registering a growth of 15.6% over the previous year. During the FY2019, the company received six British Sword of Honor awards and five-star certification from the British Safety Council, for third time in a row. The company's Eight projects won National Infrastructure & Construction Awards 2018. The company also won a Construction Week Award 2018, a MEED Quality Award for the Year 2018 in Oman and a MACE Global - Health, Safety & Well Being Award - 2018 for outstanding safety performance on site. 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 total Order Book of R 303,857 crores as on 31March, 2020 grew by 4% over the previous year. During the FY2020, on exercise of the conversion option of USD200 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) and 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 year 2019-20. The Company has issued Commercial Papers amounting to Rs 4,845 Crore during the FY 2019-20. As at 31 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. The company spent towards Capital Expenditure during the year amounted to Rs 1,370.51 crore. 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 01 April 2019 and effective date 18 May 2020). 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. 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 17 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. 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. 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 25 March 2020. 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 Rs 400 crore respectively. The Company resumed partial service of operations from 14 April 2020, after implementation of standard protocols in line with the guidelines prescribed. During the FY2020, the company has secured major orders such as CIDCO Housing Project at Navi Mumbai, One of the e largest greenfield airports in India at Navi Mumbai and Mandarin Oriental Hotel, Muscat in Oman. The business was conferred several prestigious awards during FY2020 including British Safety Council's Sword of Honour, for the fourth consecutive year, with ten of its projects securing the award, The Royal Society for the Prevention of Accidents (UK)' Gold Awards for Occupational Health & Safety for eleven projects and 18 National Safety Council awards in various categories. During the quarter ended 31 December 2020, the Company in terms of the Business Transfer Agreement for divestment of Its Electrical Si Automation (E&A) business to Schneider Electric India Private Limited (a) accrued further sale consideration on fulfilment of relevant covenants (b) updated financial estimates of post-transaction closing adjustments. The Company expects final closure of the divestment of E&A business in the quarter ending 31 March 2021. The consolidated order book of the Group stood at a record Rs 331,061 crore as at 31 December 2020, registering a robust growth of 9% over the March 2020 level.

Larsen & Toubro Ltd Chairman Speech

Dear Shareholders

I am addressing you all at a time when the nation has been impacted by the second wave of the Corona virus, leading to widespread distress and tragic loss of life. The unexpected scale and intensity of this year's surge threatened to overwhelm India's healthcare systems and undermine the prevailing macro-economic narrative. Undoubtedly, this is the most severe test ever faced by all of us – households, corporates, civil society and the Government. At this critical juncture, as important as observing health and safety measures is to remain psychologically strong, guard against cynical despair and stay united in our shared sense of purpose. As they say, the darkest hour is before dawn, and we are already beginning to glimpse early signs that give rise to cautious optimism. The declining trend in cases across the states as well as the prospects of the vaccine rollout gaining pace should help us look forward to happier times.

Your Company reiterates its strong commitment to serve the people of this country, and expresses solidarity with the nation and its leadership.

Response to the Pandemic

L&T's first priority has revolved around taking every possible care of its employees, contract workers and society at large. For our employees, we have initiated a broad spectrum of measures that encompass financial, medical and insurance assistance as well as educational support. These measures were communicated across the organisation and have contributed to bolstering the morale of our workforce. All these are over and above the regular benefits and insurance payments already in place for employees. In addition, quarantine centres, fully equipped with oxygen generators and other vital equipment, have been set up to meet the emergency needs of our employees and their families as well our contract workmen. Employees can also avail of in-house vaccination drives and secure help through medical services and professional online counselling. We consider our contract workers as part of our extended workforce and have continued to pay their wages and provide food, shelter and medical assistance. This was done while maintaining the prescribed COVID-19 preventive and containment protocols at all our factories and project sites.

As a conscientious corporate citizen, we have contributed in monetary and material terms to meet the challenges posed by this humanitarian crisis. In addition to a donation to the PM Cares Fund at the onset of the crisis, the L&T Group has also supplied test, medical and PPE kits to locations around the country. When the second wave threw up the unexpected challenge of an acute shortage of oxygen, we responded by activating our global procurement arms, and commenced delivery of oxygen generators to various hospitals in India. We also supplied oxygen concentrators, ventilators and ambulances.

As India's leading Group involved in EPC projects, high-tech manufacturing and services, we drew on our reservoir of expertise to provide assistance in a number of ways. Our construction business has converted many hospitals to Covid Care Centres. We have installed smart technologies in over 20 major cities to help state governments and local authorities in their endeavour to contain the spread of the virus. These public-spirited initiatives by your Company have been widely acknowledged by multiple state governments.

Economic Scenario

The year FY21 was an economic roller coaster. It can be best described as a ‘tale of two halves' where we witnessed a precipitous slowdown in economic activity in the first half, followed by an impressive sequential rebound in the second half. The combination of fiscal and monetary measures by the Government and RBI announced in the early part of the year accounted for 10% of India's nominal GDP. Not only did it cushion the economic fallout, it also bolstered consumer and business confidence when activities resumed post the first lockdown.

Secondly, the enhancement as well as the front-loading of borrowing programmes by the Centre and States ensured that money continued to flow through various economic constituents even when tax collections were low. Against all odds, our country has demonstrated commendable economic resilience despite stringent lockdowns, reverse migration of labour and supply chain disruptions.

Post the phased lifting of the lockdowns last year, the Indian economy recorded growth across most sectors, evidenced by way of significant increases in high frequency indicators such as energy demand, E-way bills, GST collections, cement and steel consumption, etc. These not only touched pre-pandemic levels but, in some cases, surpassed them. Despite the progressive pickup in various economic parameters, India's GDP has contracted by 7.3% in FY2020-21 mainly due to the lockdown in the first half of the year.

The global economy, already buffeted by various factors like trade tensions, political instability, Brexit and low crude prices, etc., was further stressed as the virus raged across large swathes of the world. In addition to introducing healthcare measures, most countries have opted for benevolent fiscal and monetary policies to support growth. Under-utilisation of manufacturing capacities across the world due to lower demand and decelerated global trade has become a recurring phenomenon. Increasingly, countries are resorting to a protectionist stance in an attempt to safeguard their own economies. Meanwhile, volatile oil prices due to demand-supply imbalances have affected the fiscal arithmetic of GCC countries and consequently, their ability to spend on Capex.

It appears that augmenting India's stock of vaccines, and accelerating its rollout across the country is the safest and surest route to full economic recovery.

Capex Spends

India's capex cycle over the last five years has revolved around public investments, while private investments remained largely lacklustre. Given the scale of India's infrastructure deficit, we remain optimistic about the Government's intent to complete around 7400 projects as envisaged in the National Infrastructure Pipeline, aggregating to R 111 trillion by FY25. The project pipeline is expected to be collectively funded by the Central Government, State Governments and PSUs to the extent of 79% with the remaining 21% being envisaged to come from the private sector.

We believe a phased recovery in economic activity over the next couple of years will result in tax buoyancy, and consequently enable the Government to forge ahead with various infrastructure projects. While the Union Budget 2021 highlighted large outlays on infrastructure, the Government also postponed the fiscal consolidation exercise to FY25, essentially creating more room for future Capex spends. Currently, many projects in India are also being funded by various bi-lateral/multi-lateral agencies which can potentially plug funding gaps, if any, in the National Infrastructure Pipeline. Private sector balance sheets have been looking healthier, thanks to the combination of incentives around PLIs, low tax rates and liquidity, as well as visibility of pick up in industrial demand and select segments of real estate. We are bullish about an uptick in private investments in the medium term. India's investment/GDP ratio which has been languishing, should see significant improvement in the coming years. Once private investments revive, we could hopefully see shades of a repeat of the 2003-08 capex cycle in India when both public and private investments gained momentum in tandem.

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. Your Company is poised to capitalise on these opportunities as they emerge.

Group Performance Overview

In a year marked by anxiety and uncertainty, your Company turned in a creditable performance and registered appreciable recovery across key performance parameters. Our order inflow for the year at R 175,497 crore was achieved on the back of strong domestic wins in the Infrastructure and Hydrocarbon segments. Despite the COVID-19 led disruption, order inflow was boosted by the thrust given by the Indian Government to the Infrastructure sector to help put the economy back on track. We secured multiple large and prestigious orders during the year, viz., the Mumbai-Ahmedabad High Speed Rail (popularly called the ‘Bullet Train'), a bridge across the Brahmaputra in Assam as well as EPCC packages for the Barmer Refinery in Rajasthan.

The L&T Group recorded revenues of R 135,979 crore during FY2020-21, registering a decline of 6.5%. The decline was mainly due to the slowdown of project execution and manufacturing activity, affected due to lockdown-related disruptions in first half of the year. This was partially compensated for by a more normalised level of operations during the second half of FY2020-21. As on March 31, 2021, the order book at R 327,354 crore provides multi-year revenue visibility. The infrastructure segment has a 75% share of the consolidated order book. The order book registered a growth of 7.7%, on the back of some mega orders secured during the year.

Shareholder value was delivered through healthy profit after tax which stood at R 11,583 crore, representing a growth of 21.3% over the previous year. During the year, the Company concluded the divestment of its Electrical & Automation (E&A) business including the sale of the integrated marine automation solutions company, Servowatch Systems Limited.

The Company continues to focus on shareholder value creation by divesting non-core assets, capturing cost efficiencies and leveraging technology for productivity gains. The Company's strategically diversified business portfolio, geographical dispersion, robust balance sheet and strong order book are reliable signposts to a brighter future. Further, its proven execution strengths and committed workforce are helping it to successfully transition into a more digitally evolved work environment. This should enable the business to thrive and grow, once the immediate challenges posed by the pandemic are overcome. It gives me great pleasure to inform you that the Board of Directors has recommended a final dividend of R 18 per share for FY2020-21. This is in addition to the R 18 per share of special dividend declared earlier during the year.

International Business

The Company has gradually expanded its international footprint through geographic dispersion as a conscious de-risking strategy. While the Middle East region has obviously remained an area of focus, the Company has turned its attention to many countries in Africa as well as South East Asia. Currently, the Middle East region constitutes 61% of the international order book of R 68,773 crore.

Training, Talent Management and Next Line Planning

At the L&T Group, we have crafted a culture of continuous training and empowerment, with an emphasis on transparency, efficiency and empathy. Our people occupy prime position in the organisation's hierarchy of stakeholders, and therefore continuous attention is given to retention and development of talent at all levels. Talent management has been broadly classified into three domains: Business Leadership, Technical Leadership and Project Leadership. For Business Leadership, a robust ‘7 Step Leadership Development Model' has been in place for more than a decade. The Company's top management ensures that employees are accorded opportunities for professional development and are able to grow along with the business they work for. Our initiatives in digitalisation have enabled us to provide the relevant learning experience to our employees, even as they worked remotely during the lockdown.

Sustainable Development

Our Group is over eight decades old, and we have been at the forefront of many sustainability initiatives, long before they were mandated by law. In other words, we internalised the spirit behind ESG and were among the early companies who turned precepts into practice. An annual reporting cycle has been maintained for all our Sustainability Reports since 2008. These reports are accessible on the Company's website. The reports, which serve as ESG progress scorecards, are aligned to the Global Reporting Initiative (GRI) standards and Sustainable Development Goals (SDGs), and have been independently verified by a third-party assurance agency.

Our approach covers a wide spectrum of materially relevant parameters. This involves placing under the lens factors such as energy conservation, use of renewable energy, reduction of GHG emissions, water efficiency and materials management. We also calibrate our growing green portfolio, clock improvements in sustainability implemented by our vendors as well as measure enhancements in employee engagement, safety and well-being.

As the community sees it, sustainable development must necessarily translate into the tangible things that make life safer, less burdensome and more promising for their children. On our part, we are helping to provide the communities around us with better access to potable water, an improved level of sanitation, and facilities for health, education and skill building. We are also committed to expanding and enhancing the scope of our activities far into the future – for happy communities contribute to the society's general sense of well-being. Turning to governance, at L&T, our core values pivot around the principles and ideals based on independence, transparency, accountability, responsibility, compliance, ethics and trust. In recognition of our efforts, we received the ‘Grant Thornton Bharat SABERA' award for Best Integrated Reporting.

As stated in our Integrated Report, I also wish to underscore that we have clarified our position vis--vis controversial weapon segments in Defence Engineering: we are not involved in any such weaponry.

Outlook

The outlook for FY2021-22 is one of cautious optimism, with the country's GDP regaining positive territory thanks to the base effect in the first half, followed by robust growth in the second. While the current resurgence of COVID-19 may dent prospects in the initial part of the year, vigorous vaccination efforts and improved adherence to safety protocols should spark a revival in the latter half. We therefore believe the recovery is ‘delayed' and not ‘derailed'.

One unintended but welcome consequence of the pandemic has been the rapid adoption of digital technologies. This was a lifeline which ensured that economies do not get paralysed due to lockdowns and other constraints. Another positive fall-out has been an increased awareness of sustainability and a more stringent emphasis on Environment Protection, Social Responsibility and Governance frameworks. With countries signing up for time-bound zero carbon emission targets, newer business opportunities should emerge for your Company in green hydrogen, renewables, water and waste management and allied fields. Elsewhere, the recovery of the global economy has been uneven, with the performance of several countries still below pre-COVID-19 levels. With oil firmly back above USD 60 per barrel, we should see an upswing in GCC Capex spends as well as improved prospects in Africa and South East Asia.

Against the backdrop of the pandemic and its aftermath, your Company will continue to uphold the primary dictum of maintaining the health and safety of its people. Simultaneously, it will aggressively pursue opportunities for growth, both in domestic and international markets. The focus would be on mega project wins, efficient execution of its large order book and productive utilisation of its monetary resources. All of this is targeted at ensuring a sustainable business model and thereby enhancing shareholder returns.

As we pass through a crisis of unprecedented magnitude, I would like to thank Team L&T as well as our customers, vendors, the Government 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. During the FY2019, the company repaid long-term borrowings of USD 233 million (approx.Rs 1610 crore including secured debentures of Rs 400 crore). On the other hand, the company raised USD 100 million of foreign currency borrowings and Rs 90 Crore of Rupee Term Loan as fresh unsecured long-term borrowings for meeting business requirements and certain capital expenditure. As at 31March 2019, the gross property, plant and equipment, investment property and other intangible assets including leased assets, stood at Rs 12,174.29 crore and the net property, plant and equipment, investment property and other intangible assets, including leased assets, at Rs 7,934.32 crore and spent capital expenditure during the year amounted to R 1,571.41 crore. The company had proposed a buyback of up to 6,10,16,949 equity shares from its equity shareholders as on the record date, being 15 October 2018, on a proportionate basis by way of the tender offer route through the stock exchange mechanism at a price of Rs 1,475 per equity share, aggregating up to Rs 9,000 crore. The company has entered into a share purchase agreement on 18 March 2019 with Mr. V. G. Siddhartha, Coffee Day Trading Limited and Coffee Day Enterprises Limited (Sellers') for acquisition of 3,33,60,229 equity shares of Mindtree Limited aggregating to 20.32% of the paid-up equity share capital of Mindtree Limited. Further the company, has acquired entire stake held by Tamil Nadu Industrial Development Corporation (TIDCO) in L&T Shipbuilding Limited on 10 April 2019. With this acquisition, L&T Shipbuilding Limited is now a wholly owned subsidiary of the Company. Pursuant to an order dated 13 December 2018 passed by the National Company Law Tribunal, Mumbai bench, the equity share capital of L&T Seawoods Limited, a wholly owned subsidiary, was reduced to the extent of 34.50 crore shares aggregating to Rs 345 crore. The Company has divested its entire stake in L&T Kobelco Machinery Private Limited, a subsidiary, to Kobe Steel, Ltd. on 17 April 2019. As at 31 March 2019, L&T Group comprises 110 subsidiaries, 8 associates, 27 joint venture companies and 31 joint operations. L&T Group achieved order inflow of Rs 176834 crore during the year 2018-19, registering a growth of 15.6% over the previous year. During the FY2019, the company received six British Sword of Honor awards and five-star certification from the British Safety Council, for third time in a row. The company's Eight projects won National Infrastructure & Construction Awards 2018. The company also won a Construction Week Award 2018, a MEED Quality Award for the Year 2018 in Oman and a MACE Global - Health, Safety & Well Being Award - 2018 for outstanding safety performance on site. 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 total Order Book of R 303,857 crores as on 31March, 2020 grew by 4% over the previous year. During the FY2020, on exercise of the conversion option of USD200 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) and 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 year 2019-20. The Company has issued Commercial Papers amounting to Rs 4,845 Crore during the FY 2019-20. As at 31 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. The company spent towards Capital Expenditure during the year amounted to Rs 1,370.51 crore. 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 01 April 2019 and effective date 18 May 2020). 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. 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 17 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. 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. 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 25 March 2020. 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 Rs 400 crore respectively. The Company resumed partial service of operations from 14 April 2020, after implementation of standard protocols in line with the guidelines prescribed. During the FY2020, the company has secured major orders such as CIDCO Housing Project at Navi Mumbai, One of the e largest greenfield airports in India at Navi Mumbai and Mandarin Oriental Hotel, Muscat in Oman. The business was conferred several prestigious awards during FY2020 including British Safety Council's Sword of Honour, for the fourth consecutive year, with ten of its projects securing the award, The Royal Society for the Prevention of Accidents (UK)' Gold Awards for Occupational Health & Safety for eleven projects and 18 National Safety Council awards in various categories. During the quarter ended 31 December 2020, the Company in terms of the Business Transfer Agreement for divestment of Its Electrical Si Automation (E&A) business to Schneider Electric India Private Limited (a) accrued further sale consideration on fulfilment of relevant covenants (b) updated financial estimates of post-transaction closing adjustments. The Company expects final closure of the divestment of E&A business in the quarter ending 31 March 2021. The consolidated order book of the Group stood at a record Rs 331,061 crore as at 31 December 2020, registering a robust growth of 9% over the March 2020 level.

Larsen & Toubro Ltd Directors Reports

Dear Members,

The Directors have pleasure in presenting their 76th Annual Report and Audited Financial Statements for the year ended 31st March 2021.

FINANCIAL RESULTS:

Particulars 2020-21

2019-20

Rs crore

Rs crore

Profit before depreciation, exceptional items and tax 8282.04 7379.43
Less: Depreciation, amortization, impairment and obsolescence 1025.62 1020.51
Profit before exceptional items and tax 7256.42 6358.92
Add: Exceptional items (2818.65) 626.99
Profit before tax 4437.77 6985.91
Less: Provision for tax 1751.28 961.15
Profit for the year from continuing operations 2686.49 6024.76
Profit before tax from discontinued operations 11199.23 865.38
Less: Tax expense of discontinued operations 2548.75 210.93
Net profit after tax from discontinued operations 8650.48 654.45
Net profit after tax from continuing operations and discontinued operations 11336.97 6679.21
Add: Balance brought forward from the previous year 16957.17 15046.99
Less: Ind AS 116 transition adjustment 3.97
Less: Dividend paid for the previous year (*Including dividend distribution tax) 1123.23 *2754.94
Less: Interim dividend paid during the year 2527.66 1403.89
Less: (Profit)/loss on remeasurement of the net defined
benefits plans/Equity instruments through other comprehensive income (32.04) 512.96
Balance available for disposal (which the Directors appropriate as follows) 24675.29 17050.44
Less: Debenture Redemption
Reserve 93.27
Balance to be carried forward 24675.29 16957.17

STATE OF COMPANY AFFAIRS:

The total income for the financial year under review was R 76,751 crore as against R 85,192 crore for the previous financial year, registering a decrease of 9.91%, primarily due to the disruption caused by the COVID 19 pandemic. The profit before tax from continuing operations, including exceptional items, was lower at R 4,438 crore for the financial year under review as against R 6,986 crore for the previous financial year. The profit after tax from continuing operations, excluding exceptional items, was R 2,686 crore for the financial year under review as against R 6,025 crore for the previous financial year, registering a decrease of 55%.

AMOUNT TO BE CARRIED TO RESERVES:

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

DIVIDEND:

During the Financial Year ended 31st March 2021, the Company paid a special dividend of R 18/- (900%) per equity share as interim dividend amounting to R 2,527.66 crore on successful divestment of Electrical and Automation business to Schneider Electric India Private Limited.

The Directors recommend payment of a final dividend of R 18/- (900%) per equity share of R 2/- each on the share capital amounting to R 2528.20 crore. The total dividend for FY 2021, including the special dividend, if approved by shareholders, would amount to R 36/- (1800%) 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 and Disclosure Requirements) Regulations, 2015. The Policy is attached as Annexure ‘F' forming a part of this Board Report and also uploaded on the Company's website at https://investors.larsentoubro.com/Listing-Compliance.aspx.

CAPITAL AND FINANCE:

During the year under review, the Company allotted 663,275 equity shares of R 2/- each upon exercise of stock options by the eligible employees under the Employee Stock Option Schemes. The Company's Authorized Capital increased to R 5,025 crore, pursuant to the approval of the Scheme of Amalgamation of L&T Shipbuilding Limited with the Company. The authorised share capital of L&T Shipbuilding Limited has been added to the authorised share capital of the Company, with effect from the appointed date i.e. 1st April 2019.

The Company repaid long-term borrowings (including External Commercial Borrowings [ECB] and Non-Convertible Debentures [NCDs]), as per schedule, of R 5,084 crore during the year. The Company has further raised a short-term ECB of USD 100 million for partly refinancing a maturing ECB. The Company has issued and allotted on private placement basis, Unsecured, Rated, Listed, Redeemable NCDs aggregating to R 9,000 crore during the FY 2021. The funds raised were utilized mainly for creation of liquidity reserve to tide over pandemic related uncertainty. These NCDs are listed on the Wholesale Debt Market Segment of National Stock Exchange of India Limited. The Company has issued Commercial Papers amounting to R 20,895 crore during FY 2021. As on 31st March 2021 the outstanding Commercial Paper is R 2,775 crore. The Company has listed its Commercial Papers on BSE Limited. The Company has not defaulted on any of its dues to the financial lenders.

The Company's borrowing programmes have received the highest credit ratings from CRISIL, ICRA and India Rating. The details of the same are given on page 119 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 AND AUTOMATION BUSINESS:

The divestment of the Electrical and Automation (E&A) business undertaking was completed on 31st August 2020 after fulfillment of necessary conditions.

CAPITAL EXPENDITURE:

As at 31st March 2021, the gross property, plant and equipment, investment property and other intangible assets including leased assets, were at R 14,222.27 crore and the net property, plant and equipment, investment property and other intangible assets, including leased assets, at R 8,640.71 crore. Capital Expenditure during the year amounted to R 720.26 crore.

DEPOSITS:

The Company has not accepted deposits from the public falling within the ambit of Section 73 of the Companies Act, 2013 and the rules framed thereunder during the year under review. The Company does not have any unclaimed deposits as of date.

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 are not considered as deposits as per the Companies Act, 2013 and the rules framed thereunder.

DEPOSITORY SYSTEM:

As the members are aware, the Company's shares are compulsorily tradable in electronic form. As on 31st March 2021, 98.78% of the Company's total paid up capital representing 138,73,80,965 shares are in dematerialized form. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandates that transfers, except transmission and transposition, of securities are to be carried out in dematerialized form only. 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 which would 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 RTA to locate the shareholders who have not claimed their dues. Despite these efforts, an amount of R 7,81,84,801 which was due and payable and remained unclaimed and unpaid for a period of seven years, was transferred to Investor Education and Protection Fund (IEPF) as provided in section 125 of the Companies Act, 2013 and the rules made thereunder. In addition to the above, the Company has also transferred an amount of R 23,59,657 pertaining to sale proceeds of fractional entitlement of Bonus shares issued in 2013.

Cumulatively, since the inception till 31st March 2021, the amount transferred to the said fund was R 37,66,72,744. 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 10,54,705 equity shares of R 2 each (0.08% of total number of shares) held by 12,982 shareholders (0.95% 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 FY 2013. 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. On receipt of the application, the Company sends an online verification report to the IEPF Authority after verifying all the necessary details which is duly certified by the Nodal Officer.

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 to enable them to take appropriate action. All corporate benefits accruing on such shares viz. bonus shares, etc. including dividend except rights 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 Uttaranchal Hydropower Limited Preference 6,44,00,000
L&T Geostructure Private Limited (Note 1) Equity 2,47,50,000
L&T Finance Holdings Limited Equity (in Rights Issue) 29,34,84,370

Note:

1. L&T Geostructure LLP was converted into L&T Geostructure Private Limited on 25th November 2020. Pursuant to the same, 2,47,50,000 equity shares of

R 10 each have been allotted to the Company in lieu of the capital contribution in the LLP.

B) Preference shares redeemed during the year:

Name of the Company Type of shares Number of shares
L&T Hydrocarbon Engineering Limited Preference 26,00,00,000

C) Companies Struck off:

L&T Cassidian Limited was struck off by the Registrar of Companies, vide its approval dated 28th January 2021. Larsen & Toubro Hydrocarbon International Limited LLC was liquidated on 16th May 2020.

Kesun Iron and Steel Company Private Limited has applied to the Ministry of Corporate Affairs for strike off from Register of Companies under the provisions of Companies Act, 2013 on 11th February 2021. The approval is awaited.

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 561 to 573 of this Annual Report.

The Company has formulated a policy on identification of material subsidiaries in line with Regulation 16(c) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the same is placed on the website at https://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 (Listing Obligations and Disclosure Requirements) Regulations, 2015 in Note 58 forming part of the financial statements.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

The Audit Committee and the Board of Directors have approved the Related Party Transactions Policy, specifying the individual threshold limits for each transaction and the same has been uploaded on the Company's website https://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 2021 and estimated related party transactions for FY 2022.

There were no material Related Party Transactions during the year.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY, BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THE REPORT:

Other than stated elsewhere in this report, there are no 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'S RESPONSE TO COVID-19:

The COVID-19 crisis disrupted the operations of the Company across the country, majorly during Q1 of FY 2021. The Company resumed operations from 14th April 2020, after implementation of standard protocols in line with the guidelines prescribed. All the plants and office establishments started functioning after implementing necessary safety and hygiene protocols like wearing of face masks, social distancing norms, workplace sanitation and employee awareness programmes etc in compliance with the regulations of the local authorities. All international sites also resumed work with employees and workmen working in a staggered manner, mandatory rotation on a periodic basis and in adherence to all the safety protocols as prescribed locally.

A Decision Response Team was formed by the Company which assessed the situation and took appropriate decisions with respect to issuing directives for protecting its employees including contract workers, supporting communities and also protecting the financial health of the business.

The later quarters of FY 2021 saw the economy opening up gradually resulting in the revival of demand. Our employees and associated volunteers on the ground, spread awareness about the need for social distancing, personal hygiene and need to wear mask to prevent infection and avoid the spread of the virus. The Company has taken steps to create awareness amongst the nearby communities on health and hygiene through periodical campaigns.

The Company, through various internal communication, has encouraged its employees to get themselves vaccinated and the Company has also taken several steps to facilitate the same. The Company has also setup a number of dedicated quarantine centres for all employees and their immediate family members, who are prescribed quarantine and not able to isolate at home.

The Company has rolled out various schemes for retention of workers and keeping them safe at workplace including creation of dedicated quarantine rooms in all its major labour camps.

Considering the shortage of oxygen faced by the various hospitals in India, in wake of the second wave of COVID 19, the Company has started working towards a long-term solution to meet medical grade oxygen demand in the country. It has planned to provide medium/large oxygen generators to various hospitals where the scarcity is most acute. These permanent units will serve the hospitals for the next 10-15 years. The Company is working closely with the Government and Municipal Authorities towards providing ventilators, small oxygen generators, N95 masks, sanitizers, PPE kits and other medical equipment as required and available.

As the COVID-19 scenario is still evolving, the Company is mapping the developments on a real-time basis to ensure the health and safety of all its stakeholders. The impact of the lockdown disruption is being constantly assessed.

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 comprises Mr. Adil Zainulbhai, Mr. Sanjeev Aga and Mr. Subramanian Sarma, Directors of the Company. Mr. Adil Zainulbhai is the Chairman of the Committee.

The charter of the Committee is to assist the Board in fulfilling its oversight responsibilities for review of the existing Risk Management Policy, Framework, Risk Management Structure and Risk Management Systems. The risk assessment includes review of strategic risks at domestic and international level including sectoral developments, risks related to market competition, financial, geographical, political and reputational issues, environment, social and governance risks and cyber security risks. The Committee periodically reviews the risk status to ensure that executive management mitigates the risks by appropriate actions.

For further details on risk management please refer to pages 111 and 112 of this Annual Report.

CORPORATE SOCIAL RESPONSIBILITY:

The Corporate Social Responsibility Committee comprises 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 the website https://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 110 and 111 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.

The Chief Financial Officer of the Company has certified that CSR funds so disbursed for the projects have been utilized for the purposes and in the manner as approved by the Board.

DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL APPOINTED/ RESIGNED:

Mr. Shailendra Roy ceased to be the Whole-time Director of the Company with effect from 7th July 2020 on account of superannuation from the services of the Company.

Ms. Naina Lal Kidwai ceased to be an Independent Director of the Company with effect from 28th February 2021 on completion of her term as Independent Director.

Ms. Sunita Sharma resigned as a Director of the Company with effect from 3rd May 2021 pursuant to withdrawal of her nomination by LIC. The Board places on record its appreciation towards valuable contribution made by them during their tenure as Directors of the Company.

The Board has appointed Mr. S. V. Desai and Mr. T. Madhava Das as the Whole-time Directors of the Company for a period of five years with effect from 11th July 2020 upto and including 10th July 2025. Mr. Subramanian Sarma has been appointed as the Whole-time Director for a period of five years with effect from 19th August 2020 upto and including 18th August 2025. These appointments were approved by shareholders in the preceeding AGM.

The Board has re-appointed Mr. M. V. Satish as a Whole-time Director for a period from 29th January 2021 upto and including 7th April 2024 and Mr. R Shankar Raman as Whole-time Director for a period from 1st October 2021 upto and including 30th September 2026. Their appointments shall be subject to the approval of the shareholders at this AGM.

Mr. Sanjeev Aga was appointed as Independent Director of the Company with effect from 25th May 2016 upto and including 24th May 2021. Pursuant to the recommendation of the Nomination and Remuneration Committee, the Board at its Meeting held on 14th May 2021 has approved the re-appointment of Mr. Sanjeev Aga for a second and final term of five years from 25th May 2021 upto and including 24th May 2026, subject to the approval of shareholders through special resolution at this AGM.

Mr. Narayanan Kumar was appointed as Independent Director of the Company with effect from 27th May 2016 upto and including 26th May 2021. Pursuant to the recommendation of the Nomination and Remuneration Committee, the Board at its Meeting held on 14th May 2021 has approved the re-appointment of Mr. Narayanan Kumar for a second and final term of five years from 27th May 2021 to 26th May 2026, subject to the approval of shareholders through special resolution at this AGM. Based on their skills, experience, knowledge and report of their performance evaluation, the Board was of the opinion that their association would be of immense benefit to the Company and it would be desirable to continue to avail their services as Independent Directors.

The Board has appointed Mrs. Preetha Reddy as an Independent Director for a period of five years with effect from 1st March 2021 upto and including 28th February 2026, subject to approval of shareholders.

Mr. Hemant Bhargava, Mr. D. K. Sen, Mr. M. V. Satish and Mr. R. Shankar Raman, retire by rotation at the ensuing AGM and being eligible, offer themselves for re-appointment.

The notice convening the AGM includes the proposals for appointment/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 https://investors.larsentoubro.com/Listing-Compliance.aspx. The Company has also disclosed on its website https://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 97 and 98 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 (Listing Obligations and Disclosure Requirements) Regulations, 2015. 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 103 to 105 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 (Listing Obligations and Disclosure Requirements) Regulations, 2015. 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 105 to 109 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. Nomination and Remuneration Policy is provided as Annexure ‘G' forming part of this Board Report and also disclosed on the Company's website at https://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 Regulations, 2015. The same are also displayed on the website of the Company https://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 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 and Qualification of Directors) Rules, 2014, the Independent Directors are exempted from undertaking the online proficiency self-assessment test conducted by the IICA.

ANNUAL RETURN:

As per the provisions of section 92(3) of the Companies Act, 2013, the Annual Return of the Company for the FY 2021 is available on our website https://investors.larsentoubro.com/.

ADEQUACY OF INTERNAL FINANCIAL CONTROLS:

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 2021, 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 could have a material effect on the Company's operations.

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 controls 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.

PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES, DIRECTORS AND CHAIRMAN:

The Nomination and 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 updated suitably 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 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's IT system. 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 meetings of the Nomination and Remuneration Committee and the Board of Directors held on 14th May 2021.

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 ‘H' 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 believes that every employee should have the opportunity to work in an environment free from any conduct which can be considered as sexual harassment. The Company is committed to treating every employee with dignity and respect. 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 and Rules, 2013. The policy is applicable to all L&T establishments located in India. The policy has been widely disseminated. The Company has constituted Internal Complaints Committees to ensure implementation and compliance with the provisions of the aforesaid Act and the Rules. This Policy addresses the following objectives:

To define Sexual Harassment;

To lay down the guidelines for reporting acts of

Sexual Harassment at the workplace; and

To provide the procedure for the resolution and redressal of complaints of Sexual Harassment. A detailed procedure for making a Complaint and initiating an Enquiry to the redressal process, and finally the process of preparation of a report within a stipulated timeline is well laid out in the Policy document. The Policy also covers Disciplinary Action for sexual harassment and is a part of the Company's Code of Conduct. Training programs and workshops for employees are organised throughout the year. The orientation programs for new recruits include awareness sessions on prevention of sexual harassment and upholding the dignity of employees. Specific programs have been created on the digital platform to sensitize employees to uphold the dignity of their colleagues and prevention of sexual harassment. During FY 2021, about 13,400 employees have undergone training through the programs / workshops including the awareness sessions held on digital platform.

There were 3 complaints received during the FY 2021. All the complaints were redressed as per the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules, 2013.

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 together with a certificate obtained from the Statutory Auditors, confirming compliance, is provided on the website of the Company https://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 (Listing Obligations and Disclosure Requirements) Regulations, 2015, 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.

Business Responsibility Reporting: As per Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate section on Business Responsibility Reporting forms a part of this Annual Report (refer to pages 28 to 53).

Integrated Reporting: The Company has adopted the Integrated Reporting Framework as laid down by International Integrated Reporting Council. The Integrated Report 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 Integrated Reporting and Sustainability Structure, Sustainability Roadmap 2021, Risks and 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 FY 2020 is available on the Company's website https://www.lntsustainability.com/integrated-report/ and the report for the FY 2021 shall be published shortly.

Statutory Compliance: The Company complies with all applicable laws and regulations, pays applicable 89 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 November 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.

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.

Remuneration received by Whole time Director from subsidiary company: Mr. Subramanian Sarma, Whole-time Director of the Company is also the Managing Director of a Wholly Owned Subsidiary, L&T Hydrocarbon Engineering Limited. During the FY 2021, part of the remuneration received by Mr. Sarma was charged to L&T Hydrocarbon Engineering Limited (LTHE). Accordingly, the Company has recovered an amount of R 3.17 crore from LTHE for remuneration paid to Mr. Sarma.

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 https://investors.larsentoubro.com/CorporateGovernance.aspx. During the year, no person has been declined access to the Audit Committee, wherever desired.

Also see pages 112 and 113 forming part of Annexure ‘B' of this Board Report.

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 (Listing Obligations and Disclosure Requirements) Regulations, 2015 and prepared in accordance with the provisions of the Companies Act, 2013 and 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 re-appointed as Statutory Auditors for a period of 5 continuous years from the conclusion of 75th Annual General Meeting till the conclusion of 80th Annual General Meeting of the Company.

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, 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.

Also see page no. 113 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:

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 2021.

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 14th May 2021, 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 2022 at a remuneration of R 13 lakhs.

A proposal for ratification of remuneration of the Cost Auditor for the FY 2022 is placed before the shareholders. The Report of the Cost Auditors for the financial year ended 31st March 2021 is under finalization and shall be filed with the Ministry of Corporate Affairs within the prescribed period.

ACKNOWLEDGEMENT:

The 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 other 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 : 14th May 2021
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 2021
M M Chitale Non-Exec. & Independent Dir. 2021
Subodh Bhargava Non-Exec. & Independent Dir. 2021
S N Subrahmanyan Managing Director & CEO 2021
R Shankar Raman Whole Time Director & CFO 2021
M Damodaran Non-Exec. & Independent Dir. 2021
Vikram Singh Mehta Non-Exec. & Independent Dir. 2021
Adil Zainulbhai Non-Exec. & Independent Dir. 2021
Subramanian Sarma Whole Time Director & SeniorVP 2021
D K Sen Whole Time Director & SeniorVP 2021
M V Satish Whole Time Director & SeniorVP 2021
Sanjeev Aga Non-Exec. & Independent Dir. 2021
Narayanan Kumar Non-Exec. & Independent Dir. 2021
JAYANT DAMODAR PATIL Whole Time Director & SeniorVP 2021
Hemant Bhargava Nominee (LIC) 2021
Sivaram Nair A Company Secretary 2021
SUDHINDRA VASANTRAO DESAI Whole-time Director 2021
T Madhava Das Whole Time Director & SeniorVP 2021
Preetha Reddy Independent Director 2021

Larsen & Toubro Ltd Listing Information

Listing Information
BSE_SENSEX
NIFTY
BSE_500
BSE_CG
BSE_100
BSE_200
BSEDOLLEX
CNX500
CNX100
CNXINFRAST
CNX200
CNXDIVIDEN
BSEGREENEX
BSECARBONE
NFT100LQ15
NIFTY50V20
BSEINFRA
NFT100EQWT
BSEALLCAP
BSELARGECA
INDUSTRIAL
BSEMANUFAC
SENSEX50
BSEBHARA22
LMI250
BSEDSI
NFT50EQWT
NFT100LV30
BSE100LTMC

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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