Standalone and Consolidated Results 2021-22 Q2

LT.NS

LARSEN & TOUBRO LIMITED

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

CIN : L99999MH1946PLC004768

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2021

Quarter ended

Six months ended

Year ended

Particulars

September 30,

June 30,

September 30,

September 30,

September 30,

March 31,

2021

2021

2020

2021

2020

2021

[Reviewed]

[Reviewed]

[Reviewed]

[Reviewed]

[Reviewed]

[Audited]

1

Income:

a)

Revenue from operations

17061.00

13109.00

15791.68

30170.00

23941.67

73315.59

b)

Other income(net)

1353.77

670.49

935.15

2024.26

1633.41

3435.44

Total Income

18414.77

13779.49

16726.83

32194.26

25575.08

76751.03

2

Expenses:

a)

Manufacturing, construction and operating expenses:

i) Cost of raw materials and components consumed

1464.97

1287.44

1331.87

2752.41

2136.63

5693.94

ii) Stores, spares and tools consumed

540.27

388.32

413.67

928.59

595.93

1418.59

iii) Sub-contracting charges

4503.88

2920.73

4208.64

7424.61

5861.71

19625.19

iv) Construction materials consumed

5368.36

3648.97

4223.93

9017.33

6008.21

22426.38

v) Purchases of stock-in-trade

251.54

239.46

299.99

491.00

441.10

1226.68

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

(521.83)

(362.83)

394.69

(884.66)

249.92

342.53

vii) Other manufacturing, construction and operating expenses

1883.94

1772.53

1690.62

3656.47

3033.76

7556.80

b)

Employee benefits expense

1567.43

1543.25

1399.09

3110.68

2756.19

5474.32

c)

Sales, administration and other expenses

599.70

645.28

598.35

1244.98

1045.78

2285.01

d)

Finance costs

424.21

466.92

656.40

891.13

1364.85

2419.55

e)

Depreciation, amortisation, impairment and obsolescence

261.25

260.27

249.42

521.52

484.18

1025.62

Total Expenses

16343.72

12810.34

15466.67

29154.06

23978.26

69494.61

3

Profit before exceptional items and tax (1-2)

2071.05

969.15

1260.16

3040.20

1596.82

7256.42

4

Tax expense:

a)

Current tax

346.67

219.56

193.15

566.23

244.15

1434.27

b)

Deferred tax

(33.77)

(0.38)

15.46

(34.15)

19.47

317.01

Total tax expense

312.90

219.18

208.61

532.08

263.62

1751.28

5

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

1758.15

749.97

1051.55

2508.12

1333.20

5505.14

6

Exceptional items:

a)

Exceptional items before tax

290.06

-

(2818.65)

290.06

(2818.65)

(2818.65)

b)

Tax expense on exceptional items

22.77

-

-

22.77

-

-

Exceptional items (net of tax)

267.29

-

(2818.65)

267.29

(2818.65)

(2818.65)

7

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

2025.44

749.97

(1767.10)

2775.41

(1485.45)

2686.49

8

Profit before tax from discontinued operations

-

-

10986.39

-

11019.73

11199.23

9

Tax expense of discontinued operations

-

-

2502.78

-

2511.19

2548.75

10

Net profit after tax from discontinued operations

-

-

8483.61

-

8508.54

8650.48

11

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

2025.44

749.97

6716.51

2775.41

7023.09

11336.97

12

Other comprehensive income/(loss) [net of tax]

(38.57)

150.19

162.73

111.62

382.25

491.55

13

Total comprehensive income (11+12)

1986.87

900.16

6879.24

2887.03

7405.34

11828.52

14

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

280.93

280.92

280.81

280.93

280.81

280.91

15

Other equity

60132.63

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

(a) Basic EPS ( )

14.42

5.34

(12.59)

19.76

(10.58)

19.13

(b) Diluted EPS ( )

14.40

5.33

(12.59)

19.74

(10.58)

19.11

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

(a) Basic EPS ( )

-

-

60.42

-

60.60

61.61

(b) Diluted EPS ( )

-

-

60.42

-

60.60

61.54

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

annualised):

(a) Basic EPS ( )

14.42

5.34

47.83

19.76

50.02

80.74

(b) Diluted EPS ( )

14.40

5.33

47.83

19.74

50.02

80.65

Notes:

Crore

As at

Particulars

September 30,

March 31,

2021

2021

[Reviewed]

[Audited]

ASSETS:

Non-current assets

Property, plant and equipment

7231.61

7462.21

Capital work-in-progress

360.32

236.12

Investment property

411.20

421.61

Intangible assets

50.24

55.39

Intangible assets under development

69.29

48.01

Right-of-use assets

414.82

417.37

Financial assets:

Investments

27889.41

28569.12

Loans

3838.90

2449.39

Other financial assets

446.71

521.50

Deferred tax assets(net)

495.11

494.00

Other non-current assets

3899.45

3646.05

Sub total - Non-current assets

45107.06

44320.77

Current assets

Inventories

3047.78

2858.56

Financial assets:

Investments

16473.57

18454.40

Trade receivables

27183.61

29948.24

Cash and cash equivalents

2631.39

3112.69

Other bank balances

645.78

650.59

Loans

1.58

87.67

Other financial assets

2095.74

2040.29

Other current assets

47287.85

46479.35

Sub total - Current assets

99367.30

103631.79

TOTAL ASSETS

144474.36

147952.56

EQUITY AND LIABILITIES:

EQUITY

Equity share capital

280.93

280.91

Other equity

60521.85

60132.63

Equity

60802.78

60413.54

LIABILITIES

Non-current liabilities

Financial liabilities:

Borrowings

12139.06

15868.21

Lease liability

49.93

59.99

Other financial liabilities

77.78

82.63

Provisions

657.46

639.02

Sub total - Non-current liabilities

12924.23

16649.85

Current liabilities

Financial liabilities:

Borrowings

5525.56

6940.94

Current maturities of long term borrowings

4774.37

999.56

Lease liability

113.95

104.18

Trade payables:

Due to micro enterprises and small enterprises

221.54

351.47

Due to others

33018.88

37118.33

Other financial liabilities

2428.43

2159.41

Other current liabilities

22843.63

21499.49

Provisions

1451.73

1320.01

Current tax liabilities(net)

369.26

395.78

Sub total - Current liabilities

70747.35

70889.17

TOTAL LIABILITIES

83671.58

87539.02

TOTAL EQUITY AND LIABILITIES

144474.36

147952.56

crore

September 30,

September 30,

Particulars

2021

2020

[Reviewed]

[Reviewed]

A. Cash flow from operating activities:

Profit before tax (excluding exceptional items) from:

Continuing operations

3040.20

1596.82

Discontinued operations

-

11019.73

Profit before tax including discontinued operations (excluding exceptional

3040.20

12616.55

items)

Adjustments for:

Gain on transfer of discontinued operations

-

(10897.11)

Dividend received

(1081.23)

(660.25)

Depreciation, amortisation, impairment and obsolescence (net)

521.52

484.18

Exchange difference on items grouped under financing/investing activities

(21.85)

11.80

Effect of exchange rate changes on cash and cash equivalents

(16.35)

50.38

Interest expense

891.13

1364.85

Interest income

(477.23)

(447.09)

(Profit)/loss on sale of fixed assets (net)

(2.63)

(2.82)

(Profit)/loss on sale of investments (net) [including fair valuation]

(220.66)

(485.20)

Lease rental concession

-

(0.33)

Employee stock option-discount forming part of employee benefits expense

23.08

22.93

Non-cash items related to discontinued operations

-

2.83

Operating profit before working capital changes

2655.98

2060.72

Adjustments for:

(Increase)/decrease in trade and other receivables

1933.73

5326.04

(Increase)/decrease in inventories

(179.89)

7.03

Increase/(decrease) in trade payables and customer advances

(2378.62)

(6577.27)

Cash (used in)/generated from operations

2031.20

816.52

Direct taxes refund/(paid) [net]

(813.72)

(469.13)

Net cash (used in)/from operating activities

1217.48

347.39

B.

Cash flow from investing activities:

Purchase of fixed assets

(348.82)

(336.30)

Sale of fixed assets (including advance received)

20.04

31.51

Investment in subsidiaries, associates and joint venture companies

-

(360.14)

Divestment of stake in subsidiary companies

782.10

260.00

Net proceeds from transfer of NxT business undertaking

99.00

-

Net proceeds from transfer of discontinued operations (net of tax)

(47.64)

11908.77

(Purchase)/sale of current investments (net)

2096.14

(18313.01)

Change in other bank balances and cash not availabe for immediate use

128.77

(603.51)

Long term deposits/loans (given) - subsidiaries, associates, joint venture

companies and third parties

(1215.94)

(1456.15)

Long term deposits/loans repaid - subsidiaries, associates, joint venture

companies and third parties

7.53

2015.63

Short term deposits/loans (given)/repaid (net) - subsidiaries, associates, joint

venture companies and third parties

0.17

(1445.12)

Interest received

447.04

363.03

Dividend received from subsidiaries and joint venture companies

1078.41

659.79

Dividend received from other investments

2.69

-

Net cash (used in)/from investing activities

3049.49

(7275.50)

C.

Cash flow from financing activities:

Proceeds from fresh issue of share capital (including share application money)[net]

4.04

5.19

Proceeds from non-current borrowings

450.00

9117.81

Repayment of non-current borrowings

(6.31)

(3391.03)

(Repayments)/Proceeds from other borrowings (net)

(1411.40)

2642.64

Settlement of derivative contracts related to borrowings

31.93

(32.59)

Interest paid on lease liability

(5.87)

(5.61)

Principal repayment on lease liability

(40.84)

(42.04)

Dividends paid

(2528.38)

(1123.23)

Interest paid (including cash flows from interest rate swaps)

(1262.04)

(1122.76)

Net cash (used in)/from financing activities

(4768.87)

6048.38

Net (decrease)/increase in cash and cash equivalents (A + B + C)

(501.90)

(879.73)

Cash and cash equivalents at beginning of the year

3112.69

3262.83

Effect of exchange rate changes on cash and cash equivalents

20.60

(51.94)

Cash and cash equivalents at end of the year

2631.39

2331.16

Notes:

(viii) Additional disclosures as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

Sr. No.

Particulars

(Total borrowings divided by Equity)

As at September As at September

As at March

30, 2021

30, 2020

31, 2021

0.37

0.58

0.39

4.38

0.62

1.66

3 Interest service coverage ratio (ISCR)

4.41

2.17

4.00

(Profit before interest, exceptional items and profit from discontinued operations divided by interest expense)

4 Current ratio

1.51

1.46

1.48

(Current assets divided by current liabilities excluding current maturities of long term borrowings)

5

Long term debt to working capital

0.51

0.48

0.50

(Long term borrowings including current maturities of long term borrowings divided by working capital (working capital refers to net current assets

arrived after reducing current liabilities excluding current maturities of long term borrowings from current assets)

6

Bad debts to accounts receivable ratio

0.00

0.00

0.01

(Bad debts written off divided by gross trade receivables)

7

Current liability ratio

0.79

0.81

0.80

(Current liability excluding current maturities of long term borrowings divided by total liabilities)

8

Total debts to total assets

0.16

0.23

0.16

(Total borrowings divided by total assets)

9

Debtors turnover

2.79

2.60

2.33

(Revenue for trailing 12 months divided by average gross trade receivables)

10

Inventory turnover

-

-

-

(Not material considering the size and the nature of operations of the Company)

11

Operating margin

8.05%

7.57%

9.91%

(PBDIT excl. other income and profit from discontinued operations divided by revenue from operations)

12

Net profit margin

9.20%

29.33%

15.46%

(Profit after tax incl. profit from discontinued operations divided by revenue from operations)

13

Total Borrowings [ Crore]

22438.99

34156.98

23808.71

14

Debenture Redemption Reserve [ Crore]

138.65

138.65

138.65

15

Net worth [ Crore] (As per section 2(57) of Companies Act, 2013)

60594.41

58450.84

60303.20

16 The Company continues to maintain 100% asset cover for the NCDs issued by it.

for LARSEN & TOUBRO LIMITED

Mumbai

R. SHANKAR RAMAN

October 27, 2021

Whole-time Director & Chief Financial Officer

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

Quarter ended

Six months ended

Year ended

Particulars

September 30,

June 30,

September 30,

September 30,

September 30,

March 31,

2021

2021

2020

2021

2020

2021

[Reviewed]

[Reviewed]

[Reviewed]

[Reviewed]

[Reviewed]

[Audited]

Gross segment revenue

1

Infrastructure

13402.49

9781.99

12451.48

23184.48

18491.65

58364.15

2

Power

1118.16

764.48

688.69

1882.64

1068.69

3192.64

3

Heavy Engineering

687.66

629.76

708.05

1317.42

1133.18

3018.23

4

Defence Engineering

845.95

690.05

768.81

1536.00

1245.30

3410.12

5

Electrical & Automation (discontinued operations)

-

-

697.06

-

1262.74

1262.74

6

Others

1094.43

1315.72

1225.37

2410.15

2101.93

5660.86

Total

17148.69

13182.00

16539.46

30330.69

25303.49

74908.74

Less: Revenue of discontinued operations

-

-

697.06

-

1262.74

1262.74

Less : Inter-segment revenue

87.69

73.00

50.72

160.69

99.08

330.41

Net segment revenue from continuing operations

17061.00

13109.00

15791.68

30170.00

23941.67

73315.59

Segment results

1

Infrastructure

918.86

516.70

646.76

1435.56

885.48

4274.16

2

Power

22.08

10.97

12.58

33.05

7.69

111.42

3

Heavy Engineering

85.86

86.65

18.71

172.51

74.20

489.47

4

Defence Engineering

86.81

110.71

150.83

197.52

175.78

616.98

5

Electrical & Automation (discontinued operations)

-

-

89.28

-

122.62

120.91

6

Others

162.17

117.39

96.58

279.56

130.40

773.64

Total

1275.78

842.42

1014.74

2118.20

1396.17

6386.58

Less : Result of discontinued operations

-

-

89.28

-

122.62

120.91

Less : Inter-segment margins on capital jobs

-

-

-

-

1.68

11.11

Less : Finance costs

424.21

466.92

656.40

891.13

1364.85

2419.55

Add : Unallocable corporate income net of expenditure

1219.48

593.65

991.10

1813.13

1689.80

3421.41

Profit before tax from continuing operations (before exceptional items)

2071.05

969.15

1260.16

3040.20

1596.82

7256.42

Add/(Less) : Exceptional items(net)

290.06

-

(2818.65)

290.06

(2818.65)

(2818.65)

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

2361.11

969.15

(1558.49)

3330.26

(1221.83)

4437.77

Segment assets

1

Infrastructure

70015.09

67469.87

71165.62

2

Power

5463.55

5141.98

5518.52

3

Heavy Engineering

3115.97

3296.13

3165.37

4

Defence Engineering

5413.02

6663.79

5843.61

5

Electrical & Automation (discontinued operations)

-

-

-

6

Others

7135.59

6832.53

6967.26

Total segment assets

91143.22

89404.30

92660.38

Less : Inter-segment assets

826.49

515.64

869.96

Add : Unallocable corporate assets

54157.63

60685.75

56162.14

Total assets

144474.36

149574.41

147952.56

Segment liabilities

1

Infrastructure

46554.62

40885.21

48169.76

2

Power

4576.73

4450.15

4672.13

3

Heavy Engineering

1456.85

1668.22

1430.07

4

Defence Engineering

3149.55

4139.48

3766.93

5

Electrical & Automation (discontinued operations)

-

-

-

6

Others

4169.38

3169.75

4377.18

Total segment liabilities

59907.13

54312.81

62416.07

Less : Inter-segment liabilities

826.49

515.64

869.96

Add : Unallocable corporate liabilities

24590.94

37291.93

25992.91

Total liabilities

83671.58

91089.10

87539.02

Notes:

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

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

for LARSEN & TOUBRO LIMITED

Mumbai

R. SHANKAR RAMAN

October 27, 2021

Whole-time Director & Chief Financial Officer

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Larsen & Toubro Limited published this content on 27 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2021 12:37:03 UTC.