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.