STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021
Quarter ended
Nine months ended
Year ended
Particulars
December 31,
September 30,
December 31,
December 31,
December 31,
March 31,
2021
2021
2020
2021
2020
2021
[Reviewed]
[Reviewed]
[Reviewed]
[Reviewed]
[Reviewed]
[Audited]
1
Income:
a)
Revenue from operations
21551.54
17061.00
19619.81
51721.54
43561.48
73315.59
b)
Other income(net)
1012.44
1353.77
1127.66
3036.70
2761.07
3435.44
Total Income
22563.98
18414.77
20747.47
54758.24
46322.55
76751.03
2
Expenses:
a)
Manufacturing, construction and operating expenses:
i) Cost of raw materials and components consumed
1359.21
1464.97
1713.07
4111.62
3849.70
5693.94
ii) Stores, spares and tools consumed
629.17
540.27
374.54
1557.76
970.47
1418.59
iii) Sub-contracting charges
4993.56
4503.88
5574.77
12418.17
11436.48
19625.19
iv) Construction materials consumed
9178.12
5368.36
5614.45
18195.45
11622.66
22426.38
v) Purchases of stock-in-trade
319.98
251.54
348.89
810.98
789.99
1226.68
vi) Changes in inventories of finished goods, stock-in-trade and work-in-progress
(1242.44)
(521.83)
297.79
(2127.10)
547.71
342.53
vii) Other manufacturing, construction and operating expenses
2308.70
1883.94
1905.82
5965.17
4939.58
7556.80
b)
Employee benefits expense
1617.18
1567.43
1393.07
4727.86
4149.29
5474.32
c)
Sales, administration and other expenses
667.58
599.70
533.60
1912.56
1579.35
2285.01
d)
Finance costs
412.00
424.21
567.81
1303.13
1932.66
2419.55
e)
Depreciation, amortisation, impairment and obsolescence
258.73
261.25
240.42
780.25
724.60
1025.62
Total Expenses
20501.79
16343.72
18564.23
49655.85
42542.49
69494.61
3
Profit before exceptional items and tax (1-2)
2062.19
2071.05
2183.24
5102.39
3780.06
7256.42
4
Tax expense:
a)
Current tax
447.96
346.67
354.05
1014.19
598.20
1434.27
b)
Deferred tax
(56.61)
(33.77)
124.29
(90.76)
143.76
317.01
Total tax expense
391.35
312.90
478.34
923.43
741.96
1751.28
5
Net profit after tax (before exceptional items) from continuing operations (3-4)
1670.84
1758.15
1704.90
4178.96
3038.10
5505.14
6
Exceptional items:
a)
Exceptional items before tax
-
290.06
-
290.06
(2818.65)
(2818.65)
b)
Tax expense on exceptional items
-
22.77
-
22.77
-
-
Exceptional items (net of tax)
-
267.29
-
267.29
(2818.65)
(2818.65)
7
Net profit after tax from continuing operations (5+6)
1670.84
2025.44
1704.90
4446.25
219.45
2686.49
8
Profit before tax from discontinued operations
-
-
213.08
-
11232.81
11199.23
9
Tax expense of discontinued operations
-
-
45.21
-
2556.40
2548.75
10
Net profit after tax from discontinued operations
-
-
167.87
-
8676.41
8650.48
11
Net profit after tax from continuing operations & discontinued operations (7+10)
1670.84
2025.44
1872.77
4446.25
8895.86
11336.97
12
Other comprehensive income/(loss) [net of tax]
(62.60)
(38.57)
519.15
49.02
901.40
491.55
13
Total comprehensive income (11+12)
1608.24
1986.87
2391.92
4495.27
9797.26
11828.52
14
Paid-up equity share capital (face value of share: 2 each)
280.97
280.93
280.85
280.97
280.85
280.91
15
Other equity
60132.63
16 Earnings per equity share (EPS) from continuing operations after exceptional items (not annualised):
(a) Basic EPS ( )
11.89
14.42
12.14
31.65
1.56
19.13
(b) Diluted EPS ( )
11.88
14.40
12.13
31.62
1.56
19.11
17 Earnings per equity share (EPS) from discontinued operations (not annualised):
(a) Basic EPS ( )
-
-
1.20
-
61.80
61.61
(b) Diluted EPS ( )
-
-
1.19
-
61.74
61.54
18 Earnings per equity share (EPS) from continuing operations & discontinued operations (not
annualised):
(a) Basic EPS ( )
11.89
14.42
13.34
31.65
63.36
80.74
(b) Diluted EPS ( )
11.88
14.40
13.32
31.62
63.30
80.65
Notes:
The Scheme of Arrangement (the "Scheme") for amalgamation of L&T Hydrocarbon Engineering Limited, a wholly owned subsidiary with the Company was filed with Hon'ble National Company Law Tribunal, Mumbai Bench (NCLT). The Scheme proposes 'Appointed Date' of April 1, 2021 and would be effective upon receipt of the NCLT order.
During the quarter, the Company has allotted 1,83,257 equity shares of 2 each fully paid-up, on exercise of stock options by employees in accordance with the Company's stock option schemes.
The Company will assess the impact of Code on Wages, 2019 and the Code on Social Security, 2020 and give effect in the Financial Statements when the date of implementation of these codes and the Rules/Schemes thereunder are notified.
For better understanding of the Group's financial performance, line items have been added to show Profit after tax from continuing operations separately from Exceptional Items. This is in line with guidance available in Schedule III to the Companies Act, 2013.
(v) Additional disclosures as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:
Quarter ended
Nine months ended
Year ended
Sr. No.
Particulars
December 31,
September 30,
December 31,
December 31,
December 31,
March 31,
2021
2021
2020
2021
2020
2021
1
Debt equity ratio
0.34
0.37
0.54
0.34
0.54
0.39
2
Debt service coverage ratio (DSCR)
5.84
5.88
5.55
4.85
1.09
1.66
3
Interest service coverage ratio (ISCR)
6.01
5.88
4.85
4.92
2.96
4.00
4
Current ratio
1.41
1.40
1.46
1.41
1.46
1.46
5
Long term debt to working capital ratio
0.50
0.51
0.49
0.50
0.49
0.50
6
Bad debts to accounts receivable ratio
0.00
0.00
0.00
0.00
0.01
0.01
7
Current liability ratio
0.85
0.85
0.81
0.85
0.81
0.81
8
Total debt to total assets ratio
0.14
0.16
0.21
0.14
0.21
0.16
9
Debtors turnover ratio
2.74
2.79
2.48
2.74
2.48
2.34
10
Operating margin (%)
7.98%
8.22%
9.50%
8.02%
8.44%
9.91%
11
Net profit margin (%)
7.75%
11.87%
9.55%
8.60%
20.42%
15.46%
12
Inventory turnover ratio (refer note below)
NA
NA
NA
NA
NA
NA
13
Debenture Redemption Reserve [ Crore]
138.65
138.65
138.65
138.65
138.65
138.65
14
Net worth [ Crore] (As per section 2(57) of Companies Act, 2013)
62293.73
60594.41
57827.13
62293.73
57827.13
60303.20
15 The Company continues to maintain 100% asset cover for the NCDs issued by it.
Note:
Formulae for computation of ratios are as follows:
Sr. No.
Particulars
Formulae
1
Debt equity ratio
Total borrowings
Total equity
2
Debt service coverage ratio (DSCR)
Profit before interest, tax and exceptional items from continuing operations
Interest expense + Principal repayments made during the period for long term borrowings+ Cash flow on
settlement of derivatives contracts related to borrowings
3
Interest service coverage ratio (ISCR)
Profit before interest, tax and exceptional items from continuing operations
Interest expense
4
Current ratio
Current assets
Current liabilities
5
Long term debt to working capital ratio
Long term borrowings (Including current maturities of long term borrowings)
Current assets (-) Current liabilities [excluding current maturities of long term borrowings]
6
Bad debts to accounts receivable ratio
Bad debts
Average gross trade receivables
7
Current liability ratio
Current liabilities
Total liabilities
8
Total debt to total assets ratio
Total borrowings
Total assets
9
Debtors turnover ratio
Revenue from operations for trailing 12 months
Average gross trade receivables
10
Operating margin (%)
Profit before depreciation, interest, tax and exceptional items
from continuing operations (-) Other income
Revenue from operations
11
Net profit margin (%)
Net profit after tax from continuing operations and discontinued operations
Revenue from operations
12
Inventory turnover ratio
Not material considering the size and the nature of operations of the Company
Figures for the previous periods have been regrouped/reclassified to conform to the classification of the current periods.
The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on January 28, 2022.The same have also been subjected to Limited Review by the Statutory Auditors.
for LARSEN & TOUBRO LIMITED
Mumbai
S. N. SUBRAHMANYAN
January 28, 2022
Chief Executive Officer & Managing Director
Standalone unaudited Segment-wise Revenue, Result, Total Assets and Total Liabilities:
Quarter ended
Nine months ended
Year ended
Particulars
December 31,
September 30,
December 31,
December 31,
December 31,
March 31,
2021
2021
2020
2021
2020
2021
[Reviewed]
[Reviewed]
[Reviewed]
[Reviewed]
[Reviewed]
[Audited]
Gross segment revenue
1
Infrastructure
17837.79
13402.49
15106.78
41022.27
33598.43
58364.15
2
Power
1071.00
1118.16
903.74
2953.64
1972.43
3192.64
3
Heavy Engineering
754.98
687.66
803.14
2072.40
1936.32
3018.23
4
Defence Engineering
793.25
845.95
1023.98
2329.25
2269.28
3410.12
5
Electrical & Automation (discontinued operations)
-
-
-
-
1262.74
1262.74
6
Others
1188.10
1094.43
1875.20
3598.25
3977.13
5660.86
Total
21645.12
17148.69
19712.84
51975.81
45016.33
74908.74
Less: Revenue of discontinued operations
-
-
-
-
1262.74
1262.74
Less : Inter-segment revenue
93.58
87.69
93.03
254.27
192.11
330.41
Net segment revenue from continuing operations
21551.54
17061.00
19619.81
51721.54
43561.48
73315.59
Segment results
1
Infrastructure
1098.14
918.86
778.65
2533.70
1664.13
4274.16
2
Power
37.10
22.08
8.82
70.15
16.51
111.42
3
Heavy Engineering
94.81
85.86
134.77
267.32
208.97
489.47
4
Defence Engineering
158.19
86.81
138.37
355.71
314.15
616.98
5
Electrical & Automation (discontinued operations)
-
-
(1.71)
-
120.91
120.91
6
Others
109.83
162.17
533.68
389.39
664.08
773.64
Total
1498.07
1275.78
1592.58
3616.27
2988.75
6386.58
Less : Result of discontinued operations
-
-
(1.71)
-
120.91
120.91
Less : Inter-segment margins on capital jobs
-
-
-
-
1.68
11.11
Less : Finance costs
412.00
424.21
567.81
1303.13
1932.66
2419.55
Add : Unallocable corporate income net of expenditure
976.12
1219.48
1156.76
2789.25
2846.56
3421.41
Profit before tax from continuing operations (before exceptional items)
2062.19
2071.05
2183.24
5102.39
3780.06
7256.42
Add/(Less) : Exceptional items(net)
-
290.06
-
290.06
(2818.65)
(2818.65)
Profit before tax from continuing operations (including exceptional items)
2062.19
2361.11
2183.24
5392.45
961.41
4437.77
Segment assets
1
Infrastructure
73574.35
67662.16
71165.62
2
Power
5521.76
5443.31
5518.52
3
Heavy Engineering
3018.37
3379.70
3165.37
4
Defence Engineering
5366.60
6471.82
5843.61
5
Electrical & Automation (discontinued operations)
-
-
-
6
Others
7647.38
7408.49
6967.26
Total segment assets
95128.46
90365.48
92660.38
Less : Inter-segment assets
728.38
551.93
869.96
Add : Unallocable corporate assets
52847.78
57215.46
56162.14
Total assets
147247.86
147029.01
147952.56
Segment liabilities
1
Infrastructure
48673.79
41474.03
48169.76
2
Power
4652.68
4671.58
4672.13
3
Heavy Engineering
1416.38
1738.72
1430.07
4
Defence Engineering
3034.05
3755.34
3766.93
5
Electrical & Automation (discontinued operations)
-
-
-
6
Others
4405.90
3588.12
4377.18
Total segment liabilities
62182.80
55227.79
62416.07
Less : Inter-segment liabilities
728.38
551.93
869.96
Add : Unallocable corporate liabilities
23369.54
33987.93
25992.91
Total liabilities
84823.96
88663.79
87539.02
Notes:
The Company has reported segment information as per Ind AS 108 "Operating Segments". The identification of operating segments is consistent with performance assessment and resource allocation by the management.
Segment composition: Infrastructure segment comprises engineering and construction of (a) building and factories, (b) transportation infrastructure, (c) heavy civil infrastructure, (d) power transmission & distribution, (e) water & effluent treatment systems and (f) metallurgical & material handling systems. Power segment comprises turnkey solutions for Coal-based and Gas-based thermal power plants including power generation equipment with associated systems and/or balance-of-plant packages. Heavy Engineering segment comprises manufacture and supply of custom designed, engineered critical equipment & systems to core sector industries like Fertiliser, Refinery, Petrochemical, Chemical, Oil & Gas and Thermal & Nuclear Power. Defence Engineering segment comprises (a) design, development, serial production and through life-support of equipment, systems and platforms for Defence and Aerospace sectors and (b) design, construction, and repair/refit of defence vessels. Electrical & Automation segment (upto the date of transfer and disclosed as discontinued operation) comprises manufacture and sale of low and medium voltage switchgear components, custom-built low and medium voltage switchboards, electronic energy meters/protection (relays) systems and control & automation products. Others segment includes realty, smart world & communication projects (including military communications), hydrocarbon, marketing and servicing of construction & mining machinery and parts thereof and manufacture, sale of rubber processing machinery and EduTech business.
Unallocable corporate income primarily includes interest income, dividends and investment related gains. Unallocable expenditure mainly includes corporate expenses not allocated to segments. Unallocable corporate assets mainly comprise investments. Corporate liabilities mainly comprise borrowings.
(IV) In respect of most of the segments of the Company, revenue and margins do not accrue uniformly during the year.
(V) Figures for the previous periods have been regrouped/reclassified to conform to the classification of the current periods.
STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021
Quarter ended
Nine months ended
Year ended
Particulars
December 31,
September 30,
December 31,
December 31,
December 31,
March 31,
2021
2021
2020
2021
2020
2021
[Reviewed]
[Reviewed]
[Reviewed]
[Reviewed]
[Reviewed]
[Audited]
Income:
a)
Revenue from operations
39562.92
34772.90
35596.42
103670.55
87891.13
135979.03
b)
Other income (net)
571.39
532.14
1064.66
1751.49
2401.07
3429.35
Total Income
40134.31
35305.04
36661.08
105422.04
90292.20
139408.38
2
Expenses:
a)
Manufacturing, construction and operating expenses:
i) Cost of raw materials and components consumed
4003.00
4387.90
4147.82
12112.86
10491.64
15571.40
ii) Stores, spares and tools consumed
771.03
677.35
510.02
1916.45
1285.55
2023.54
iii) Sub-contracting charges
5877.78
5236.89
6302.37
14894.25
13076.33
22316.18
iv) Construction materials consumed
9757.08
5840.37
6212.15
19793.41
12825.51
24558.23
v) Purchase of stock-in-trade
322.75
252.70
346.23
814.46
779.65
1213.58
vi) Changes in inventories of finished goods, stock-in-trade and work-in-progress
(1281.73)
(521.71)
297.00
(2262.59)
644.96
343.37
vii) Other manufacturing, construction and operating expenses
4386.06
3869.55
3265.56
11750.68
8720.75
12983.56
b)
Finance cost of financial services business and finance lease activity
1453.52
1491.40
1785.89
4510.71
5874.53
7691.04
c)
Employee benefits expense
7631.46
7252.01
6167.55
21762.99
18399.11
24750.97
d)
Sales, administration and other expenses
2111.55
2291.57
2281.88
6680.54
6557.91
8903.06
e)
Finance costs
813.80
779.34
962.01
2420.60
3060.37
3913.44
f)
Depreciation, amortisation, impairment and obsolescence
732.46
728.75
702.10
2178.60
2087.45
2904.21
Total Expenses
36578.76
32286.12
32980.58
96572.96
83803.76
127172.58
3
Profit before exceptional items and tax (1-2)
3555.55
3018.92
3680.50
8849.08
6488.44
12235.80
4
Tax expense:
a)
Current tax
1118.05
658.20
886.36
2796.92
2261.54
3923.39
b)
Deferred tax
(59.36)
226.32
154.39
(135.28)
(337.43)
87.43
Total tax expense
1058.69
884.52
1040.75
2661.64
1924.11
4010.82
5
Net profit after tax (before exceptional items) from continuing operations (3-4)
2496.86
2134.40
2639.75
6187.44
4564.33
8224.98
6
Share in profit/(loss) after tax of joint ventures/associates (net)
20.28
0.63
8.58
(3.61)
(145.11)
14.40
7
Net profit after tax and share in profit/(loss) of joint ventures/associates from continuing
2517.14
2135.03
2648.33
6183.83
4419.22
8239.38
operations before exceptional items (5+6)
8
Exceptional items:
a)
Exceptional items before tax
-
119.70
-
119.70
(3693.78)
(3693.78)
Current tax
-
22.77
-
22.77
48.44
48.44
Deferred tax
-
-
-
-
(186.20)
(186.20)
b)
Total tax expense
-
22.77
-
22.77
(137.76)
(137.76)
Exceptional items (net of tax) (a-b)
-
96.93
-
96.93
(3556.02)
(3556.02)
9
Net profit after tax from continuing operations including share in profit/(loss) of joint
2517.14
2231.96
2648.33
6280.76
863.20
4683.36
ventures/associates (7+8)
10
Profit before tax from discontinued operations
-
-
255.47
-
10922.64
10790.50
11
Tax expense of discontinued operations
-
-
46.14
-
2560.26
2552.58
12
Net profit after tax from discontinued operations (10-11)
-
-
209.33
-
8362.38
8237.92
13
Net profit after tax from continuing operations & discontinued operations (9+12)
2517.14
2231.96
2857.66
6280.76
9225.58
12921.28
Attributable to: Owners of the Company
2054.74
1819.45
2466.71
5048.63
8290.12
11582.93
Non-controlling interests
462.40
412.51
390.95
1232.13
935.46
1338.35
14
Other comprehensive income (OCI) [net of tax]
172.03
87.26
778.89
431.96
1868.89
1454.37
Attributable to: Owners of the Company
94.73
41.45
693.31
303.47
1567.35
1129.49
Non-controlling interests
77.30
45.81
85.58
128.49
301.54
324.88
15
Total comprehensive income (13+14)
2689.17
2319.22
3636.55
6712.72
11094.47
14375.65
Attributable to: Owners of the Company
2149.47
1860.90
3160.02
5352.10
9857.47
12712.42
Non-controlling interests
539.70
458.32
476.53
1360.62
1237.00
1663.23
16
Paid-up equity share capital (face value of share: 2 each)
280.97
280.93
280.85
280.97
280.85
280.91
17
Other equity attributable to owners of the Company
75587.62
18 Earnings per share (EPS) from continuing operations after exceptional items (not annualised):
(a) Basic EPS ( )
14.63
12.95
16.08
35.94
(0.51)
23.82
(b) Diluted EPS ( )
14.61
12.94
16.06
35.90
(0.51)
23.80
19 Earnings per share (EPS) from discontinued operations (not annualised):
(a) Basic EPS ( )
-
-
1.49
-
59.55
58.67
(b) Diluted EPS ( )
-
-
1.49
-
59.55
58.61
20 Earnings per share (EPS) from continuing operations & discontinued operations (not annualised):
(a) Basic EPS ( )
14.63
12.95
17.57
35.94
59.04
82.49
(b) Diluted EPS ( )
14.61
12.94
17.55
35.90
59.04
82.41
Notes:
Based on the assessment of business/economic conditions in the backdrop of COVID-19 pandemic, the Group expects to recover the carrying value of its assets. The Group will continue to evaluate the continuing pandemic-related uncertainty and update its assessment.
During the quarter, the Group entered into a definitive agreement with HSBC Asset Management (India) Private Limited, subject to regulatory approvals, to sell the asset management business forming part of the Financial Services segment. The proposed sale is expected to be completed within next one year and accordingly, the asset and related liabilities of the business have been classified as "Held for Sale".
During the quarter, the Company has allotted 1,83,257 equity shares of 2 each fully paid-up, on exercise of stock options by employees in accordance with the Company's stock option schemes.
The Group will assess the impact of Code on Wages, 2019 and the Code on Social Security, 2020 and give effect in the Financial Statements when the date of implementation of these codes and the Rules/Schemes
thereunder are notified.
For better understanding of the Group's financial performance, line items have been added to show Profit after tax from continuing operations separately from Exceptional Items. This is in line with guidance available in Schedule III to the Companies Act, 2013.
(vi) Additional disclosures as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:
Sr.
Particulars
No.
Debt equity ratio
Debt service coverage ratio (DSCR)
3 Interest service coverage ratio (ISCR)
4 Current ratio
5 Long term debt to working capital ratio
6 Bad debts to accounts receivable ratio
7 Current liability ratio
8 Total debt to total assets ratio
9 Debtors turnover ratio
Larsen & Toubro Limited published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 12:02:07 UTC.
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