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L&T Integrated Report 2020

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L&T Integrated Report 2020 INTEGRATED REPORT 2019-20 Technology for sustainable growth Technology for sustainable growth Technology is a major growth enabler in the world in which we operate, and we, at Larsen & Toubro Limited (L&T) are at the forefront of it. Our strategy is to use our technology platforms and innovation techniques to make lives better and sustainable for all. From enhancing operating efficiencies, building connected teams and businesses, supporting communities and local authorities to strengthening analytics and governance — technology is deeply embedded in everything that we do. Even in a year eclipsed by uncertainty, we accomplished a creditable performance and registered growth in key performance parameters; and our technology prowess continues to serve as a reliable springboard to sustain our leadership across high-potential markets. Despite major headwinds in the operating environment, we continue to be strong with enduring relationships with customers and partners, robust scale and footprint, a diversified business mix, and a resilient business model. We are identifying material issues that are core to our business sustainability through continuous engagement with stakeholders and leveraging technology to build industry-next systems and processes. Sustainable growth for us is also about fostering a rich culture of caring, trust and continuous learning to succeed together with all stakeholders in the new world order. In the following pages, we report on our wide-ranging initiatives to enable our stakeholders make an informed assessment of our ability to create value for all. TECHNOLOGY TAKES US FARTHER Our big data engine is called Alchemy, the proverbial practice that attempts to extract gold out of base metals. In the same spirit, the digital data generated by connected machinery go to ‘Alchemy’ for processing, so that it can provide rich insights into our operations. These include productivity trends of machines, identification of machines to be de-hired or moved to another project site, identifying anomalies in weigh bridge measurements and fuel consumption, among others. FY20 GROUP HIGHLIGHTS *During FY20 **As on March 31, 2020 ORDER INFLOW EBITDA ` 1,864 Billion** ` 163 Billion** 9% 7% ORDER BOOK PROFIT AFTER TAX (PAT) ` 3,039 Billion** ` 95 Billion** 4% 7% REVENUE RETURN ON NET WORTH ` 1,454.52 Billion** 14.8%* 8% VALUE OF GREEN PRODUCT PORTFOLIO CSR BENEFICIARIES ` 324.92 Billion* 1.38 Million* Contents About the report 2 Message from the Group Chairman 4 SUSTAINABLE INTEGRATED AT EVERY STEP 01 WAY FORWARD 02 OF THE WAY L&T overview 6 Value creation model 18 Businesses 8 Governance 20 Presence 12 Organisation hierarchy 26 Marquee projects 14 Messages from the senior leadership team 28 Message from the CEO and MD 16 Strategy, business model and resource allocation 34 Sustainability roadmap 40 Managing capital trade-offs 42 Stakeholder engagement 44 Materiality assessment 48 Risk management 50 SHARPENING OUR CAPITAL RESILIENT AND FUTURE-READY 03 STRATEGY 04 BUSINESSES Financial capital 54 Construction 140 Manufactured capital 68 Power 168 Intellectual capital 78 Heavy Engineering 172 Human capital 92 Defence 176 Natural capital 104 Electrical & Automation 182 Social and relationship capital 120 Hydrocarbon 188 L&T Realty 194 L&T Valves 197 Awards and accolades 199 Sustainable Development Goals (SDGs) 201 GRI Standards Content Index 205 United Nations Global Compact 213 Independent Assurance Statement 214 2 Integrated Report 2019-20 Larsen & Toubro Limited About the report Report scope Reporting boundary NAVIGATION ICONS Now, more than ever, investors and This report is for the Larsen & Toubro shareholders measure an organisation’s standalone and key subsidiary companies. Capitals performance based on factors other than The reporting scope encompasses our financials. They analyse an organisation’s manufacturing locations, project sites, Financial capital conversion efficiency across myriad offices across India and overseas projects capitals such as financial, manufactured, managed from India. Manufactured capital intellectual, human, natural and social and Listed subsidiaries and concession relationship. This shift in the perspective Intellectual capital of the stakeholders' perspective led to the business of Nabha Power Limited, Power Development Limited, L&T Infrastructure publishing of this Integrated Report (IR). Human capital It will provide our stakeholders with Development Projects Limited, L&T Special Steel and Heavy Forgings Private Limited a more cohesive, efficient, relevant Natural capital and decision-enabling communication, (LTSSHF), other non-material subsidiaries and those Subsidiary and Associate (S&A) focusing on value creation over the short, Social and relationship capital medium and long term. As a seasoned and Joint Venture (JV) companies whose sustainability reporter, we have retained performance is consolidated at Profit all relevant disclosures of a Sustainability After Tax (PAT) level, have been excluded Report and added on those prescribed from this Report. Navigation in the International Integrated Reporting <IR> Framework, including a detailed Restatement Page reference business model, six capitals, governance, risk The changes, if at all, are mentioned on the management, outlook and strategy. respective pages as notes. Online download reference An annual reporting cycle has been Weblink reference maintained for our Sustainability Reports Queries may be directed to since 2008, which are available on our Mr. Anup Sahay website at www.Lntsustainability.com. Head Corporate Strategy and Strategies Special Initiatives Our second Integrated Report, 'Led by Technology, Equipped for Growth' was Ensuring efficient conversion Larsen & Toubro Limited S1 released in a pdf as well as print version. Saki Vihar Road, Powai Campus, of the order book into Mumbai 400072, India healthy margins https://www.lntsustainability.com/ [email protected] integrated-report/ Driving growth of the This is our third IR and the 13th consecutive Assurance S2 services businesses year of sustainability disclosures. We have a This report is externally assured by Bureau mature system for compiling and reporting Veritas, India. The limited assurance was our sustainability performance. A data- conducted in accordance with International management software certified by GRI is Standard on Assurance Engagements (ISAE) Maintaining an optimum used, along with techniques comprising 3000 and Type 2 Moderate Level of the S3 mix between domestic and actual measurement, computation and AA1000 Assurance Standard 2008, covering international business estimation (specified). qualitative and quantitative information. This Integrated Report of Larsen & Toubro The assurance statement is included Managing financial resources for in this report. Limited (L&T, ‘the Company’) is published S4 the growth of the businesses and according to the <IR> Framework prescribed by the International Integrated Reporting Read more on page 214 strong financial health Council (IIRC). Incubating new businesses to tap This Report has been prepared in S5 future growth opportunities accordance with the GRI Standards: Comprehensive option. It encompasses L&T’s environment, economic and social Engaging with start-ups to access performance between April 1, 2019 and S6 innovations to enhance capabilities March 31, 2020. The report was released on and develop new offerings October 31, 2020. The data presented in this report is Unlocking capital from non-core verified through systematic internal and S7 businesses and assets earning external assurances. The data for economic sub-par returns performance has been extracted from L&T’s Annual Report 2019-20. Leveraging digital solutions S8 and analytics across various parts of businesses Focus on businesses contributing to S9 environment sustainability S Thrust on opportunities linked to achieving the Sustainable 10 Development Goals (SDGs) GRI Disclosures 102-10, 102-32, 102-45, 102-46, 102-48, 102-49, 102-50, 102-51, 102-52, 102-53, 102-54 3 LOCATIONS REPORTED Corporate locations L&T House at Ballard Estate and L&T Campus at Powai in Mumbai Leadership Development Academy (LDA) – Lonavala, Chennai Headquarters Knowledge City, Vadodara Infrastructure Business Heavy Engineering L&T Valves Projects, campuses and Powai, Ranoli and Hazira Two manufacturing facilities at India-based support processes Kancheepuram and Coimbatore Defence under our infrastructure business L&T Realty include the businesses of Buildings & Talegaon, Coimbatore, Factories, Heavy Civil Infrastructure, Visakhapatnam, Bengaluru, Powai, Offices and project sites in India Transportation Infrastructure, Power Hazira and shipbuilding facility at Domestic Marketing Transmission & Distribution, Water & Kattupalli near Chennai Network (DMN) Effluent Treatment, Smart World & Electrical and Automation Communication, and Metallurgical & 17 offices in India Material Handling Powai, Mahape, Ahmednagar, Mysuru and Coimbatore L&T Power L&T Hydrocarbon Engineering L&T Power project sites at Malwa Phase-II and Khargone (Madhya Offshore and onshore projects Pradesh), Nuclear Power Corporation worldwide; offices within India in of India Ltd (NPCIL), Rajasthan Powai, Vadodara, Bengaluru and Atomic Power Project (RAPP) 7 Chennai; and modular fabrication & 8 (Kota, Rajasthan), Darlipali facilities in Hazira, Kattupalli (Odisha), Tanda (Uttar Pradesh), and Sohar (Oman) FGD-Lara (Chhattisgarh) & FGD- Vindhyachal (Madhya Pradesh), Bibiyana-III (Bangladesh) and Bibiyana
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