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Larsen & Toubro Limited Larsen & Toubro Limited Secretarial Department L&T House, Ballard Estate Narottam Morarjee Marg Mumbai - 400 001, INDIA Tel: +91 22 6752 5656 Fax: +91 22 6752 5893 www.Larsentoubro.com SEC/PAM/JUNE-21/2021 July 26, 2021 The Secretary National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor Phiroze Jejeebhoy Towers, Plot No.C/1, G Block,Bandra-Kurla Dalal Street,MUMBAI - 400 001 Complex, Bandra (E), Mumbai - 400 051 STOCK CODE: 500510 STOCK CODE: LT Dear Sirs, Sub.: Consolidated Unaudited Financial Results for the Quarter ended 30th June 2021. Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose a copy of the statement containing the Consolidated Unaudited Financial Results of the Company, for the Quarter ended 30th June 2021, which has been approved at the Meeting of the Board of Directors held today along with the Press Release related to the same. The Board Meeting commenced at 2.30 p.m. and concluded at 5- .25" p.m. We also enclose a copy of the "Limited Review Report for the Quarter ended 30th June 2021" issued by our Statutory Auditors, M/s. Deloitte Haskins & Sells LLP, Chartered Accountants, Mumbai. Thanking you, Yours faithfully, for LARSEN & TOUBRO LIMITED SI AIR A COMPANY SECRETARY g (FCS 3939) Encl : as above ISO 9001 REGISTERED rt SOYS74 CIN L99999MH1946PLC004768 DNV Certifl, atinr, H.v., The IlethHrlar d. ei LARSEN & TOUBRO www.larsentoubro.com L&T House, Ballard Estate, Mumbai 400 001 L&T Press Release Tel: 91 22 6752 5656 Issued by Corporate Brand Management & Communications CIN: U99999MH1946PLC004768 Group Performance for the quarter ended June 30, 2021 Revenues up by 38% y--oo--yy driven by improved execution PAT at ₹Z 1,174 crore,crore, up by ₹T 871 crore as operations stabilize Order inflow registers growth of 13% Large orderbook to sustain growth momentum Mumbai,Mumbai, July 2626,, 2021 Larsen Et& Toubro achieved Consolidated RevenuesRevenues of Z₹ 29,33529,335 crore fforor the quarter ended June 30, 2021,2021, registering a y--oo--yy growth of 3838%,%, attributed to healthy execution of projects despite the second wave of CovidCovid-19-19 affecting operations at many locationslocations.. Project progress was impacted with regional lockdowns, shortage of industrial oxygen and supply chain disruptionsdisruptions.. The International revenues during tthehe quarter at ₹Z 1111,186,186 crore constituted 38%38% of the tototaltal revenue. The Company posted Consolidated Profit After Tax (PAT) of ₹Z 1,174 crore registeringregistering substantial y--oo--yy growth of 287% over the corresponding quarter of the previous year. The Company bagged orders worth ₹Z 26,55726,557 crore at the GGrouproup level during the quarter ended June 30, 2021 registering a growth of 1313%% over corresponding period of the previous year. DuringDuring the quarterquarter,, orders were received in various segments like Metros,Metros, RuralRural WaterWater Supply,Supply, MineralsMinerals and Metal,Metal, Residential, Power Transmission and Distribution, Power and Hydrocarbon OOffshoreffshore sectors.sectors. InternationalInternational orders at ₹Z 99,045,045 crore during the quarter comprised 3434%% of the total order inflow. The consolidated order book of the group was at ₹Z 323323,721,721 crore on June 330,0, 2021, with internationalinternational orders at 20%20% of the total order book. Infrastructure Segment Infrastructure segmentsegment secured orders of ₹T 11,02311,023 crore, during the quarter ended June 330,0, 2021,2021, registering a marginal decline over the corresponding quarter of the previous year, mainly due to pandemic induced delay in tendering activities and finalization of orders.orders. InternationalInternational orders at ₹T 1,0581,058 crore constituted 10%10% of the total order inflow of the segment during the quarter. The segment order book was at ₹T 244,621244,621 crore on June 330,0, 2021, with tthehe share of international orders inin the order book at 20%.20%. The segment recorded customer revenues of T₹ 10,40910,409 crorecrore for the quarter ended June 30, 2021,2021, registering y--oo--yy growth of 6363%% with better execution momentum.momentum. International revenues constituted 23%23% of the total customer revenues of the segment during the quarter. The EBITDA margin of the segment during the quarter ended June 330,0, 2021 was at 7.1%7.1% vis-à-visvis-à-vis 66.3%.3% recorded in the corresponding quarter of the previous year.year. Better job mix and higher recovery of overheads contributed to margin improvement despite the commodity price inflationinflation affecting the inputinput costs.costs. Power Segment The Power segment recorded order inflow of ₹T 911 crore for the quarter ended June 330,0, 2021, registering substantialsubstantial growth compared to the corresponding quarter of the previous yearyear on receipt of an order for Flue Gas Desulphurisation (FGD) project.project. The order book of the segment was at T₹ 12,90712,907 crore on June 330,0, 2021, with tthehe international order book constitutingconstituting 55%% of the total order book. The segment recorded customer revenues of ₹T 759 crore for the quarter ended June 330,0, 2021, recording growthgrowth of over 100%100% over corresponding quarter of the previous year with projects in the order book gaining execution momentum. International revenues constituted 4%4% of the total customer revenues of the segment during the quarter. The segment EBITDA margin for the quarterquarter ended June 330,0, 2021 was at 2.5%,2.5%, higher compared to corresponding quarter of the previous year.year. Heavy Engineering Segment TheThe Heavy Engineering segment recorded an order inflow of ₹T 567 crore during the quarter ended June 330,0, 2021,2021, recording a y--oo--yy growth of 19%19% with a spurt of ordersorders inin Refinery and Oil &Et Gas segments.segments. International orders constituted 5252%% of the total order inflow of the segment during the quarter. The order book of the segment was at ₹T 4,3734,373 crore on June 330,0, 2021,2021, withwith export orders constituting 3232%% of the total order book. The segment recorded customer revenues of ₹T 548 crore for the quarter ended June 330,0, 2021,2021, recording a y--oo--yy growth of 45%45% across all businesses on improved project execution. International sales constitutedconstituted 5151%% of the total customer revenues of the segment during the quarter. The EBITDA margin of the segment at 17.9%17.9% for the quarter ended June 330,0, 2021 registeredregistered marginal growth over 17.5%17.5% of the corresponding quarter of the previous year.year. Defence Engineering Segment Defence Engineering segmentsegment recorded order inflow of ₹T 516 crore during the quarter ended June 330,0, 2021,2021, registering substantial growth over the corresponding quarter of the previous year.year. The order book of the segment was at ₹T 7,6877,687 crore on June 330,0, 2021, with export orders constitutingconstituting 9%.9%. The segment recorded customer revenues of T₹ 689 crore during the quarter ended June 330,0, 2021,2021, recording a y--oo--yy growth of 46%46% on the back of strong execution ofof projects in the Weapons Et& Engineering System business. InternationalInternational revenues constituted 25%25% of the total customer revenues of the segment during the quarter. The EBITDA margin of the segment at 20.3%20.3% was higher for the quarter ended June 330,0, 2021 as compared to 12.9%12.9% of the corresponding quarter of the previous year due to change in job mix and contingency releases. Hydrocarbon Segment The Hydrocarbon Segment secured orders valued at ₹T 1,0021,002 crore during the quarter ended June 330,0, 2021.2021. International order inflow constituted 8080%% of the total order inflow of the segment during the quarter. The segment order book was at ₹T 40,82540,825 crore on June 330,0, 2021, with the international order book constituting 3636%.%. The segment recorded customer revenues of T₹ 4,1904,190 crore during the quarter ended June 330,0, 2021,2021, recording a y--oo--yy growthgrowth of 3737%% with peaking of execution activities inin the onshore vertical segment. International revenues constituted 3636%% of the total customer revenue of the segment for the quarter. The EBITDA margin of the segment at 9.6%9.6% for the quarter ended June 330,0, 2021 registered growth over 55.3%.3% of the corresponding quarter of the previous year.year. IT Et& Technology Services (IT&TS)(ITEtTS) Segment The segment comprises (a) LEtTL&T Infotech (b) LEtTL&T Technology Services and (c) Mindtree. The segment recorded customer revenues of T₹ 7,2227,222 crore during the quarter ended JuJunene 30, 2021, recording anan industry leading q--oo--qq growth of 77%% Et& y--oo--yy growth of 20%,20%, reflecting a surge in demand for technology led offerings in the sector.sector. ExportExport billing constituted 93%93% of the total customer revenues of the segment for the quarter. The EBITDA margin for the segment increased to 23.1%23.1% for the quarter ended June 330,0, 2021 as compared to 20.7%20.7% in the corresponding quarter of the previous year, attributed to improved manpower utilization,utilization, increased offshoring and operationaloperational efficiency.efficiency. Financial Services Segment Financial Services segment recorded income from operations at ₹T 33,061,061 crore during the quarter ended June 330,0, 2021,2021, registering a y--oo--yy decline of 7%7% on account of decline in loan bookbook.. The Loan Book decreased to T₹ 8888,440,440 crore as compared with June'20June’20 level at ₹T 98,87998,879 crore, reflecting a cautious lending approach, focus on collections, portfolio sell down,down, pre--paymentspayments in certain verticalsverticals and run down of the de--focusedfocused business portfolio.
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