Larsen & Toubro Limited

Secretarial Department
L&T House, Ballard Estate
e LARSEN & TOUBRO Narottam Morarjee Marg
Mumbai - 400 001, INDIA
Tel: +91 22 6752 5656
Fax: +91 22 6752 5858
www.Larsentoubro.com
Email: [email protected]

SEC/AR/2025 May 26, 2025

The National Stock Exchange of India Limited

BSE Limited
Exchange Plaza, 5th Floor
Phiroze Jejeebhoy Towers,
Plot No.C/1, G Block
Dalal Street,
Bandra-Kurla Complex
Mumbai - 400 001
Bandra (E), Mumbai - 400 051
STOCK CODE: 500510
STOCK CODE: LT

Dear Sir/Madam,

Sub: Integrated Annual Report for the Financial Year 2024-25 and Notice of 80th Annual
General Meeting (AGM)

This is further to our letter ref. No. SEC/March-25/2025 dated May 8, 2025 wherein we have
informed that our AGM will be held on Tuesday, June 17, 2025 at 3.00 p.m. (IST) through
Video Conferencing/Other Audio-Visual Means, in accordance with the circulars issued by the
Ministry of Corporate Affairs ("MCA circulars").

In accordance with Regulation 34(1) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, please find enclosed herewith a copy of the Integrated
Annual Report for the Financial Year 2024-25 including Business Responsibility and
Sustainability Report and the Notice convening the 80th AGM, being sent to the members
electronically today. The Integrated Annual Report including Notice along with other
documents are also uploaded on the Company’s Website L&T India-Investor Home.

Further, please find enclosed a copy of the letter providing weblink containing complete details
of the Integrated Annual Report which is being sent to all the members who have not registered
their email address.

This is for your information and records.

For Larsen & Toubro Limited

NARAYAN Digitally signed by
NARAYAN
SUBRAMANIA SUBRAMANIAN
Date: 2025.05.26
N 13:02:01 +05'30'

Subramanian Narayan
Company Secretary & Compliance Officer
(M.No. – A16354)

Encl: as above

CIN : L99999MH1946PLC004768
VISION
L&T shall be a professionally-managed Indian
multinational, committed to total customer
satisfaction and enhancing shareholder value.

L&T-ites shall be an innovative, entrepreneurial

and empowered team constantly creating value
and attaining global benchmarks.

L&T shall foster a culture of caring, trust and

continuous learning while meeting expectations
of employees, stakeholders and society.
 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Dear Shareholders,
The year under review, 2024–25, has
been transformative — not just for your
Company, but for the global landscape.
Geopolitical realignments, rapid strides in
emerging technologies, climate challenges
and disruptions in global supply chains have
all reshaped the way businesses operate.
These evolving dynamics have created both
challenges and opportunities, demanding
agility, foresight and resilience.
Amidst this macroeconomic environment,
I am pleased to report that your Company
has delivered a standout performance.
Our ability to recalibrate and respond to
external shifts has been central to our
continued growth. We have accelerated
digital adoption across business verticals,
strengthened project execution capabilities,
and enhanced customer value through
smarter, more sustainable solutions. With
a robust order book, an evolving pipeline
of opportunities, and a purpose-led
approach to sustainable infrastructure and
development, L&T is well-positioned to lead
in a fast-changing world.

Message from the

Photo credit: Narendra Bisht, Fortune India

CHAIRMAN AND
MANAGING DIRECTOR
S. N. Subrahmanyan
3
 Chairman’s
Statement

an uncompromising collective accountability and promotes the

Artist’s Impression manner. achievement of project goals in a safe and
sustainable manner.
With a well-
diversified portfolio
of projects, products Group Businesses
and services, we Your Company’s journey continues to be
maintain a balanced defined by resilience, innovation and an
mix of revenue unwavering commitment to excellence.
streams. The With a diversified portfolio spanning
inherent agility of infrastructure, energy, manufacturing,
our business model, services and new-age ventures, your
coupled with the Company is shaping the future through
deep expertise cutting-edge execution and strategic
of our people, foresight.
Navi Mumbai International Airport, Maharashtra
equips us to adapt
swiftly to evolving
market dynamics. Together, these strengths 1. Infrastructure
reinforce our position as the preferred Your Company’s legacy in delivering
Growth with a difference partner for our customers. large-scale, complex EPC projects remains
The global economic landscape remains unmatched. The Company’s hallmark
unpredictable, shaped by rising policy of quality and precision is reflected in
uncertainties. These are dynamic times. Creating Safer Workplaces landmark infrastructure assets across India
Our Company is closely monitoring these Safety remains a top priority, driven by and abroad.
developments, especially given that the ‘Mission Zero Harm’ philosophy and
the ‘L.I.F.E.’ (Live Injury-Free Everyday) During the year under review, several
substantial part of our Group’s business
framework. Safety capabilities have been iconic milestones were achieved:
originates outside India. We remain
optimistic about the Middle East, which significantly strengthened through enhanced • Inauguration of Mumbai Metro Line 3
continues to invest significantly in both supervision, regular safety briefings, Package 7 and the Riyadh Metro – two
physical and digital infrastructure while extensive training leveraging AR/VR highly visible urban mobility projects
monetising its oil and gas assets. This technologies, and such.
• A major breakthrough in India’s
confidence is reinforced by the consistent To foster a more proactive safety culture longest railway tunnel under RVNL
inflow of orders from the region. across EPC projects, a structured Reward Package 4, carved through the
Domestically, we anticipate that the and Penalty System has been implemented. challenging Himalayan terrain
Government of India will maintain strong This system directly links safety performance
to fixed incentives and penalties, with • Successfully commissioned the 1.6 GW
budgetary support for infrastructure
outcomes influencing annual bonuses for Sudair solar PV project and the 700 MW
development, recognising its multiplier
all unit employees. This approach reinforces Ar Rass solar PV project – both in Saudi
effect on economic growth. Encouragingly,
we are witnessing increased private capital
investment in emerging sectors such as
energy transition, data centers, electronics
and semiconductors, as well as in traditional
industries like healthcare and real estate.
Our record-high order book ensures
revenue visibility over multiple quarters.
Guided by core values of transparency,
integrity, professionalism, governance and
accountability, your Company remains
committed to inclusive growth. By fostering
trust, empathy and a culture of continuous
learning, we have built the resilience
required for sustained progress.
The Company’s relentless pursuit of
customer satisfaction continues to benefit in Aerial view of Mumbai-Ahmedabad High-Speed Rail Project

4 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Arabia, as well as the 800 MW • On-time delivery of the world’s

of DEWA Phase VI (Phase A - 600 heaviest EO, Hydrotreating and
MW and Phase B - 200 MW) HP-HX reactors
solar PV project in the UAE
• A record-breaking order from
• Achieved completion of the 1.4 Saudi Arabia for over 100 Filter
GW Al Kahfah solar PV project Vessels
and the 2 GW Ar Rass-2 solar PV
• Strong contributions to the
project in Saudi Arabia
Aatmanirbhar Bharat initiative
• Inauguration of National Cricket with:
Academy (NCA), Bengaluru 90 MW Floating Solar Project, Omkareshwar, Madhya Pradesh
- India’s indigenous Light Tank
(Karnataka) and Government
of one unit in the 2x660 MW Khurja ‘Zorawar’ prototype co-developed
Medical College and Hospital (GMCHs)
thermal power project, Uttar Pradesh with DRDO
in Jamshedpur (Jharkhand) and Jajpur
(Odisha) • Achieved Boiler Light-up for one unit - Development of Next Generation
in the 2x660 MW Buxar thermal power Helo Harnessing and Traversing System
• Completion of critical expressway
project, Bihar (NGHHTS) for 11 naval ships
stretches, contributing to faster
connectivity The segmentation of the Hydrocarbon - Progress on construction of Fleet
business into Onshore and Offshore Support Ships for the Indian Navy in a
• Over two million people benefitted from
has enhanced execution capabilities by public-private partnership (PPP) mode
the commissioning of 10 water supply
aligning expertise to project environments
projects, reinforcing the Company’s
— land-based facilities (refineries,
contribution to essential public services
pipelines) and offshore assets (platforms,
subsea pipelines). Notably, the Company
2. Energy secured its largest ever order from an
Your Company is at the forefront of offshore project in the Middle East.
the global energy transition, with The rebranding of the Energy-Power
decarbonisation embedded in its business to CarbonLite Solutions reflects
strategic roadmap across four distinct its pivot towards carbon capture, nuclear India’s Indigenous Light Tank ‘Zorawar’ Prototype

business verticals: Hydrocarbon Onshore, turbine island solutions and pumped

Hydrocarbon Offshore, CarbonLite storage plant turbines, while continuing to • Partnership with ISRO on the GSLV F15
Solutions and Green & Clean Energy. deliver BTG packages for domestic thermal launch, marking the 100th lift-off from
power projects. Sriharikota, Andhra Pradesh
The newly formed Green & Clean Energy 4. Services (IT, Engineering,
business is building an integrated, scalable Digital and Financial)
and sustainable clean energy ecosystem Your Company’s listed services businesses
aligned with global energy transition goals. remain focused on long-term value
creation. Despite moderated demand in
9 MMTPA Crude & Vacuum Distillation Unit (CDU-VDU) for HPCL,
Visakhapatnam, Andhra Pradesh key markets like the US and Europe, there
3. Hi-Tech Manufacturing is renewed momentum in BFSI and retail
Heavy Engineering Division continues sectors, supported by strategic investments
During the year under review, several
to be a global leader in engineered-to- in generative AI (GenAI).
iconic milestones were achieved:
order equipment, buoyed by renewed
• LTIMindtree: India’s 6th largest IT firm,
• Successfully commissioned the 9 investments in the oil & gas sector and
enabling digital transformation and
MMTPA Crude & Vacuum Distillation underpinned by advanced Industry 4.0
innovation-led growth for enterprises
Unit (CDU-VDU) under the EPCC-01 practices.
globally
package of the HPCL Visakhapatnam
The Precision Engineering & Systems
Refinery Modernisation Project • L&T Technology Services: A leader in
Division is capitalising on the Government
Engineering R&D, now operating in over
• Completion of First Offshore of India’s localisation drive and exploring
25 countries. Its acquisition of Intelliswift
Decommissioning Project in Tapti Gas commercial applications of its core
(Silicon Valley) has deepened capabilities
Fields capabilities.
in platform engineering, AI and software
• Commenced commercial operation Key achievements this year include: product development

5
 Chairman’s
Statement

• L&T Finance: A technology-driven NBFC smart device design across mobility, Shareholder
with a domestic ‘AAA’ rating and a 97% energy and industrial sectors value
retailised loan book, serving rural and creation
• L&T EduTech: Bridging industry-
urban markets through segments like remains a
academia gaps with digital skilling
Rural Business Finance, Urban Finance, key priority
solutions tailored to future workforce
SME Finance and Farmer Finance through the
needs
strategic
5. Other Businesses divestment of non-core assets, realisation
Group Performance Review of cost efficiencies, adoption of technology
• L&T Realty: Among India’s top to enhance productivity and focused
developers, with 70 million sq.ft. of Despite global uncertainty, your Company capital allocation towards energy transition
development potential across major cities delivered strong growth across key initiatives, as well as emerging businesses
like Mumbai, Navi Mumbai, Bengaluru, performance metrics. Group Order and digital platforms.
Delhi-NCR and Chennai Inflows for the year reached ₹ 3.57
lakh crore, up 18% year-on-year, Our diversified business portfolio, wide
• Construction and Mining Machinery: geographical presence, strong balance
driven by order wins in Infrastructure and
- backed by an in-house Product sheet and robust order book are clear
Energy sectors. Like the previous year,
Development Centre and a robust indicators of our long-term value creation
international order wins were aided by
Product Support Department, the potential. Complementing this, our proven
ongoing capex in GCC countries, with
business delivers cost-effective, high- execution capabilities and a dedicated
international order inflows surpassing
performance solutions workforce are enabling a smooth transition
domestic wins for two consecutive years.
- in 2024-25, a new milestone was to a more digitally advanced work
achieved with the handover of the During the year under review, your environment.
50,000th Komatsu machine in India. Company’s Order Book crossed the
significant milestone of ₹ 5 lakh crore and As a guiding business philosophy, the
Artist’s Impression at the end of the year it stood at ₹ 5.79 Company continues to prioritise strong
lakh crore, a growth of 22% year-on- cash generation, prudent capital allocation,
year. International orders now constitute maintaining healthy leverage and ensuring
46% of the Order Book. The Projects and regular returns to shareholders.
Manufacturing businesses of the Company I am pleased to inform you that the Board
operate in India and Middle East. of Directors has recommended a final
The L&T Group recorded Revenues dividend of ₹ 34/- per share for the
of ₹ 2.56 lakh crore during the year, financial year 2024–25.
registering a growth of 16%. The strong
execution momentum was witnessed on
the back of an expanding order book.

The Gateway, Parel Extension, Mumbai, Maharashtra

L&T Group Profit After Tax at ₹ 15,037
crore represents a growth of 15%
over the previous year. A combination of
6. New-age Businesses
improved profitability and reduced capital
Your Company’s digital ventures exemplify
intensity has resulted in improved return Engineering Solutions for
its agility and readiness for the future: the New Age
ratios over time.
• L&T-SuFin: A B2B digital marketplace (a) Digital and AI Transformation
In the last few years, the Group has repaid
that streamlines procurement, supply Your Company has long been a
borrowings and improved its Net Debt:
chains, logistics and financing for frontrunner in adopting and integrating
Equity ratio to 0.6 : 1 from 0.64 : 1
industrial and construction sectors technology, beginning with automation
in 2023-24. Much of the debt is on the
• L&T-Cloudfiniti: 32 MW of existing data books of L&T Finance Limited, an NBFC. and progressing to Industrial IoT,
center capacity with additional capacity well ahead of the broader digital
in the pipeline, while scaling cloud transformation trend. This forward-
services through strategic partnerships thinking approach has resulted in the
creation of connected construction sites,
• L&T Semiconductor Technologies: enabled by an advanced network of IoT
Aiming to be India’s first fabless devices and digital sensors. Custom-built
semiconductor firm, focused on global applications have further streamlined

6 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

operations by digitising data, thus laying (b) Building Climate Resilience and global geography. Furthermore, we are
a solid foundation for deeper digital Advancing the Green Business Agenda fully equipped to execute EPC projects in
integration. The increasing frequency and intensity of Green Hydrogen, Green Ammonia and
extreme weather events have significantly Methanol for clients across sectors.
Building on this momentum, L&T has
elevated the risks of asset damage and
initiated a structured Artificial Intelligence To further sharpen its strategic direction in
service disruptions. In response, your
journey, assembling a team of specialists clean energy, L&T has instituted the L&T
Company is uniquely positioned to meet
to harness AI across business functions. Green Energy Council — a distinguished
the rising demand for disaster-resilient
This initiative led to the launch of L&T think tank of global domain experts.
infrastructure, backed by deep expertise
Cognitive Services (L&TCS) — a unified, The Council actively tracks technological
in Clean Energy, Clean Mobility, Water
enterprise-grade AI platform tailored trends, assesses policy landscapes and
and Sanitation, Green Infrastructure, and
to serve the diverse needs across the evaluates emerging business models.
other sustainability-linked domains. These
L&T Group. By embedding advanced AI It also provides strategic guidance on
solutions not only help lower carbon
technologies, L&TCS enhances automation potential collaborations with both Indian
emissions and improve air quality, but
through predictive and prescriptive and international players, accelerating
also enhance energy efficiency, water
analytics, providing data-driven insights L&T’s progress in green energy innovation.
recycling and reuse, and overall resource
that support strategic decision-making and
conservation. Together, these integrated As part of our expanding green
accelerate innovation.
offerings form what we define as our infrastructure portfolio, L&T continues to
Designed for scalability and impact, ‘Green Business’. deliver green buildings certified by LEED,
L&TCS focuses on improving outcomes IGBC and GRIHA standards. In FY 2024–25
L&T has taken bold strides into emerging
in areas such as quality, safety, revenue, alone, the Company developed 15.6
clean energy segments, particularly in
time efficiency, inventory management, million sq.ft. of green-certified building
Green Hydrogen and its derivatives,
manpower optimisation and cost reduction space, bringing the cumulative total to
as well as the development of Small
— ultimately driving a robust return on 57.6 million sq.ft. over the last six years.
Modular Reactors (SMRs). Electrolyser
investment. The platform underscores our
manufacturing is already underway, In the renewable energy domain, L&T
commitment to ongoing innovation and
reinforcing our early-mover advantage in commissioned 4.3 GWp of solar capacity
to staying at the forefront of emerging
the Green Hydrogen space. A significant during the year. Our total renewable
technologies.
milestone during the year was the energy portfolio now stands at 26.9 GWp,
Another major milestone has been the regulatory approval granted by the US including 6.9 GWp commissioned capacity
establishment of Digital Energy Solutions Department of Energy for the transfer of and an active construction pipeline of
(DES) within the Power Transmission & SMR technology to India. L&T was one of 20 GWp of solar and wind projects. In
Distribution business. DES offers end- only three Indian companies selected for
to-end electricity-related consulting this transfer, signalling the formal start
and digital services globally through of our SMR journey and positioning us
a comprehensive suite of proprietary to lead the commercialisation of nuclear
software solutions. These include planning, energy in the country.
design, consulting and operational support
In both Green Hydrogen and SMRs,
for renewable energy integration, hybrid
the initial phase involves strategic
energy management systems, substation addition, we are currently executing 12.8
collaborations with global technology
and control room automation, grid-edge GWh of Battery Energy Storage Systems
partners. However, our long-term
solutions for distributed energy sources (BESS), reinforcing our position as a key
vision is clear: to indigenously develop
and power system cybersecurity. Powered player in next-generation energy solutions.
proprietary technology, manufacture
by sophisticated algorithms and simulation
critical equipment, and offer cost-effective, On the clean mobility front, L&T
tools, DES enables clients across India, the
innovative solutions tailored for emerging completed the electrification of 419 track
Middle East and the United States to build
markets. With land secured on the west km in railway and mass transit systems in
resilient, future-ready power infrastructure.
coast (Kandla, Gujarat) for manufacturing FY 2024–25. The Company is also actively
Additionally, the Cybersecurity Council units dedicated to Green Hydrogen and involved in the production of equipment
plays a pivotal role in strengthening our Green for renewable diesel, biofuels and
digital ecosystem. This initiative promotes Ammonia, emission control technologies, all of which
collaboration, knowledge sharing, and a L&T will contribute to the reduction of carbon
unified framework for data protection, invest emissions.
reinforcing our capability to mitigate proactively
Through these comprehensive initiatives,
cybersecurity risks effectively. to serve
L&T is not just responding to the climate
a broader

7
 Chairman’s
Statement

challenge but is actively shaping a Your Company also places significant

sustainable future by building resilient, emphasis on ecological sustainability,
low-carbon and technologically advanced whether at its corporate offices, campuses,
infrastructure. or at diverse project sites across the
country. Several noteworthy initiatives
(c) Sustainability: Building ‘A Better
during the year under review include:
World’
(b) Expansion of Precision Engineering
Your Company’s sustainability agenda is • Certification of the A. M. Naik Heavy
& Systems
firmly anchored in its vision ‘For A Better Engineering Complex (AMNHEC) at
Traditionally focused on the critical sector,
World’, encompassing a broad spectrum Hazira, Gujarat, as L&T’s first single-use
the Company’s precision engineering
of initiatives across Environmental, Social plastic-free campus, spread over 750
capabilities have now been strategically
and Governance (ESG) dimensions. acres. This achievement reflects L&T’s
diversified to industrial electronics and
The Company remains steadfast in its commitment to reducing plastic waste
other sectors requiring high-precision
commitment to water stewardship, circular at scale.
manufacturing. Additionally, Precision
economy, green supply chains, biodiversity
Engineering & Systems has begun
preservation, employee welfare and
collaborating with technology start-ups
community development.
to strengthen its innovation pipeline and
In line with its long-term environmental expand its solution portfolio.
goals, your Company has pledged
to achieve Water Neutrality by 2035 (c) Launch of CarbonLite Solutions
and Carbon Neutrality by 2040. These As part of its pivot towards clean energy,
targets are being pursued through the Company has rebranded its Power
concrete actions across operational sites, EPC business as CarbonLite Solutions. This
• Expansion of the Unnati watershed
manufacturing units and project locations. new identity reflects a sharpened focus on
development programme to two
carbon capture and biofuels. The business
additional blocks in Pachapalayam,
The Water Technology Centre (WTC) will play a critical role in enabling thermal
Coimbatore (Tamil Nadu). This initiative
is pioneering sustainable sewage power and other industries to transition
is designed to combat water scarcity
treatment by reducing energy use towards cleaner energy sources, supporting
and bolster agricultural resilience. Over
and footprint through innovations global decarbonisation goals.
the next 3.5 years, the expansion is
in primary and secondary processes,
expected to benefit an additional 8,000 (d) Reclassification of Businesses
apart from developing cost-effective
individuals, significantly enhancing To enhance functional autonomy, improve
tertiary treatments for wastewater
community livelihood and water customer alignment and unlock greater
reuse, enhancing sludge valorisation
resource sustainability. growth opportunities, the Company has
and biomethane recovery. WTC is also
improving desalination efficiency with restructured its businesses to maximise the
These and other initiatives underline
patented nanobubble technology and distinct competencies of each business and
your Company’s strategic approach to
leads in smart utility operations with accelerate their market responsiveness:
sustainability — where environmental
proprietary digital tools for leak detection responsibility is interwoven with social • Renewables EPC has been carved out as
and water management. impact and operational excellence. a standalone vertical, previously under
A key milestone in the Company’s water the Power Transmission & Distribution
conservation efforts is the implementation business.
of Zero Liquid Discharge (ZLD) systems Key Developments
• Green EPC and Gas-to-Power businesses
across all 16 campuses, manufacturing (a) Ratings Upgrade have been consolidated under the
facilities, and even select ongoing During the year under review, your rebranded L&T Green & Clean Energy
project sites. These systems ensure that Company received a significant (formerly L&T Green Energy), signalling a
no wastewater leaves the premises, endorsement of its financial and unified thrust in sustainable solutions.
thus reinforcing L&T’s commitment to operational strength. Global rating
responsible water use. agencies Standard & Poor’s and Fitch People Powering Progress
assigned a ‘BBB+’ credit rating with a L&T’s continued success is fundamentally
stable outlook, positioning the Company driven by its people. By consistently
two notches above India’s sovereign rating. attracting top talent, promoting continuous
This upgrade reflects L&T’s robust business learning and self-development and nurturing
model, strong credit profile and global an entrepreneurial mindset, the Company
reputation for excellence. has cultivated a culture of innovation —

8 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

reflected in the many breakthrough second consecutive year, reaffirming L&T’s employees, effective April 1, 2025. This
solutions L&T is known for today. position as an employer of choice. progressive step reflects the Company’s
empathetic approach to employee well-
Employees benefit from a rich ecosystem Driving Inclusion Through
being, acknowledging and supporting
of online learning platforms that Transformation
the unique health needs of women in the
supplement conventional classroom
Your Company’s evolution into a workplace.
training with flexible, self-paced
technology-led conglomerate has brought
development opportunities. During the Giving Back to Society
renewed focus to its Diversity & Inclusion
year under review, an impressive 7.95 lakh Your Company remains deeply committed
(D&I) agenda. The growing participation
learning hours were logged, underscoring to inclusive growth and building long-
of women in both engineering and non-
the Company’s strong commitment term, trust-based relationships with all
engineering roles has not only advanced
to knowledge enhancement and skills stakeholders. Through focused CSR
workplace equity but also contributed
development. interventions in healthcare, education, skill
to enhanced operational efficiency and
development and water & sanitation, L&T
L&T’s transformation into a technology- innovation.
positively impacted the lives of 1.9 million
led organisation has been powered by its
With a strong commitment to creating people during the year. A cornerstone of
people’s readiness to embrace change.
an inclusive work environment, your these efforts is the Integrated Community
The rise of young digital champions across
Company continues to invest in career- Development Programme (ICDP), which
the Company has played a pivotal role in
enabling initiatives and women-centric continues to strengthen rural communities
embedding digital capabilities at scale and
infrastructure. These efforts have placed through holistic and participative
fostering a new generation of agile, tech-
it firmly on track to achieve the ‘Lakshya’ engagement.
savvy professionals.
goal of 10% women representation by
Water security remains a persistent
A culture of recognition and celebration 2026. As of March 31, 2025, the number
continues to fuel high performance, foster of permanent female employees stood at
healthy competition, and reinforce mutual 4,758, accounting for 9.06% of the total
respect among teams. This employee- workforce.
centric approach has once again earned
In a pioneering industry-first initiative, your
the Company the prestigious ‘Great Place
Company has introduced one day of paid
to Work’ (GPTW) certification for the
menstrual leave per month for women

9
challenge in rural India, where agriculture STEM pedagogy, the programme has Positioned for the Future
and livelihoods depend heavily on land transformed the learning environment. Amidst dynamic global shifts, your
and groundwater quality. Since 2014, In FY 2024–25, 314 schools and 52,924 Company is strategically poised to seize
L&T’s Unnati watershed development students benefitted from Jyoti, leading emerging opportunities. Its proven
programme has adopted an integrated to greater student engagement, deeper capabilities in delivering world-class
approach in ecologically sensitive districts conceptual clarity and increased interest in infrastructure and EPC projects, proactive
of Maharashtra, Rajasthan and Tamil maths and science. approach to the energy transition,
Nadu. To date, the programme has treated strengths in hi-tech manufacturing
While meaningful change takes time, each
44,856 hectares of land and benefitted and services, and unwavering focus on
initiative moves your Company closer to
30,092 households. technology-led, quality execution uniquely
the social impact goals it has set for itself
position it to lead in the evolving business
Implemented in collaboration with local — demonstrating that sustainable business
landscape.
communities, Unnati has driven soil and growth and social responsibility can go
water conservation efforts through the hand in hand. All business verticals are closely aligned
construction of check dams, trenches and with the vision of a cleaner, greener and
native tree plantations. These interventions more sustainable economy, as reflected
have led to improved crop yields, increased in the outcomes of Lakshya 2031 —
fodder availability and higher household your Company’s comprehensive strategic
incomes. Importantly, the establishment of planning initiative that outlines a focused
Village Development Committees (VDCs) roadmap for the next five years.
fosters local ownership, transparency and
long-term governance — ensuring the I take this opportunity to express my
sustainability of these efforts. sincere gratitude to our employees,
customers, supply chain partners and the
Government for their continued support
Governance and Ethics
and contributions to our journey. I am also
The Company remains steadfast in its
thankful to my fellow Board members for
commitment to the highest standards of
their guidance and commitment.
ethics, transparency and accountability
across all its operations. Good governance A special word of thanks to our
is a must. shareholders — your enduring trust is our
greatest strength. We look forward to your
A robust governance framework is in place
Another flagship initiative, the Jyoti STEM continued support as we strive for higher
to ensure strict compliance with applicable
Education Programme, aims to bridge benchmarks of excellence and sustainable
laws, regulations and global best practices,
foundational learning gaps in grades 6–8 growth.
including those pertaining to human rights
across government schools in Gujarat, and fair business conduct. This unwavering
Tamil Nadu and Maharashtra. By equipping focus on ethical business practices
classrooms with digital tools, robotics reinforces stakeholder trust and supports
kits, space learning aids and edu-reels, the Company’s long-term, sustainable
and by training teachers in activity-based Jai Hind!
growth.

Before After

Percolation Pond in Pachapalayam, Coimbatore, Tamil Nadu

10 Integrated Annual Report 2024-25

CONTENTS
03 CORPORATE OVERVIEW
13 Company Information
15 Executive Committee (ECom)
16 Group Business Structure
18 L&T Nationwide Network & Global Presence
20 10 year highlights

22 MANAGEMENT DISCUSSION & ANALYSIS

144 INTEGRATED REPORT

298 STATUTORY REPORTS

298 Business Responsibility & Sustainability Reporting (BRSR)
356 AGM Notice
381 Board's Report

439 FINANCIAL STATEMENTS

440 Standalone Financial Statements
576 Consolidated Financial Statements
723 Information Regarding Subsidiary Companies

STAKEHOLDER’S SATISFACTION
735 SURVEY FORM - 2024-25

12 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

COMPANY INFORMATION
BOARD OF DIRECTORS

MR. S. N. SUBRAHMANYAN MR. SANJEEV AGA

Chairman & Managing Director Independent Director

MR. SUBRAMANIAN SARMA MR. NARAYANAN KUMAR

Deputy Managing Director & President Independent Director

MR. R. SHANKAR RAMAN MRS. PREETHA REDDY

President, Whole-time Director & CFO Independent Director

MR. S. V. DESAI MR. PRAMIT JHAVERI

Whole-time Director & Sr. Executive Vice President Independent Director
(Civil Infrastructure)
MR. RAJNISH KUMAR
MR. T. MADHAVA DAS Independent Director
Whole-time Director & Sr. Executive Vice President
(Utilities) MR. JYOTI SAGAR
Independent Director
MR. ANIL V. PARAB
Whole-time Director & Sr. Executive Vice President MR. AJAY TYAGI
(Heavy Engineering & L&T Valves) Independent Director

MR. P. R. RAMESH
Independent Director

MR. SIDDHARTHA MOHANTY

Nominee of Life Insurance Corporation of India

Company Secretary & Compliance Officer

Mr. Sivaram Nair A
(upto May 9, 2025)

Mr. Subramanian Narayan

(from May 10, 2025)

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

Joint Statutory Auditors

M/s. Deloitte Haskins & Sells LLP and
M/s. M S K A & Associates

Registrar & Share Transfer Agents

KFin Technologies Limited

80th Annual General Meeting through Video Conferencing or Other Audio-Visual Means on Tuesday, June 17, 2025 at 3:00 p.m. IST

13
 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

EXECUTIVE COMMITTEE (ECOM)

S. N. Subrahmanyan
Chairman & Managing Director

Subramanian Sarma R. Shankar Raman

Deputy Managing Director President, Whole-time Director &
& President Chief Financial Officer

S. V. Desai T. Madhava Das Anil V. Parab

Whole-time Director & Whole-time Director & Whole-time Director &
Sr. Executive Vice President Sr. Executive Vice President Sr. Executive Vice President
(Civil Infrastructure) (Utilities) (Heavy Engineering and L&T Valves)

M. V. Satish D. K. Sen Shrikant Joshi

Advisor to the Chairman & MD Advisor to the Chairman & MD Advisor to the Chairman & MD
(Buildings & Factories) (Development Projects, Minerals & Metals, (L&T Realty)
L&T Special Steels & Heavy Forgings,
L&T-SuFin and L&T Aviation)

As on 02.04.2025

15
 GROUP BUSINESS STRUCTURE
GROUP BUSINESS STRUCTURE

Infrastructure & Construction Energy

S. V. Desai Subramanian Sarma

Civil Infrastructure Energy

Koneru Bhavani R. K. Bansal Derek M. Shah E. S. Sathyanarayanan

Heavy Civil Transportation

Green & Clean Energy Hydrocarbon Onshore
Infrastructure

Satish Palekar Parthasarathi Chatterjee

CarbonLite Solutions Hydrocarbon Offshore

T. Madhava Das

Utilities

A. Ravindran Joji Sebastian E. P. Sajit

Renewables Power Transmission & Water & Effluent

Distribution Treatment

Sthaladipti Saha

Buildings & Factories

T. Kumaresan

Minerals & Metals

16 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

S. N. Subrahmanyan
Chairman & Managing Director

Hi-Tech Manufacturing IT & Technology Services

Anil V. Parab Debashis Chatterjee

Heavy Engineering and LTIMindtree

L&T Valves

Arun Ramchandani Amit Chadha

Precision Engineering and L&T Technology Services

Systems

Development Projects Digital Services &

E-Commerce Platforms

K. V. B. Reddy
L&T-SuFin

Hyderabad Metro L&T EduTech

L&T-Cloudfiniti
S. K. Narang L&T Semiconductor
Technologies
Nabha Power Limited

Other Businesses Financial Services

Anupam Kumar Sudipta Roy

L&T Realty L&T Finance

Arvind Garg

Construction, Mining, and

Industrial Machinery

Rubber Processing
Machinery

Hydraulics
17
 Network

NATIONWIDE
NETWORK

18 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

GLOBAL
NETWORK

Offices
Engineering & Construction Projects
Manufacturing/Fabrication Facilities

19
 10 Year
Highlights
10 Year
Highlights

STANDALONE FINANCIALS-
10 YEAR HIGHLIGHTS
Standalone Financials-10 Year Highlights
v crore
2024-25 2023-24 2022-23 2021-22 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16
Description
[9] [10] [11]

Statement of Profit and Loss

Statement of Profit and Loss

Gross revenue from operations [1] 142509 126233 110501 101000 87255 82384 82287 74612 66301 63813
PBDIT[1][2] 11588 9729 9295 9055 8309 6838 7653 7701 6481 5829
Profit after tax (excluding exceptional
items[3]) 10396 8883 7849 7612 5966 5414 5466 4861 4560 4454
Profit after tax (including exceptional
items[3]) 10871 9331 7849 7879 11798 6679 7491 5387 5454 5000
Balance Sheet
Net worth 71896 64516 71528 67114 61738 52175 50048 49174 46013 42135
Borrowings 21935 22540 18151 20298 24474 25785 11990 10561 10558 13924
Capital employed 93831 87056 89679 87412 86212 77960 62038 59735 56571 56059
Ratios and statistics
PBDIT as % of net revenue from
operations [1][4] 8.13 7.71 8.41 8.97 9.52 8.30 9.30 10.34 9.86 9.23
PAT as % of (net revenue from
operations[1])[5] 7.63 7.39 7.10 7.80 13.52 8.11 9.10 7.23 8.30 7.91
RONW % [6] 15.94 13.71 11.32 12.23 20.54 13.07 15.74 11.32 12.37 12.39
Gross Debt: Equity ratio 0.31:1 0.35:1 0.25:1 0.30:1 0.40:1 0.49:1 0.24:1 0.21:1 0.23:1 0.33:1
Basic earnings per equity share (¢) [7] 79.06 67.14 55.85 56.09 84.02 47.59 53.43 38.46 39.00 35.81
Book value per equity share (¢) [8] 522.81 469.32 508.92 477.67 439.55 371.65 356.79 350.90 328.79 301.57
Dividend per equity share (¢) [8][12] 34.00 34.00 24.00 22.00 36.00 18.00 18.00 16.00 14.00 12.17
No. of equity shareholders 17,06,264 15,64,085 14,25,064 14,92,124 13,71,535 12,51,569 10,21,275 8,99,902 9,23,628 10,28,541
No. of employees 58,556 60,561 55,202 50,267 49,107 45,467 45,205 42,924 41,466 43,354
[1] For Continuing Operations in 2020-21, 2019-20 and 2018-19
[2] Profit before depreciation, interest and tax (PBDIT) is excluding exceptional items wherever applicable and other income.
[3] Profit from discontinued operations in the year 2020-21, 2019-20 and 2018-19 has been considered as exceptional item.
[4] PBDIT as % of net revenue from operations = [(PBDIT)/(gross revenue from operations less excise duty up to June 30, 2017)].
[5] Profit After Tax (PAT) as % of net revenue from operations = [(PAT including exceptional items)/(gross revenue from operations less excise duty up to June 30,
2017)].
[6] RONW [(PAT including exceptional items)/(average net worth)].
[7] Basic earnings per equity share has been calculated including exceptional items and adjusted for all the years for issue of bonus shares.
[8] After considering adjustments for issue of bonus shares during the respective years.
[9] Figures from 2023-24 include the impact of the merger of L&T Energy Hydrocarbon Engineering Limited with the Company.
[10] Figures from 2020-21 include the impact of the merger of L&T Hydrocarbon with the Company.
[11] Figures from 2018-19 include the impact of the merger of L&T Shipbuilding Limited with the Company.
[12] Dividend for 2020-21 includes special dividend of ¢ 18.00 per share and final dividend of ¢ 18 per share. Dividend for 2023-24 includes special dividend of
¢ 6.00 per share and final dividend of ¢ 28 per share.

20 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements
Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

CONSOLIDATED FINANCIALS-
10 YEAR HIGHLIGHTS
Consolidated Financials-10 Year Highlights
v crore

Description 2024-25 2023-24 2022-23 2021-22 2020-21 2019-20 2018-19 2017-18 2016-17 2015-16

Statement of Profit and Loss

Gross revenue from operations [1] 255734 221113 183341 156521 135979 145452 135220 119862 110011 101975
PBDIT [1][2] 26435 23494 20753 18205 15624 16329 15330 13641 11130 10463
Profit for the year [PAT] 17673 15547 12531 10419 12921 10894 10217 8004 6486 4545
Profit attributable to the Owners of
the Company (excluding exceptional
items [3]) 14562 12966 10374 8572 6965 8894 8144 7151 5920 4154
Profit attributable to the Owners of
the Company (including exceptional
items [3]) 15037 13059 10471 8669 11583 9549 8905 7370 6041 4233

Balance Sheet
Net worth attributable to the Owners
of the Company 97656 86359 89326 82408 75869 66723 62375 54904 50217 44180
Non-controlling interest 17748 16190 14241 12966 12052 9521 6826 5201 3564 2893
Borrowings 129559 114040 118513 123468 132605 141007 125555 107524 93954 88135
Capital employed 244963 216589 222080 218842 220525 217251 194756 167629 147735 135208

Ratios and statistics

PBDIT as % of net revenue from
operations [1] [4] 10.34 10.63 11.32 11.63 11.49 11.23 11.34 11.40 10.18 10.35
PAT as % of (net revenue from
operations [1]) [5] 6.91 7.03 6.83 6.66 9.50 7.49 7.56 6.69 5.93 4.49
RONW % [6] 16.34 14.87 12.19 10.95 16.25 14.80 15.35 14.12 12.80 9.91
Gross Debt: Equity ratio 1.12:1 1.11:1 1.14:1 1.29:1 1.51:1 1.85:1 1.81:1 1.79:1 1.75:1 1.87:1
Basic earnings per equity share (¢) [7] 109.36 93.96 74.51 61.71 82.49 68.04 63.51 52.62 43.20 30.32
Book value per equity share (¢) [8] 710.12 628.22 635.55 586.52 540.16 475.27 444.67 391.78 358.83 316.20
Dividend per equity share (¢) [8] [9] [10] 34.00 34.00 24.00 22.00 36.00 18.00 18.00 16.00 14.00 12.17

[1] From Continuing Operations in 2020-21, 2019-20 and 2018-19.

[2] Profit before depreciation, interest and tax [PBDIT] is excluding exceptional items wherever applicable and other income.
[3] Profit from discontinued operations in the year 2020-21, 2019-20 and 2018-19 has been considered as exceptional item.
[4] PBDIT as % of net revenue from operations =[PBDIT/(gross revenue from operations less excise duty upto June 30, 2017)].
[5] PAT as % of net revenue from operations = [PAT/(gross revenue from operations less excise duty upto June 30, 2017)].
[6] RONW = [(Profit attributable to the Owners of the Company including exceptional items)/(average net worth)].
[7] Basic earnings per equity share has been calculated including exceptional items and adjusted for all the years for issue of bonus shares.
[8] After considering adjustment for issue of bonus shares during respective years.
[9] Dividend for the year 2020-21 includes special dividend of ¢ 18.00 per share and final dividend of ¢ 18.00 per share
[10] Dividend for the year 2023-24 includes special dividend of ¢ 6.00 per share and final dividend of ¢ 28.00 per share

21
MANAGEMENT
DISCUSSION AND
ANALYSIS

22 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Economy
Indian Economy
Despite the prevailing global uncertainties, the Indian The external trade sector has demonstrated stability
economy is estimated to grow between 6.25-6.50% during and growth despite uncertainties in the global trade
the current year 2024-25. The agriculture sector is expected environment. In FY 2024-25, export trade in merchandise and
to grow ~4%, the industrial sector ~6% and the services services exceeded USD 800 billion, a growth of 5.5%. Total
sector ~7%. In absolute terms, the agriculture sector imports during the period are estimated at USD 915 billion,
continued to operate well above pre-pandemic trend levels. registering a growth of 6.8%.
Whereas, in the industrial sector, sustained growth through
After a relative stable H1 FY 2024-25, the rupee weakened
FY 2023-24 and FY 2024-25, has led to the closure of the
against the USD by around 5% in the period from October
trend gap. The recovery within the services sector has been
to (mid) February, a period which saw increased financial
uneven, and as a result, the sector is only now approaching
market volatility. While Foreign Portfolio Investment (FPI)
its long-term trend levels.
inflows were positive, amounting to approximately USD 20
India’s headline inflation, as measured by the Consumer billion in H1 FY 2024-25, the trend reversed in H2 FY 2024-25,
Price Index (CPI), has eased considerably during the year. with net outflows of a similar magnitude. Investments in
The monthly average CPI print was 4.63% in FY 2024-25 debt securities saw net inflows of around USD 15 billion,
vs. 5.35% in FY 2023-24. This decline was primarily led by whereas equity investments registered net outflows of a
a decrease in core services and fuel price inflation. Food comparable amount for FY 2024-25.
price inflation continued to hold firm impacted by weather
The Indian economy is expected to remain resilient,
related supply disruptions. For FY 2025–26, the Reserve Bank
supported by robust consumption from households,
of India (RBI) has forecast CPI inflation at 4%, based on the
alongside the government’s continued focus on capital
expectation of a normal monsoon.
expenditure. Capacity utilisation in manufacturing
Policy rates remained unchanged through the April- remains high and balance sheets of banks and corporates
December 2024 period with the repo rate at 6.50%. remain healthy. The economy has also undergone rapid
However, with relatively weaker growth prints and falling digitalisation over the past decade, significantly boosting
underlying inflation, the Monetary Policy Committee productivity. The service sector has increasingly shifted
(MPC) changed its policy stance from ‘Withdrawal of towards high-tech digital solutions, including e-commerce,
Accommodation’ to ‘Neutral’ in October 2024. Further, to fintech, cloud computing and AI-driven services.
inject liquidity into the banking system a reduction in CRR
The risks to growth remain largely external – rising tariff
to 4.00% of NDTL from 4.50% was announced in December
barriers, stretched supply chains and continuing geopolitical
2024. In February 2025, the RBI lowered the repo rate
tensions. The country will have to adapt to the evolving
to 6.25% in response to downward revisions in growth
global landscape and harness its domestic strengths to drive
forecasts for H1 FY 2025-26, while keeping the inflation
growth in a sustainable manner.
trajectory aligned with its target.

23
 Economy and
Business Strategy

Global Economy
World GDP grew by 2.7% in calendar year 2024, with China would be the most directly impacted economy if the
regional growth varying significantly. The United States saw tariffs imposed by the United States take effect. To stabilise
robust growth at 2.8%, while the Eurozone experienced the economy, the government may employ a combination
more subdued growth at 0.8%. Growth in emerging markets of monetary easing and fiscal support measures aimed at
was driven by India and China, which recorded growth rates boosting domestic consumption and addressing weaknesses
of 6.5% and 5%, respectively. For the most part, the year in the property sector.
was marked by improving financial conditions, declining
The Gulf Cooperation Council (GCC), led by Saudi Arabia, is
inflation and a partial de-escalation of regional conflicts.
likely to continue strengthening both the physical and digital
In the United States, the balance of risks has shifted from infrastructure of the region, in addition to monetising its
inflation to growth, as the effects of increased tariff oil & gas assets. As GCC countries embark on the transition
measures would begin to impact the economy. In addition, from oil to clean energy and pursue various industrialisation
changes in the regulatory environment, immigration policies initiatives, the region’s growth opportunities remain healthy.
and fiscal policy are expected to influence the dynamics
With global cross-border trade and investment flows
between growth and inflation. The upside risk to inflation
slowing there is a growing risk of rising cost pressures,
from tariffs, coupled with the downside risks to growth,
reduced productivity and slower efficiency gains. However,
could create a challenging environment for monetary policy.
with trade in services not being directly affected by tariff-
Technology is expected to remain a bright spot for the
related disruptions, the global IT outsourcing market is
US economy in 2025, with spending projected to surpass USD
expected to remain relatively resilient. India’s technology
2 trillion for the first time.
sector is expected to grow by around 5% in FY 2025-26, with
The economies of Europe and UK continue to remain fragile. revenues projected to exceed USD 300 billion.
However, the commitment by Germany to permit fiscal
India remains relatively insulated from global headwinds
loosening through a special EUR 500 billion off-budget
and is on track to become the world’s third-largest economy
infrastructure fund, to be disbursed over a decade, could
in the medium-term. It continues to be one of the fastest-
alter the medium-term growth dynamics for Europe.
growing large economies, supported by favourable
demographics, investment led impetus, and ongoing
regulatory reforms.

24 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Business Model and Strategy

Strategy Formulation Distribution business and is now a separate business vertical
within the Infrastructure segment. This restructuring will allow
Business strategy formulation aims to set long-term goals for the a focus on excelling in the renewable energy sector, ensuring
Group and identify areas to leverage its strengths, explore new strong execution and sustained profitability as the Group
business opportunities, and enhance its existing capabilities and continues to expand its footprint in this rapidly evolving market.
offerings. This is enabled through plans with two different time
horizons, viz. medium-term strategic plan (5 years) and short- India as well as the Middle East and North Africa (MENA)
term (annual) budget targets. region are both experiencing rapid infrastructure development
and economic diversification because of the megatrends
‘Lakshya’, the Group’s 5-year strategic plan, is developed through of urbanisation and demographics. Buoyed by this market
a collaborative process across the organisation. Lakshya 2026 opportunity, the Minerals & Metals vertical within the
seeks to achieve value-accretive growth in the existing business Infrastructure segment has achieved remarkable progress and
portfolio through a multi-pronged approach of targeting has demonstrated strong performance across all business metrics.
opportunities arising out of global trends, along with a focus on
ESG and Sustainability. The underlying emphasis of Lakshya 2026 Technology transformations, be it digital, materials/semi-
is to ride the momentum in existing trends through project wins conductors, or in the energy sphere, are happening at an
and faster execution as well as capitalise on emerging trends ever-increasing pace. The Group continues to accelerate the
through creating new capability and generating new streams growth of its newly seeded business lines, viz. Green Hydrogen
of revenue. In addition, there is continued focus on timely and its derivatives, Semiconductor technologies, Data Centers,
completion of projects, driving profitability through operational and E-commerce and Digital Platform businesses (L&T EduTech
excellence, value engineering, and various digitalisation- and L&T-SuFin). L&T Semiconductor Technologies Limited
led productivity improvement initiatives. Lakshya 2026 has has acquired SiliConch Systems Private Limited and the data
completed its fourth year in FY 2024-25 and is satisfactorily center business, Cloundfiniti has entered into a strategic
progressing towards the targets set in the plan. partnership with E2E Networks Limited for Cloud, AI and high-
performance computing.
The megatrend of energy transition has strengthened in recent
years. This is clear from the business opportunities that have The Group remains vigilant of the evolving geopolitical scenario.
opened up in the renewables space. Hence, the Renewables The diversity of its businesses and the spread across multiple
business has been carved out from Power Transmission & regions provide overall resilience and ability to respond tactically
as well as seize new and emerging opportunities.

Business Model
Value creation is enabled through a portfolio comprising:
EPC Projects
EPC Projects focus on the proven core competencies of conceptualising, designing, executing and commissioning
large, complex projects in the areas of transportation infrastructure, power transmission & distribution, water &
irrigation infrastructure, buildings & factories, metals & mining, energy generation & storage solutions, oil & gas,
and energy transition.

Hi-Tech Manufacturing
Hi-Tech Manufacturing focuses on custom-designed and built equipment catering to process plants for various sectors
(including nuclear); precision engineering and systems for the defence & aerospace sectors; electrolysers for hydrogen
production; industrial and bulk material handling; construction machinery & mining equipment; and industrial valves.

Services

The Services businesses cater to sectors of IT (through LTIMindtree), Engineering R&D (through LTTS), Financial Services
(through L&T Finance), Real Estate Development (through L&T Realty), B2B E-commerce (through L&T-SuFin), Skilling
and Assessment (through L&T EduTech), Data / Cloud Services (through L&T-Cloudfiniti) and Semicondcutor Chip design
(through L&T Semiconductor Technologies Limited)

In addition to the above, the Group continues to pursue its goal of unlocking value by staying asset-light and exiting
non-core businesses.

25
 Economy and
Business Strategy

The Group’s businesses and offerings are closely linked to global megatrends.

Urbanisation and Demographic Energy Transition

High-rise buildings (B&F) Renewables – solar, energy

storage (RE, HCI)
Multi-modal transportation
network (TI, HCI) Green buildings (B&F)
High-capacity utility networks Clean fuels (HE, LTEH)
(PT&D, WET)
Green Hydrogen (GE)
Safe and smart cities (LTTS)
Water recycling and reuse
Construction metals (M&M) solutions (WET)

Increasing population pressures in cities leading to various challenges Climate change and resource scarcity driving need for solutions to
(e.g. congestion, pollution) and call for better solutions balance growing needs with environment

Mobility Growth Societal Challenge

Mass rapid transit

Water and sewage
systems (TI, HCI)
treatment systems (WET)
World-class airports (B&F, TI)
Housing (B&F, LTR)
Electric, autonomous and
Energy-efficient power
connected systems (LTTS)
systems and microgrids (PT&D)
Expressways and road cum
Financial services (LTF)
rail networks (TI)

Safe, fast, affordable and environment-friendly solutions for movement

Universal coverage for basic amenities while keeping up with growing
of people and goods
demands of global population

Technology Transformation

Cloud, big data, AI/ML, AR/VR, 5G, cybersecurity (LTIM, LTTS)

Automation, Industry 4.0, Digital Engineering (LTIM, LTTS)
Chip design (LTSCT)
Data storage and computing (L&T-Cloudfiniti)
Platforms (L&T-SuFin, L&T EduTech)

Technology and services offerings to transform businesses across various domains

B&F Buildings & Factories LTTS L&T Technology Services

HCI Heavy Civil Infrastructure PT&D Power Transmission & Distribution
HE Heavy Engineering RE Renewables
LTEH L&T Energy - Hydrocarbon M&M Minerals & Metals
GE Green & Clean Energy TI Transportation Infrastructure
LTIM LTIMindtree WET Water & Effluent Treatment
LTR L&T Realty LTSCT L&T Semiconductor Technologies

26 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Portfolio Strategy
The portfolio strategy focuses on growth by diversifying revenue streams, exploring new opportunities, and enhancing
profitability to create value for all stakeholders.

Complementing the mature businesses with

growth-stage businesses

While the Group relies on mature businesses for cash generation

and steady growth, the focus is also on seeding and scaling up
new, tech-driven businesses with high growth potential

Geographically diversified businesses

India continues to remain the primary market for EPC Projects, Hi-Tech
Manufacturing and Financial Services businesses. Additionally, GCC has emerged
as a significant market for the EPC and Energy businesses. The Americas and
Europe will continue to be the primary geographies for the IT services businesses.

Balancing the cyclical nature of the EPC business

through a portfolio of Services businesses

To have a better revenue profile and improved profitability, the Group

intends to increase the share of the IT&TS services business while pursuing
growth in the traditional EPC and Hi-Tech Manufacturing businesses.

Supplementing the standalone offerings

with partnerships

For Hi-Tech Manufacturing and EPC Projects businesses, the Group has
partnered with several large global process and technology licensors, and
EPC contractors to expand the scope of its business offerings. For the IT
and Technology Services businesses, the Group has strategic partnerships
with established global software product and technology companies.

IT services business witnessed moderate growth, driven by an increase in discretionary spending and improvement in the
BFSI sector in North America. The EPC Projects and Hi-Tech Manufacturing portfolio saw robust growth aided by capex-led
focus in India and oil & gas and clean energy investments in the Middle East.

27
 Economy and
Business Strategy

Strategic Thrust and Direction

The Group continues to be guided by the strategic objectives formulated under Lakshya 2026 plan. These are outlined below.
As 2025-26 will be terminal year for current Lakshya 2026 plan, the group has also initiated the process to formulate the next
5-year strategic plan - Lakshya 2031 which will be finalised in FY 2025-26.

The Strategic Objectives

SO-I Value-accretive growth of current businesses

SO-II Scaling-up Digital and E-commerce businesses

SO-III Developing business offerings to ride the Energy Transition wave

SO-IV Divestment of non-core businesses

SO-V Enabling business sustainability through high focus on ESG and Stakeholder Value Creation

These Strategic Objectives are supported through Strategic Enablers:

SE-1 Operational excellence for leadership in cost-competitiveness and world-class execution

Industry-leading capabilities in digital technologies and analytics for improved

SE-2
productivity, ESG effectiveness and strengthening revenue streams

Financial resources to enable growth of the businesses and sound financial health to
SE-3
facilitate access to capital markets, when required

SE-4 Talent and leadership pipeline to drive business continuity and growth

SE-5 Capability development through R&D, absorption of new technologies and partnerships

28 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Performance in FY 2024-25 against Strategic Objectives:

OBJECTIVES PERFORMANCE PERFORMANCE
MEASURES
SO-I à Revenue growth In FY 2024-25, the Group achieved revenues of I 2,55,734 crore

Value-accretive growth à Composition of Services (16% growth y-o-y).

in Total Revenues
of current businesses The Services businesses reported modest growth of 8% y-o-y. The
composition of service businesses to total revenue is at 26% in
FY 2024-25 compared to 28% in FY 2023-24.
SO-II à Growth of Digital & In FY 2024-25, L&T-Cloudfiniti (data centers and related services) saw
E-commerce businesses its operations start at the Kancheepuram Data Center – Phase 1 with
Scaling up digital and
12 MW capacity. It also announced strategic partnership with E2E
e-commerce businesses
Networks Limited to accelerate cloud and AI innovation for Indian
enterprises.

Further, three new data centers in Mahape, Panvel and Bangalore

are under active consideration.

Acquisition of SiliConch Systems Private Limited by L&T

Semiconductor Technologies Limited, a semiconductor start-up
focused on power semiconductors, highlights the Group’s dedication
to innovation and sustainability in the semiconductor industry.

L&T-SuFin and L&T EduTech have also been scaled up further in

FY 2024-25
SO-III à Size of Green Business The Group increased the share of Green Business to ~I 75,500 crore,
à New business or which is 53% of standalone revenue in FY 2024-25 (as compared to
Developing business
business offerings 50% in FY 2023-24).
offerings to ride the
Energy Transition wave developed L&T continues to prioritise its participation in energy transition
and sustainability. The Renewables business vertical was carved
out from the Power Transmission & Distribution business within
the infrastructure segment to enhance the Company’s focus on
opportunities in the Green space.
L&T Energy GreenTech Limited signed a Memorandum of
Understanding (MoU) with John Cockerill to explore various
technologies in Concentrated Solar Power (CSP) and Thermal Energy
Storage (TES).
SO-IV à Businesses divested The entire stake in L&T Infrastructure Development Projects Limited
(L&T IDPL) (a joint venture with investments in road projects and a
Divestment of non-core
power transmission asset) was divested on April 10, 2024.
businesses
The Group continues to actively pursue divestments of other
non-core assets and is also exploring various alternatives to de-risk
its current exposure in L&T Metro Rail (Hyderabad) Limited.
SO-V à Metrics linked to ESG For details, refer to the following in the Integrated Report section:
performance are based à Natural Capital
Enabling business
on materiality, e.g.
sustainability through a à Social and Relationship Capital
high focus on ESG and - Carbon footprint à Human Capital
Stakeholder - Resource consumption
Value Creation - Lost time injury
frequency rate
- Training hours

29
 Risk Management
Framework

Risk Management Framework with regulatory and client specifications. L&T’s projects
typically demonstrate attention to quality, safety and
technical standards. L&T enforces strict quality control
Being a global conglomerate operating in multiple
protocols, third-party audits and compliance with
geographies across a number of sectors spanning engineering,
global engineering standards. The Company adheres
construction, manufacturing, technology, financial services,
to international standards and guidelines such as
and much more, L&T is exposed to a diverse range of risks.
ISO 9001:2015.
Effective risk management is therefore integral to the
Company’s functioning and plays a critical role in achieving
Workplace Safety Risks
sustained growth, ensuring operational efficiency and
safeguarding stakeholder interests. The Company’s robust L&T is committed to Mission Zero Harm and relentlessly
risk management framework proactively identifies, assesses works towards enhancing the health and safety standards
and mitigates potential risks. The Chief Risk Officer facilitates within the organisation as well as that of workers and
institutionalisation of Enterprise Risk Management processes subcontractors working on behalf of the Company at project
and regularly apprises the Board Risk Management Committee sites or premises. This includes using continuous sensitisation,
and Apex Risk Management Committee about these risks. toolbox talks, providing protective gear and conducting
special training in the safe handling of equipment and
The key risks that L&T faces can broadly be classified as: material. The Company adheres to international standards
a) Operational risks and guidelines such as ISO 45001:2018.

b) Tactical risks
Supply Chain and Vendor Management Risks
c) Strategic risks
L&T undertakes rigorous pre-qualification of vendors,
has back-to-back operational and financial guarantee
Operational Risks arrangements with subcontractors, does regular monitoring
L&T’s projects are often large-scale, complex and involve and ensures diversification of its supplier base.
multiple stakeholders, which increase operational risks such
as project delays, cost overruns and supply chain disruptions. Technology and Cybersecurity Risks
L&T has a robust Cyber Security Assurance Framework
Project Execution Risks encompassing processes, standards and technology for
Workmen Shortages: Availability of skilled workmen and managing cyber risks. These risks are monitored and
workforce attrition can impact construction schedules. mitigated at the level of individual businesses. Senior
management has regular oversight through various councils
Regulatory Delays: Prolonged environmental and statutory
and risk management committees. In addition, a Cyber
approvals, land acquisition issues, and right-of-way
Security Operations Centre has been established which
availability can impact project timelines.
monitors security alerts on 24x7 basis. All the necessary
Supply Chain Disruptions: Delays in the delivery of key safeguards to maintain desired security and resiliency levels
materials and equipment due to vendor issues, geopolitical have been deployed within the organisation.
constraints, or logistical bottlenecks can lead to cost escalations.
Legal and Contractual Risks
Design Changes/Approval delays: Frequent modifications
Given the complexity and long duration of projects,
in project design, delay in client approvals and rework due
disagreements over contractual terms and project scope can
to client requirements can result in additional costs and
arise. L&T proactively negotiates clear contractual terms and
extended deadlines.
engages experts for risk assessment to minimise legal and
The Company mitigates these risks by careful client contractual risks. Further, L&T endeavours to limit its total
and geography selection, leveraging advanced project contractual liability on any project to a reasonable level.
management techniques, digitalisation and strategic
partnerships with suppliers and subcontractors. Logistics and Infrastructure Challenges
Large-scale infrastructure projects require the movement of
Quality and Safety Risks heavy equipment and materials across regions and countries.
Construction Quality Challenges include port congestion and customs protocol
Construction quality risks refer to the potential issues in delays, road conditions, inadequate transport infrastructure,
structural integrity, safety, workmanship and compliance weather and climate disruptions.

30 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

L&T incorporates risk-based logistics planning and advance payment, material, retention) are to be issued to
leverages digital tracking tools to ensure smooth supply clients during the project tenure. L&T ensures availability of
chain operations. An integrated logistics management adequate bank credit lines and bond facilities from financial
portal has been developed to help businesses with their institutions to meet these requirements. The Company’s
decision making. strong credit worthiness is reflected via AAA Domestic
Credit Rating (from CRISIL and India Ratings), and BBB+
Black Swan Events International Credit Rating (from S&P and Fitch) – which is
L&T has a crisis management framework for responding two levels above India’s sovereign rating.
to crisis situations such as natural calamities, geopolitical
L&T maintains a balanced mix of projects across sectors,
upheaval, local unrest, war, terrorist attacks and other
geographies and clients to reduce over-reliance on any single
emergency situations, and ensuring the safety and security of
market or funding source. Further, L&T strategically bids for
its employees, workforce, assets and operations globally.
projects funded by global multilateral institutions which are
less susceptible to local in-country fiscal constraints. To manage
Risks related to Manufacturing Operations
competition risk, L&T is focused on long term relationships
L&T’s manufacturing facilities are critical to delivering high with clients, superior design and execution and timely
quality engineered products and ensuring timely project completion of projects. Additionally, L&T collaborates with
execution. These facilities, while enabling operational global EPC, technology firms, key suppliers and local partners
scale and efficiency, are also subject to risks related to to strengthen bid competitiveness and optimise costs.
supply chain, geopolitical tensions, natural disasters and
regulatory compliance. The Company implements robust Geopolitical/Country Risk
safety and sustainability protocols as well as maintains
L&T mitigates geopolitical and country risks through
contingency plans to mitigate the impact of natural disasters,
comprehensive country risk assessments during the bidding
environmental events, or localised sociopolitical disruptions.
stage, diversification of business lines across geographies,
Technology upgrades and digitalisation initiatives are being
and working primarily with sovereign or creditworthy clients.
leveraged to enhance resilience, optimise throughput and
Further, L&T closely monitors geopolitical developments
ensure business continuity across all manufacturing locations.
and incorporates risk mitigation strategies such as contract
structuring, hedging mechanisms, and contingency planning
Tactical Risks to safeguard project viability and financial exposure.
Market and Industry Risks
Sanctions and Regulatory Risks
à Economic and Policy Risks: L&T’s core EPC business is
dependent on infrastructure investments by governments L&T continuously monitors sanctions related developments
and private entities. Economic slowdowns, budget and ensures strict adherence to international compliance
constraints, or shifts in government priorities can lead to norms. L&T has a strong internal control framework in
delays or cancellations of major projects. Additionally, place and a robust process of carrying out due diligence
periods of high inflation and rising interest rates can of counterparties, countries, sanctions and end-use of
reduce capital spending, affecting the Company’s order products manufactured.
inflows and revenue visibility.
à Competition and Pricing Pressure: L&T faces competition Workforce and Talent Management Risks
from both domestic players in India and international firms L&T develops workforce and talent through a blend of
abroad. Competitive bidding, particularly in government internal capability building, local talent integration,
tenders, exerts pressure on margin, and aggressive pricing robust HR processes and a culture of continuous learning.
strategies by competitors can impact L&T’s ability to L&T invests in upskilling programmes and leadership
secure projects. development to retain talent and bridge skill gaps. The
à Slowdown in Key End-Markets: Sectors like oil & gas, Company provides training to thousands of young workers
power, real estate and infrastructure are sensitive to each year at its nine Construction Skill Training Institutes
macroeconomic cycles, oil prices and countries’ fiscal health, (CSTIs) and its five sub-centres. Further, L&T has developed
impacting order book growth. a Central Workmen Mobilisation Cell to centrally collate
workmen requirements and coordinate with sourcing centres
à Adequacy of Credit Facilities: Construction projects in
India, Middle East, Africa and other Asian countries are to deploy workers where needed.
bank guarantee (BG)-intensive, as BGs (bid, performance,

31
 Risk Management
Framework

Strategic Risks
Energy Transition Operating Risks of Subsidiaries
Energy Transition is transforming industries across the world. L&T’s operations span across multiple geographies through a
This shift impacts businesses at the operational level by network of domestic and international subsidiaries engaged
increasing the demand for ‘green specifications’ in tenders, in engineering, construction, manufacturing, technology and
building codes and other regulatory frameworks. It also services. The Company manages operating risks of unlisted
presents new opportunities, such as EPC projects for Solar subsidiaries through central oversight, periodic performance
Energy, Pumped Hydro Storage & Battery Storage projects, evaluations and ensuring strategic alignment with Group-
and emerging sectors like Green Hydrogen production / wide objectives. L&T’s senior management is present on
Electrolyser manufacturing. Additionally, there are increased the Boards and Committees of the listed subsidiaries, which
opportunities in transmission & distribution due to the need have adopted suitable policies to mitigate their operational,
for grid reconfiguration and evacuation requirements for tactical and strategic risks.
renewable energy sources.

L&T has identified significant business opportunities linked Financial Risks

to energy transition, especially in the decarbonisation of the The process of managing the Company’s financial exposures
energy sector. By leveraging these opportunities, L&T aims is governed by the Risk Management Framework and
to align its business strategies with decarbonisation trends Policy approved by the Company’s Audit Committee under
while managing the risks associated with new technologies. the guidance of the Board. Financial risks in each business
portfolio are collated, measured and managed by the
Climate Change Corporate Treasury.
Climate change heightens the frequency and intensity
Calendar year 2024 was marked by significant political
of physical risks, thus posing execution challenges. These
transitions, with elections reshaping the global geopolitical
risks manifest as acute events — extreme weather, heavy
landscape. Inflation pressures eased, prompting central
precipitation — and chronic impacts — higher temperatures,
banks to pivot towards rate cuts amid slowing growth and
rising sea levels. Increasingly, extreme weather events can
rising uncertainty.
disrupt project timelines, while gradual shifts such as rising
temperatures and sea levels pose challenges to long-term In calendar year 2025, the spotlight is firmly on policy
business sustainability. decisions from newly elected governments and the potential
ripple effects across trade, defence, climate and technology
For dealing with periods of extremely high temperature
sectors. Global real GDP growth in 2025 could slow to
or flood conditions, measures are taken to optimise the
sub-3% levels driven by ‘trade wars’ and knock-on effects.
work-rest cycle, early warning systems, shelters for the
Policy uncertainty tends to weigh heavily on corporate
workforce, and awareness sessions and advisories to apprise
confidence. This, in turn, could lead to cuts in capital
the workforce of risks, reporting of issues, and preventive
expenditure which could then undermine growth prospects.
measures to be taken.
In the US, the political shift has seen renewed protectionist
Investment Risk trade measures, most notably through announcement of a
L&T actively considers investing in emerging sectors that have significant increase in tariffs. The US tariff strategy represents
synergies with its EPC projects and Services competencies. a potential reversal of the post-World War II global economic
Investments are continually evaluated and made in growth framework. In the near term, US-China trade flows are
related opportunities, some of which have the risk of long expected to be the most impacted. For other trading
gestation periods. The Company works towards ensuring partners, any prolonged uncertainty could substantially
adequate returns on existing and new investments in affect trade volumes. If these higher tariffs get implemented,
infrastructure, construction projects and the services there could be an unintended consequence of stagflation.
businesses as a guiding principle as part of its Lakshya plan.

32 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

The pressure on European NATO members to boost expenditure at 3.1% of GDP and personal income tax cuts
defence autonomy is expected to trigger increased military to support consumption. CPI inflation is expected to average
expenditure, in both the EU and UK. This shift could provide around 4% for FY 2025-26.
a much needed growth catalyst for Europe, offsetting
weakness in traditional sectors like automotive and Foreign Exchange and Commodity Price Risks
manufacturing, which have been squeezed by softening The businesses of the Company are exposed to fluctuations in
demand and rising competition from China. foreign exchange rates and commodity prices. Additionally,
The Chinese economy continues to face headwinds. While it has exposures to foreign currency denominated financial
the economy may avoid a sharp slowdown in the near term assets and liabilities. Net foreign exchange risk on revenues,
due to policy support, monetary easing and measures to costs, assets and liabilities are managed through a combination
boost consumption, real GDP growth could slip below 4% in of forward and option contracts wherein the counterparties
the second half of the year. are regulated banking entities. The financial risks involving
commodity prices are managed through a combination of price
GCC economies have displayed resilience despite regional variation clauses embedded in customer contracts, hedges in
geopolitical tensions. The region remains committed to financial markets and pass-through price arrangements. In the
economic diversification, clean energy and industrialisation case of contracts with price variation clauses, the Company may
strategies. However, if crude oil prices were to consistently run a basis risk between the actual price of the commodity and
trade below USD 55 per barrel, the region could witness the reference indices.
significant growth headwinds.
The disclosure of commodity exposures, as required under
In India, real GDP growth is projected between 6.25-6.50% clause 9(n) of Part C, Schedule V of the SEBI (Listing Obligations
for FY 2025-26. Government of India aims to balance fiscal and Disclosure Requirements) Regulations, 2015, in the format
discipline – by targeting a 4.4% deficit – while continuing specified vide Chapter VI-E of SEBI Master Circular No. SEBI/HO/
with growth-friendly measures, namely, continued capital CFD/PoD2/CIR/P/0155 dated November 11, 2024, is given below:

EXPOSURE IN EXPOSURE IN % OF SUCH EXPOSURE HEDGED THROUGH

INR TOWARDS QUANTITY TERMS COMMODITY DERIVATIVES
SR
COMMODITY NAME THE PARTICULAR TOWARDS THE DOMESTIC MARKET INTERNATIONAL TOTAL
NO
COMMODITY PARTICULAR MARKET
(K CRORE) COMMODITY (TN) OTC EXCHANGE OTC EXCHANGE
1 Aluminium - Buy 3,023.88 1,41,891 - - 78.74 - 78.74
2 Aluminium - Sell (9.62) (440) - - 100.00 - 100.00
3 Zinc - Buy 72.21 2,939 - - 100.00 - 100.00
4 Copper - Buy 3,003.41 37,227 - - 70.80 - 70.80
5 Copper - Sell (83.20) (1,001) - - 100.00 - 100.00
6 Lead - Buy 70.45 3,265 - - 100.00 - 100.00
7 Coking coal - Buy 20.83 12,029 - - - - -
8 Iron ore - Buy 18.75 22,721 - - 86.05 - 86.05
9 Steel - Buy 21,840.16 32,24,865 - - - - -
10 Cement - Buy 4,506.86 68,68,041 - - - - -
11 Nickel - Buy 131.40 953 - - 68.63 - 68.63
12 Thermal Coal - Buy 2.75 2,673 - - - - -
Total exposure 32,597.88 1,03,15,160.80

33
 Risk Management
Framework

Liquidity and Interest Rate Risks Internal Controls and Safeguards

The Company constantly monitors the liquidity levels,
economic and capital market conditions and maintains
Corporate Governance and Internal
access to sources of liquidity through a combination of
approved banking lines, trade finance and capital markets.
Controls: Ensuring Business Integrity
The Company deploys its surplus funds in short-term and Sustainability
investments, in line with the Board-approved Treasury Corporate governance is fundamental to the Company’s
Policy. The Company dynamically manages interest rate ability to achieve sustainable growth and predictable
risks through a mix of fund-raising, investment products outcomes. A key pillar of corporate governance is a robust
and derivatives across maturity profiles within the internal controls framework, which ensures operational
Risk Management Framework. efficiency, safeguards assets, supports reliable financial
reporting, and prevents frauds and errors. At the core of this
Financial Resources and Capital Allocation framework is the globally recognised model issued by the
The capital allocation philosophy of the Company is geared Committee of Sponsoring Organizations of the Treadway
to support business initiatives for the profitable growth Commission (COSO).
of the Company, while retaining liquidity to support The COSO framework is designed to help companies align
short-term requirements of the Group. As a policy, the their internal controls with the challenges they face due
Company maintains cash buffers and has access to adequate to changing internal and external factors. By adopting this
banking lines to meet both opportunities and challenges. framework, the Company ensures that its internal controls
In the financial year, the Company supported the capital are aligned with its business needs, risk profile, and strategic
expenditure required to execute projects awarded in the objectives, enabling it to respond effectively to emerging
Projects and Manufacturing businesses and also investments challenges and maintain consistency in its operations.
in new areas, in line with the plan. Prospectively, the
Company will continue to support the growth of L&T Realty Framework and Policies for Internal Controls
and new businesses like green energy, data centers and The Company’s internal control framework is tailored to fit
semiconductor design. the size, complexity and nature of its business. The Board of
In line with its stated strategy to monetise non-core Directors and management at all levels play a crucial role in
assets, the Company concluded the divestment of its roads setting the right principles for the organisation through their
concessions business L&T IDPL which resulted in release of actions and directives. This leadership is reinforced by the
capital to the tune of I 1,300 crore. Company’s Code of Conduct (CoC), which promotes ethical
values and corporate integrity. The CoC serves as a guide
Low gearing levels (Gross Debt to Equity ratio at 0.31x) for employees, underscoring the importance of honesty and
at the parent entity level and a healthy cash buffer allow responsibility in business dealings. Furthermore, suppliers
enough flexibility to the Company to deal with normal must confirm their adherence to a separate Code of Conduct
business uncertainties. to align with the Company’s commitment to sustainable
The Company continues to see significant volume of growth and the integration of Environmental, Social and
large-value contracts in the Middle East, especially from Governance (ESG) principles in business operations.
Saudi Arabia, which require large local non-fund-based The Company also maintains a Whistleblower / Vigil
banking facilities. The Company is confident of tying Mechanism, allowing employees and business partners
up the required facilities during the year to address to report concerns about unethical or illegal activities,
upcoming requirements. misconduct, or fraud. This system ensures that concerns are
raised and addressed without fear of retaliation, promoting a
culture of transparency and accountability.

34 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Internal Financial Controls OVERALL FINANCIAL

Internal financial controls (IFC), aligned with the Companies REVIEW 2024-25
Act, 2013 are integral to the Company’s control framework and
operate at both entity and process levels. The responsibility for
I. L&T CONSOLIDATED
establishing, maintaining, and upgrading these controls lies
with the executive management, assisted by internal control Amidst the challenging global economic environment
teams at both the corporate and business levels. marred by geopolitical conflicts, the Company has achieved
a strong performance in its businesses, spread across diverse
These teams are tasked with developing and refining processes
sectors and geographies. The Company maintained its focus
and standard operating procedures to enhance operational
on maximising shareholder value by efficient execution of
efficiency. Teams share best practices across the organisation
its large order book, leveraging technology to improve cost
and ensure that internal controls are regularly updated in
competitiveness and efficiency, reducing working capital
response to changing business conditions and external factors,
along with better funds management, and divesting its
such as new regulations or emerging risks. Additionally,
non-core assets.
the Company engages independent professional firms to
periodically review the effectiveness of its control systems, During the year, as part of the strategy to exit non-core
with their recommendations being incorporated to strengthen businesses, on April 10, 2024, the Company completed the
existing practices. divestment of its entire shareholding in L&T Infrastructure
Development Projects Limited, a joint venture primarily
Audit and Review Mechanisms engaged in the development and operation of toll roads and
a power transmission asset. Further, the Company entered
The effectiveness of internal controls is tested through into an Asset Purchase agreement with M/s Infra Bazar Tech
regular audits conducted by the statutory auditors, the Private Limited on June 12, 2024, for the sale of assets of its
Company’s Corporate Audit Services (CAS) department Machinery Works segment.
and also through third-party audits. The CAS is responsible
for evaluating the design and operating effectiveness of In FY 2024-25, the Company has carved out a separate
internal controls across core business operations and support business vertical for ‘Renewables’ out of the Power
functions. The annual audit plan, which is reviewed by the Transmission & Distribution business amid energy transition
Audit Committee, ensures comprehensive coverage of all led growth, within its Infrastructure segment. Further, in
areas. Significant audit findings, along with periodic progress February 2025 the Company acquired the remaining 26%
on corrective actions, are presented to the Audit Committee stake in L&T Special Steels and Heavy Forgings Private
on a quarterly basis. Limited (LTSSHF) from the Nuclear Power Corporation of
India Limited (NPCIL), thereby making LTSSHF a wholly
The Company follows a three-line model to ensure that its owned subsidiary.
internal controls remain effective. The first line of defence
involves business heads, process owners and support L&T Energy Green Tech Limited (LTEGL), a wholly owned
functions who are responsible for the design and operation subsidiary of the Company, has been granted incentives for
of internal controls. The second line is the Corporate setting up of a 90 KTPA Green Hydrogen capacity in India.
Internal Control department, which monitors and improves This incentive will be distributed over a period of 3 years.
the effectiveness of these controls. The third line is the Further, LTEGL has also been allocated 500 acres of land
Corporate Audit Services, which conducts independent at Kandla port, Gujarat for setting up of a plant for Green
internal audits and provides assurance on the effectiveness Hydrogen and its derivatives under a 30-year lease by the
of the controls. Deendayal Airport Authority Kandla.

35
 Overall Financial
Review

During the year, L&T Semiconductor Technologies Limited Order Inflow and Order Book
(LTSCT) acquired 100% stake in SiliConch Systems, a
I Crore Order Inflow
Bengaluru-based fabless semiconductor design start-up
focused on power semiconductors with a portfolio of 17.8%
more than 30 granted patents. This acquisition will aid 400000
356631
the overall engineering skill sets and design expertise
350000
thereby strengthening the Group’s presence in fabless
semiconductor business. 302812
300000
Further, the Company also entered into a strategic 207478 58%
250000
partnership with E2E Networks Limited to accelerate cloud 163112 54%
and AI innovation for Indian enterprises. As part of the 200000
overall arrangement, the Company also acquired a 15%
150000
stake in E2E Networks Limited through the primary market
route. This partnership is a significant step towards adoption 100000
of GenAI solutions in India to foster a fundamental shift in 149153 42%
139700 46%
the way Accelerated Computing on Cloud is used by Indian 50000
organisations. The collaboration aims to accelerate digital
transformation for a diverse range of industries, fostering a 0
2023-24 2024-25
technology-driven, sustainable future for India. Domestic International

The financial services business of the Group, L&T Finance

I Crore
Limited (LTF), during the year, also entered into an Order Inflow Composition
agreement with Paul Merchants Finance Pvt. Ltd. (PMFL) for 5371 9145
acquiring its gold loan business segment. This acquisition 1% (2%) 3% (3%)
15194
marks the entry of LTF into the gold loan business. Also, L&T 4% (4%)
Technology Services Limited (LTTS) acquired Silicon Valley-
based Intelliswift, to deepen its offerings across Software 47845
Product Development, Platform Engineering, Digital 13% (15%)
18282
Integration, Data and AI. 173226
5% (5%)
49% (47%)
Two coveted global credit rating agencies – S&P and Fitch 87569
– have assigned ‘BBB+’ rating to Larsen & Toubro. L&T’s 25% (24%)

‘BBB+’ international rating with a stable outlook by both

these rating agencies is two notches above India’s sovereign
ratings and this underscores L&T’s exceptional credit quality Infrastructure Projects Energy Projects
and robust financial health. Hi-Tech Manufacturing IT & Technology Services
As at March 31, 2025, the L&T Group comprised 87 subsidiaries, Financial Services Development Projects
6 associate companies, 11 joint ventures, and 36 jointly held Others
operations. Out of the total 140 entities, 45 entities belong to Total Order Inflow: J 3,56,631 crore during FY 2024-25
the listed subsidiaries, and 5 are associated with Development [Figures in brackets relate to previous year]
Projects. The rest of the entities in the Group are mostly
strategic extensions of the traditional businesses, viz. EPC L&T Group achieved order inflows of I 3,56,631 crore during
Contracts and Hi-Tech Manufacturing, to enable access to new FY 2024-25, registering a growth of 17.8% over the previous
geographies, technology and nuanced business segments. year. Growth was largely driven by the strong investment
momentum in the Middle East region and policy impetus
by Government of India towards capex push. The buoyancy
in Middle East businesses led to an increase in the share
of international order inflow to 58% from 54% in the
previous year.

The year witnessed the booking of some noteworthy orders

across businesses. Buildings & Factories business received

36 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

orders for commercial buildings and an international As at March 31, 2025, the order book continuous to remain
airport, signalling and rolling stock in domestic metro in at a record level of I 5,79,137 crore, thereby providing a
Transportation Infrastructure, few orders were received in multi-year revenue visibility for the Group. The infrastructure
the hydel and tunnel vertical of Heavy Civil Infrastructure segment continues to dominate with a share of 62% of the
business, multiple renewable energy and transmission consolidated order book.
projects from the Middle East under the Power Transmission
The order book registered a growth of 21.7% on a y-o-y
& Distribution and Renewables businesses, an international
basis, mainly with the receipt of some high-value orders
order for desalination plant in Water & Effluent Treatment,
during the year. Around 72% of the total order book
couple of orders in ferrous metal space in Minerals &
comprises orders received from India’s central and state
Metals, an ultra-mega order in the Offshore vertical of the
governments (including local authorities) and state-owned
Hydrocarbon business, domestic BTG orders in CarbonLite
enterprises (both domestic and international). The private
Solutions business and a major repeat order from Ministry of
sector share has increased to 28% of the total order book
Defence in the Precision Engineering & Systems business.
as on March 2025, as against 23% as on March 2024. Of
Infrastructure segment continues to remain the largest segment the domestic order book, 25% of the orders are funded by
in the Company’s business portfolio with 49% of overall order multilateral agencies.
inflow share, as compared to 47% in the previous year.
The share of the international order book increased from
I Crore 38% to 46% on account of the intake of higher international
Order Book
orders during the year.
21.7%
700000 Consolidated Revenue from Operations
600000 579137 I Crore
Revenue from Operations
500000 475809
263639 46% 15.7%
400000
180861 38%
300000 255734
300000
250000
200000 221113
294948 62% 315499 54% 200000 127566 50%
100000 95086 43%
150000
0
100000
As at 31-03-2024 As at 31-03-2025
126027 57% 128168 50%
Domestic International 50000

I Crore 0
Order Book Compositon 2023-24 2024-25
15921 Domestic International
40388 2% (3%)
7% (7%)
Infrastructure Projects
L&T Group recorded revenue of I 2,55,734 crore during
FY 2024-25, registering a growth of 15.7%. The growth was
Energy Projects mainly achieved with the pick-up of execution momentum
165754 in project and manufacturing businesses. The composition
29% (25%) 357073
62% (65%) of international revenue at the group level is at 50% in
Hi-Tech Manufacturing FY 2024-25 compared to 43% in the previous year.

Others

Total Order Book: J5,79,137 crore as at March 31, 2025

[Figures in brackets relate to previous year]

37
 Overall Financial
Review

I Crore
Segment-wise Revenue

140000
120000
100000
80000
60000
40000
20000
0

Infrastructure Energy Hi-Tech IT & Technology Financial Services Development Others

Projects Projects Manufacturing Projects

FY 23-24 114008 29571 8765 44916 13109 5628 8493

FY 24-25 131315 40689 10181 48453 15194 5372 7816

During the year, growth was majorly visible in Infrastructure segment and Energy segment.

Operating Expenses and PBDIT Staff expenses for the year FY 2024-25 at I 46,769 crore
increased by 13.6% over the previous year, reflecting a
I Crore combination of manpower ramp-up and salary revisions. As
Operating Expenses and PBDIT
a percentage of revenue, it however decreased by ~30 basis
points (bps) during FY 2024-25, consequent upon higher
300000
revenue. The Group continues to focus on productivity
250000 improvements, digitalisation and manpower optimisation
26435
23494 11558 across its businesses.
200000
10419 46769
Sales and administration expenses at I 11,558 crore increased
150000 41171
by 10.9% over the previous year. This represents 4.5% of
170973
100000 146029 revenue, which is similar to the previous year.

50000 The Group’s operating profit at I 26,435 crore for FY 2024-25

registered a growth of 12.5% y-o-y, largely led by higher
0
2023-24 2024-25 business volumes. The EBITDA margin for the year, however,
Mfg., Construction & Staff Expenses declined by ~30 bps, and is at 10.3%.
Operating Expenses
The impact of additional execution costs incurred in the
Sales, Administration Operating Profit (PBDIT)
& Other Expenses
Infrastructure and the Energy segment as well as higher
provisions on contract assets and customer receivables
impacted the Company’s overall margin. At the same time,
Manufacturing, Construction and Operating (MCO) expenses cost savings in a few projects of the Infrastructure segment
for FY 2024-25 at I 1,70,973 crore increased by 17.1% over and favourable claim settlements, partially mitigated the
the previous year. These expenses mainly comprise the cost decline in margin.
of construction materials, raw materials and components,
subcontracting expenses, and interest costs in the Financial Depreciation and Amortisation Charge
Services business. This represents 66.9% of revenue as
Depreciation and amortisation charges for FY 2024-25
compared to 66.0% in the previous year, mainly due to
increased to I 4,121 crore from I 3,682 crore in the previous
higher share of revenue from the Project and Manufacturing
year, registering an increase of 11.9%, mainly reflective of
businesses and changes in job mix.
higher capex spending in recent years.

38 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Profit Before Interest and Tax

Segment-wise composition of PBIT for FY 2024-25 is represented below:

I Crore

Segment-wise PBIT

9000
8000
7000
6000
5000
4000
3000
2000
1000
0

Infrastructure Energy Hi-Tech IT & Technology Financial Services Development Others

Projects Projects Manufacturing Services Projects

FY 23-24 5721 2701 1140 7659 3028 1015 1508

FY 24-25 6921 3137 1459 7682 3491 757 1935

The segment-wise PBIT registered improvement over the previous year across all businesses except Development Projects,
where a higher gain on the sale of commercial property of Hyderabad Metro was booked in the previous year.

Other Income a subsidiary of L&T IDPL and reversal of impairment of

This mainly consists of interest, dividend and gains from investment in L&T IDPL.
treasury operations. Other income at I 4,125 crore has
remained at a similar level to the previous year. Consolidated Profit after Tax and EPS
Consolidated Profit after Tax (PAT) at I 15,037 crore for
Finance Cost FY 2024-25 increased by 15.1% over the previous year
The interest expenses for FY 2024-25 at I 3,334 crore were at I 13,059 crore. The increase is mainly attributable to
lower by 6.0% over I 3,546 crore for the previous year. The improved activity levels.
lower average borrowing at a group level and improved Consolidated Basic Earnings per Share (EPS) for FY 2024-25 at
borrowing rate aided in reduction of interest expense. The I 109.36 improved over the previous year at I 93.96.
average interest cost for FY 2024-25 was lower by 30 bps as
compared to the previous year. Return on Consolidated Net Worth
The Consolidated Net Worth, as on March 31, 2025, at
Tax Expense
I 97,656 crore, reflects a net increase of I 11,296 crore, as
Income Tax charge for FY 2024-25 was higher at I 5,891 crore compared to the position as on March 31, 2024. The Return
by 19.1% compared to I 4,947 crore in the previous year on on Net Worth (RONW) for FY 2024-25 was higher at 16.3%,
higher taxable income. compared to 14.9% in the previous year, mainly on account
of higher profitability.
Exceptional Items
Exceptional items during the year mainly comprise of Liquidity and Gearing
reversal of impairment of funded exposure in L&T Special Cash flow from operations (including change in loans
Steels and Heavy Forgings Private Limited (LTSSHF). The and advances towards financing activities) for FY 2024-25
previous year mainly included gain on the divestment decreased to I 9,161 crore as compared to I 18,266 crore
of stake in L&T Transportation Infrastructure Limited, in the previous year, mainly due to higher retail loan

39
 Overall Financial
Review

book in Financial Services business. During the year, Financial Services business, to finance its growth momentum.
borrowings increased by I 15,203 crore to sustain higher At a group level, the gross debt-to-equity ratio marginally
level of operations mainly in Financial Services business and increased to 1.12:1 as at March 31, 2025, from 1.11:1 as
additional funds were generated mainly from treasury and at March 31, 2024. However, the net debt-to-equity ratio
dividend income. decreased to 0.60:1 as at March 31, 2025, from 0.64:1 as at
March 31, 2024.
Funds were mainly utilised for surplus investments
I 13,711 crore, capital expenditure of I 3,541 crore, and
Details of significant changes in key financial ratios
payment of dividend of I 3,850 crore. Further, funds were
along with explanation:
utilised for net interest payment of I 3,609 crore and
In compliance with the requirement of listing regulations,
investments in subsidiary, associates and joint ventures
the key financial ratios of the Group have been provided
I 494 crore during FY 2024-25.
hereunder along with the explanation only for the
Consequently, there was a net increase of I 200 crore in significant changes, i.e. change of 25% or more as compared
the cash balances as of March 31, 2025, compared to the to the previous financial year:
beginning of the financial year.
SR.
PARTICULARS FY 2023-24 FY 2024-25 % GROWTH
NO
Consolidated Fund Flow Statement K crore
PARTICULARS FY 2023-24 FY 2024-25 1 Gross Debt Equity 1.11 1.12 -1.0%
Ratio
Operating Activities 18,266 9,161

Additional Borrowings/(Repayment of (4,513) 15,203

2 PBDIT as % of net 10.6% 10.3% -2.7%
Borrowings)
revenue
Treasury and dividend income 2,634 2,228

ESOP Proceeds (Net) 10 9 3 Net Working Capital 12.0% 11.0% 7.9%

% of Sales
Sources of Funds 16,397 26,601
(Excluding Financial
Capital expenditure (Net) 4,210 3,541 Services & Corporate)
Purchase/(Sales) of Investments (2,739) 13,711

Net investment/(Divestment) (1,000) 494 4 Interest Coverage 5.79 6.75 16.5%

ratio
Dividend paid 4,217 3,850
(Excludes Financial
Interest paid 3,605 3,609 Services and Finance
Lease Activity)
Payment to minority interest (net) 808 1,196

Buy-back of equity shares (Incl. tax 12,280 -

and expenses on buy-back)

Increase/(Decrease) in cash balance (4,984) 200

Utilisation of Funds 16,397 26,601

The total Group borrowings as at March 31, 2025, was

higher at I 1,29,559 crore compared to I 1,14,040 crore as
at March 31, 2024. The major increase is in the debt of the

40 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

II. L&T STANDALONE There was a net decrease of I 353 crore in the cash balances
as at March 31, 2025, compared to the beginning of the year.
L&T’s standalone financials reflect the performance
of Infrastructure Projects, Energy Projects, Hi-Tech Fund Flow Statement K crore
Manufacturing and Others. The Others segment comprises PARTICULARS FY 2023-24 FY 2024-25
Realty, Smart Infrastructure & Communication, Construction Operating Activities 8,297 12,724
& Mining Machinery, Rubber Processing Machinery,
E-commerce / Digital Platforms and Data Centers. Treasury and dividend income 4,690 4,237

Brief Summary of Performance at Standalone Level: ESOP Proceeds 10 9

%
PARAMETERS
FY 2023-24 FY 2024-25 GROWTH (Increase)/decrease in (134) 353
(IN K CRORE)
Y-O-Y cash balance
Order Inflow 1,71,663 2,39,336 39%
Sources of Funds 12,863 17,323
Share of International
35% 50%
Order Inflow Capital expenditure (Net) 2,826 2,040

Revenue 1,26,233 1,42,509 13% Repayment of Borrowings / (4,234) 655

(Borrowings)
Share of International 21% 29%
Revenue
Purchase / (Sale) of (4,645) 7,158
Order Book 3,71,382 4,70,444 27% Other Investments

Share of International Net Investment 151 1,391

23% 35%
Order Book

PBDIT 9,729 11,588 19% Dividend paid 4,217 3,850

PAT 9,331 10,871 16% Interest paid 2,268 2,229

Net Worth 64,516 71,896 11%
Buy-back of shares (Incl. tax and 12,280 -
RONW (%) 13.7% 15.9% expenses on buy-back)

EPS (in Rs.) 67.14 79.06 Utilisation of Funds 12,863 17,323

Liquidity and Gearing Total borrowings as at March 31, 2025, decreased to I 21,935
crore, compared to I 22,540 crore in the previous year. The
Business operations generated cash flows of I 12,724 crore
loan portfolio of the Company comprises a mix of Rupee and
during the year, compared to I 8,297 crore in the previous
suitably hedged foreign currency loans. The gross debt-to-
year. The increase is attributable to improved volumes and
equity ratio decreased to 0.31:1 as at March 31, 2025, from
better working capital management. The proceeds from
0.35:1 as at March 31, 2024. The Company has become
treasury income of I 1,280 crore, and dividend income from
debt-free after considering cash and cash equivalents at
S&A companies at I 2,958 crore have been utilised towards
the end of the year.
repayment of borrowings (incl. repayment of lease liability)
I 655 crore, purchase of surplus investments I 7,158 crore and
net investment in S&A companies at I 1,391 crore. Further,
capex payments of I 2,040 crore, dividend payments of
I 3,850 crore, and interest payments of I 2,229 crore was
also made during the year.

41
 Infrastructure
Projects Segment

INFRASTRUCTURE
PROJECTS SEGMENT

Mahatma Gandhi Memorial College Hospital, Jamshedpur, Jharkhand

The Infrastructure Projects segment comprises the Financial performance of the segment
engineering, procurement and construction (EPC) of: I Crore
a) Buildings & Factories Order Inflow
b) Transportation Infrastructure
21.5%
c) Heavy Civil Infrastructure 210000
d) Power Transmission & Distribution 180000
142589 173226
e) Renewables 150000

f) Water & Effluent Treatment 120000 54641 38% 106178 61%

90000
g) Minerals & Metals
60000
To capitalise on growth opportunities in the clean energy 87948 62%
30000 67048 39%
space, the Renewables business vertical was carved out from
0
the Power Transmission & Distribution business within the 2023-24 2024-25
Infrastructure Projects Segment.
Domestic International
The Renewables business focuses on tapping the
opportunities that arise as a result of the global shift towards The Infrastructure segment secured orders worth I 1,73,226
clean energy and the need for decarbonised electricity to crore in FY 2024-25, higher by 21.5% over the previous
combat climate change. year, with the receipt of multiple orders across various sub-
segments. During the current year, the Buildings & Factories
business registered growth buoyed by the receipt of an
international order for airport and a data center in a CIS
(Commonwealth of Independent States) country. Power
Transmission & Distribution business and Renewables business
also benefitted from the receipt of multiple international
orders for renewable energy projects as well as transmission
lines and substation orders. Similarly, Minerals & Metals
business registered growth over the previous year with receipt
of a large value international order.

42 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

State Cancer Institute, Guwahati, Assam

The Transportation Infrastructure and Heavy Civil The Infrastructure segment registered revenue of I 1,31,315
Infrastructure businesses registered a decline in their growth crore for FY 2024-25 - a growth of 15.2% over the previous
on deferment of targeted prospects during the year. Again, year. The growth was mainly driven by the ramp-up of
Water & Effluent Treatment business was also impacted by execution across multiple project sites. Revenue from
the central and various state elections leading to delay in international operations constituted 41% of the total revenue
tendering of orders. for FY 2024-25 compared to 30% in the previous year.

The share of international orders for the infrastructure The segment’s operating margin for FY 2024-25 marginally
segment increased to 61% from 38% in the previous year. The improved to 6.4% from 6.2% in the previous year.
share of the Middle East in overall international order inflow
The funds employed by the segment at I 25,003 crore as on
for the segment however reduced to 69% compared to 93%
March 31, 2025, registers marginal increase of 4.0% vis-à-vis
in the previous year due to receipt of orders in a CIS country.
March 31, 2024, mainly on account of increase in working
I Crore capital level.

Revenue from Operations and OPM%

15.2%
Buildings & Factories
175000

150000 Overview
131315
125000 114008 The Buildings & Factories business of the Company is at the
53823 41% forefront of building urban infrastructure and offers end-
100000 33845 30%
to-end design-and-build turnkey solutions that seamlessly
75000 6.2% 6.4% traverse the entire project life-cycle, from concept to
50000
commissioning. Its expertise extends across sectors such
80163 70% 77492 59% as airports, hospitals, stadiums, retail establishments,
25000 educational campuses, IT parks, office towers, data
0 centers, semiconductor fabrication (fab) and Outsourced
2023-24 2024-25 Semiconductor Assembly and Test (OSAT) facilities,
high-rise structures, industrial warehouses, automobile
Domestic International OPM%
plants, test tracks, and other industrial structures.

43
 Infrastructure
Projects Segment

Adora De Goa, a luxury residential project in Dabolim, Goa

Driving the success of the business are dedicated engineering visual docking guidance systems, ATC towers, cargo facilities,
design centres, competency cells and innovative formwork aircraft hangars, and other essential facilities.
systems. The commitment to innovation has been
continuous, improved by mechanised project execution, a Residential, Commercial Buildings & Factories SBG:
robust network of seasoned consultants and dependable This SBG consists of the following three businesses:
vendors, and a meticulously digitalised project control
framework. A talented workforce, adept at navigating The Residential business is a prime EPC solutions provider
complex challenges, has contributed significantly to the for elite, affordable and mass-housing projects. The business
realisation of iconic structures both in India and overseas. has expertise in executing high-rise towers and developing
mass-dwelling units. This business has pioneered the use of
The business is organised into the following Strategic precast technology for fast and quality construction.
Business Groups (SBGs):
The Commercial Buildings business specialises in end-
Health, Public Spaces & Airports SBG: to-end services, from conceptualisation to commissioning,
for establishing data centers, semiconductor fab and OSAT
This SBG consists of the following three businesses:
facilities. It also provides turnkey design-and-build solutions
The Health business is committed to transforming for IT office spaces. The business also embraces innovative
healthcare infrastructure through its expertise in planning, construction technologies, including prefabricated
design and execution of world-class medical facilities. With a prefinished volumetric construction (PPVC), modular
strong portfolio of projects across India, the business plays a construction and 3D printing.
pivotal role in building the country’s healthcare ecosystem.
The Factories business offers comprehensive EPC solutions
The Public Space business undertakes design and with single-point accountability, catering to the needs
execution of iconic projects like statues, museums, stadiums, of sectors such as Automobiles - plants and test tracks,
metro stations, convention centres, malls, integrated Electronics, Solar PV manufacturing, Glass, Paints, Life
multimodal developments, educational institutes, right from Science Products, Warehouses and FMCG products.
concept to commissioning on an EPC basis.

The Airports business specialises in designing and

Business Environment
constructing airport terminal buildings, along with associated Health
service structures. The business also provides integrated The demand for specialised hospitals and advanced medical
airport system solutions, including baggage-handling systems, facilities continues to rise ensuring better healthcare
passenger-flow monitoring, passenger boarding bridges,

44 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

CIDCO Kharkopar, Navi Mumbai, Maharashtra

accessibility across the country. The states of Bihar, Odisha, rates. Demand surged in the upper middle class and luxury
Chhattisgarh and Jharkhand are emerging as key investment segments, while new launches and sales in the top seven
hubs for healthcare expansion. In the north-eastern states, cities grew by 25% y-o-y and 31% y-o-y, respectively. Rising
healthcare investments are targeted to increase the hospital urbanisation and demand for mega townships, along with
bed-to-population ratio. Both public and private investments policy support in the form of Pradhan Mantri Awas Yojana
are driving the growth of cutting-edge medical facilities. (PMAY) and floor space index (FSI) relaxations, continue to
aid market expansion.
Public Spaces
The public spaces business unit has demonstrated robust Commercial Buildings
growth across multiple sectors, including stadiums, MUD Urbanisation, business expansion and investments in the
(Mixed Use Development), hotels and malls. Opportunities technology sector remain the key drivers of demand for the
in sports, tourism infrastructure and the re-construction of Commercial Buildings segment.
government office spaces is expected to drive growth in the
The semiconductor industry is leveraging the rise of R&D
near to medium-term.
centres and global capability centres (GCCs) to expand
facilities in the country. The industry has thrown up
Airports
opportunities to integrate smart building technology
The airport sector is witnessing strong growth, with and energy-efficient solutions to develop sustainable
passenger traffic increasing at a 13% y-o-y rate, driving semiconductor and cleanroom facilities. Government
the demand for infrastructure development. Rising incentives and investments in semiconductor manufacturing
demand for air travel from Tier II and Tier III cities is are driving growth in the Indian market. The data center
creating opportunities for the development of greenfield business is also gaining traction, in India and the broader
airports and the expansion and modernisation of existing APAC region.
facilities. The business is also exploring opportunities in
the GCC (Gulf Cooperation Council) countries and the Factories
broader APAC (Asia-Pacific) region.
India’s factory construction business is witnessing sustained
growth, driven by rising private sector investments
Residential
and government initiatives like the Production-Linked
The real estate sector witnessed strong growth in Incentive (PLI) scheme, Make in India, Faster Adoption and
FY 2024-25, with residential sales reaching new highs, Manufacturing of Electric Vehicles (FAME), Pradhan Mantri
driven by rising households’ confidence and stable interest Mega Integrated Textile Region and Apparel (PM MITRA)

45
 Infrastructure
Projects Segment

Multi Tenanted Building (MTB4) for Information L&T Knowledge City, Vadodara, Gujarat - a large-scale,
Technology Park Ltd., Bengaluru, Karnataka self-contained engineering campus developed by L&T

scheme, Electronic Manufacturing Cluster (EMC) scheme and à Hotel for a prestigious client in Colombo, Sri Lanka
the Automotive Mission Plan 2026. à Teaching Hospital in Flacq, Mauritius
à Government Medical College and Hospital in
International Jamshedpur, Jharkhand
The business has expanded its presence in the Middle East à AIIMS Hospital in Gorakhpur, Uttar Pradesh
in general, capitalising on the economic upswing in Oman
à Residential Township for a large conglomerate in
in particular. Selective opportunities are being pursued in Nagothane, Maharashtra
the rest of the GCC region while growing business in newer
geographies in the broader APAC region. Competitive Positioning
The business continues to power ahead in the domestic market
Major Achievements
as it secures high-value orders with stringent timelines. The
Major Orders Won: business maintains a strong competitive edge through timely
à Semiconductor fab plant in Dholera, Gujarat project execution, design-led construction and sustainability-
driven solutions. By leveraging advanced construction
à OSAT facility at Morigaon, Assam
technologies such as prefab and modular construction, 3D
à Automobile manufacturing plant at Bidadi, Karnataka printing technology, along with a focus on high-growth
à Electronics manufacturing plant at Kancheepuram, segments like cleanrooms, data center, semiconductor fab
Tamil Nadu
and OSAT facilities, and zero-carbon-rated buildings, the B&F
à Cancer hospitals in Navi Mumbai, Vizag and Mullanpur business continues to reinforce its market leadership.
à Institute of Neuroscience in Kolkata, West Bengal
à AIG super specialty hospital at Hyderabad, Telangana Significant Initiatives
à Residential developments for a leading real estate group The business continues to make significant strides
across multiple locations in India in sustainability, with several pioneering initiatives.
à International data center in the CIS region Strengthening its commitment to the utilisation of clean
energy during the construction phase, several projects
Key Projects Commissioned: in Maharashtra have partnered with the Maharashtra
à Data Center in Kancheepuram, Tamil Nadu Electricity Board to operate entirely on renewable energy
à National Cricket Academy for the Board of Control for sources. These initiatives not only contribute to a substantial
Cricket in India (BCCI) in Bangalore, Karnataka reduction in carbon emissions, but also set a benchmark for
sustainable construction practices.

46 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Artist’s Impression

Data Center at Tashkent, Uzbekistan

In addition to the adoption of renewable energy at project Private investments in real estate, energy, data centers
sites, the business has agreements in place to procure clean and semiconductors have gained traction over the past
power. These steps further reinforce the organisation’s couple of years. However, the long-term growth prospects
commitment to environmental responsibility and leadership of these sectors would depend on the continuation of
in integrating sustainable energy solutions. stable macroeconomic conditions and a supportive policy
framework. Any slowdown in infrastructure investments
Beyond clean energy initiatives, the business has
could impact growth prospects in the near to medium-term.
implemented innovative carbon reduction measures across
various projects by transitioning from high-speed While the GCC and the broader APAC regions continue
diesel-based equipment to electrically driven operations. to offer opportunities in various infrastructure segments,
This transformation includes: regional economic stability and regulatory changes must be
à Variable Frequency Drive (VFD)-driven Concrete Pumps carefully navigated.

à Electric Air Compressors In an increasingly competitive environment, the need for

à Electric Skid Steer Loaders continuous innovation and differentiation is paramount.
à Electric Wheel Loaders Additionally, achieving premium pricing in a highly
à Autonomous Electric Burrows competitive market remains a challenge. Proactive cost
management, resilient supply chain strategies, market
These advancements mark a significant shift towards the adaptability, mobilising, training and retaining the workforce
adoption of low-emission construction technologies, enhancing will be crucial in mitigating risks while sustaining growth.
energy efficiency, reducing environmental impact and setting
new industry standards for sustainable development. By Outlook
integrating renewable energy solutions and electrification of
Health
construction equipment, the business is driving meaningful
India’s healthcare sector is projected to grow at a CAGR
progress towards its carbon neutrality goals.
of 8% from 2024 to 2032, driven by urbanisation and
increased government spending (2.5% of GDP) on the sector.
Risks and Concerns
However, Tier II and Tier III cities, along with rural areas, still
The business faces several challenges that require close face a healthcare service shortage. To bridge this gap, the
monitoring. A stable political scenario, vibrant business government plans to add 75,000 medical seats by FY 2030-31
conditions and balanced fiscal policies are factors that strengthen and establish 200 daycare cancer centres in district hospitals.
investment sentiment and the project funding environment. The Ayushman Bharat scheme, which now covers ~38% of

47
 Infrastructure
Projects Segment

Artist’s Impression

Bhogapuram International Airport, Visakhapatnam, Andhra Pradesh

the population, has led to enhanced accessibility for medical Commercial Buildings
services. With growing demand for specialised hospitals, The Commercial Buildings business is well-positioned to
India’s healthcare industry is set for a major transformation. capitalise on the growing demand for the niche market
segments of semiconductor fab and OSAT facilities and data
Public Spaces center construction in India and abroad, by leveraging its
Central Government initiatives such as the Target Olympic experience, expertise and strategic partnerships. The business
Podium Scheme (TOPS) and the improved scenario in the continues to focus and serve its clients in the commercial and
hospitality industry have allowed for increased traction in retail segments as well.
the Public Spaces business. Further, opportunities that may
arise from the Central Vista Redevelopment plans, Factories
Mixed-Use Development schemes and sports development India’s manufacturing sector is set for significant growth,
projects, signal a healthy outlook for this business. driven by government initiatives like the PLI programme and
state-specific industrial policies. Government initiatives are
Airports also driving investments in solar, EVs, electronics, batteries,
Supportive government policies such as UDAN (Ude Desh ka automobiles and FMCG sectors, positioning India as a global
Aam Nagrik) and the Air Cargo Policy are driving investments manufacturing hub.
in airport projects across the country. The business also
envisages an uptick in investments from the Central International
Government and private airport operators. Furthermore, the The business is selectively pursuing opportunities in Saudi
business is also looking at opportunities in the GCC countries Arabia, Oman and Sri Lanka. In Oman, the focus remains
and the broader APAC region. on hospitality and healthcare projects. The business has
strengthened its footprint by securing the first AI-enabled
Residential and sustainable data center in the CIS region.
The Residential business has seen a consistent y-o-y increase
in project launches and property sales across the top seven
cities in the country. At the same time, average inventory
had reached an all-time low of 15 months at the end of
2023. Affordability, stable interest rates and the wealth
effect are likely to contribute to the growth of this business
in the near to medium-term.

48 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Ganga Expressway Project, Uttar Pradesh

Transportation Infrastructure construction techniques like incremental launching,

segmental construction, full span, cable stay, precast and
pre-stressed concrete as well as steel and concrete composite
Overview construction.
The Transportation Infrastructure business offers The F&S business unit provides construction services for
comprehensive turnkey design-and-build EPC solutions with railway civil works in dedicated freight corridors (DFC),
single-point responsibility for delivering projects such as high-speed rail (HSR) and urban railway network projects.
roads, runways, bridges, elevated corridors, railways, urban
transit infrastructure and airports. The RBG Business Group is further sub divided into the
Mainline business unit (MLBU) and Metro business unit
The business is divided into two Strategic Business Groups (MTBU). MLBU addresses EPC construction works in the
(SBGs), namely - Roads, Bridges & Formations (RBF) Business domains of civil and trackwork, electrification, system
Group and Railways Business Group (RBG). integration including signalling and telecommunication for all
The RBF Business Group provides EPC design-and-build mainline railway projects, dedicated freight corridors (DFCs)
construction services. The RBF business group is further and rail links to ports, mining and power plant facilities. MTBU
subdivided into the Roads & Runways (R&R) business unit, carries out EPC construction works that require ballastless
the Bridges business unit and the Formations & Structure trackwork, electrification and systems integration for mass
(F&S) business unit. rapid transit systems (MRTS), regional rapid transit systems
(RRTS), semi-HSR and HSR projects in India and abroad.
The R&R business unit operates in the (a) road infrastructure
sector viz. associated structures, cross-drainage, toll plaza, To focus on the opportunities emerging in the ASEAN
wayside amenities, etc.; (b) airport sector viz. construction of (Association of South East Asian Nations) region and the
complete airside infrastructure - including runways, taxiways, Middle East, a separate International Business Unit (IBU) has
aprons, airfield ground lighting, fuel hydrant systems - for been formed. The scope of the IBU includes mainline works
both domestic and international airports (both greenfield and integrated systems works for mass transit and
and brownfield); and (c) design and construction solutions HSR projects.
for elevated corridors in urban areas. The business has Engineering Design Centres located
The Bridges business unit undertakes the construction of in Mumbai, Faridabad and Chennai, a Competency
bridges by employing innovative and advanced bridge Development Centre at Kancheepuram and a Workmen
Training Centre at Ahmedabad.

49
 Infrastructure
Projects Segment

Precast Slab Track for Delhi–Meerut RRTS – India’s first semi-high-speed rail

Business Environment private investments into rolling stock manufacturing and

operation and maintenance services.
Roads, Bridges & Formations
The government’s emphasis on modernising and expanding
In FY 2024-25, capital expenditure of the National Highway
railway infrastructure is evident through several key
Authority of India (NHAI) reached an all-time high of
initiatives. These include the introduction of HSR and
I 2.5 lakh crore, reporting a strong growth of 21% over
semi-HSR corridors, RRTS, suburban rail systems, first and
the previous year. India continued to witness significant
last-mile connectivity projects, station modernisation,
momentum in road construction, driven by continued
enhanced implementation of the Automatic Train Protection
investments under the Bharatmala Pariyojana project and
System ‘KAVACH,’ and the deployment of LTE-R (Long Term
the National Infrastructure Pipeline (NIP). The government
Evolution for Railways).
plans to further intensify efforts with an emphasis on green
infrastructure, expanding multimodal logistics corridors and Following directives from the Railway Board, zonal railways
integrating smart technologies into highway management. have gradually adopted the EPC delivery model. Building
New initiatives such as the PM Gati Shakti master plan on the successful commissioning of the DFC, some railway
will further streamline project execution, while the focus zones are in the process of transitioning to large-scale EPC
on public-private partnerships (PPP) is expected to unlock packages instead of smaller contracts.
additional investments.
The acceptance of advanced transport systems, such as
RRTS and HSR, continues to grow, as demonstrated by the
Railway Business Group
recent commissioning of the Delhi-Meerut RRTS corridor.
The railway sector has experienced significant growth over Furthermore, there is a significant pipeline of projects across
the past few years, driven by increased investments and both the mainline and metro segments that are expected to
financial backing from the government. The National Rail be bid out in the near term.
Plan 2030 offers numerous opportunities across various
railway domains.
Major Achievements
The Union Budget for FY 2025-26 included a record-breaking
Major Orders Won:
capital allocation of I 2.65 lakh crore for the railways. The
key areas targeted for investment are rolling stock, multi- à Navi Mumbai Airport Influence Notified Area (NAINA)
tracking works, electrification, passenger amenities, high- development from City and Industrial Development
speed rail and DFCs. The government is also exploring Corporation (CIDCO), Maharashtra. The project will have 4
approach roads of 13.28 km.

50 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Inaugural landing of commercial aircraft at Navi Mumbai International Airport

à 6-lane Chennai Peripheral Ring Road - Pkg 3 (11 km) from a platform for interchangeable attachments, including
Tamil Nadu Road Infrastructure Development Corporation pressure nozzles, paint sprayers and NDT tools
(TNRIDC), Tamil Nadu. à To achieve water neutrality, wastewater recycling through
à Civil, Track and OHE Package: New Paharpur – New Kastha modular STPs and ETPs was introduced in the MAHSR T3
| 3rd & 4th Line (46 rkm) for DFCC and IR | EPC. Track Slab Manufacturing Facility, treating over 3,900 KL of
water in FY 2024-25
Projects Completed: à To address the challenges of a diverse set of project
The business has completed / commissioned the categories each with unique challenges, a unified Audit
following projects: Management System — QARS 2.0 — has been introduced.
à Meerut-Aligarh-Ghaziabad Road Project (MAGRP) This system incorporates 20 railway-specific audit
à Mej-Indergarh Expressway Project (MIEP) parameters and has been successfully implemented
à Mukkola-Kanyakumari Road Project (MKRP)
à MMRC 10C Track: Commercial operations commenced on Outlook
the entire 24 tkm stretch from Aarey to BKC on October 7, Roads, Bridges & Formations
2024, TOC received on March 12, 2025
Under the Union Budget 2025-26, the budgetary allocation
à RRTS Delhi-Meerut Track: Multiple priority stretches for the Ministry of Road Transport and Highways (MoRTH) is
inaugurated. Overall, 108 tkm route from New Ashok I 2.87 lakh crore, an annual increase of 2.4% on a y-o-y basis.
Nagar (Delhi) to Meerut South has commenced
commercial operations The Build-Operate-Transfer (BOT) model by the government
offers contractors long-term revenue opportunities through
Significant Initiatives the operation and maintenance phases of an infrastructure
project. Meanwhile, the business continues to focus on
à Setting up of mechanised, automated precast moulds for opportunities in this segment by partnering with BOT
bridge segment casting in precasting yards concessionaires for the EPC scope of the project.
à Deployment of computer vision for monitoring of cycle
time of Full Span and U Girder precasting Railway Business Group
à Mould Cleaning Robot - Jointly developed with the L&T As envisaged under the National Infrastructure Pipeline, the
Product Development Centre, this magnetic tracked robot focus of railway investments is on improving track capacity,
is designed to clean steel concrete moulds. It functions as enhancing freight efficiency, increasing train speeds,
enhancing safety and ensuring better connectivity.

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Mumbai-Ahmedabad High-Speed Rail Project – Package 6

The Union Budget for FY 2025-26 allocated a record I 2.65 To effectively address these opportunities and strengthen its
lakh crore to the railway sector. The focus of the outlay is presence in key geographies, L&T is in the process of forming
expected to be on projects aimed at capacity augmentation alliances with global EPC companies, technology partners
and traffic decongestion. The next wave of technological and original equipment manufacturers (OEMs).
improvements includes upgrading electrification to 2x25kV
from the current 1x25kV on trunk routes.
Heavy Civil Infrastructure
There has been a strong focus on the development of
semi-HSR corridors, with track and systems packages worth
I 25,000 crore expected to be finalised over the next few Overview
years. The National Capital Region Transport Corporation The Heavy Civil Infrastructure business is an EPC market
(NCRTC) is expected to issue tenders for civil packages leader in the core civil infrastructure segments that are
and system contracts by the end of the year, as part of the crucial to the country’s sustainable economic growth and
ongoing development of the four RRTS corridors. development. The business segments include:
There is a continued thrust on building new and expanding a) Urban Transit Infrastructure consisting of Metros, Semi &
the existing Metro and MRTS to facilitate ease of movement High-Speed Rail (HSR) and Urban Tunnels
and reduce carbon footprint. System orders are expected b) Hydel & Tunnels
to be finalised across four major metro cities and several c) Nuclear
Tier-2 cities. d) Ports & Harbours
e) Defence Infrastructure
International Front
The business has a robust domestic presence and undertakes
As part of L&T’s growth strategy, the RBG is focused on large-scale, complex projects, offering turnkey solutions
expanding its operational footprint across three key regions: tailored to meet customer’s requirements.
Southeast Asia, Middle East and North & East Africa.
In addition to these markets, the business continues to The business derives a competitive edge due to its dedicated
strengthen its presence in South Asia. in-house design and technical capabilities, competency
cells, fabrication facilities, specialised training centres and
The global railway systems market is poised for significant strong resource base consisting of a skilled workforce,
growth, driven by increasing investments in HSR, Metro, talented pool of employees and a large fleet of advanced
Light Rail Transit (LRT) and mainline corridors. construction equipment.

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Chennai Metro Rail’s Phase 2, C4-ECV-01 Package, Tamil Nadu

Urban Transit: As a frontrunner in augmenting urban breakwaters, berths, jetties, wharfs, dry docks and shore
transit infrastructure in India, the segment is currently protection structures. Currently, the business has presence in
participating in the construction of various metro rail Tamil Nadu, Kerala, Andhra Pradesh and Maharashtra.
packages - both elevated and underground - in Mumbai,
Defence Infrastructure: This segment offers single-point
Bengaluru, Chennai, Kolkata, Patna, Agra and New Delhi.
EPC solutions from concept to commissioning, for various
This segment is currently executing multiple packages in defence civil establishment infrastructure facilities in India.
India’s first HSR corridor connecting Mumbai to Ahmedabad.
L&T GeoStructure Private Limited, a wholly owned
It has deployed the most advanced high-end construction
subsidiary, is a pioneer in the ground engineering space,
techniques for the construction of Full Span Launching
and is engaged in foundation and ground improvement
girders. With a view to promote the Aatmanirbhar Bharat
related projects. It has a strong, professional and specialised
initiative of Government of India (GoI), in-house fabricated
team with knowledge of design, equipment and methods to
equipment like Straddle Carrier, Launching Girders, Girder
execute and supervise sophisticated foundation works. The
Transporter are being used in the construction of this
business has expertise in deep piling and diaphragm walls,
prestigious project.
multi-cellular intake wells for river-linking, marine terminals
Hydel & Tunnels: This segment offers comprehensive with berths, jetties and deep cut-off walls.
turnkey construction solutions for hydroelectric dam
projects, barrages, pumped storage plants and complex Business Environment
irrigation projects. The business is in the process of executing
Urban Transit
projects in Madhya Pradesh, Assam, Arunachal Pradesh,
Uttarakhand, Jammu & Kashmir, Rajasthan and Sikkim. India’s urban landscape is undergoing a rapid
transformation, driven by the need to expand and
Nuclear: This segment undertakes civil construction works modernise infrastructure to accommodate a rapidly growing
for nuclear power plants. It has expertise in the construction population. To this end, the development of efficient urban
of Pressurised Heavy Water Reactors (PHWR), Light Water infrastructure – particularly mass transit systems – is crucial.
Reactors (LWR) and Natural Draft Cooling Towers (NDCT).
India’s metro rail development has been remarkable in
Ports & Harbours: This segment has extensive expertise recent years and has transformed urban mobility across
in constructing greenfield ports, shipyard structures and the country. Covering over 1,000 km across 11 states and
seawater intake systems along the country’s coastline. It 23 cities, millions of people rely on metros for quick, easy
specialises in offering comprehensive construction solutions and affordable travel. India has now become home to the
for various marine infrastructure elements that include

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1,000 MW Pakal Dul Hydro Electric Project, Jammu & Kashmir

third-largest metro network in the world. India’s metro rail Nuclear

systems are not only enhancing urban mobility but also Under the Viksit Bharat initiative, India has set an ambitious
contributing to environmental sustainability. There are target to achieve 100 GW of nuclear power capacity by
extensive plans for further expansion of metros with an 2047. This goal is part of India’s long-term energy transition
additional 1,032 km of rail networks having been approved, strategy to ensure energy reliability and reduce dependency
which will extend the reach to 26 cities. on fossil fuels.
India has been making significant strides in developing To support this target, the government has introduced
urban transit tunnels to improve connectivity and reduce the Nuclear Energy Mission, which includes significant
traffic congestion. These projects are part of India’s broader investments in R&D, particularly in Small Modular Reactors
strategy to modernise its infrastructure and support (SMRs). The Union Budget 2025-26 has allocated I 20,000
sustainable urban development. crore for this initiative, aiming to develop at least five
indigenously designed and operational SMRs by 2033.
Hydel
The government is also focusing on enhancing
India’s commitment at COP26 was to establish a non-fossil
domestic nuclear capabilities and promoting private
fuel-based power generation capacity of 500 GW by 2030.
sector participation through policy interventions and
To this end, the government has been taking steps to increase
infrastructure investments.
investments in offshore wind, pumped storage, hydel power
and nuclear power sectors. Pumped Storage Plant (PSP)
Ports & Harbours
projects are regarded as a priority among all energy storage
systems to support the attainment of this goal. Sagarmala, a flagship programme of the Ministry of
Ports, Shipping and Waterways, aims to promote port-led
The GoI has introduced a new framework and streamlined development in the country. According to the ministry, as
the processes to expedite the development of PSPs. many as 800 projects have been identified as a part of the
This framework aims to accelerate the growth of India’s programme. Port modernisation, new port development
renewable energy capacity. Key aspects of this framework and port connectivity enhancement are expected to result
include streamlined approvals, improved site allocation in increased capacity and world-class infrastructure at
processes and incentives for private sector participation. Indian ports. The Union Budget for FY 2025-26 announced
an allocation of I 30,000 crore for port modernisation and
expansion, Green Ports initiative and the development of
new ports.

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Natural Draft Cooling Tower, Rajasthan Atomic Power Plant 7 & 8

Defence à Agra Metro Package Phase 1, Line-2: This involves the

The government is focusing on building new capacities and design and construction of a vital 15.09 km elevated
upgrading existing defence infrastructure through an increased viaduct that will connect Agra Cantonment to Kalindi
budget allocation to the Ministry of Defence. This will lead to Vihar through 14 elevated stations and another 2.61 km
opportunities in various defence infrastructure projects. depot connecting line from Sadar Bazar to PAC depot.
à Teesta Dam 3: Scope of work includes construction of
International coffer dam, diversion structures, concrete gravity dam for
The business is exploring opportunities in Middle East and 1200 MW (6 X 200 MW) Teesta III Hydro Electric Project at
SAARC (South Asian Association for Regional Cooperation) Mangan, Sikkim India from a leading Renewable Energy
with prospects in the Urban Transit, Defence and Ports & solutions company in India.
Harbours businesses.
Projects Inaugurated:
Major Achievements à Thane Creek Bridge III, North Side Bridge inaugurated on
January 26, 2025
Major Orders Won:
à Riyadh Metro inaugurated on November 27, 2024
à Nuclear Island (NI) Mechanical Package for Gorakhpur à Mumbai Metro Line 3 Package 7 inaugurated on
Haryana Anu Vidhyuth Pariyojana (GHAVP 1&2) Project: October 5, 2024
This involves EPC, testing and commissioning of primary
piping works, nuclear ventilation, common services and Other key achievements:
plant water package from Nuclear Power Corporation of
India Limited (NPCIL).
à Mumbai-Ahmedabad High-Speed Rail MAHSR C4 has
completed 196 km of super structure build
à Shahpur Pumped Storage Project (PSP): This involves à Successfully erected the IC dome liner (270 MT) of KKNPP
constructing an Upper Dam (to form the upper reservoir),
Unit 4 and commissioned unit 7 of RAPP NDCT
Lower Dam (to form the lower reservoir), Intake Structure
with an Approach Channel, Steel Lined Buried Penstock à Chennai Metro CMRL RT 01 Package erected 52 numbers
U-Girder erection in a single month
/ Pressure Shaft (vertical and horizontal), Surface
Powerhouse, Tailrace Outlet Structure, Tailrace Channel, à Pakal Dul HEP HRT-TBM package team has achieved a new
etc. from a leading Renewable Energy solutions company record achieving 46.596 RM of tunneling in a single day
in India. and 628.652 RM of tunneling in December 2024

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380 kV Double Circuit Overhead Transmission Line (OHTL) between Arar and Rafha, Kingdom of Saudi Arabia

Outlook Power Transmission & Distribution

India is expected to spend nearly I 143 lakh crore on
infrastructure up to 2030 with a focus on urban transit, Overview
renewable energy and ports. The upcoming phase of
The Power Transmission & Distribution business vertical is a
infrastructure development is set to witness an increase
major EPC player, providing technology-driven, end-to-end
in the average project size and a notable increase in the
solutions for enabling access to clean, reliable electricity.
number of mega-scale projects.
It offers integrated EPC services and related digital energy
To this end, the government is looking to encourage private solutions, starting from the establishment of smart and
and foreign investment through various initiatives such as efficient transmission and distribution (T&D) networks to
liberalised FDI policy, fiscal incentives and measures such last-mile electrification. It serves utilities, renewable energy
as PM Gati Shakti and a National Single Window System to developers, industrial and infrastructure customers in 30
improve the ease of doing business. countries across the SAARC, ASEAN, the Middle East, Africa,
North America and CIS regions.
Faced with rapid urbanisation, the government is
considering the implementation of Mass Transit Systems such The business is broadly organised into T&D and Digital
as Metro / Metro Lite / Metro Neo / Personal Rapid Transit Energy Solutions (DES) businesses.
System in Tier 1 and Tier 2 cities. These initiatives are part
The Transmission & Distribution business caters to
of the green mobility drive to reduce the country’s carbon
various T&D utilities and developers, along with bulk power
footprint in the fight against climate change.
supply consumers like metros, airports, etc. in creating the
With a strong push towards green energy initiatives, following infrastructure:
including supportive policies and fiscal incentives, this
Substation: Turnkey solutions for Extra-High Voltage (EHV)
business has numerous opportunities in the hydro, nuclear
air-insulated / gas-insulated substations up to 1,200 kV,
and pumped storage sectors to contribute meaningfully to
Flexible AC Transmission Systems (FACTS) devices such as
India’s sustainable energy transition.
Static Synchronous Compensator (STATCOMs) and Static VAR
Compensator (SVCs), Digital Substation related solutions and
EHV cable systems.

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300 MVAr Zakher STATCOM, UAE

Transmission Line: Complete EPC solutions for overhead Tanzania, Uganda, Botswana, Mozambique and Malawi. It
transmission lines. It is well integrated with the digitally has made further inroads into Western and Northern Africa
driven, sustainability-focussed tower manufacturing units, with ongoing projects in Guinea, Cameroon and Tunisia.
with a combined capacity to produce more than 1 lakh
In the ASEAN region, L&T is an established T&D player,
tonnes of tower components per annum. The Kancheepuram
holding a portfolio of prestigious projects spread across
manufacturing facility also houses a state-of-the-art Tower
several countries.
Testing and Research Station, which provides its design and
testing services to clientele across 33 countries. The Digital Energy Solutions arm provides electricity related
consulting and digital solutions globally through its unique
Power Distribution: A range of EPC services related to
platform and a multitude of software products and solutions.
urban/rural electrification, augmenting, reforming and
Its cutting-edge offerings include hybrid energy management
strengthening of high voltage and low voltage distribution
systems, control room and substation automation solutions,
networks, power quality improvement works and advanced
grid edge interconnections and power system cyber security
distribution management solutions.
needs, amongst other solutions. Driven by powerful algorithms
Geographically the major operating regions are India, Saudi and simulations, the solutions offered by this business unit
Arabia, UAE and the rest of the Middle East. The business also enable customers across India, the Middle East and the USA to
has strong presence in Africa, ASEAN and the CIS regions. build resilient future-ready systems.

The business has earned a strong reputation in the Middle The focus of the PT&D business vertical is to create a path for
East among the utilities and energy companies in Saudi a transition to sources of clean energy in India and abroad,
Arabia, UAE, Oman, Qatar, Kuwait and Bahrain, having while enabling the customers/prosumers with the highest
executed several marquee projects. It enjoys an enviable standards of reliability, availability and efficiency of power
track record and garners a significant share of T&D projects T&D networks.
awarded every year.

Larsen & Toubro Saudi Arabia LLC (LTSA), a wholly owned

Business Environment
subsidiary, provides engineering, construction and The pursuit of grid strengthening in the Middle East
contracting services in the sphere of T&D in Saudi Arabia. countries, the pace of renewable capacity addition
and projected demand growth have provided ample
In the Africa region, the business has executed landmark
opportunities for growth in the substation and transmission
projects in Algeria, Egypt, Morocco, Kenya, Ethiopia,
line businesses.

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A Transposition Tower along the 765 kV Fatehgarh–Bhadla Transmission Line in Rajasthan

In India, certain trendsetting orders related to grid à Setting up of a new National System Control Centre
digitalisation have been awarded. This is expected to pave in Kenya which will serve as a transmission hub for
the way for modernisation of distribution and for better facilitating integration of variable RE and enabling merit
management and control of the electricity network as order power dispatch
renewable energy penetration increases.
Projects Completed and Commissioned:
The revival of order finalisation of 765 kV transmission line
packages associated with emergent renewable energy zones
à Tunnel electrical and mechanical works packages
associated with Udhampur Baramulla Srinagar Rail Link
has provided further opportunities in India.
project, Jammu & Kashmir

Major Achievements à 765 kV transmission link in Rajasthan

à 400 kV gas-insulated substations in Andhra Pradesh and
Major Orders Won: Rajasthan
à 5 packages of 765 kV transmission lines and 2 numbers of à 2 substations in Nepal
765 kV substations for energy transfer from RE Zones in à 2 transmission line projects in Bangladesh
Western India to multiple load dispatch centres
à 5 substations and 312 km of overhead transmission lines in
à ±800 kV Bipole High Voltage Direct Current (HVDC) Saudi Arabia
transmission link in Western India
à 18 substations and 168 km of underground cables across
à Advanced Distribution Management System in West Bengal UAE, Kuwait and Qatar including STATCOM and offshore
à Upgrading Energy Management System in Southern substation projects
Region load dispatch centre in India à 3 substations and 117 ckm of transmission lines in Africa
à 2 packages of ±500 kV Bipole HVDC transmission lines in à 4 substations in ASEAN region
Saudi Arabia for regional interconnections
à 4 numbers of 380 kV substations and 5 transmission line Significant Initiatives
packages for grid expansion in Saudi Arabia
à 14 substations of various voltage levels in UAE and 3 à Launched Liquified Natural Gas (LNG)-powered truck
for transporting transmission line tower parts from
substations in Qatar
Kancheepuram factory to project sites as a supply chain
à 400 kV substations and a transmission line in Kuwait decarbonisation initiative.
à 3 packages of 400 kV transmission lines and associated grid à Developed a unique software-defined Phasor Data
stations in Oman
Concentrator and Substation Gateway which is a

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400/220 kV Gas Insulated Substation at Mylasandra near Electronic City in Bengaluru, Karnataka

remarkable milestone in digital management and control Domestic

of vast grid networks. The domestic opportunities are expected to regain momentum
with inroads into select Tariff Based Competitive Bidding (TBCB)
Outlook projects, digital solutions and distribution projects. 765 kV
International transmission line and substation opportunities, primarily for the
purpose of renewable energy evacuation, are expected to provide
The multifold expansion of transmission grid infrastructure
a stable order inflow in the medium-term. Further, opportunities
in the Middle East region is expected to continue as several
in HVDC corridors and metro rail projects are also expected to
in-country and country-to-country interconnections are
bolster prospects. The next phase of distribution modernisation
planned. The need for grid strengthening to sustain capacity
is expected to gain momentum and should provide further
addition is also well understood across these countries.
opportunities from select distribution companies (DISCOMs).
HVDC corridors and Flexible AC Transmission System (FACTS)
components are also being added to the network. The impact on supply chain due to the unfolding ‘trade
war’ scenario is a risk factor. Strategies to navigate
In addition, ancillary opportunities are expected to open
challenges with respect to fluctuating commodity prices,
up as substantial investments take place in the real estate,
increasing localisation requirements in certain geographies
industrial and technology projects in the GCC region that
and equipment delivery constraints are in place. Further,
create new sources of electricity demand. For instance, Saudi
strengthening of teams to enable timely execution of the fast-
Arabia has embarked on the creation of a dozen vibrant urban
track jobs in early stages is being worked upon.
downtowns while several housing projects and theme parks
are being developed in other GCC countries. In the artificial A strong order book and visibility of prospects offers a constructive
intelligence mission, electricity generation capacity and a strong outlook. Armed with core engineering skills and in-house
grid are considered as critical enablers. software development capabilities, the ability to provide a range
of advanced physical and digital solutions including advanced
Even as projects in the renewable space come onstream,
network-wide energy management systems, intelligent power
the revival of optimism in conventional areas with carbon
distribution systems and dynamic reactive power compensation, at
reduction strategies may offer opportunities.
scale, gives the PT&D business an edge over competition. Further,
Selective pursuit in specific countries in Africa and ASEAN - the business continues to focus on managing its working capital
especially in renewables-linked projects – is expected to fuel efficiently which should enable further improvement in the return
growth in the near future. ratios in the near to medium-term.

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2 GWp Ar Rass 2 PV Solar project in Kingdom of Saudi Arabia

Renewables Business Environment

A vibrant renewable energy market in India, Middle East
Overview and CIS provides ample opportunities for growth. These
opportunities come with significantly higher package sizes,
The Renewables business vertical is a single-stop EPC service thereby aiding effective resource utilisation and facilitating
provider for GW-scale solar PV, energy storage, microgrid volume growth.
and hybrid renewable projects. L&T is amongst a few players
with experience and expertise in handling different module Renewable energy projects in India face challenges related
technologies, module mounting structures, contour-based to land acquisition, inter-state transmission system (ISTS)
solutions for challenging terrains and storage types. It connectivity and power evacuation, intense competition from
serves renewable energy developers, utilities, industrial, and smaller EPC players, e-reverse auctions, in-house EPC execution
infrastructure customers across India, Middle East, the SAARC, by most private developers, and policy uncertainties. The
ASEAN, Africa and CIS regions. business focuses on select opportunities from public sector
undertakings (PSUs), state utilities and specialised projects
The business group has accumulated in-depth engineering such as floating solar power projects.
and construction know-how to execute a vast range of
renewable projects, be it hybrid, floating or linear, with best- Major Achievements
suited technologies for terrain type and tracking. The round-
Major Orders Won:
the-clock (RTC) renewable energy required by emerging load
centres such as data centers and green hydrogen plants can à 2.5 GWp solar PV and 10 GWh BESS EPC order in UAE
be effectively provided by the business, with its wide-ranging à 1.2 GWp solar PV and 1 GWh BESS EPC order in CIS
capabilities in solar PV plants, battery energy storage systems à 3.5 GWp solar PV plant EPC order in KSA
(BESS), energy management systems / SCADA, wind balance of à 0.7 GWp solar PV, 45 MWh BESS and 156 MW floating
plant, and grid elements. solar plants in India
Projects Completed and Commissioned:
The container integration facility at Kancheepuram augments
the capabilities of the business with an annual capacity à Completed - 3.7 GWp solar PV plants in KSA
to integrate ~1.2 GWh of BESS with associated intelligent à Commissioned
management and control system. ƒ 0.7 GWp solar PV plants + 57 MWh BESS across India
ƒ 1 GWp of solar PV plants in UAE
ƒ 2.6 GWp of solar PV plants in KSA

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112.5 MW Solar PV for WBSEDCL, West Bengal

Significant Initiatives The Renewables vertical will look to focus on certain countries
in Africa and ASEAN where it can leverage its proven track
à Established a new wind vertical in response to the record, established relationships with various stakeholders and
prospects in wind projects ability to access the project finance market to pursue select
à Enhanced capacity of container integration facility at opportunities arising from just transition initiatives to grid
Kancheepuram through technology tie-up and localisation interconnection requirements and renewable proliferation.
approach for BESS Liquid Cooling Container Integration
from 400 MWh to 1.2 GWh per annum In India, the manufacturing capacity of solar PV cells is
expected to increase substantially in the coming years. In
this regard, the Ministry of New and Renewable Energy
Outlook
has recently amended the Approved List of Models and
Renewable electricity has emerged as the preferred source Manufacturers (ALMM) Order for implementation of
of energy in varied applications and industries. Significant ALMM for solar PV cells. It is crucial for India to achieve self-
investments for enhancing renewable energy capacity are sufficiency in PV cell manufacturing to meet the ambitious
being witnessed in both developed and emerging economies. RE targets by 2030.
Novel solutions involving a spectrum of renewable The influx of orders coupled with ramped-up execution,
technologies, including energy storage and wind, are being automation and mechanisation of the execution processes and
integrated for solar generation. This expansion of renewable efficient working capital management provides strong ground
energy production will go hand in hand with a multi-fold for improved return ratios in the near to medium-term.
expansion of the transmission grid infrastructure.

The GCC countries have set ambitious renewable energy plans

for 2030, which are backed by action on the ground. Besides
diversification of fuel mix, renewable energy for green hydrogen
is another major driver. Our reputation and relationships with
the major developers in the region are expected to fuel the
growth of the business in the other regions as well.

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HPCL Rajasthan Refinery Limited (HRRL) Water Block Package

Water & Effluent Treatment The Water & Wastewater business vertical delivers
comprehensive water solutions for the municipal and
rural water sectors. In the potable water domain, it
Overview manages projects end-to-end covering sourcing, treatment,
The Water & Effluent Treatment business delivers end-to- transmission, storage and distribution. In the municipal
end water management solutions for both government and wastewater segment, project bids cover collection and
private sector clients. The business expertise covers the entire conveyance of sewage, construction of pumping stations
water life-cycle, including potable water treatment, storage and advanced wastewater treatment plants, including high-
and conveyance, wastewater management, industrial standard sludge treatment and power generation.
water solutions, irrigation, desalination and smart water The Irrigation, Industrial & Infrastructure business
infrastructure. Through its in-house Water Technology vertical caters to the irrigation and industrial sectors by
Centre, the business continuously integrates cutting-edge offering a diverse range of water solutions, including mega
technological advancements and world-class processes to and micro irrigation systems, industrial effluent treatment,
enhance efficiency and innovation in water management. plant water systems and water infrastructure for smart cities.
With a strong footprint across India and operations spanning This vertical also undertakes desalination projects in India
five international markets, the business delivers large-scale, and abroad to support sustainable water management.
high-impact projects aimed at improving clean water access, The Water International business focusses on providing
optimising treatment processes and modernising distribution complete water solutions in markets in Middle East and
networks. Adhering to rigorous quality and safety standards, East Africa.
the business has earned a recognition for excellence,
sustainability and technological innovation. As it expands
Business Environment
into high-growth sectors, the business remains committed to
operational efficiency and ESG principles, further solidifying its Government policies are set to reshape India’s water
position as a trusted leader in the water management industry. management landscape, with initiatives from both the
central and state governments playing a crucial role
The WET business is structured into three verticals:
in driving demand across potable water, wastewater
à Water & Wastewater treatment and irrigation segments. The union budget
à Irrigation, Industrial & Infrastructure underscores a strong commitment to India’s water future
à Water International through measures such as extending the Jal Jeevan Mission
until 2028, targeting investments to bolster irrigation

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Water Treatment Plant (WTP) in Buxwaha is part of the Buxwaha Multi Village Rural Water Supply Scheme (MVRWSS), Madhya Pradesh

by launching river interlinking programmes, large-scale Major Projects Commissioned:

irrigation projects, and accelerated upgrades in urban water More than two million people benefitted with the
systems under AMRUT 2.0. commissioning of 10 projects during FY 2024-25. Some of the
The business faces industry-specific challenges, including major projects commissioned during the year are:
intense competition from established players and new à Athikadavu – Avinashi LIS, Tamil Nadu
entrants, workforce shortages and cost escalations. To à Narmada Kshipra Lift Irrigation, Madhya Pradesh
address these challenges, the business capitalises on the à Water Transmission Project in Ad Dakhiliyah, Oman
in-house Water Technology Centre to provide for low-cost
innovative solutions that are sustainable and future-ready.
à HPCL Rajasthan Refinery Ltd. (HRRL) Water Block
Package, Gujarat
The Middle East saw robust growth driven by extensive à Buxwaha Water Supply Scheme, Madhya Pradesh
investments in desalination projects and the adoption of à Tapi Lift Irrigation Scheme, Gujarat
smart water technologies, as governments and private à Rajkot Smart City, Gujarat
entities focus on addressing water scarcity and enhancing
water security. Strategic partnerships and large-scale
Significant Initiatives
initiatives emerged to modernise infrastructure and
improve the efficiency of water distribution systems amidst Multiple initiatives were undertaken with a focus on
heightened environmental challenges. operational efficiency, technological advancements, financial
prudence and market expansion to strengthen business
Major Achievements resilience, address key challenges and capitalise on future
growth opportunities.
Major Orders Won:
The business bagged multiple orders in India and abroad: à Real-time risk monitoring and implementation of control
à Ras Mohaisen Desalination Plant, KSA – 300 MLD capacity measures are being implemented across project sites along
with operational control procedures across risk profiles to
à Amravati Capital City Development, Zone 7, Andhra achieve operational excellence and safety awareness.
Pradesh – Utility Network
à Dholpur Water Supply Scheme, Rajasthan – 190 km
pipeline network
à Pirana STP, Gujarat – 424 MLD Sewage Treatment Plant

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Athikadavu Avinashi Lift Irrigation Scheme, Tamil Nadu

à An in-house unit has been constructed in Madhya Pradesh Urban water infrastructure is witnessing substantial
for micro-irrigation projects where a technology driven upgrades, with major cities such as Delhi, Chennai,
system is being developed for applications in Large Water Bengaluru and Pune developing modern sewage treatment
Management Systems (LWMS). This system optimises plants, while Maharashtra advances on a desalination
water delivery to crops, reduces wastage and increases project in Mumbai. States like Punjab and Karnataka are also
agricultural yield. strengthening wastewater management and urban water
à Timely completion of project and smooth handover to O&M systems under AMRUT 2.0, enhancing the overall demand for
customers are crucial activities within the project life-cycle. advanced water solutions.
The business has formed a ’Commissioning Cell’ to work
In the Middle East and Africa, countries are increasingly
closely with project teams for faster completion of jobs.
investing in desalination and water distribution projects
to meet the rising demand for clean water. Strategic
Outlook partnerships and regional economic growth initiatives will be
The business predominantly operates as a B2G vertical with crucial in leveraging these opportunities.
dependency on Central and State policies, with ongoing Going forward, the business will focus on expanding
initiatives playing a pivotal role in shaping business opportunities in irrigation, wastewater treatment,
opportunities. India’s water and wastewater sector is poised desalination and urban water management while
to grow at a CAGR of 12%, targeting USD 17.9 billion by strengthening its international footprint.
FY 2028-29, primarily driven by the need for improved
wastewater treatment and water security. Government-led While the industry presents strong growth potential,
initiatives, of establishing over 500 wastewater treatment challenges such as escalating operational costs, competition
plants by 2027 and the extension of the Jal Jeevan Mission from new entrants and commodity price volatility persist.
programme until 2028, present significant growth prospects The business remains focused on technological innovation
in both potable as well as treated water infrastructure. and process efficiencies to enhance competitiveness and
Additionally, large-scale river interlinking projects in sustain market leadership. Robust strategic planning and
Haryana, Rajasthan and Madhya Pradesh, along with risk management will be the key in navigating the evolving
irrigation expansion in Karnataka and Bihar, continue to market dynamics and ensuring long-term business resilience.
drive sectoral investments.

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Freight Handling Facility for Etihad Rail, UAE

Minerals & Metals M&M has manufacturing centres located at Kansbahal,

Odisha and Kancheepuram, Tamil Nadu. The Kansbahal
centre is equipped with advanced engineering resources,
Overview computer-aided engineering and simulation facilities for its
The Minerals & Metals business offers complete EPC solutions operations. This centre is also certified ISO 9001:2008. The
for the mineral and metal sectors across the globe. The business’s Engineering Design & Research Centres (EDRCs) are
business undertakes end-to-end engineering, procurement, in Kolkata, Chennai and Mumbai.
manufacturing, supply, construction, erection and
commissioning of projects covering the complete spectrum Business Environment
from mineral processing to finished metals.
Domestic Business
The business also offers comprehensive product solutions India remains a dominant player in the iron and steel
with an array of customised mineral crushing equipment industry as world’s second largest crude steel producer.
and plants for varied applications; surface miners; material The growth in domestic steel consumption continues to
handling equipment; high-speed railway construction be robust, driven by key sectors such as infrastructure,
equipment; steel plant machinery; port and shipyard cranes, automotive, construction and consumer goods. In FY
and other custom-made critical equipment and complex 2024-25, crude steel production is expected to exceed 145
assemblies catering to core industrial sectors including million tonne (MT), while domestic steel consumption is
mining, steel, ports, fertilisers, cement, chemical plants, etc. expected to reach around 135 MT.
The complete range of product solutions is backed by six The government’s ongoing focus on infrastructure
decades of experience and knowledge, in-house design development continues to play a pivotal role in driving
resources, state-of-the-art manufacturing capabilities and demand for steel and other metals. These policies, coupled
after-sales product support with value-added and cost- with favourable market conditions, have helped the
effective services to ensure higher uptime. metal industry improve production volumes and achieve
stronger realisations.

65
 Infrastructure
Projects Segment

Launching Girder manufactured by Minerals & Metals - Product Business Unit, in action at the High-Speed Rail Project in Anand, Gujarat

Recently, India has made significant discoveries of lithium Product Business

reserves, particularly in Jammu & Kashmir and Rajasthan. The outlook for the product business, driven by continued
Besides its immense use and relevance in future-focused investments in infrastructure, urbanisation and industrial
industries like EVs and energy storage, discovery of this expansion, remains positive. The government’s push for
critical resource can reduce India’s dependence on imports large-scale infrastructure projects, including smart cities,
and support transition to green mobility. roads, highways and ports, presents significant opportunities
for growth in the domestic market.
International Business
This business is actively pursuing opportunities in select
Planned investments in the metallurgy sector in the Middle international markets and has secured its first order from a
East are a key focus area for the M&M business. The region European client for a stacker reclaimer. The business has also
enjoys the advantages of land availability, low energy received repeat orders for surface miners from Africa.
costs, high solar irradiation potential and proximity to
the European market. In addition, the continuous push to The growth of core products such as crushing systems,
diversify the economy has given a much-needed push to the surface miners, material handling equipment, port and
minerals industry for value creation within the GCC region. shipyard cranes and steel plant equipment is primarily driven
by higher investments in the following industrial sectors:
GCC countries have a planned roadmap to tap the extensive
minerals resources within their respective territories. Apart Cement Sector: The cement segment in India is expected
from minerals reserves within the region, GCC countries are to grow at a CAGR of 6% to 7% over the next five years,
working to secure their supply chain for raw materials for with significant investments in greenfield and brownfield
the domestic industry in general and new age and transition projects. Major domestic players are undertaking ambitious
metals in particular. expansion plans to capitalise on this growth potential.

Opportunities in setting up process plants for iron and steel, The business unit witnessed large order inflows from the
aluminum, gold, phosphate, copper and new age metals cement sector in FY 2024-25. The strong order pipeline is
in the region are extensive. These opportunities allow for expected to continue on the back of the current momentum
a higher degree of visibility for the business in the near to in the infrastructure economy. It is estimated that the Indian
medium-term. cement industry is likely to add ~ 40-45 MT capacity in
FY 2025-26.

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Blast Furnace for JSW Dolvi, Maharashtra

Mining, Power & Steel Sectors: The surge in steel plant Port Sector: The port sector in India is set for significant
capacity, along with the continued growth in coal and iron growth, driven by government initiatives such as the
ore production to meet rising demand in the steel and power Sagarmala Programme and Maritime India Vision 2030.
sectors, has significantly boosted business opportunities for Container traffic is projected to grow steadily at 8% y-o-y,
a range of business’s equipment, including coal crushers, leading to an expected capacity addition of 21 MTEUs in
surface miners, stacker reclaimers and wagon tipplers. container terminals and 455 MTPA in bulk terminals by 2031.
Additionally, GoI’s renewed focus on enhancing shipbuilding
Backed by the National Steel Policy targeting 300 MTPA
capacity and upgrading/expanding naval dockyards is
capacity by 2030, the sector is witnessing significant
expected to drive demand for shipyard cranes.
investments by major players. Additionally, the Government
of India has envisaged 80 GW coal-based thermal power
capacity addition by 2030 with major public and private
Major Achievements
players driving expansion. Major Orders Won:
The year also witnessed increased order inflow for surface à DRI plant and pellet plant in the UAE
miners, apron feeders, stacker reclaimers, wagon tipplers, à Freight handling facilities in the UAE
coal crushing equipment from the above sectors. The à First ever EPC order for 2*8 MTPA pellet plant from a large
growth momentum is expected to continue in the coming global steel producer
years in line with expansion plans of mining, power and à Coke oven battery for a large domestic public sector steel
steel enterprises. producer
Construction Sector: The growth in the infrastructure à Alumina refinery in Odisha for a large domestic non-
space is the primary demand driver for aggregate crushing ferrous metals company
solutions equipment. With an increased budget allocation à Tail gas treatment plant for a large domestic non-ferrous
for roads and highway development in FY 2025-26, metals company at Chanderiya and Debari
the sector is poised for significant growth. Following à Largest order received for material handling equipment
the successful supply of new generation high-capacity from a large domestic infrastructure company for 12 sets
aggregate crushing solutions, FY 2025-26 presents of stacker reclaimers and 4 sets of wagon tipplers
promising opportunities, driven by the momentum in
infrastructure development.

67
 Infrastructure
Projects Segment

Mansourah-Massarah Gold Project - Gold Processing Plant in Kingdom of Saudi Arabia

à Largest order received for port crane equipment from a Significant Initiatives
domestic shipbuilding company for 8 numbers of electric
level luffing cranes à 2.5 MWp solar plant commissioned at Kansbahal Works
to replace 45% of energy usage with renewable energy,
à Largest order for 14 numbers of 380 tonne torpedo ladle expected to reduce 3,200 MT of CO2 emissions by lowering
cars from a domestic private sector steel producer
dependency on thermal power
Marquee Projects Commissioned:
à First robotic welding machine for crusher rotors
à 3 MTPA alumina refinery in Lanjigarh, Odisha, successfully installed at Kansbahal Works, which will
commissioning Train #1 of the refinery on March 31, 2024 enhance weld quality and reduce welding man-hours by
à Hot commissioning of twin slab caster at a major domestic 75% thereby ensuring safer operations
private sector steel plant à Kansbahal Works is certified ISO 3834-2:2021 and
à Load commissioning of domestic coal handling projects EN 1090-2:2008
à Commissioning and performance guarantee test
completion for domestic coal handling projects Outlook
à Commissioning of a large domestic non-ferrous metal
More than 70% of the world’s steel production is in Asia.
company’s roaster plant
While Japan and South Korea, historically major producers
à Commissioning of stacker reclaimers / wagon tipplers of steel, are experiencing decline in their global shares
for a major domestic industrial company’s project at as they move towards reducing domestic production for
Yadadri, Telangana environmental and economic reasons, India, with its vast
à Designed and manufactured hybrid tandem wagon tippler iron ore reserves and expanding domestic consumption,
for a major domestic private sector steel producer is increasingly emerging as a major beneficiary of this
shift. India is well-positioned to meet its steel production
targets by 2030, further strengthening its role as a leading
global supplier.

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Laminar Cooling System for 3 MTPA Hot Strip Mill (HSM) at Rourkela Steel Plant, Odisha

In India, the ongoing privatisation of mining assets is The region benefits from low energy costs, investor-friendly
attracting increased investments in mineral beneficiation policies and accessible financing options. This aligns with the
and pelletisation of iron ore. These developments aim to Middle East’s vision to diversify its economy beyond oil with
enhance the value of raw materials while producing more a focus on growing industries such as metals and minerals.
environmentally friendly products for both domestic and Significant investments are being made in logistics and
export markets. Indian steel companies are progressing with infrastructure projects in the UAE and Oman, particularly
their capacity expansion plans, supported by strong domestic in expanding port facilities, transportation networks and
consumption and robust margin. storage capabilities. Several of these key projects are nearing
completion, which will further enhance the region’s ability to
The non-ferrous sector, particularly in aluminum and zinc,
handle growing trade in metals and minerals.
continues to see capacity expansion. Major players are
investing in new projects to meet rising demand and to Overall, the outlook for FY 2025-26 remains positive, with
capitalise on technological advancements in production. sustained growth driven by ongoing capacity expansions,
technological innovations and strategic investments
In the Middle East, the minerals and metals sector is
across key regions and sectors in the global minerals and
becoming an increasingly attractive investment destination.
metals industry.

69
 Energy Projects
Segment

ENERGY PROJECTS
SEGMENT

LTS 3000 Heavylift cum Pipelay Vessel in Saudi Waters

The Energy Projects segment comprises of: The Energy segment achieved order inflows of I 87,569
a) Hydrocarbon Business crore in FY 2024-25, registering a growth of 18.7% over
b) CarbonLite Solutions Business the previous year on receipt of an ultra-mega order
c) Green & Clean Energy Business in the Hydrocarbon business and BTG (boiler-turbine-
generator) orders in CarbonLite Solutions business. The
As businesses across the globe move towards share of international orders declined to 60% from 87% in
decarbonisation, and, as a part of the strategy to become a FY 2023-24.
major player in the energy transition space, the Company
has repurposed its Energy-Power business to CarbonLite I Crore
Solutions business from the current year. Revenue from Operations and OPM%

Financial performance of the segment

50000
I Crore 37.6%
Order Inflow 40689
40000

29571
30000
120000 26683 66%
10.0%
18.7% 20000 17159 58%
100000
87569 8.4%

80000 73788 10000

12412 42% 14006 34%
60000 52398 60%
0
2023-24 2024-25
40000 64321 87%
Domestic International OPM%
20000 35171 40%
9467 13% The Energy segment’s revenue at I 40,689 crore for the year
0
2023-24 2024-25 grew by 37.6% y-o-y due to a strong pick-up in the execution
Domestic International momentum, mainly in the Hydrocarbon business. The Power
business, on the other hand, registered a decline due to

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Expansion of Marine Terminal for Juaymah NGL Facilities, Kingdom of Saudi Arabia

a lower opening order book. The share of international Major fabrication facilities are located in India and in the
revenue in FY 2024-25 at the segment level was higher at Middle East. In India, the Engineering, Procurement & Project
66% compared to 58% in the previous year on the execution Management Centres are located at Mumbai, Vadodara and
of large international projects in the Hydrocarbon business. Chennai, and modular fabrication facilities are at Hazira
(near Surat) and Kattupalli (near Chennai). The overseas
The segment’s operating margin declined to 8.4% from
presence of the business is predominantly in the Middle
10.0%, mainly due to new orders being in the early stage of
East, i.e. in KSA, UAE, Qatar, Kuwait, Oman and Algeria. A
execution in Hydrocarbon business.
project management office with a training facility, a heavy
Funds employed by the segment as on March 31, 2025, wall pressure vessel manufacturing unit and a piping factory
at I 2,482 crore, decreased by 57.1% y-o-y mainly due have been established in the Kingdom of Saudi Arabia (KSA).
to reduction in contract assets in some large value The business has also invested in a state-of-the-art modular
Hydrocarbon projects. fabrication facility at Sohar in Oman.

The business caters to clients across the hydrocarbon value

Hydrocarbon Business chain through the following business verticals and units:

Offshore
Overview
The Offshore business offers lumpsum turnkey EPCIC
The Hydrocarbon business provides integrated ‘design (Engineering, Procurement, Construction, Installation
and build’ turnkey solutions across multiple geographies. and Commissioning) solutions for wellhead platforms,
The business executes projects encompassing engineering, riser platforms, process platforms, accommodation
procurement, fabrication, construction, installation, project platforms, subsea pipelines, brownfield developments,
management and asset life services. decommissioning projects, deepwater structures, manifolds,
as well as transportation and installation services to the
Backed by digitalisation and cutting-edge innovation,
global offshore oil & gas industry.
the business has integrated capabilities across the value
chain, including in-house front-end design and detailed The Offshore business has dedicated comprehensive
engineering, project management, procurement, modular in-house engineering capabilities that offer ‘Fit for Purpose’
fabrication facilities, onshore and offshore construction, engineering solutions, which cover the complete project life-
installation, and commissioning. cycle, from concept to commissioning. As a one-stop solution

71
 Energy Projects
Segment

Full Conversion Hydrocracker Unit for Hindustan Petroleum Corporation Ltd. (HPCL), Visakhapatnam, Andhra Pradesh

EPCIC player, the business has in-house fabrication facilities Modular Fabrication
focussed on quality and timely dispatches. The Company’s The Modular Fabrication business specialises in supplying
marine assets include a self-propelled heavy-lift-cum-pipe-lay plants and modular systems built as solutions for the offshore,
vessel, LTS 3000, held through a joint venture, and a wholly onshore oil & gas, and offshore wind farm industries, with
owned pipe-lay barge, LTB 300. These assets facilitate faster the capability to deliver modules up to 6,600 MT.
offshore installation and support timely project completion.
Its dedicated engineering and project management expertise
As an engineering partner of choice for both domestic and is extensive and draws on the strengths of the EPC businesses
international markets, the Offshore project management for both offshore and onshore projects. Offshore solutions
team aims to deliver complex offshore projects in a time- encompass structures and modules for oil & gas and wind
bound manner with the highest quality standards in a safe farm projects, including deepwater subsea structures, oil &
and incident-free environment. gas manifolds, jack-up rigs and mobile offshore production
units (MOPU). Onshore offerings cover process and pipe rack
Onshore EPC modules, skids, structures, static equipment / pressure vessels
The Onshore business provides end-to-end ‘Design to and columns, modular specialty furnaces and prefabricated
Build’ LumpSum Turnkey (LSTK) EPC solutions across the control rooms / substation buildings (E-houses).
midstream and downstream segments of the hydrocarbon
World-class modular fabrication facilities are strategically
value chain. Its expertise spans oil & gas processing and
located at Hazira (India’s west coast), Kattupalli (India’s
treatment facilities, oil & gas field development, petroleum
east coast), Sohar (Oman) and Jubail (KSA). The combined
refining, petrochemicals, fertiliser, cross-country pipelines,
annual capacity for fabrication is estimated at about 60
crude oil and product storage tanks & terminals, cryogenic
million manhours or 200,000 MT. The heavy wall pressure
storage/LNG tanks & terminals, coal / pet-coke gasification,
vessel manufacturing facility in KSA primarily caters to
complex composite work, CMEI (Civil Mechanical Electrical
the local requirement of offshore and onshore projects in
Instrumentation) on an LSTK basis.
the Kingdom.
With a proven track record of concurrent execution of
Modular engineering capability also includes tailored ‘Print
multiple mega / ultra-mega projects across domestic and
to Build’ solutions for technology companies, particularly in
international markets, the business collaborates with a
renewables and decarbonisation space. The business delivers
diverse range of technology process licensors, ensuring
modules to clients in North America, Europe, Africa, the
efficient and cutting-edge project execution.
Middle East, Asia and Australia.

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Ready-to-install Modules fabricated at Kattupalli facility, for the world’s largest Green Hydrogen plant in Kingdom of Saudi Arabia

Advanced Value Engineering & Technology Offshore Wind

Services (AdVENT) The Offshore Wind business is dedicated to advancing clean
Leveraging its expertise in high-end engineering and the and sustainable energy solutions. This business provides
execution of technically complex EPC projects, the AdVENT turnkey EPCI (Engineering, Procurement, Construction,
business unit delivers customer-centric solutions for various Transportation, and Installation) services, specialising in
elements of hydrocarbon industry value chain. both offshore HVAC/HVDC substations and Wind Turbine
Generator (WTG) foundations encompassing both fixed
AdVENT’s technical capabilities enable it to offer tailored
and floating structures. The business is supported by strong
engineering solutions from concept to commissioning. The
multidisciplinary teams, strategic partnerships with key
business offers EPC project solutions, integrated modular
industry stakeholders and a robust supplier network. The
solutions, refinery technology solutions and sustainable
Company’s factory establishments include three state-of-
waste-to-energy solutions.
the-art fabrication facilities in Oman and India, operating
The business also focusses on technology-backed under the principle of ‘Think Global, Act Local’. The business
petrochemicals and downstream chemical industries that are operates in the Far East, Europe and the United States.
the building blocks of high-value industrial end-products.
Business Environment
Asset Management
As the transition to sustainable energy accelerates, both
The Asset Management business delivers differentiated and
energy-producing and energy-consuming nations are striving
value-added services across a wide spectrum of solutions to
to balance the need for continued investments to support
hydrocarbon and allied process Industries.
domestic growth with the long-term emission reduction
These comprehensive asset management solutions cover goals aligned with their respective Net Zero commitments.
operations, maintenance, performance enhancement
The renewable energy sector continues to gain traction,
and health assessment of critical assets. The business
fuelled by clean energy demand, policy support and rapid
complements the organisation’s EPC project offerings for a
technological advancements. In addition, the growing
mutually beneficial engagement over the life-cycle of assets.
emphasis on energy efficiency and carbon reduction is
The comprehensive operations and maintenance outsourcing boosting demand for CCUS (Carbon Capture, Utilisation &
model covers consulting, asset integrity, asset performance Storage) projects.
improvement and specialised services based on the
client requirements.

73
 Energy Projects
Segment

HVAC Offshore Substation and WTG’s Monopile

Expansion of offshore projects continued to gain momentum Major Achievements

in the Middle East. Qatar’s increasing focus on LNG
investments could see production increase from 77 MTPA in Major Orders Won:
2024 to 142 MTPA by 2030. These present significant growth à Ultra-mega offshore contract from Qatar Energy LNG
opportunities for the business. for the North Field Production Sustainability Offshore
Compression Project (NFPS COMP 4)
The business faces risks from currency and commodity price
fluctuation, supply chain disruptions and talent shortage. à Order from Oil & Natural Gas Corporation (ONGC) for
Daman Upside Development Project-Wellhead Platforms &
Geopolitical tensions, including the Red Sea and Russia-
Pipelines (DUDP-WP), off India’s west coast
Ukraine crises, have intensified commodity price volatility
and logistic bottlenecks. à Order from ONGC for the eighth phase of Pipeline
Replacement Project (PRPVIII Group B) off India’s west coast
To counter these risks, the business has been steadily
à Order from Rashtriya Chemicals and Fertilizers Limited
diversifying its supply chain, hedging currency and (RCF) (a GoI undertaking with Navaratna status), a leading
commodity exposures, and increasing its focus on fertilisers and chemicals manufacturing company for
implementing modular solutions. License, Engineering, Procurement and Construction
In the US, suspended oil & gas projects are being revived, (L-EPC) of a 1,200 MTPD (DAP basis) NPK fertiliser plant
with awards expected by FY 2025-26, alongside opportunities along with associated utilities and off-site facilities at their
in blue hydrogen, ammonia and petrochemicals. In India, Thal unit in Raigad district
upstream firms are increasing O&M outsourcing, while
downstream players focus on utility maintenance. Projects Completed:

Growing emphasis on energy efficiency and carbon reduction à Successful decommissioning of offshore facilities for BG
Exploration and Production India in the Tapti field, located
is boosting demand for modular fabrication in CCUS (Carbon
off India’s west coast
Capture, Utilisation & Storage) projects.
à Mechanical completion and Performance Guarantee Test
To maintain its competitive edge, the business continues Run (PGTR) of Phase-IIIB LNG Storage Tanks for Petronet
to expand collaboration efforts with industrial and energy LNG Ltd. Dahej LNG Terminal Expansion
technology companies. The business continues to strengthen
à Mechanical completion of 30 jackets, i.e. 10 jackets
its footprint in the Middle East for specialised services. With in Safaniyah, 9 jackets in Safaniyah and Ribyan, and
a focus on innovation, digitalisation and sustainability, the 11 jackets in Safaniyah and Zuluf fields (Saudi Aramco)
business remains well-positioned for long-term growth.

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Overall view of Cairn Oil & Gas: Upstream Onshore – Gas Processing for Vedanta Limited, Rajasthan

à Mechanical completion achieved in ARBI8 refurbishment Digitalisation and Automation

project (Saudi Aramco - CRPO-75) The business is investing in advanced digital tools to
à Offshore jacket fabrication and load-out of (Mcdermott enhance project execution. 4D visualisation, AI/ML-driven
Middle East Inc.) Marjan Increment Program Package-I analytics, VR simulations and predictive tools are optimising
planning, safety and efficiency. Increased automation across
Significant Initiatives fabrication yards is minimising manual intervention, while
Generative AI is set to further improve decision-making and
Productivity Enhancement
resource allocation.
The business continues to implement initiatives aimed at
enhancing productivity across operations. The business Smart Procurement
has reinforced process improvements and lean execution
The business is advancing its procurement strategies by
strategies by focusing on streamlining workflows,
integrating smart, data-driven methodologies to enhance
eliminating redundancies and empowering its workforce.
cost-effectiveness and supply chain efficiency. The
These measures have resulted in reduced turnaround times,
adoption of e-procurement platforms, data analytics for
improved resource efficiency, a higher overall output
spend optimisation and vendor consolidation initiatives
and ensuring that projects are delivered within stringent
have strengthened supplier relationships and improved
timelines and budgets.
cost control. By fostering partnerships and implementing
intelligent sourcing mechanisms, the business is ensuring
Value Engineering
resilient procurement processes that align with project needs
Value engineering remains a cornerstone of the business and market dynamics.
strategy, driving cost efficiencies while at the same
time maintaining high quality and safety standards. By
Outlook
standardising designs, adopting templatisation, minimising
rework and implementing robust surplus management, the Oil prices remain the key to capital investments in the
business has significantly optimised resource consumption. hydrocarbon sector. OPEC+ production strategies continue to
These practices have facilitated enhanced execution influence market stability and thus investment cycles. Despite
efficiencies, ensured on-time project completion and near-term price volatility, KSA, the UAE and Qatar continue
improved bottom-line performance. to invest in offshore oil & gas development.

75
 Energy Projects
Segment

3D Model of Numaligarh Refinery Limited (NRL), Assam

Significant EPC opportunities are expected to open up The business remains highly competitive, with participation
in India with ~68 MMTPA of additional refining capacity from European, Korean and Chinese EPC players in bids
planned. The government’s push to increase the share across the hydrocarbon value chain.
of natural gas to 15% of the energy mix by 2030 is also
Labour shortage, increasing raw material costs and inflation
expected to drive investments in pipeline infrastructure,
in general can present challenges to project cost structures.
LNG terminals and gas-based projects.
Demand for skilled labour in the Middle East and Southeast
The offshore wind industry has grown rapidly, reaching Asia has impacted workforce availability. The business
~80 GW by the end of 2024, clocking 28% CAGR over the has countered these challenges through procurement
past five years. While Europe dominates - led by the UK, optimisation, automation and strategic partnerships to
Germany, Netherlands and Denmark, Asian markets like ensure cost competitiveness. The business has also enhanced
India, Taiwan, Vietnam, Japan and South Korea also present execution efficiency through real-time project monitoring,
growth opportunities for the business. automation and Advanced Work Packaging (AWP).

India’s offshore wind energy market has been progressing Despite a strong order backlog in FY 2024-25, the business
steadily. Viability Gap Funding (VGF) has been approved to secured a near record-high value of order inflows - in
the tune of I 7,450 crore for 1 GW projects in Gujarat and Saudi Arabia and Qatar - thus reinforcing its status
Tamil Nadu. With 4 GW of projects in the pipeline, India’s as a trusted partner. In India, while ongoing projects
share of the global offshore wind market could reach ~3% set new benchmarks, capacity expansion in refining,
by the early 2030s. petro-chemical and LNG infrastructure present long-term
growth opportunities for the business.
Sustainability-driven investments in CCUS (Carbon Capture,
Utilisation & Storage) and energy-efficient designs are Despite prevailing uncertainties, the business maintains a
shaping industry trends. The business is adapting to refinery- positive outlook on the future of the hydrocarbon sector.
petrochemical integration and decarbonisation solutions to With strategic partnerships, digital transformation and
maintain competitiveness. sustainability initiatives, the business remains well equipped
to navigate industry shifts and drive long-term growth across
In the Middle East, localisation policies like IKTVA
upstream, midstream and downstream segments.
(Saudi Arabia) and ICV (UAE) continue to shape project
awards, emphasising local partnerships and regional
execution capabilities.

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Jafurah Export Pipeline Project for Saudi Aramco, Kingdom of Saudi Arabia

Financial performance of the business I Crore

I Crore Revenue from Operations and OPM%
Order Inflow

50000
45.6%
90000 10.6%
40000 38618
80000
70901
70000 63400
30000 26526
60000
26658 69%
50000 10.3%
20000
40000 64140 90% 17141 65%
52280 82% 8.4%
30000 10000
20000 9385 35% 11960 31%
10000 0
6761 10% 11120 18% 2023-24 2024-25
0
2023-24 2024-25 Domestic International OPM%
Domestic International

The Hydrocarbon business recorded revenue of I 38,618

The Hydrocarbon business achieved order inflows of I 63,400 crore for the year, registering a growth of 45.6% y-o-y, due
crore in FY 2024-25, registering a decline of 10.6% over the to a robust pick-up in execution momentum of a large order
previous year, due to base effect. During the year, business book. The share of international revenue in FY 2024-25 was
secured its largest ever single value order in Qatar. The share higher at 69% of the total revenue as compared to 65%
of international orders is 82% in FY 2024-25 compared to in the previous year, largely reflective of a robust opening
90% in the previous year. international order book.

The operating margin of the business declined to 8.4%

from 10.3%, mainly reflective of stage of execution of
the order book.

77
 Energy Projects
Segment

2x660 MW Tanda Thermal Power Plant, Uttar Pradesh

CarbonLite Solutions Business manufacturing, erection and commissioning of

ultra-supercritical / supercritical boilers, up to a rating
of 1,000 MW.
Overview
L&T Energy - CarbonLite Solutions (LTECLS), erstwhile L&T-MHI Power Turbine Generators Private Limited, a JV
L&T Energy - Power, has established itself as a leading with Mitsubishi Heavy Industries (MHI), Japan and Mitsubishi
EPC player offering turnkey solutions for the BTG (boiler- Electric Corp. (MELCO), Japan for the manufacture of steam
turbine-generator) island components of coal-based power turbines and generators (STG) with a capacity ranging
plants - encompassing design, engineering, procurement, from 660 MW to 1,000 MW. The Company is engaged in
manufacturing, construction and commissioning. design, manufacture, erection and commissioning of ultra-
supercritical / supercritical turbines and generators.
L&T Energy - Power was rechristened to LTECLS in FY 2024-25
as part of L&T’s broader shift towards sustainability. The L&T Howden Private Limited, a JV with Howden Holdings
business aims to leverage its existing expertise to develop B.V, is in the business of regenerative air preheaters and
and deliver solutions for carbon-capture projects, nuclear variable pitch axial fans for power plants.
projects (turbine island) and pumped storage plant turbines. L&T - Sargent & Lundy Limited, a JV with Sargent & Lundy
The business shall continue to offer BTG solutions for LLC, USA, is engaged in the business of providing design,
coal-based power plants within the country to support engineering and project management services for power
energy security of India. projects.
The business operates from L&T Knowledge City, Vadodara
and has access to integrated state-of-the-art manufacturing Business Environment
facilities at Hazira for ultra-supercritical and supercritical
In FY 2024-25, India’s peak power demand reached a
boilers, turbines and generators, pulverisers, axial fans, air
record high of 250 GW and is projected to reach 458 GW by
preheaters and electrostatic precipitators. The facilities are
FY 2031-32.
equipped to deliver equipment aggregating to 4,000 MW.
After a prolonged period of subdued capacity addition,
The business has the following joint venture (JV) companies
India’s coal-based thermal power sector regained momentum
within its fold:
in FY 2024-25. During the year, ~20 GW of coal-based power
L&T-MHI Power Boilers Private Limited, a JV with projects were awarded. The Government of India (GoI)
Mitsubishi Heavy Industries (MHI), Japan – the world’s has set a target of minimum 80 GW additional coal-based
leading power equipment maker, for the design, capacity by FY 2031-32.

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Overview Discussion and Analysis Report Reports Statements

Boiler manufacturing facility at Hazira, Gujarat

Nuclear power is expected to play a pivotal role in achieving India’s à Completion of facilities for two FGD units for central utility
energy transition goal of becoming net zero by 2070. To reach this projects in Odisha
goal, the GoI has set an aspirational plan of setting up 100 GW of à Reliability test run completed for four FGD units for central
nuclear power capacity by 2047 under the Viksit Bharat Initiative. utility projects in Chhattisgarh, Madhya Pradesh and
West Bengal
To meet the target of net zero emissions by 2070, the GoI is
developing a policy framework for carbon capture projects
to curb CO2 emissions from thermal power plants. Significant Initiatives
There is a growing need to balance the cyclical nature of To improve profitability and on-time execution, the business
renewable power supply to the national grid with enhanced has introduced various operational excellence initiatives.
storage capacities. To this end, the GoI, through both the Digital and analytical levers such as Artificial Intelligence
public and private sectors, aims to add ~20 GW of pumped (including Machine Learning), IoT-isation, Immersive
storage hydro power plant capacity over the medium-term. Technologies like Virtual Reality, BIM and Drones, Process
Automation, Business Intelligence and Analytics are now a
Major Achievements part of the day-to-day operations of the business. The goal
Some of the major achievements by the business during the to achieve excellence in QEHS - Quality, Environment, Health
year include: and Safety - remains a core focus area for all businesses
under LTECLS umbrella.
à Notification of Award (NOA) received for BTG Package from
a central utility for a 3x800 MW power project in Bihar
Outlook
à Limited Notice to Proceed (LNTP) received for BTG package
from a central utility for a 2x800 MW power project in India’s GDP is expected to grow at a steady pace of ~6.25-
Madhya Pradesh 6.50% p.a. over the near to medium-term. To sustain this
à Commercial operation declared for one unit each in a 2x660 growth momentum, it is imperative to ensure the country’s
MW and a 3x660 MW power projects in Uttar Pradesh energy security. In order to mitigate the risk of relying
solely on renewable sources of energy, India is increasing
à Boiler light-up achieved for one unit each in 2x660
its coal-based power capacity to ensure a stable and cost-
MW and 3x660 MW power projects in Bihar and Uttar
effective source of electricity. It is therefore likely that coal-
Pradesh, respectively
based power will continue to coexist with other sources of
à Performance guarantee test completed for two flue gas renewable energy for the foreseeable future in India.
desulphurisation (FGD) units for central utility projects in
Madhya Pradesh and West Bengal

79
 Energy Projects
Segment

2x660 MW Khargone Thermal Power Plant, Madhya Pradesh (India’s first ultra-supercritical power plant)

Financial performance of the business I Crore

Revenue from Operations and OPM%

I Crore
Order Inflow
50000 (32.4%)
>100%
30000
24153 40000
3044
25000 118 0% 16 1%
30000 11.9%
20000
2059
20000 13 1%
15000
8.7%
10000 10000
2046 99%
3028 99%
2870
5000 0
165 6%
24035 100% 2023-24 2024-25
2705 94%
0
Domestic International OPM%
2023-24 2024-25

Domestic International
The CarbonLite Solutions business revenue at I 2,059 crore
declined by 32.4% on a y-o-y basis, with tapering of
The CarbonLite Solutions business recorded an order
execution of jobs in the portfolio and a lower opening
inflow of I 24,153 crore for the year ended March 31, 2025,
order book.
registering a growth of more than 100% as compared to the
previous year, largely aided by the receipt of two BTG orders The operating margin improved to 11.9% from 8.7%, mainly
from a leading thermal power generation company in India. due to a change in job mix.

80 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Green Hydrogen Plant at L&T’s A. M. Naik Heavy Engineering Complex in Hazira, Gujarat

L&T Green & Clean Energy Business modular, high-efficiency pressurised alkaline electrolysers
at its state-of-the-art, robotic-enabled factory in
Hazira, Gujarat. With an initial capacity of 400 MW, the
Overview facility has already achieved over 80% indigenisation,
The Green & Clean Energy business reinforces the Group’s reinforcing the Aatmanirbhar Bharat initiative.
commitment to a more sustainable future by aligning its 3. Development
business goals, with global decarbonisation efforts. Through

The Development segment is spearheading the creation
the business, the Company is committed to developing of large-scale green hydrogen and derivative assets
a clean energy ecosystem that is integrated, scalable, across India, with plans to develop, own and operate
sustainable and aligned with international energy transition clean energy plants. It integrates upstream renewable
efforts. The Company’s Green Energy vision is centred on sources with downstream hydrogen-based solutions,
three business pillars encompassing the Green Energy value targeting offtake agreements, partnerships and export
chain – EPC, Manufacturing and Development. opportunities. The business has recently set up a special
purpose vehicle company (L&T Green Energy Kandla
Business Model Private Limited – LTEGK, a wholly owned subsidiary of
LTEGL) to pursue the initiatives proposed in the segment.
The business operates across three principal segments:
1. EPC (L&T Energy Green Tech Limited – LTEGL) Business Environment

The EPC division leverages L&T’s experience in complex The green hydrogen ecosystem continues to gain momentum
energy infrastructure projects, including gas-to-power due to its ability to decarbonise hard-to-abate sectors like
(G2P) and combined cycle power plants, based on fertilisers, steel, refining, chemicals and heavy mobility. Despite
LNG, NG, liquid fuels. The business is actively pursuing short-term challenges around cost parity, policy frameworks
green hydrogen, ammonia (NH3) and methanol (CH4) and infrastructure, the sector saw accelerated investment in
projects by integrating renewable power with hydrogen 2024 — particularly in Europe and Asia — with strong backing
production, thereby offering turnkey clean energy from regulatory programmes like the EU Hydrogen Strategy
solutions for domestic and international markets. and Japan / South Korea’s transition roadmaps.
2. Manufacturing (L&T Electrolysers Limited – LTEL, a In India, the National Green Hydrogen Mission with an outlay
wholly owned subsidiary of LTEGL) of I 20,000 crore aims for 5 MMTPA of annual green hydrogen

At the core of the Manufacturing vertical is LTEL, a production capacity by 2030. Programmes like SIGHT are
wholly owned subsidiary of LTEGL. LTEL manufactures catalysing demand through long-term procurement bids by

81
 Energy Projects
Segment

India’s 1st indigenously developed Electrolyser at A. M. Naik Heavy Engineering Complex, Hazira, Gujarat

public sector oil companies. India’s cost-competitive solar and Strategic Initiatives
wind potential makes it an attractive hydrogen export hub.
L&T is undertaking forward and backward integration across
L&T’s comprehensive strategy — spanning renewable the hydrogen value chain:
generation, electrolyser manufacturing, hydrogen
production and derivatives — places it in a unique position
à Technology partnerships for renewable energy, hydrogen
storage, ammonia synthesis, shipping, and port logistics
to unlock value across the entire green energy value chain.
à Global collaborations to access markets, offtake
Key Milestones and Achievements agreements and secure EPC-technology pipeline with
global developers
EPC & Development à Expansion plans to scale electrolyser capacity to
à PLI award received under the SIGHT programme for 90 gigawatt-level
kTPA green hydrogen production with maximum allocated à R&D through the ‘New Energy Technology Lab’ focusing
incentive of I 300 crore on next-generation green technologies
à First front-end engineering and design (FEED) order for a
green ammonia facility executed for a global client Outlook
à 500 acres of land acquired in Kandla through auction for The clean energy business expects measured but sustained
project development for setting up of a green hydrogen
and its derivative production plant growth in the green hydrogen and its derivatives space.
While the long-term fundamentals remain strong, near-term
priorities include:
Electrolyser Manufacturing
à 400 MW annual electrolyser capacity set up at Hazira à Achieving cost competitiveness through scale, technology
localisation and backward integration
à First indigenously manufactured electrolyser dispatched to
Deendayal Port Authority (DPA), Kandla à Securing bankable offtake contracts to de-risk investments
à Fully robotic electrolyser stack assembly line commissioned à Driving policy advocacy for an enabling regulatory
environment and low-cost financing mechanisms
à Advanced gas purification systems to achieve 99.999%
purity hydrogen à Building scalable manufacturing and integrated development
capabilities to address both domestic and global demand

By blending innovation with execution strength, the Green

& Clean Energy business is poised to become a leading player
in India’s energy transformation and an active contributor to
the global net zero movement.

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HI-TECH
MANUFACTURING
SEGMENT

Screw plug Heat Exchanger for ICA FLUOR Daniel, Mexico

The Hi-Tech Manufacturing segment comprises of: I Crore

a) Heavy Engineering Business Revenue from Operations and OPM%
b) Precision Engineering & Systems Business 16.1%
14000
Financial performance of the segment
12000
10181
I Crore 10000 8765
2240 22%
Order Inflow
8000 2531 29%
17.3%
28.0% 6000
25000
16.3%
4000 7941 78%
6234 71%
20000 18282 2000
3826 21% 0
15000 14278
2023-24 2024-25
2296 16%
Domestic International OPM%
10000
The Hi-Tech Manufacturing segment achieved revenue of
14456 79%
5000
11982 84% I 10,181 crore for the year, registering a growth of 16.1%
y-o-y due to a pick-up in execution momentum. The share of
0 international revenue in FY 2024-25 was at 22% of the total
2023-24 2024-25 revenue of the segment as compared to 29% in the previous
year, due to tapering of execution in key international jobs
Domestic International nearing completion.

The segment’s operating margin improved to 17.3% from

The Hi-Tech Manufacturing segment achieved order inflows 16.3%, mainly due to execution cost savings.
of I 18,282 crore during FY 2024-25, registering growth of
Funds employed by the segment as on March 31, 2025,
28.0% over the previous year, mainly on receipt of key orders
at I 2,250 crore increased by 66.3% y-o-y, mainly due to
in Precision Engineering & Systems and Heavy Engineering
acquisition of remaining 26% stake in L&T Special Steels and
businesses. The share of international orders increased to
Heavy Forgings Private Limited (LTSSHF) from the Nuclear
21% in the current year from 16% in FY 2023-24.
Power Corporation of India Limited (NPCIL).

83
 Hi-Tech
Manufacturing Segment

Molten Salt Bath Reactor System with MCC Japan Technology,

FCCU Revamp at Nayara Energy, Vadinar, Gujarat
IOCL, Dumad, Gujarat

Heavy Engineering Business à The Process Plant Internals (PPI) unit specialises in
proprietary internals for reactors and ammonia converter
baskets, chemical vapour deposition (CVD) reactors for
Overview polysilicon plants involving exotic metallurgy like stainless
The Heavy Engineering business is a global leader in the steel, duplex / super duplex stainless steel, inconel, monel,
manufacturing of engineered-to-order hi-tech reactors hastelloy, titanium, zirconium, etc.
and high pressure (HP) and high temperature (HT) heat à The Modification, Revamp & Upgrade (MRU) unit
exchangers for refinery, petrochemicals, fertiliser, oil & offers value-added end-to-end solutions for multi-
gas and nuclear power plant sectors. The business has disciplinary lumpsum turnkey (LSTK) brownfield revamps
implemented extensive Industry 4.0 technologies in its such as urea energy saving projects, debottlenecking /
manufacturing and operations. capacity enhancement of oil & gas units including multi-
shutdown facility revamp, FCC revamps, crude distillation
The A. M. Naik Heavy Engineering complex at Hazira is a globally
unit / vacuum distillation unit revamps, urea reactor life
benchmarked state-of-the-art fully integrated, digitally enabled
extension, coke drum critical repairs/replacement, heat
manufacturing complex. The complex consists of in-house
exchanger revamp, and emergency repairs for the process
engineering and technology centres, manned by highly skilled
plant industry.
teams, committed to a safe and sustainable work culture.
à The Nuclear business unit specialises in steam generator
The business is organised into the following product business assemblies (SGA), end shields, pressuriser, calandria, reactor
units (PBUs) - roof slabs, end-fittings, control rod drive mechanisms
à The Reactor & Pressure Vessels (RPV) unit specialises in (CRDMs), SS thermal insulation panels, heat transport
fabrication of hydro-processing reactors, tubular reactors, systems, fuel transfer equipment, steam separators / mist
gasifiers, ammonia converters, urea reactors, coke drums, eliminators, heavy water upgrading columns, exchange unit
fluid catalytic cracking (FCC) reactor – regenerator system, towers and internals, heat exchangers, high and low level
oxidation reactor, titanium cladded equipment, LNG / gas waste storage tanks and special equipment for in-service
processing pressure vessels and heavy columns. inspection. It supplies critical components for fusion reactors
à The Heat Transfer Equipment (HTE) unit specialises in (ITER), fast breeder reactors and casks / canisters for handling
molten salt reactor system, ammonia and urea exchangers, spent fuel and critical equipment for various programmes.
HP screw plug heat exchangers, methanol converters,
propylene (PO) reactors, vinyl acetate monomer (VAM)
reactors and fired-tube waste heat boiler packages.

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Hydrotreating Reactor for the Antonio Dovali Jaime Refinery at Salina Cruz in Mexico

à The Special Fabrication Unit (SFU) fabricates critical enabling industries to establish BSRs as captive power plants.
titanium piping spools, complex internals for gasification This policy shift is expected to stimulate demand for reactor
plants, loop reactors, primary quench exchangers (PQE), components, specialised materials and skilled labour, thereby
double pipe heat exchangers for the polysilicon industry, bolstering the entire supply chain.
filter vessels and refractory lined reactor regenerator
internals for the petrochemicals sector. Major Achievements
à L&T Special Steels & Heavy Forgings Pvt. Ltd. During the year, the business delivered multiple critical
(LTSSHF), a wholly owned subsidiary of L&T from February
equipment on time, including the world’s heaviest ethylene
2025, operates a state-of-the-art integrated manufacturing
oxide (EO), hydrotreating and high pressure heat exchangers
facility that provides end-to-end solutions from scrap to
(HP HX) reactors.
finished forgings, all under one roof. The plant utilises
advanced technology to produce high-quality heavy
Major international orders won:
forgings for various industries, thereby contributing to
India’s manufacturing push. à 68 equipment for Woodside Louisiana LNG Project, USA
à DHT reactors for Marathon Galveston Bay Refinery, USA
Business Environment à Imperial Oil Refinery, Canada – first FCC from Canada
FY 2024-25 presented significant challenges as geopolitical
à Ceyhan, Turkey – first international loop reactor order
uncertainties and ongoing military conflicts impacted supply
SFU successfully executed filter vessels in KSA and achieved
chains leading to increased freight costs and longer delivery
a milestone by securing a record-breaking order to
times. However, the domestic market was robust with strong
manufacture more than 100 numbers filter vessels within a
demand, supportive policies and growth opportunities in
year. Additionally, SFU has developed expertise in titanium
select sectors.
spool fabrication and completed its first bio-refinery
New policy initiatives are expected to transform India’s site project.
nuclear energy sector. The government aims to achieve
100 GW of nuclear power capacity by 2047, with the On the domestic business front:
development of Bharat Small Reactors (BSRs) and Bharat à Secured 17 th
consecutive urea reactor, reinforcing its
Small Modular Reactors (BSMRs). Proposed amendments position as the industry leader
to the Atomic Energy Act and the Civil Liability for Nuclear à Received an order for a urea revamp project, which
Damage Act aim to facilitate private sector participation, includes India’s longest urea reactor

85
 Hi-Tech
Manufacturing Segment

Steam Generator (SG) for Indigenously developed 10 X 700 MWe Pressurised Heavy Water Reactor, NPCIL

à Made inroads into the specialty chemical market with first Financial performance of the business
ever order from a domestic paints major
I Crore
à Nuclear business unit has successfully delivered four steam
generators for NPCIl’s Kaiga 5 & 6 units Order Inflow

Significant Initiatives 7000

26.6%

Implemented an end-to-end digital transformation 6000

programme - iRUDRA. The programme requires the 4956
deployment of five platform solutions namely CRM, IEMQS, 5000
Brah-m, IIoT and WFM. These platforms are currently 3916
4000
in the adoption and value realisation phase and, when
3000 3768 76%
implemented, are expected to improve operational 2247 57%
excellence and product quality. 2000

1000 1669 43%

Outlook 1188 24%
0
The business remains positive in its outlook for order 2023-24 2024-25
prospects. The growth in demand for renewable diesel, Domestic International
biodiesel and sustainable aviation fuel is expected to throw
up project related opportunities in the near to medium-term.
Oil to chemicals projects in Asia and LNG sector projects in The Heavy Engineering business recorded an order inflow
the USA and the Middle East could provide future avenues of I 4,956 crore for the year ended March 31, 2025, higher
for growth. by 26.6% as compared to the previous year, mainly due
to the receipt of a high-value international order in the
The MRU business has established itself as a reliable
nuclear equipment business. The share of international
brownfield contractor in India and the GCC region.
orders increased to 76% in the current year from 57% in the
Opex spending, oil-to-chemicals, gas-to-chemicals, coal
previous year.
gasification, revamp of ageing fertiliser plants and energy
efficiency projects would continue to drive growth for
the business.

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 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Modular Bridging System

I Crore Precision Engineering

Revenue from Operations and OPM% and Systems Business

5000 (0.8%) Overview

4078 4044 L&T made its foray into various strategic sectors, namely
4000 nuclear power, aerospace and defence in the sixties, early
1835 45% seventies and mid-eighties, respectively, as part of the
3000 1985 49% 21.6% Company’s focus on building a strong and self-reliant
India by leveraging its precision and systems engineering
2000 capabilities. This was well ahead of the opening up of these
17.7%
sectors for private industry participation, beginning with
1000 2093 51% 2209 55%
defence in 2001 and aerospace in 2020.

0 During the one and a half decades preceding the opening

2023-24 2024-25 up of the defence sector for private sector participation, L&T
Domestic International OPM% was associated with the Defence Research & Development
Organisation (DRDO), while concurrently contributing
towards the Indian Navy’s - ‘A Builders Navy’ aspiration, by
The Heavy Engineering business’s revenue of I 4,044 crore development of platform-specific equipment and systems
has remained steady on a y-o-y basis, given the stage of across classes of naval platforms with in-country value
execution of orders in its order book. The MRU business, addition. Today, L&T has a state-of-the-art shipyard capable
however, reported improved execution of orders. The share of building large warships, conventional submarines and
of revenue from international operations has decreased to critical equipment and systems for these platforms.
45% compared to 49% in FY 2023-24.
In the land systems domain, the business is engaged
The operating margin of the business improved from 17.7% in design-to-delivery solutions across a host of artillery
to 21.6% due to execution cost savings. programmes, air defence programmes, armoured platforms,
weapon delivery platforms and combat engineering systems.
L&T is a strategic industry partner to the Indian Ministry
of Defence. In the space sector, the business continues to

87
 Hi-Tech
Manufacturing Segment

India’s indigenous Light Tank ‘Zorawar’ prototype

be a trusted partner to ISRO across technology streams, i.e. The business is headquartered at Powai, Mumbai and
in manufacturing of boosters; manufacturing of a range of its operations which extend across India, also include
metallic and composite hardware for launch vehicles and a Technology & Innovation Centre for development
satellites; establishing ground test facilities on turnkey basis; of futuristic technologies, Centre of Excellence for
partnering in developing new manufacturing technologies Artificial Intelligence, multiple segment-focused Design
with various advanced materials; and establishing complete & Development Centres and the following dedicated
satellite communication infrastructure and other deep space Production Centres:
communication systems.

Having built a portfolio of products, systems, platforms and

à A. M. Naik Heavy Engineering Complex at Hazira (near
Surat) for manufacturing, integration and testing of
solutions, and correspondingly a basket of technologies, the
armoured and allied land platforms, hulls as well as
business provides concept-to-design-to-delivery solutions
pressure-proof structures for underwater platforms
across chosen segments with a focus on indigenous design
and emphasis on creating Indian Intellectual Property (IP). à Shipyard at Kattupalli (near Chennai) catering to new
builds and repair of marine platforms
The business is structured to provide focus to various à Strategic Systems Complex for manufacturing, integration
segments of operations, as under: and testing of launch systems, radars, engineering
à Marine Platforms, Equipment & Systems equipment and control systems at Talegaon (near Pune)
à Land Platforms, Equipment & Systems à Precision Manufacturing and Systems Complex (PMSC) for
à Aerospace Systems aerospace systems and precision products manufacturing,
à Electronics Products & Systems equipped with Centres of Excellence for advanced
composites and additive manufacturing at Coimbatore
Given L&T’s capability in defence electronics and leveraging à Strategic Electronics Centre at Bengaluru
its foray into semiconductor design, the business is further
seeking to expand its offerings to cover industrial electronic Since its inception, the business has built a portfolio of wide
modules, products and systems in critical sectors like ranging indigenously designed and developed products,
mobility, automation and robotics, power systems and systems, solutions, platforms and technologies. The business
communications. has indigenously conceptualised, engineered, built and
supplied over 250 systems and products, with more than

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Overview Discussion and Analysis Report Reports Statements

USNS Charles Drew visit to L&T Shipbuilding’s shipyard at Kattupalli, Chennai for Mid-Term Availability (MTA) repairs

50 of them having been delivered in serial production mode. to the Missile Technology Control Regime (MTCR), a
The business model is uniquely differentiated through its multilateral export control regime, and a party to the
focus on in-house technology and product development, Wassenaar Arrangement – a voluntary export control
innovation for serial production, mature and equated regime that limits the destabilising proliferation of sensitive
partnerships with domestic as well as global majors, both in technologies. Further, India has voluntarily adopted a ‘No
the government and in private sector. Besides the supplies, First Use’ (NFU) Policy (PIB notification dated January 4,
the business offerings also include providing support 2003) that is enshrined in the commitments of the Cabinet
during installation, commissioning, field evaluation trials, Committee on Security (CCS). Further, India’s application
through-life support and obsolescence management. These to join the Nuclear Suppliers Group (NSG) in 2016 is also
capabilities enable the business to maintain its market under discussion. The Company recognises the need to act
leadership position in the private sector defence industry responsibly in carrying out its business related to the defence
and be future-ready given the government’s push for higher sector, implement internal controls and stay committed to
indigenisation and autonomy through the Aatmanirbhar respecting human rights.
Bharat Abhiyan.
While maintaining its position as a leading player in
L&T’s participation in the defence sector stems from its ethos the Indian defence sector, the business does not
of being a ‘Builder to the Nation’. Various sustainability and manufacture any explosives or ammunition of any
risk assessors of defence-related businesses do recognise kind, including cluster munitions or antipersonnel
the right of countries to defend themselves and the need landmines or nuclear weapons or components for such
to develop and produce defence-related products to fulfil munitions. The business also does not customise any
security, peacekeeping and humanitarian needs. This is delivery systems for such munitions.
well acknowledged in the current era of multiple regional
conflicts where nations have increased their spending on Business Environment
defence to ensure national security.
Traditionally defence production has been dominated by
It is noteworthy that the business’s prime customer and defence public sector undertakings (DPSUs). The sector
regulator, i.e. the Indian Government, is committed is now slowly witnessing a gradual shift with increased
to non-proliferation under the “Weapons of Mass participation and indigenous capability development
Destruction and their Delivery Systems (Prohibition of by private players, public-private partnerships, start-ups
Unlawful Activities) Act, 2005”. India is also a signatory and academia.

89
 Hi-Tech
Manufacturing Segment

Indigenous Water Jet Propulsion (WJP)

Ministry of Defence has declared 2025 as the ‘Year Global defence supply chains are under significant strain due
of Reforms’. The focus is to lay the foundation for to ongoing geopolitical conflicts. The Russia-Ukraine conflict
unprecedented advancements in defence preparedness has disrupted critical supply routes, particularly in Eastern
and transforming the Armed Forces into a technologically Europe, affecting the availability of essential materials and
advanced combat-ready force capable of multi-domain components. Additionally, the US’s planned tariff imposition
integrated operations. There shall also be a focused is expected to further strain the supply chain. These actions
intervention in simplifying and fast-tracking acquisition have increased costs for defence contractors and caused
procedures. Towards this, the Defence Acquisition Council delays in production and maintenance.
(DAC) has also approved guidelines for reducing timelines at
L&T has focussed on developing a robust and resilient supply
various stages of the capital acquisition process to make it
chain over the years with self-reliance and in-house design
faster, more effective and efficient.
capabilities as the primary focus areas. The business is also in
From the beginning of 2024 till date, the DAC has accorded the process of developing and diversifying its supply chain
approvals for capital acquisition proposals for more than 50 with an emphasis on indigenisation.
programmes worth close to I 5 trillion, of which more than
On the space front, the opening of the sector in 2020 and
90% of the acquisition would be from domestic sources.
the Indian Space Policy 2023 provide opportunities to the
Few of the key programmes include Future Ready Combat
private sector for participation in end-to-end space activities
Vehicles (FRCV), Next Gen Fast Patrol Vessels, Offshore Patrol
from building launch vehicles and satellites to downstream
Vessels and Interceptor Boats.
programmes such as space data collection and dissemination.
Focusing on new domains, simplification of acquisition The business is today involved in manufacturing, assembly
procedures, promoting PPP model, a focus on collaboration and integration of launch vehicles for Indian Space Research
and fostering of R&D partnerships between Indian industry Organisation (ISRO) and NewSpace India Limited (NSIL).
and foreign OEMs are some of the key steps taken by
government to enhance the capabilities of the domestic Major Achievements
defence industry. The Government of India has set an
During the year, the business has achieved multiple successes,
ambitious target for defence exports at I 30,000 crore for FY
uniquely reaffirming L&T’s positioning as a ‘Nation-Builder’
2025-26 and I 50,000 crore by 2029. The Government has also
through a series of Make-in-India programmes. These include:
set a target for domestic defence production at I 1,60,000
crore for FY 2025-26 and I 3,00,000 crore by FY 2028-29. à Award of repeat order for K9 Vajra – T for
100 numbers of guns

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K9 Vajra-T, 155 mm, 52-calibre tracked self-propelled artillery platform, codeveloped by L&T and Hanwha Aerospace

à Award of contract for fleet support ships from Hindustan à New benchmarks established by all work centres in terms
Shipyard Limited of accelerated realisation of systems and equipment (serial
à Award of first supply contract for indigenous designed and production category) by deploying Industry 4.0 techniques
developed Next Generation Helo Harnessing & Traversing
System (NGHHTS) for 11 numbers of Next Generation Significant Initiatives
Offshore Patrol Vessels (NGOPVs)
R&D and innovation have been the backbone of the PES
à Realisation of first Light Tank prototype at L&T Hazira’s business since its inception. Various R&D initiatives in
Armoured Systems Complex. Having carried out the design the development of armoured systems, air defence guns,
and development of this advanced platform jointly with combat vehicles, unmanned medium calibre turrets, high
DRDO, the Light Tank has been realised in 18 months precision radars, underwater and aerial targets, adaptive
despite global supply chain challenges optics, unmanned and autonomous system technologies and
à Successful realisation of 2 sets of indigenous Water Jet deployment of AI-based solutions have been undertaken
Propulsion System (WJPS) under Technology Development during the year.
Fund (TDF) Scheme and delivery to Mormugao Port Trust
(MPT), Goa for user trials The business has established its proficiency by leveraging
Industry 4.0 practices across its operations. Focussed
à Breakthrough entry into the traditionally nomination- digital initiatives have accelerated productivity and
based Combat Management System (CMS) market and
business excellence.
successful realisation of CMS for the Multi-Purpose Vessels
in record time
Outlook
à ISRO’s 100th mission (GSLV F15) successfully launched
from Sriharikota, Andhra Pradesh on January 29, 2025, The capital acquisition budget for Defence witnessed
with major contributions from L&T in S139 boosters, solar an increase of ~4.5% y-o-y (~12.5% increase on revised
array deployment mechanism (SADM), honey comb deck, estimates) for FY 2025-26, resulting in an overall budget
umbilical systems and system integration of launch vehicle of I 1,80,000 crore. Of this, I 1,49,000 crore is planned
and satellite to be spent on capital acquisition, termed as the armed
à Empanelment of L&T shipyard as supplier for Royal forces modernisation budget. The remaining I 31,000
Australian Navy (RAN) under Defence Maritime Assurance crore is for capital expenditure on R&D and creation of
Programme (DMAP) which allows L&T to participate in military infrastructure.
RAN vessel requirements (except frontline vessels) till
August 2029

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 Hi-Tech
Manufacturing Segment

L&T has provided critical subsystems for most of India’s space missions

A sum of I 1,12,000 crore is earmarked for domestic industry, In a pioneering move poised to reshape India’s innovation
with about 25% of the domestic share provisioned for landscape, the government in the Union Budget 2025-26
domestic private industry. About I 15,000 crore (~13% has allocated I 20,000 crore to the Department of Science
increase y-o-y) from capital procurement budget has and Technology (DST) to initiate a private sector-driven
been earmarked for R&D projects to strengthen DRDO in R&D fund.
developing new technologies and hand holding of private
The business is well poised to leverage the government’s
industry through the development-cum-production partner
thrust on Aatmanirbharta and capitalise on opportunities
(DcPP) route. This allocation will further facilitate Ministry
in shipbuilding, artillery equipment, combat engineering
of Defence’s plan to venture into new domains such as cyber
equipment, electronic and communication equipment
and space and emerging technologies such as AI, Machine
and space technologies in India as well as in the select
Learning, Robotics, etc.
regional markets.
The government has budgeted a corpus of I 18,000 crore for
the revamped Shipbuilding Financial Assistance Policy (SBFAP
2.0) to optimise cost disadvantages, boost capacity of Indian
shipyards and spur domestic shipbuilding production. The
intent of SBFAP 2.0 is to provide direct financial subsidies to
Indian shipyards.

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Manoeuvrable Recoverable Aerial Target (MRAT)

Financial performance of the business I Crore

I Crore Revenue from Operations and OPM%

Order Inflow
7500 31.8%
28.9% 6185
16000
6000 405 7%
13326
58 0% 4692
12000 4500 546 12%
10341
15.3%
49 0%
3000 15.9%
5780 93%
8000
4146 88%
1500
4000

10292 0
100% 13268 100%
2023-24 2024-25
0
2023-24 2024-25 Domestic International OPM%

Domestic International
Benefitting from a higher opening order book, the Precision
Engineering & Systems business earned revenue of I 6,185
The Precision Engineering & Systems business recorded an
crore during FY 2024-25, higher by 31.8% compared to the
order inflow of I 13,326 crore, registering a growth of 28.9%
previous year. The share of international revenues reduced
y-o-y, mainly due to receipt of K9 Vajra Tank repeat order.
to 7% from 12% in the previous year due to tapering of
No major international orders were received during the year.
execution of export orders.

The operating margin is stable at 15.3%.

93
 IT & Technology
Services Segment

IT & TECHNOLOGY
SERVICES SEGMENT

LTIMindtree, Solaris at Hebbal, Bengaluru, Karnataka

The IT & Technology Services segment comprises of: The segment recorded revenue of I 48,453 crore for the year
ended March 31, 2025, registering a growth of 7.9% over the
a) LTIMindtree Limited and its subsidiaries previous year, largely reflective of the headwinds impacting
b) L&T Technology Services Limited and its subsidiaries IT&TS spends across the various markets. International
revenue continues to be at 91% of the total revenue of
c) L&T Semiconductor Technologies Limited and
the segment. The newly incubated businesses such as
its subsidiary
E-Commerce platform, Data Center and Semiconductor
d) E-commerce / Digital Platforms and Data Centers businesses are yet to meaningfully contribute to the
revenues of the segment.
Financial performance of the segment
The segment’s operating margin, at 19.5%, is lower
I Crore compared to 20.4% in the previous year. The decline is due
Revenue from Operations and OPM% to cost under recovery.

The funds employed by the segment as on March 31, 2025,

60000 7.9% at I 37,703 crore, increased by 14.1% compared to March
31, 2024, largely due to the acquisition of stake in E2E
48453
50000 Networks Limited and higher cash and cash equivalents on
44916
the balance sheet.
40000
40828 91% 44122 91%
30000 LTIMindtree Limited
20.4% 19.5%
20000
Overview
10000
LTIMindtree Limited (LTIM) is a global technology consulting
4088 9% 4331 9%
0 and digital solutions company that enables enterprises
2023-24 2024-25
across industries to reimagine business models, accelerate
Domestic International OPM% innovation and maximise growth by harnessing digital
technologies. As a digital transformation partner to more
than 700 clients, LTIMindtree brings extensive domain and
technology expertise to help drive superior competitive

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LTIMindtree Headquarters, Powai, Mumbai, Maharashtra

differentiation, customer experiences and business outcomes Manufacturing

in a converging world. Powered by 84,000+ talented and This vertical is the trusted partner, reimagining the future
entrepreneurial professionals across 41 countries, LTIM assists of manufacturing for over 150 manufacturers globally.
in solving the most complex business challenges and delivers LTIM caters to a wide range of manufacturing enterprises
transformation at scale. across industrial manufacturing, automotive, aerospace,
EPC and process manufacturing verticals. It helps global
Business Verticals brands to gain a competitive edge by leveraging digital
LTIM has a strong presence in the following business verticals: transformation capabilities across the manufacturing
value chain, front-end (sales, marketing, commerce and
Travel, Transport, Hospitality, Logistics and Real Estate commercial) and back-office functions (procurement,
manufacturing and supply chain).
LTIM enables the world’s leading companies, from sectors
like airline, hotel, restaurant, cruise line, car rental, travel
Healthcare
technology, travel management, logistics and real estate,
to accelerate their growth and drive operational excellence. LTIM has delivered transformative consulting services and
LTIM develops modern mobile and web applications that technology solutions to global healthcare giants including
enable digital marketing and sales, provide actionable life sciences, pharmaceuticals, medical devices and hospitals.
insights to enhance customer experience, improve employee Combining domain expertise with advanced digital, cloud,
productivity and modernise legacy infrastructure and data and enterprise technology, LTIM brings a unique
applications by leveraging strategic partnerships. With more healthcare platform operations approach to assist clients to
than two decades of experience in working with marquee adopt processes and technologies quickly and efficiently.
brands, LTIM delivers seamless and connected digital
experiences for its clients.
Life Sciences
LTIM is transforming the life sciences industry, by fostering
Public Services collaboration that enhances healthcare accessibility and
This vertical enables federal, state and municipal affordability while propelling personalised medicine and
governments to unlock the true potential of technology and patient-centric care journeys. LTIM’s digital and technology-
digital aids, helping them to transform their service delivery enabled solutions assist clients to drive precision medicine,
to meet the evolving needs of citizens. achieve early diagnosis, innovate therapeutics and medical
devices, across the life sciences spectrum.

95
 IT & Technology
Services Segment

Reception Lobby at LTIMindtree, Solaris, at Hebbal, Bengaluru, Karnataka

Energy Insurance
LTIM delivers a comprehensive set of next-generation LTIM has been the partner of choice for the insurance
solutions that are designed for the complete energy industry, including 17 Fortune 500 insurers, supporting
value chain across upstream, midstream and downstream, their digital and data transformation journeys. LTIM offers
oil-field services and renewables segments. LTIM also helps AI-Smart domain solutions that enable new business models,
to monitor, track, account and report carbon footprint, and profitable growth, operational efficiencies and elevated
assist in trading carbon credits through holistic emissions experiences for agents and customers. With a strong
management, decarbonisation of operations and expansion ecosystem of partners, including hyperscalers, AI / data
into renewables. cloud platforms and leading insurance SaaS providers, the
company has developed pre-built ‘leapfrog’ solutions to
Utilities accelerate clients’ journey towards modern, AI- and data-
LTIM has experience in helping electric, gas and water driven platforms and operations.
utility firms to reinvent themselves by seamlessly
connecting the physical and digital worlds through Banking and Financial Services
comprehensive IT/OT capabilities. LTIM’s vision is aimed at LTIM offers a comprehensive suite of services addressing the
addressing transformational challenges such as distributed unique challenges faced by banks and financial institutions.
energy resources, grid modernisation, production asset Collectively called banking and financial services (BFS), the
management, T&D network operations, EV infrastructure, services offered by this vertical include solutions covering
customer experience and energy transition. management and enhancement of customer experience,
digital banking solutions and risk management. LTIM BFS
Retail and Consumer Packaged Goods empowers clients to stay ahead in a competitive landscape by
LTIM delivers personalised experiences at scale to the leveraging analytics, AI, cloud computing and cybersecurity,
world’s largest consumer packaged goods (CPG) companies which help to drive growth, optimise operations and deliver
and brands. LTIM also assists CPG and retail clients to exceptional value to their customers.
navigate competition and margin pressures, global supply
chain disruptions and shifting consumer loyalties. LTIM’s Communications, Media and Entertainment
6,500+ global associates drive transformation by designing This vertical works with the world’s leading broadcasters,
innovative ‘phygital’ experiences, modernising legacy studios, OTT/streaming companies, publishers, information
applications and infrastructure through cloud adoption and service providers, education, music, gaming, AdTech,
accelerating automation to enhance decision making. telcos and multiple-system operators. Rapid changes in

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LTIMindtree’s state-of-the-art campus at Mahape, Navi Mumbai, Maharashtra

these industries provide an opportunity to unlock multiple à Digital Engineering

opportunities with digital initiatives and AI. LTIM is enabling à Consulting
its clients with product innovation to drive new revenue à Quality Engineering Services
streams, modernise content supply chains and personalise
à iNXT
viewer/audience experiences. LTIM’s 5C (Content, Consumer,
Commerce, Compliance and Core) framework, coupled with
à iNXT Geospatial Engineering
AI-powered platform ‘Mediacube’, is helping clients in their à Platform Operations
transformation initiatives. à Enterprise Automation
à Low Code Integration
Hi-Tech and Services à Enterprise Cloud Applications
LTIM powers innovation to leading hi-tech and services à Oracle
enterprises across various sub-segments with an AI pivot:
semiconductors, software and platforms, hardware and OEMs, Alliances and Partnerships
and professional services. LTIM combines domain knowledge,
LTIM’s strong partner ecosystem has enabled it to deliver
customer experience and digital engineering prowess to
substantial value for its clients by building and executing
deliver next-generation technology solutions and products
joint Go-to-Market strategies. The company partners a
catering to the industry’s needs. LTIM’s ‘Operate to Transform’
diverse set of global tech majors in Data Analytics & GenAI,
framework, built using AI-based automation and IPs, enables
Cloud & Infrastructure, Interactive, Digital Engineering, Low
it to deliver next-gen IT solutions to clients within this space.
Code & Integration, Security, and more.

Service Lines LTIM has signed exclusive Strategic Partnership Agreements

LTIM has offerings across the following service lines: (SPA) with all three hyperscalers: GCP, Microsoft and AWS.
During the year, LTIM invested extensively in building
à Data and Analytics cutting-edge solutions with partners tailored to evolving
à Cloud and Digital Infrastructure industry needs, while also differentiating itself by acquiring
à Cybersecurity and retaining over 27 specialisations. LTIM continues to
à SAP collaborate with partners to create value through execution
à Interactive of joint GTM strategies, co-innovation, co-selling and driving
à Salesforce joint demand generation initiatives.
à Enterprise AI

97
 IT & Technology
Services Segment

LTIMindtree Global Village, Bengaluru, Karnataka

Business Environment Key Deals Won:

The global business environment is expected to be uncertain à A US-based insurance and retirement corporate has
going into FY 2025-26. The full impact of the recent US tariff selected LTIM as their partner for development and
announcements, on trade flows in general and on businesses support in the Life & New Business area. This includes
in particular, will be difficult to ascertain in the near term. accountability for managing 100+ apps in the new
The uncertainties around policies may impact corporate business portfolio.
investment and consumer confidence. à A US-based non-profit organisation has entrusted LTIM
with an Infrastructure & Cybersecurity Managed Services
India’s economy continues to demonstrate growth momentum
contract. This involves migration of Data Center to Cloud
and remains one of the fastest growing major economies.
along with implementation and management of security
Despite global economic headwinds, India’s growth trajectory
and infrastructure tools.
remains robust, driven by strong domestic demand, sustained
public infrastructure investment and a resilient service sector. à A large global financial institution has partnered with
LTIM to modernise its wealth data platform.
In FY 2024-25, the Indian IT industry’s revenues are expected
to reach USD 283 billion (5.1% y-o-y), while exports are
à A leading US-based energy utility company has selected
LTIM as a long-term strategic partner for Infrastructure &
projected to be ~USD 224 billion (4.6% y-o-y).
Cloud Managed Services across multiple towers - Enterprise
Systems, End User Computing, Offshore Network
Operations Centre (NOC) and Off-hours Service Desk.

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LTIMindtree’s state-of-the-art Delivery Centre in Johannesburg, South Africa

à A leading European automobile major has selected Outlook

LTIM for supporting its end-to-end Enterprise
Application Operations through delivery teams The NASSCOM Annual Enterprise CXO Survey 2025
across Poland and Germany. highlights a shift towards AI-driven digital transformation,
with organisations increasingly consolidating technology
à A global manufacturer has selected LTIM to manage investments into high-impact use cases expected to define
its end-to-end IT landscape using LTIMindtree’s ‘AI in
the next five years.
Operations’ platform.
à A leading global designer and manufacturer of electric LTIM is excited about the expanded possibilities that lie in
domestic appliances has selected LTIM as their anchor near to medium-term. With AI at the core of the company’s
partner to deliver Quality Assurance Services. strategy, a commitment to operational excellence and a
à A major US airline selected LTIM to provide Platform focus on empowering its people, LTIM is well-positioned to
Engineering & Operations Services, leveraging its global lead the way in the global technology ecosystem.
delivery footprint in the US, UK, Poland and Australia.

Significant Initiatives
à Across internal business functions, LTIM kickstarted the
Generative AI transformation initiative and implemented
25+ key use cases that improved employee experience,
enhanced functional efficiency and drove employee
productivity.
à The company has implemented SAP Business Technology
Platform (BTP) solutions to significantly reduce manual
efforts in key HR processes.

99
 IT & Technology
Services Segment

LTTS Bangalore Office, Karnataka

L&T Technology Services LTTS bridges the gap between engineering and technology
to create innovative solutions, turning bold ideas into real-
world solutions – from smart, connected devices to next-gen
Overview factories that operate more efficiently and sustainably.
L&T Technology Services Limited (LTTS) is a global leader in LTTS’s deep domain expertise, combined with a passion for
Engineering Research and Development (ER&D) services. LTTS innovation, allows it to deliver results that set new standards
operates in more than 25 countries, with an annual revenue for excellence.
of over USD 1.25 billion. Being able to design, develop and LTTS offers its services to customers across three key segments:
deliver transformative products and services, LTTS offers
bespoke solutions, drives innovation and helps its diverse
à Mobility
global clientele achieve their goals. LTTS partners with some à Sustainability
of the world’s leading brands across various industries in à Tech
their pursuit of superior operational efficiency in areas of
mobility, sustainability and tech. Mobility
This segment focusses on innovation across the
Headquartered in India, LTTS has over 24,250 employees
transportation landscape. Leveraging cutting-edge
spread across 23 global design centres, 30 global sales offices
technical knowledge, unmatched engineering expertise and
and 108 innovation laboratories as of March 31, 2025. Its
world-class talent in combination with extensive domain
global footprint covers more than 25 countries across all key
experience, LTTS cross-pollinates ideas and solutions for
geographies.
meeting the evolving market needs of clients. The company
The company offers end-to-end consultancy, design, develops and delivers innovative products and solutions,
development and testing across product and process life- tackles complex engineering challenges, redefines consumer
cycles. LTTS leverages its deep multi-domain expertise across experiences and helps improve passenger safety across its
software and digital engineering, embedded systems, focus sub-segments of automotive, aerospace engineering,
engineering analytics and plant engineering to create rail transportation and trucks / off-highway vehicles.
transformative value propositions for clients globally.

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LTTS at Knowledge City Vadodara, Gujarat

Sustainability Business Environment

LTTS leverages its decades worth of unmatched ER&D
The BCG-NASSCOM Engineering Research and Development
excellence and expertise within Discrete Manufacturing
(ER&D) report expects the global ER&D industry to grow
and Industrial Products, as well as Process Manufacturing,
at a 9% CAGR between now and 2030. This momentum
and achieve IT-OT synergies as well as develop cross-domain
is being led by growth in software and allied offerings
insights and skillsets in its global operations. Combined
including Software-Defined Everything (SDx), rise in demand
with an ability for rapid adoption, this enables the creation
for telecommunications and portfolio expansion in the
of cutting-edge, scalable and sustainable solutions that
semiconductor domain.
have a positive impact on businesses, communities and
the environment. The automotive sector, for instance, is undergoing a
significant shift with a predicted surge in electric vehicle
Tech (EV) sales, anticipated to make up 25-30% of the global
Amidst rising demand for complex software products across automotive market by 2030. LTTS is strongly positioned
a rapidly expanding, high-performance connected device through its expertise in developing next-gen EV platforms,
ecosystem, growing regulatory compliance requirements and autonomous driving solutions and smart manufacturing
accelerated cybersecurity threats, LTTS works with global systems. Additionally, industries like aerospace and
companies to focus on creating differentiated experiences. industrials are focusing on digital twin technologies, IoT
Leveraging its unmatched AI expertise (with more than 190 implementation and automation to streamline operations,
patents filed in AI and GenAI), a demonstrated history of i.e. areas where the company has established deep
engineering excellence and deep cross-vertical capabilities to competencies and capabilities.
deliver tangible outcomes, LTTS enables accelerated product Macroeconomic challenges such as cost pressures, sustained
launches and reliable life-cycle management journeys for geopolitical instability and growing localised regulations on
its clients across hi-tech, medtech, public infrastructure and data sharing and technology export may continue to pose
smart cities, and software and platforms. a challenge. LTTS also faces intense competition as global
ER&D spend patterns are fractured and distributed across
multiple geographies.

101
 IT & Technology
Services Segment

LTTS Mysuru, Karnataka

However, the company’s commitment to a sustainability- à A multi-year, multi-million-dollar programme with one of the
focused, technology-led approach and sustained investments world’s largest energy companies to provide a comprehensive
in AI/ML-driven innovation aligns perfectly with its range of Engineering, Procurement and Construction
clients’ increasing demand for green solutions and digital Management (EPCM) services, including Integrated Digital
reinvention. Engineering and Data Governance for Capital Projects
à Providing software engineering, embedded design and
Major Achievements design services leveraging global delivery models for a
leading oilfield services firm
Driven by its ‘Go Deeper to Scale’ strategy, LTTS closed
several large deal wins throughout the year, including
Tech
a marquee USD 80 million net new engagement in the
sustainability segment. Further, the list of achievements à Selected by a global healthcare technology leader to
includes three USD 50 to 80 million, five USD 30 to 50 million deploy an engineering team for post-market surveillance
and ten USD 15 to 25 million deal wins across segments. covering corrective and preventive actions (CAPA),
remediation, complaint handling and QMS projects,
Key Deals Won: besides being named as Global Designate Supplier for
engineering and R&D programmes across all business
Mobility
units worldwide
à Multi-year engagement with a Tier 1 European automotive à Strategic partner for a global network provider to
customer to restructure their delivery models and ensure
deliver product integration services for the North
streamlined programme ownership
American market
à Enabling control systems, software development and à Providing global carrier-testing services and verification
verification & validation for a leading US construction and
processes for one of the world’s leading technology majors
engineering equipment manufacturer
à Providing engineering design services and supporting the Competitive Positioning
automotive customer’s product development team
During FY 2024-25, LTTS continued to leverage its ‘Go
Sustainability
Deeper to Scale’ strategy for an unmatched competitive
à Establishing a dedicated Centre of Excellence (CoE) in India edge in the ER&D services domain. The company’s robust
to act as a global innovation hub with a focus on digital
financial performance and strategic initiatives earned high
transformation and comprehensive product life-cycle
praise from leading analysts and industry bodies.
management (PLM) journey

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LTTS Tear Down Lab

à The Everest Group featured LTTS among the Top 3 Significant Initiatives
Global pure-play Engineering Services in Everest Group’s
Engineering Services Top 50 rankings and rated the The key initiatives launched by LTTS during the year include:
company as one of the leaders in the Connected Product à TECHgium®, India’s largest innovation platform for
Engineering Services PEAK Matrix® Assessment 2024 in engineering students, now in its 7th edition, with more
Embedded Engineering. than 36,765 students participating from 503 engineering
à LTTS was recognised as one of the market leaders in institutes across the country
the 2024 HFS Horizons Report for IoT Service Providers, à A state-of-the-art CoE campus to bolster engineering
excelling in comprehensive strategies, global reach, support for Airbus’ aircraft structural simulation activities
technology partnerships and transformative solutions. across its diverse business units in Europe, spanning France,
à Zinnov rated LTTS as a Leader in Digital Engineering and Germany, the UK and Spain
ER&D Services 2024 for Overall ER&D, Digital Engineering à Partnerships with NMICPS TiHAN Foundation,
Services, Medical Devices, Industry 4.0 and Industrial. IIT Hyderabad, for fostering industry-academia
advancements in the domains of Advanced Driver
As of March 31,2025, LTTS boasted an impressive portfolio of Assistance Systems (ADAS) and Cellular Vehicle-to-
1,502 patents filed, with 190 patents in AI and GenAI alone. Everything (CV2X) communication
The company launched the NVIDIA AI Experience Zone at its à MoU with PST, a wholly owned subsidiary of Union Pacific
Bengaluru design hub to elevate AI capabilities for clients Railroad, to enhance the safety and efficiency of railroads in India
in mobility and tech, underscoring a continued commitment and adjacent markets through world-class simulation technology
to innovation and collaborative development. Internal R&D à Joint digital twin CoE with Altair to accelerate digital
programmes are underway on Agentic AI, an autonomous transformation and deliver cutting-edge capabilities
system aimed at enabling automation, autonomous for clients worldwide, enabling premier solutions for
operations and enhancing decision-making across domains. enhanced innovation and efficiency
à India’s first integrated state-level Cyber Command and
Control Centre at Mahape, in collaboration with the
Maharashtra State Cyber Department, as a decisive step
towards creating a secure and robust digital environment
à Strengthening the decade-long partnership with Siemens across
the existing CoE and a new Digital Manufacturing Academy

103
 IT & Technology
Services Segment

LTTS Electric Vehicle Lab

Risk Management Framework management including the CEO, the CFO and the relevant
Board Committees such as Audit Committee and Risk
The company’s risk management approach is strategically Management Committee.
placed to function independently in line with best-in-
class corporate governance principles and statutory
Outlook
requirements in alignment with globally accepted risk
management frameworks. LTTS continues to leverage its proven expertise in
engineering and digital innovation for driving a robust
LTTS’s risk management programme is aligned with
growth trajectory in the coming year. With ongoing
business strategy and embedded in the normal course of
investments in high-potential areas including Agentic AI,
business across the company under the guidance of the
LTTS is well-positioned to lead the global ER&D market.
Risk Management Committee (RMC) of the Board. The
The focus continues to remain on key growth segments of
programme enables proactive identification and mitigation
mobility, sustainability and tech, powered by its ‘Go Deeper
of enterprise risks, supporting informed decision-making,
to Scale’ strategy and the momentum generated by the
sustainable growth and value creation. The Chief Risk Officer
accelerated emergence of breakthrough technologies.
oversees risk management programme and is supported by
the Enterprise Risk Management (ERM) team. LTTS’s acquisition of Intelliswift Inc and its subsidiaries in
Q3 FY 2024-25 underscores its commitment to expanding
LTTS’s risk management framework includes the following
software and digital engineering capabilities. The move not
risk categories:
only strengthens its foothold in hyperscaler segments but
à Strategic: Risk events that make it difficult to achieve also marks its entry into service-led sectors such as retail,
strategic objectives and goals fintech and healthcare. The integration of this acquisition
à Operational: Operational challenges faced by business has already shown results with the creation of a new
teams in regular course of business Software & Platforms segment designed to address the
à Financial: Inefficient utilisation of financial resources, growing demand for innovative software solutions.
currency fluctuations, credit risk, etc.
With the continued growth in demand for digital
à Compliance: Potential risk of non-compliance with laws transformation initiatives, combined with a growing focus on
and regulations sustainability and innovation, LTTS is well poised to capitalise
For the effective functioning of the risk management on emerging opportunities. Aligned with its commitment
programme, risk assessments are conducted at various towards client-centric innovation and engineering
levels, including enterprise, business unit, customer account excellence, the company continues to foster technology-
and project levels. Key risks are presented to the senior driven transformation across industries worldwide.
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Semiconductor Experience Centre

L&T Semiconductor Technologies business units, supported by common R&D, operations and
other support functions:

Overview à Mobility Business – The unit focusses on applications across

L&T Semiconductor Technologies Limited (LTSCT) was vehicle safety, vehicle propulsion and in-cabin experience.
incorporated in November 2023. The company is a wholly Each of these applications is planned to be addressed
owned subsidiary of L&T and was formed to spearhead by identified initial products – body and zonal control,
the Group’s foray into the semiconductor domain. LTSCT on-board charging, intelligent parking, traction control,
aspires to be the first Indian fabless semiconductor product compute system-on-chip (SoC), battery management, etc.
company with a focus on designing and delivering smart à Industrial Business – This unit addresses diverse
semiconductor devices for the global market. applications such as robotics, control systems, HVAC
systems, security applications, power tools, and more. The
LTSCT has built a high-impact team of more than 350+
business intends to develop products that find use-cases
professionals located across the globe, focussing on
across a majority of these applications.
innovation, cutting-edge R&D, world-class operations and
sales and marketing. With presence in the US, Europe, Japan,
à Energy Business – This unit addresses applications
across power generation, transmission, distribution and
India & Taiwan, this growing talent pool forms the backbone
energy storage systems. Target applications range across
of LTSCT’s mission to lead from the front in the global
battery management systems, data centers, inverters
semiconductor landscape.
and converters for solar and wind generation, as well as
LTSCT is committed to drive the next-generation for UPS and EV chargers. The roadmap products include
technologies in the areas of decarbonisation, digitalisation IGBT and SiC high-power modules, power management
and technological self-reliance. The company is focused on ICs, battery management ICs, FET drivers and GaN-based
providing smart, energy-efficient, high-performance systems solutions.
to address customers’ specific needs or gaps identified in à Application Solutions Business – This unit focuses on
the market. development of IC modules for automotive and industrial
LTSCT is focussed on delivering differentiated value through applications requiring cellular connectivity, embedded
intelligent features and system-level innovation. Based on software and software-defined vehicles.
this customer-led approach, LTSCT is organised across four

105
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L&T Semiconductor Lab

Business Environment intelligence. Smart grid development for efficient energy

distribution and integration relies heavily on semiconductors
The global semiconductor market has exhibited significant for real-time monitoring, communication and controls across
growth in recent years and is projected to continue this generation, transmission and distribution networks. Advanced
upward trajectory driven by increasing demand across sectors microcontrollers, communication and power semiconductors
such as AI, automotive and consumer electronics. Forecasts are key enablers of functions like load balancing, outage
indicate that the market will grow at a CAGR of ~15% detection and integration of distributed energy resources.
during the 2025-2032 period. The Indian semiconductor
market is also expected to double by 2030. The rise of renewable energy demands requires robust and
efficient power conversion systems. Semiconductors are critical
Automotive Sector in solar inverters, wind turbine converters and maximum
power point tracking (MPPT) systems. These applications
The automotive industry is undergoing a rapid transformation.
require high efficiency switching, thermal stability and the
Semiconductors play a pivotal role in enabling energy-efficient,
ability to operate in harsh environments. Additionally, energy
intelligent and software-defined mobility. From EV propulsion
storage systems that support renewables rely on battery
to smart, software-driven experiences, semiconductors are
management ICs, gate drivers and control processors.
enabling safer, cleaner and better-connected mobility.

With the evolution towards software-defined vehicles, Industrial, Electronics and Appliances Sector
continuous over-the-air (OTA) updates, AI-enabled functions The global semiconductor market for industrial applications
and cloud connectivity, semiconductors are now central is poised for strong growth with consumer electronics
to vehicle design and performance. OEMs are investing in and appliances continuing to be major demand drivers. In
power-efficient architectures to extend vehicle range and parallel, the rise of Industry 4.0 is accelerating semiconductor
improve system-level energy usage. This includes the use demand in the industrial sector.
of advanced semiconductors in traction inverters, charging
solutions, battery management and converters. Semiconductors are becoming critical as white goods
transition from basic utilities to intelligent, connected systems
Energy Sector requiring integration of sensors, connectivity modules and
microcontrollers to enable energy optimisation, predictive
The global energy landscape is undergoing a fundamental
maintenance and IoT-based automation. This trend is
shift driven by the growing integration of energy sources.
accelerating demand for analog, power management and
Semiconductors are playing a transformative role in enabling
connectivity ICs across mid-to high-end appliance categories.
this transition, offering performance, efficiency and

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Overview Discussion and Analysis Report Reports Statements

LTSCT Products

Major Achievements connected systems, LTSCT has entered several strategic

partnerships:
In a little more than a year since its inception, LTSCT has
emerged as a prominent player in the industry focused on
ƒ Collaboration with IBM for R&D aimed at designing
advanced processors (partnership focuses on AI-enabled
developing a diverse portfolio of semiconductor products.
processors for various applications across mobility,
industrial and automotive sectors)
à Entered into multiple product development agreements
with leading customers in key industry segments. Some of ƒ Partnership with CDAC focusing on creation of ‘Make-
the major product development engagements include: in-India’ solutions, including ICs, SoC designs and ESDM
technologies leveraging indigenous processor
ƒ BLDC motor controllers being developed for one of
India’s top OEMs in air conditioners and fans, powering ƒ Tie-up with IIT Gandhinagar to create secure ICs and
SoCs for India’s vital technological infrastructures
next-generation energy-efficient appliances
ƒ Camera SoC designed for one of India’s largest Outlook
CCTV manufacturer enabling smarter surveillance
Geopolitical changes can have a significant impact on the
and security systems
semiconductor industry. To mitigate any adverse impact
ƒ USB-C Power Delivery (PD) solutions to be deployed at from these changes, countries are pursuing efforts to secure
scale for a leading automotive customer their own chip supply chain. India stands to benefit from
ƒ Cellular IoT module development along with leading this transition as it emerges as a promising destination
global computing company for semiconductor design, manufacturing and assembly,
à Completed the acquisition of SiliConch Systems, a supported by government initiatives, a growing talent
Bangalore-based semiconductor IP company with a pool and strong demand from the domestic electronics and
portfolio of 60 patents (thereby enhancing LTSCT’s automotive segments.
capabilities in terms of engineering expertise and
LTSCT is well-positioned to leverage this opportunity by
design proficiency)
offering end-to-end semiconductor engineering solutions,
à Established its own state-of-the-art laboratory in from chip design to system integration, enabling global
Bengaluru, equipped with advanced equipment for players to scale faster while meeting regional compliance
development, testing and validation and innovation goals.
à With focus on next-generation semiconductor innovation
fostering breakthroughs in AI/ML, secure-compute and

107
 IT & Technology
Services Segment

L&T Edutech, building value for learners, academia and industry

E-commerce / Digital Platforms bouquet of learning and assessment solutions with its
learning programmes, assessments and certifications, virtual
and Data Centers and hands-on laboratories, industry capstone projects,
instructor-led training and industry immersion.
This sub-segment mainly includes new-age businesses
The two major verticals of L&T EduTech are as follows:
incubated by the Company, namely L&T EduTech, L&T-
SuFin and Data Centers. These ventures are a part of L&T’s College Connect: The vertical focusses to narrow the
plan to leverage digital technologies in some of its core gap between academic learning and practical industry
domains in order to future-proof them and tap future experience. It offers courses in core engineering, information
growth opportunities. technology, arts and sciences with industry-specific
application-oriented knowledge. Aligning to the National
Education Policy (NEP) 2020, College Connect offers
L&T EduTech multi-disciplinary programmes which can be integrated
into the college curriculum to replace/add on to the
L&T EduTech is an EdTech initiative of the Company, credits required for degree programmes. The business also
providing high-quality hybrid education and skill building organises career guidance sessions, conducts regular faculty
assistance for students pursuing higher education as well development programmes and offers industry immersion
as for working professionals. This business partners with programmes to deliver superior learning experiences to
colleges, universities, corporations, channel partners and both teachers and students.
government agencies to facilitate skill development in core
Workonnect: The vertical offers upskilling and reskilling
engineering and IT domains.
opportunities for corporate employees via several product
L&T EduTech delivers industry-aligned learning and packages, including .Net, Java, Data Analytics, Cybersecurity,
assessment solutions to bridge the skill gap between and more. Along with industry-relevant courses, this vertical
academia and industry. It leverages the expertise of also focusses on assessments. Further, the robust auto-
the Group to provide scalable education and skilling proctored assessment platform helps organisations in their
programmes for students, faculty and professionals. recruitment process for new talent as well as in developing
the existing workforce.
L&T EduTech has developed a robust learning management
system (LMS), assessment engine, recruitment automation
and skill exchange platform. The business offers a wide

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L&T Edutech, building value for learners, academia and industry

Business Environment à Entry into Centre Based Test (CBT) assessments for State
Council of Educational Research & Training (SCERT), All
The EdTech market in India, currently worth USD 7.5 billion, India Management Association (AIMA), Federal Bank
is driven by rising aspirations, digital expansion and a shift Limited (FBL)
to online learning. Within the EdTech market, the online
higher education segment is expected to reach USD 5 billion
à Industry Accelerator programmes successfully deployed in
7 institutions (257 students)
by 2025, driven by increased adoption of digital learning
platforms. While funding has fluctuated, the sector’s
à Successfully launched Centre Based Assessment Solution
catering to niche assessment requirements of universities
potential remains high, with hybrid learning models and
and government segments
emerging technologies like AI enhancing education.
à LMS Platform - AI-powered chatbots for personalised
The increasing demand for online learning solutions and the learning support, gamification elements to boost
growing adoption of technology in education to enhance engagement and adaptive learning pathways tailored to
accessibility and engagement are the key market drivers individual users
fuelling the growth of the EdTech Market.
à Assessment Platform - Upgrading security for question
paper generation, integrating biometric authentication
Major Achievements and expanding mobile-friendly assessment capabilities
à Market expansion through partnership with more than
60 colleges and scaling of learner engagement Outlook
à Reached more than 1,50,000 worldwide learners on India’s EdTech market is projected to be valued at USD 29
Coursera billion at a CAGR of 27% by 2030. Government initiatives
à LearnKonnect launched, with orders for 1,00,000 learners; like National Education Policy 2020, Pradhan Mantri Kaushal
implementing AI-driven career guidance tools, offering Vikas Yojana (PMKVY) and Digital India are accelerating the
microsite-based course experiences and refining the adoption of digital education and skilling programmes. The
subscription-based learning model to align with user global workforce is shifting towards skill-based hiring, with
preferences more employers prioritising skills over degrees.
à More than 10 EV laboratories set up in partner colleges to Demand for AI, data science and cybersecurity courses has
provide integrated programmes in e-mobility
surged by 40% y-o-y, reflecting industry hiring trends. Some
of these factors provide a positive outlook for the scalability
of L&T EduTech in the medium-term.

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 IT & Technology
Services Segment

L&T-SuFin, India’s first online business platform for industrial and construction products, integrated with finance and logistics options

L&T-SuFin The platform has catalogued more than 7 lakh Stock

Keeping Units (SKUs) in 51 categories. Further, the business
has onboarded more than 48,000 sellers on the platform and
L&T-SuFin is a B2B digital marketplace platform. This
has crossed a GMV of I 5,000 crore, since inception.
platform, launched in March 2022, enables buyers and sellers
dealing in industrial and construction goods to connect in The business has taken several new initiatives to catalyse
an efficient and transparent manner. The platform allows growth and scale up further such as:
sellers to expand sales reach and buyers to find the right à Launched L&T-SuFin Seller Suvidha App, a dedicated
products at an optimal cost and quality. The platform offers platform designed to empower businesses, especially
a wide product range in industrial supplies and consumables, MSMEs, by streamlining the selling process
building and construction materials, electrical and electronics
à Developed a centralised call centre and virtual relationship
equipment, machinery tools and mechanical equipment, manager team to cater to the needs of both buyers and
packaging, printing and office supplies, and more. sellers
The estimated domestic B2B e-commerce GMV (gross à Monetisation of platform services, via membership fees
merchandise value) was USD 20 billion in 2024 and is and premium plans, provided customers with significant
expected to reach USD 200 billion by 2030. The objective value through features such as dedicated microsites and
of the platform is to bring about scale and speed in supply unlimited cataloguing. Additionally, advertising services,
chains, procurement processes, trade financing and logistics. both on-platform (ad banners) and off-platform (social
media, email, call centre), were implemented to bolster
Major features offered by L&T-SuFin include: revenue
à Discovery of industrial products and sellers through an à Received ISO/IEC 27001:2022 certification for Information
efficient digital process Security Management System
à Competitive pricing through RFQ mechanism and online
transaction fulfilment In FY 2025-26, the business aims to scale its GMV with a
focus on retail and institutional segments. An emphasis on
à Financing support from partner banks and NBFCs white labeling and financing solutions is expected to be
à Logistics support, including free transit insurance margin accretive. The business plans to enhance operational
efficiencies and customer experience through various
AI Initiatives.

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Hyperscale Data Center, Sriperumbudur, Tamil Nadu

Data Center and Business Environment

Cloud Services Business India’s data center and cloud market is experiencing rapid
growth, driven by digital transformation, rising data
consumption, regulatory requirements that necessitate data
Overview
localisation and government initiatives like Digital India. The
The Data Center business of the Company - branded L&T- increasing adoption of AI, IoT and 5G is fuelling demand for
Cloudfiniti - offers data center, cloud and AI solutions and robust cloud and colocation solutions. With hyperscale cloud
managed services. providers expanding their footprint and local enterprises
The business operates state-of-the-art, AI-ready, high-density seeking scalable cloud infrastructure, the industry presents
rack data centers with high availability, robust security significant growth opportunities. Sustainability and energy
and energy-efficient designs. The colocation services offer efficiency are becoming key focus areas, making green data
a scalable and secure environment for hosting critical IT center strategies more relevant than ever.
infrastructure, ensuring optimal uptime and compliance with The country’s data center capacity is expected to surpass
industry standards. 1,700 MW by 2025, with major investments from hyperscale
The enterprise-grade public cloud platform of L&T delivers cloud providers and domestic players. Key enablers for
scalable, on-demand computing resources with a strong this growth include government incentives including India
focus on performance, security and cost optimisation. The AI mission, submarine cable expansions and a growing
business supports various workloads - including AI, ML and ecosystem of AI and cloud-driven start-ups.
analytics - with a flexible pricing model.
Competitive Positioning
Business offerings include design and manage private cloud
environments tailored to specific business needs. Solutions The business has strengthened its position in the data
offered ensure data sovereignty, compliance and enhanced center and cloud market through strategic investments,
security while offering seamless integration with existing partnership with AI start-ups, integrating renewable power
IT infrastructure. Further, the business also provides GPU- sources, leveraging its engineering expertise, expanding its
based cloud solutions to power AI, deep learning and digital and technology services and investing in sustainable
high-performance computing workloads. The GPU cloud business practices. The Company benefits from the Group’s
infrastructure is optimised for AI model training and deep infrastructure experience, allows the business to deliver
inferencing, big data analytics, graphics rendering, scientific large-scale, high-quality data center projects.
simulations, and more.

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 IT & Technology
Services Segment

High-Density, AI-Optimised Racks at L&T-Cloudfiniti’s Data Center — Built for Performance, Efficiency and Future-Ready Compute Workloads

L&T-Cloudfiniti is also focussed on addressing the growing Outlook

demands of cloud infrastructure with its partner ecosystem.
The integrated solutions offered by the business encompass The data center business in India is experiencing significant
various services including security and network being growth. Mumbai, Chennai, Hyderabad and Bengaluru
expertly managed through its Network Operations are emerging as prime locations for data centers due to
Centre (NOC). their robust infrastructure and proximity to undersea
cable landing stations and/or high-capacity terrestrial
fiber optic networks.
Strategic Business Plan
The Government of India’s push for data localisation through
L&T-Cloudfiniti currently operates 14 MW of live data center
the Digital Personal Data Protection Act has accelerated
capacity across two locations: Sriperumbudur, Chennai
the establishment of data centers. Global players including
(Southern Region) and Panvel, Navi Mumbai (Western
AWS, Microsoft and Google are investing to comply with
Region). Capacity of 18 MW data center is in pipeline and is
local regulations.
expected to be operational in FY 2025-26.
There is a strong focus on green data centers, with operators
L&T-Cloudfiniti has also formed a strategic partnership with
investing in renewable energy sources, primarily solar and
E2E Networks Limited, a leading Indian hyperscaler focussed
wind. The growing demand for AI workloads is leading to
on advanced Cloud GPU infrastructure. This collaboration
denser and power-consuming data centers. The average rack
will enhance the businesses capabilities and offerings in the
density is anticipated to increase significantly. Overall, the
cloud and GPU market.
data center industry in India is poised for robust growth,
With the recent AI partnerships, business is now delivering driven by technology advancements, policy support and
a robust end-to-end AI ecosystem - from infrastructure increasing digitalisation across various sectors.
to services - designed to accelerate real-world impact for
These factors, coupled with L&T’s strong presence in
enterprises and governments alike.
infrastructure, IT and technology design services, paves way
for the business to position itself as a reliable data center
service provider with sustainable practices embedded across
the entire life-cycle, from build to steady-state operations.

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FINANCIAL
SERVICES
SEGMENT

Farm Equipment Finance

Overview elections, Microfinance Institutions Network’s (MFIN) 1.0 &

2.0 interventions and the Karnataka Microfinance Ordinance,
L&T Finance Limited (‘LTF’) is engaged in the business of that led to severe disruptions in growth and collections.
providing retail financial services. It is a ‘AAA’ (Domestic) Even in this environment, LTF’s rural group loans and MFI
rated Upper Layer Non-Banking Financial Corporation (NBFC) remained resilient, backed by strong credit guardrails and
and is among the top tech-focused diversified retail NBFCs stringent portfolio monitoring norms, translating to superior
in India. collection efficiencies vis-à-vis the industry.
Founded in 1994, LTF completed three decades of successful Building on its deep rural expertise, LTF has pivoted towards
operations in FY 2024-25, embodying L&T’s legacy of trust establishing secured loan propositions. It has established a
and excellence. LTF has over the years, serviced close to 2.6 foothold with the Micro Loan Against Property (LAP) product
crore customers pan-India, in the rural and urban space. and ventured into gold loans through proposed purchase
The company achieved retailisation of 97% with a retail loan of a gold loan portfolio from Paul Merchants Finance Pvt.
book of over I 95,000 crore diversified across rural and urban Ltd. (PMFPL). The proposed gold loan product is expected
products. The company’s key businesses are divided into: to be a significant cross-sell proposition to the ~1.7 crore
Rural Business Finance, Farmer Finance, Urban Finance and Rural Group Loans and Micro Finance customer database.
SME Finance. The Micro LAP product is expected to cater to the financing
needs of a niche segment of the rural population, largely
Rural Business Finance against self-occupied property.
Rural Group Loans and Micro Finance business (part of the Going forward, LTF is expected to leverage its strength in the
product profile of Rural Business Finance) has empowered technology and data analytics space as the sector is expected
~1.7 crore women entrepreneurs by providing formal credit to start picking up momentum towards the second half of
access through its deep network of over 2,000 meeting FY 2025-26.
centres (branches) in rural areas and over 14,000 on-field
workforce. The lending book stood at I 26,320 crore, a Farmer Finance
growth of 6% y-o-y. LTF is one of the leading tractor financiers in the country,
During the year, there have been several challenging macro financing about 96,000 new tractor units in FY 2024-25.
and business developments, viz. a prolonged heat wave, Backed by strong OEM tie-ups, deep dealer partnerships
severe floods in multiple states, a temporary slowdown of of over 2,400 and the tailwinds of a good monsoon, the
cash flow for rural employment schemes due to general Farmer Finance business book crossed the I 15,000 crore

113
 Financial
Services Segment

Two-wheeler Loans

milestone and grew 10% during the year, ending at I 15,219 à Retail Housing
crore. The business continued its focus on enhancing The Indian mortgage market, comprising home loans and
customer experience with 100% of onboarding systems LAP, has been a mixed bag in FY 2024-25. Limited price
being paperless. Digital adoption in collections grew to rises, combined with flexible payment plans and broker
61% vs 48% a year ago. With a focus on sharpening credit incentives, have resulted in a healthy absorption rate.
underwriting, a phase-wise rollout of ‘Project Cyclops’ was However, rising land prices and regulatory compliances
launched in FY 2024-25. have affected new project launches.
This business will continue to focus on strengthening its Drawing on the strengths of channel partnerships and
positioning and gaining market share while expanding an innovative digital customer value proposition, LTF
its current offerings through innovative product solutions disbursed over I 9,500 crore in FY 2024-25 with the total
thereby enhancing customer experience. book crossing the I 20,000 crore milestone. The total
book closed at I 24,929 crore, a growth of 27% y-o-y. The
Urban Finance home loan and LAP mix was 80 : 20. Further, the company
à Two-wheeler Finance deepened its distribution network to 385 touch-points in
The Two-wheeler Finance business in FY 2024-25 FY 2024-25.
moved towards building a prime customer portfolio With a continuous focus on delivering market leading
in the backdrop of a dynamic credit environment financing solutions, a reimagined home loan offering
despite sectoral headwinds. The company’s endeavour proposition – “The Complete Home Loan” – was
to onboard better-quality customers is backed by a launched. The company also entered a strategic
deep understanding of the sales channels and OEM partnership with PhonePe, with the objective of
partnerships. LTF’s sustained technology focus through augmenting its digital sourcing channels.
100% digital underwriting is being transformed through
the introduction of a three-dimensional underwriting à Personal Loans
engine – Project Cyclops. The project is expected to
The industry experienced a challenging credit cycle due
sharpen credit metrics and create a differentiated
to overleverage in the non-prime segment. Growth was
approach in next-generation underwriting. Given
muted for most of FY 2024-25. LTF responded through
this backdrop, the company saw a growth of 10% in
growth focused on the salaried segment and cross-sell
this business with the book reaching I 12,321 crore in
opportunities to its existing two-wheeler customer base.
FY 2024-25.
This led to a loan book growth of 34% in FY 2024-25.

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Micro Loans

LTF also entered into strategic big-tech partnerships with On the back of mixed high frequency growth indicators and
Amazon Pay, CRED and PhonePe. These partnerships are supported by moderation in retail inflation, RBI reduced
expected to pick up pace in FY 2025-26, leading to the policy repo rate by 50 basis points to 6%, after a gap of
creation of a significant customer base. almost five years. This was also followed by supportive credit
measures by way of a risk-weight reduction on bank lending
à SME Finance to NBFCs.
The SME Finance business book achieved a 67% y-o-y
growth and closed at I 6,524 crore. The business saw Major Achievements
disbursals of over I 5,000 crore in FY 2024-25. The
business continues to focus on deepening market
à Strategic tie-ups with large technology partners
In continuing with LTF’s commitment to innovation,
penetration through geographical expansion, providing
providing seamless digital experience and fostering
customers with a seamless journeys and expanding sales
partnerships within the lending landscape, LTF entered
channels through direct sales teams and call centres that
into partnerships with Amazon Pay, CRED and PhonePe
enhance outreach and operational efficiency.
to develop cutting-edge credit solutions. These will aid in
better market penetration, new customer acquisition and
Business Environment
allow businesses to scale up faster.
FY 2024-25 was a year characterised by continuing global
economic uncertainties amidst accentuated geopolitical à Launch of next-generation credit underwriting
conflicts and disruptive tariff announcements from US. engine – Project Cyclops

On the domestic front, rural India was affected by heat The company launched an omni-channel, omni-customer
waves and an extended election season that led to a credit underwriting engine, which is the first-of-its-
delayed release of grants. Further, the postponement of kind engine in the industry, facilitating thorough
government spending resulted in a short to medium-term underwriting on a three-dimensional axis. The AI-ML-
liquidity squeeze. This was balanced by a normal monsoon, powered underwriting engine facilitates an in-depth
record harvests followed by robust rural spending. On the assessment of the customer’s potential integrating
other hand, urban India saw a downturn in the credit cycle. bureau, account aggregator and trust signals at scale.
Overall, domestic macro fundamentals continued to remain
resilient, as reflected in stable inflation, disciplined fiscal
management and strong external balances.

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 Financial
Services Segment

Home Loans

à Reimagined home loans offering through à Launch of KAI

‘The Complete Home Loan’ product The company launched Knowledgeable AI (KAI), an
L&T Finance launched an industry-first ‘The Complete AI-powered virtual home loan advisor, which is a dynamic
Home Loan’ proposition providing tailored solutions and interactive solution, providing a responsive as well as
including home décor finance with seamless digital a personalised customer experience.
offering and best-in-class customer solution.
Risk Management
à R.AI.SE 2024 – India’s first AI in BFSI conference
Effective risk management involves a systematic approach
LTF held the premier R.AI.SE 2024 conference in
to identifying, evaluating and addressing potential as
November 2024 under the theme of ‘Re-imagining
well as existing threats. This process encompasses both
Financial Services with AI’. R.AI.SE 2024 focused on
qualitative and quantitative analysis, focusing on the
showcasing real-world applications and use cases of AI
establishment and refinement of controls to minimise
in the BFSI space highlighting AI’s potential to enhance
or prevent adverse outcomes. A comprehensive risk
financial inclusion, customer experience and business
management strategy is central to LTF’s operations. The
growth. The congregation saw widespread participation
Board-established Risk Management Committee provides
of 1,400 in-person and over 3,000 joining virtually, with
oversight for this framework. This framework encompasses
marquee guest speakers / thought leaders from the realm
the company’s defined risk tolerance, established risk limits,
of AI and BFSI participating from across the world.
real-time risk monitoring tools and early warning systems.
Recognising the evolving business environment and the
Significant Initiatives emergence of novel challenges, including digital security,
à Gold Loan data privacy, reputational concerns and climate-related
vulnerabilities, the company is actively developing updated
The company’s entry into the gold loans segment is
risk management protocols to proactively address these
through the proposed purchase of the gold loans
emerging issues.
business undertaking of Paul Merchants Finance Pvt. Ltd.
(PMFPL). This transaction is on a slump sale basis and is
expected to close by Q2 FY 2025-26. The PMFPL’s gold
business is a natural cross-sell product for LTF’s Rural
Group Loans and Micro Finance business.

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Micro Loan Against Property

Credit Risk alternative data sources and macroeconomic factors,

LTF’s business faces considerable credit risk on account of the the company can make informed decisions on effective
diverse and complex nature of the retail business, thereby customer delinquency management. These measures have
necessitating a robust management system. Credit risk contributed to improved asset quality despite challenging
is generally made up of transaction risk or default risk market conditions.
and portfolio risk. Credit risk management is essential to
minimise default risk and concentration risk. LTF follows a Market/Liquidity Risk
pragmatic framework for evaluating financing opportunities A conservative approach is employed to protect LTF
aligned to the risk-return strategy of the organisation within from market and liquidity risks. LTF maintains a positive
the applicable regulatory environment. cumulative liquidity gap across all time buckets up to one
year. A regularly monitored Contingency Funding Plan
A structured approach to credit risk management is
(CFP) is in place to address significant disruptions that could
established in line with the goals / strategy of the
impede funding capabilities. A governance structure within
organisation, internal and external environment. In an
the CFP facilitates a crisis management response when
effort to address credit risk structurally, LTF, with the help of
needed. The company maintains a positive interest rate
cutting-edge technology, is transforming its underwriting
sensitivity gap over a one-year horizon, mitigating balance
architecture through a three-dimensional engine that
sheet interest rate risk. The Asset Liability Committee (ALCO)
combines bureau, account aggregator and alternate data.
of LTF maintains an oversight of all aforesaid matters by way
Further, Project Cyclops, the AI-driven digital credit engine, of monthly meetings, and the minutes of the ALCO meetings
is working towards strengthening credit risk assessment by are presented to the Risk Management Committee (RMC)
delivering real-time, data-driven insights. The company also on a quarterly basis. The above-mentioned processes and
employs sophisticated dashboards that provide real-time governance structure enable LTF to modulate its response to
trend identification and breach alerts, enabling proactive risk evolving market conditions in a timely and effective manner.
management and immediate response to potential threats.
Model Risk
LTF is in the process of developing an advanced portfolio
management solution to proactively manage customer Model risk refers to the potential for errors or inaccuracies
cohorts, identify stress signals and take corrective measures in the models used for decision-making that can lead to
to mitigate risks. By analysing behavioural patterns, incorrect assessments of risk or value and increase the risk
of losses for the company. Model Risk Management in LTF

117
 Financial
Services Segment

Business Loans

is carried out by the Model Risk Management team whose continuity and data protection. LTF’s digital platform has a
responsibilities include managing a Model Governance 3-tier security architecture with in-built disaster recovery,
Framework containing sets of policies, procedures and along with multiple-layer security. This security system
controls that are designed to manage the risks associated protects its IT network, websites and applications, databases
with the use of models in decision-making processes. and end-user laptops/desktops for data leakage, denial-of-
To govern the model risk, Board-approved Model Risk service attacks, ransomware and malware. The company also
Management policy and Model Risk Management engages external parties to conduct vulnerability assessments
Committee have been put in place in FY 2023-24. The and penetration-testing as well as ensuring robust protection
objective is to review various model aspects at different against cyberattacks.
stages of the model (development, active use, change
and retirement), and to set a high-standard for the model Outlook
by putting in place a robust risk-dependent review and
Moving into FY 2025-26, it is expected that the Indian economy
monitoring framework.
will continue to be resilient on the back of strong domestic
consumption despite continuing global economic volatility.
IT Security Risk
The FY 2025-26 Union Budget has laid the foundation for the
The information security team at LTF is responsible for
increase in disposable income and higher consumer spending
securing business applications from cyber threats by
through reduction of personal income tax rates. However,
incorporating security features in design of applications,
the continuation of government spending on development
carrying out monthly security assessments on Google Cloud
and the emergence of private expenditure towards capacity
Platform (GCP), cloud and data center, having best-in-
augmentation is a metric to look out for in FY 2025-26.
class virus and threat protection practices, enabling ethical
hacking through external experts, and ensuring round- RBI is expected to continue its balanced regulatory approach
the-clock security event monitoring of all IT assets. LTF fostering growth while ensuring compliance, maintaining a
has set up an Information Security Management System clear focus on systemic stability. While there was a downtick
(ISMS) for effective management and operation, which is in the credit cycle in both rural and urban India in FY 2024-25,
ISO 27001 compliant and certified. To prevent emerging this is likely to moderate and stabilise over H1 FY 2025-26,
threats, LTF has implemented controls to ensure business while charting a path to growth from H2 FY 2025-26 onwards
supported by a lower system-wide leverage.

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Personal Loans

Financial performance of the segment Disbursements of loans and advances at I 60,305 crore for the
year registered a growth of 7% on a y-o-y basis, reflecting
The segment’s revenue improved by 15.9% y-o-y at
higher credit demand in the various retail segments due to
I 15,194 crore for FY 2024-25 due to scaling up of retail
resilient domestic economic momentum. Business is following a
disbursements. The core strategy for the Financial Services
risk calibrated disbursement strategy in the micro finance sector
business in the Lakshya 2026 plan revolves around
given the temporary headwinds. The loan book stood at I 97,762
retailisation, dealer penetration through differential
crore as of March 31, 2025, registered a growth of 14% over
offerings, improved customer retention through top
the previous year, consequent to higher retail disbursements.
ups, geographical expansion and creating strong risk
The net interest margin (NIM), including fee income, marginally
guardrails. Several initiatives have been undertaken over
declined to 10.6% due to a change in the loan mix.
the past couple of years to exit the wholesale exposure,
resulting in 97% of its loan book being retail credit as of The Gross Non-Performing Asset (GNPA) ratio is at 3.29% as
March 31, 2025. on March 31, 2025, compared to 3.15% as on March 31, 2024.
Similarly, the net NPA ratio is at 0.97% as on March 31, 2025,
against 0.79% as on March 31, 2024. The business is well
capitalised with Capital Adequacy (including Tier II capital) of
22.27% as on March 31, 2025.

I Crore I Crore
Revenue from Operations Loan Book and NIM + Fees %
18000 15.9%

15194
15000 13109 120000

100000 97762
12000
85565
10.6%
80000
9000 10.7%
60000
6000
40000

3000 20000

0 0
2023-24 2024-25 2023-24 2024-25
Loan Book NIM + Fees %

119
 Development
Projects Segment

DEVELOPMENT
PROJECTS
SEGMENT

Hyderabad Metro Rail system typically sees an average daily ridership of

round 4.75 to 5 lakh passengers

The Development Projects segment comprises of: The segment recorded revenue of I 5,372 crore for the year
ended March 31, 2025, lower by 4.5% over the previous
a) Hyderabad Metro Rail project, through a wholly owned
year. The decline in revenue is due to monetisation of a high
subsidiary, L&T Metro Rail (Hyderabad) Limited
value commercial property of Hyderabad Metro SPV in the
b) Thermal power plant, through Nabha Power Limited, a previous year.
subsidiary of L&T Power Development Limited
The segment reported an operating profit of I 1,070 crore
The Company, on April 10, 2024, concluded the sale of its entire for FY 2024-25, lower than the I 1,333 crore reported in
stake in L&T Infrastructure Development Projects Limited (L&T FY 2023-24. As mentioned earlier, the decrease is mainly due
IDPL), a joint venture, primarily engaged in the development to the monetisation of a high value commercial property in
and operation of toll roads and power transmission assets. Hyderabad Metro SPV in the previous year.
The stake was sold to Infrastructure Yield Plus II, an
infrastructure fund managed by Edelweiss Alternative Asset The funds employed by the segment as on March 31, 2025, is
Advisors Limited. lower at I 18,063 crore, mainly due to the annual amortisation
of intangible assets and sale of commercial property.
Financial performance of the segment
I Crore
Revenue from Operations and EBITDA
L&T Metro Rail (Hyderabad)
Limited
(4.5%)
7000

6000 5628
Overview
5372
5000 L&T Metro Rail (Hyderabad) Limited (L&TMRHL) is a special
1333 purpose vehicle (SPV) created to undertake the business of
4000
1070 constructing, operating and maintaining a metro rail system,
3000 including transit oriented development (TOD) in Hyderabad
on a Design-Build-Finance-Operate-Transfer (DBFOT) basis
2000
under a concession agreement signed between the SPV and
1000

0
2023-24 2024-25
Revenue EBIDTA

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Overview Discussion and Analysis Report Reports Statements

Hyderabad Metro extends ~70 km across three lines, easing commuting woes, Telangana

the Government of Telangana. The remaining period in the The average daily ridership in FY 2024-25 was 4,44,000 as
concession is approximately 47 years, with further extensions against 4,42,000 in FY 2023-24. The highest recorded single-
available as per the conditions set out in the concession day ridership was of 5,63,000 on August 14, 2024.
agreement signed with the Government of Telangana.
With a view to enhancing the vibrancy of L&TMRHL’s 4
The Hyderabad metro rail system consists of three elevated malls, the company has undertaken an upgrade of its visitor
corridors from Miyapur to L. B. Nagar, Jubilee Bus Station conveniences, improvement of ambience and aesthetics viz.,
to Mahatma Gandhi Bus Station and Nagole to Raidurg, wall panelling, public seating, horticulture, entry and exit
covering a total network of 69.2 km. The metro rail system areas, and more.
was commissioned in phases, with the final stretch being
commissioned in February 2020. Major Achievements
The concession agreement includes real estate development à The Fifth Report on Key Performance Indicators (KPI)
rights of 18.5 million sq.ft. in the form of TOD, of which 4.74 published by I-Metro - an accredited body created by
million sq.ft. has been monetised till March 2025. Further, Ministry of Housing and Urban Affairs - saw L&TMRHL as a
L&TMRHL has developed and operationalised four retail malls top performing metro service on several parameters.
aggregating to 1.20 million sq.ft. of leaseable area. On an à Non-fare revenue generation through innovative measures
ongoing basis, the company continues to pursue opportunities are being actively pursued.
to monetise TOD rights from third party investors.
à Advertisement space on project assets offer a revenue
potential by way of launching various innovative services,
Business Environment including digital advertisements. Telecom sector services,
Hyderabad Metro is the safest, cleanest, fastest and most like optic fiber and tower space leasing, also contribute to
reliable urban public transport in the city of Hyderabad. non-fare revenue majorly.
Additional benefits like reserved seats for senior citizens and à Rental income opportunities are also a focus area for
ladies, WhatsApp-complaint services and various promotional L&TMRHL. The business has created 3.74 lakh sq.ft. of
schemes have also been introduced to incentivise commuters retail / commercial space across all 57 stations. Station
to shift their transport preferences. retail occupancy levels reached 87% with close to
3.24 lakh sq.ft. under trading. The company has also
undertaken various initiatives to improve the occupancy in
station retail.

121
 Development
Projects Segment

Hyderabad Metro Rail Stabling Yard at Uppal Depot, Telangana

à With a view to increasing the use of green energy, the The business is exploring additional non-fare revenue
business has replaced 12% of its grid power requirements opportunities through various measures such as consultancy
for metro rail operations with captive solar power of services to other metros, leasing out of optical fiber
10.0 MWp, since commissioning. Solar panels have been networks, letting out spaces for erecting mobile towers,
installed over the rooftop of metro stations and in depot setting up of electric vehicle (EV) charging stations (55
areas. Another 2 MWp of solar capacity addition is under charging points already available), royalty earnings from
progress. Further, the business has also created 155 QR ticketing and OTS partners, and more.
rainwater harvesting pits at various stations and depots,
L&TMRHL strongly believes in safety and has put mechanisms
in which approximately 64 million litres of water get
in place to achieve this objective. The Automatic Train
harvested annually.
Protection (ATP) system continuously monitors trains for safe
operations. The station equipment, the Computer-Based
Significant Initiatives Interlocking (CBI) and wayside ATP are arranged to ensure
All 57 stations of Hyderabad Metro Rail are now Indian safe and uninterrupted train operations. Further, Passenger
Green Building Council (IGBC) Platinum-certified making it Emergency Stop Plungers are provided on each platform and
the first metro in India to have all their stations certified as in station control rooms to stop a train immediately in case
Platinum-rated. of an emergency.

L&TMRHL is working towards upgrading its ticketing

system through the introduction of the open-loop ticketing
Outlook
system (OTS) in FY 2025-26. This will aid digital payments Sustained focus on bringing employees ‘back-to-office’
by commuters. by various companies, as well as an increase in the overall
workforce, should support increased ridership in FY 2025-26.
Robust and affordable last-mile connectivity for commuters
Implementation of OTS is expected to ease metro travel and
enhances ridership on the metro system. In this regard,
thereby enhance passenger experience.
L&TMRHL has added exclusive shuttle services from metro
stations to corporate offices and has partnered with the Collaboration with various feeder services for first and
Telangana State Road Transport Corporation (TSRTC) for last mile connectivity is expected to further strengthen
feeder services. the ridership and fare revenue. To enhance commuter
convenience, improving the number of parking areas across
Periodic overhauling (POH) of trains has been initiated
the network continues to be a priority along with addition
in FY 2024-25. POH of 14 train sets out of 57 have
of feeder bays, elevators and escalators.
been completed.

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Overview Discussion and Analysis Report Reports Statements

2x700 MW Supercritical Thermal Power Plant, Rajpura, Punjab

In line with the updated positioning, attracting top-end Nabha Power Limited
retail players to the 4 malls, remains a pivot area for FY
2025-26. Leasing activity in the retail industry is constantly
evolving. Further, revenue share agreements for an initial Overview
period - for retailers to derive confidence - followed Nabha Power Limited (NPL) owns and operates a 2x700 MW
by minimum guaranteed rental plus revenue share on supercritical thermal power plant at Rajpura, Punjab. The
stabilisation, are now a common practice. sale of power generated is entirely tied up with the state’s
Retail stores may have a significant component of online distribution company - Punjab State Power Corporation
sales and billing, especially in areas like food and beverage. Limited (PSPCL), under a 25-year power purchase agreement
This requires the creation of an infrastructure to support the (PPA), which is effective up to 2039.
logistics needs for the outlets’ channel partners. The business The plant sources its fuel from the subsidiaries of Coal India
recognises the need to be flexible, while tracking new trends Limited, under a 20-year fuel supply agreement (FSA), with
and supporting retailers in a manner that is value accretive. a total annual contracted quantity of 52.4 lakh million
The sale of advertisement contracts into sizeable packages tonnes (MT). The company has secured approvals to arrange
and the selection of partners who have the strengths to coal from alternate sources to make up for any shortfall in
grow the business and enlarge occupancy, have also resulted supply of coal. The Bhakra-Nangal distributary is a perennial
in an increase in revenues. source of water for the plant, under an allocation from the
state government. The plant is operated by an in-house
Hyderabad Metro Rail is seen as an environment-friendly, team of experienced operations and maintenance (O&M)
safe, fast and reliable mode of transport. With the proposed professionals.
Phase-2 expansion of the metro by the Government of
Telangana, the reach of metro rail system is expected to The plant has been running successfully for over 11 years
improve. This would lead to an increase in the average with an availability of over 85%. The plant has been the
ridership in the medium to long term. most reliable source of power for the state of Punjab and
has consistently supported the state’s requirements with
uninterrupted power supply during peak seasons. NPL is also
the lowest cost thermal power producer in Punjab.

123
 Development
Projects Segment

2x700 MW Supercritical Thermal Power Plant, Rajpura, Punjab

Business Environment Outlook

India’s average electricity demand has risen by 5% in FY Grid India has projected peak demand to touch around
2024-25. This growth is primarily attributable to increased 273 GW in the upcoming summer season. Coal stocks at
economic activity, increase in rural electrification and rise in thermal plants are at an all-time high of 54 MT, ensuring
residential power consumption. reliable fuel supply to support thermal power generation in
meeting the anticipated peak demand.
Meanwhile, Punjab’s power sector has witnessed a sharp
rise in electricity demand, outpacing the national average. In FY 2025-26, the peak power demand in Punjab is expected
Electricity demand in Punjab increased by ~11% from to rise to ~17 GW. As a result, NPL is expected to operate at
8,041 MW in FY 2023-24 to 8,951 MW in FY 2024-25, driven high PLF while seeking to maintain its position at the top
by early onset of summer and an increased agricultural load. of the merit order among thermal power producers within
the state.
Despite multiple challenges, NPL was able to source coal
from entirely domestic sources ensuring adequate and NPL expects to commission Flue Gas De-sulphurisation
uninterrupted power supply at an affordable cost to the (FGD) systems for both units during FY 2025-26, thereby
state of Punjab throughout the year. complying with the new environmental norms, ahead of
the mandated deadline. To ensure compliance with Ministry
Major Achievements of Environment, Forest and Climate Change biomass co-
firing norms, NPL has successfully achieved the 3% co-firing
à Annual plant availability factor (PAF): ~95% (highest ever target for FY 2024-25. The biomass co-firing target has been
for NPL) and ~98% during the critical paddy sowing season
increased to 5% for FY 2025-26.
à Annual plant load factor (PLF): 82% vs all India thermal
average of 69% The areas of focus for NPL during FY 2025-26 are compliance
with HSE (health, safety and environment) norms,
à Successfully achieved the 3% biomass co-firing compliance
target maximising plant availability, improving plant efficiency
- especially during part-load conditions, commissioning
à Robust fuel management with zero reliance on alternate/ of FGD, ensuring fuel adequacy and pursuing multiple
imported coal
digitalisation initiatives to improve operational efficiency.

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Overview Discussion and Analysis Report Reports Statements

OTHERS
SEGMENT

Elara Celestia, Bellary Road, Bengaluru, Karnataka

The ‘Others’ segment comprises of: Revenue for the segment registered a decline of 8.0%
to I 7,816 crore in FY 2024-25 due to lower handover of
a. Realty Business
residential units to customer of Realty business.
b. Industrial Machinery, Products and Others comprising of
The operating margin for FY 2024-25 improved to 29.2%
Construction & Mining Equipment, Rubber Processing
from 21.2% for the previous year, on the back of improved
Machinery and Industrial Valves
margin in the Realty business.
c. Smart World & Communication (residual portion)
Consequent to the launch of new projects in Realty business,
the funds employed by the segment as on March 31, 2025, at
Financial performance of the segment
I 8,663 crore, have increased by 8.6% over the previous year.
I Crore
Revenue from Operations and OPM%
Realty Business
12000 (8.0%)
Overview
10000
8493
L&T Realty is positioned amongst the top real estate
7816
8000 709 307
developers in India, with a development potential of 70
29.2% million sq.ft. across residential, commercial and retail
6000 4336 segments in Mumbai, Navi Mumbai, Bengaluru, Delhi-NCR
4577
21.2%
and Chennai. The business model includes development of
4000
own land, partnership with land/development right owners,
2000 and the sale and leasing of commercial spaces.
3448 2932
0
2023-24 2024-25
Realty Industrial Machinery & Others
SWC OPM%

125
 Others
Segment

Artist’s Impression

The Gateway, Sewri, Mumbai, Maharashtra

Residential Segment: The Gateway, Mumbai

‘The Gateway’ at Sewri, Mumbai is an architectural
Ongoing Projects masterpiece that soars more than two hundred metres.
Elara Celestia, Bengaluru Positioned for those seeking an exclusive and luxurious
Elara Celestia is a premium development situated adjacent experience, this property is located close to India’s longest
to Raintree Boulevard, Hebbal. Spread over a land parcel sea bridge - Atal Setu in Sewri and promises residents
of 13 acres, its exquisite architectural design with nearly unparalleled connectivity and convenience.
70% open space makes it a much sought-after residential
complex. The main attractions of the project are the views to Elixir Reserve, Mumbai
the open greens of Gandhi Krishi Vigyana Kendra, a roof-top Surrounded by a forest, a lake and a hillock, Elixir Reserve
club house and an infinity pool. Once completed, the project is a premium residential development in Powai that is
will house around six hundred plus families. enveloped in a picturesque setting. This project is replete
with state-of-the-art amenities, including an international
Avinya Enclave, Chennai standard school within its premises as well as commercial
The project is part of a 40 acre mixed-use development offices and retail space within proximity.
parcel and is located across the L&T campus at Manapakkam.
With exceptional amenities, the best retail outlets, Rejuve 360, Mumbai
commercial hubs and social infrastructure in proximity, the The residential complex is focused on the theme of
residences are crafted to grant a timeless living experience in rejuvenation of mind, body and soul. Located in Mulund
every sense. West, the project has sustained its position among premium
developments in the micro-market.
Island Cove, Mumbai
Island Cove, Mahim’s first gated community, has been 77 Crossroads, Mumbai
conceptualised to offer comfort and easy access to Mumbai’s 77 Crossroads is a gated community situated on the Eastern
major landmarks. Incorporating the finest lifestyle amenities, Express Highway in Ghatkopar – a location that provides easy
this property is poised to emerge as a desirable destination access to every corner of the city. The project has functional
for home buyers aspiring for an improved quality of life. residences with unmatched comforts and conveniences with
more than 20 thoughtfully designed amenities.

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Overview Discussion and Analysis Report Reports Statements

Artist’s Impression

L&T Innovation Campus, Powai, Mumbai, Maharashtra

Veridian @ Emerald Isle, Mumbai Innovation Campus Powai, Mumbai

Offering spacious and elegant homes and a host of amenities Innovation Campus is in the heart of Powai and offers
amidst 3 acres of central greens, this residential complex approximately 2 million sq.ft. of Grade A office space
is the perfect destination for those who wish to live life to across LEED Platinum-rated towers, designed with a strong
the fullest. Hailed as Powai’s finest gated community, the focus on sustainability, wellness and operational efficiency.
development is home to more than 2,000 families. With cutting-edge infrastructure, efficient floor plates and
modern amenities, Innovation Campus is poised to become
West Square & West Manor, Navi Mumbai a preferred destination for IT/ITeS, fintech and innovation-
West Square & West Manor are aspirational addresses in driven enterprises.
Navi Mumbai. The projects offer exceptional amenities and
a promise of privacy. These developments are only a few Technology Park, Bengaluru
footsteps away from Seawoods Station, Seawoods Grand
Located in the rapidly growing micro-market of Hebbal,
Central Offices, Seawoods Grand Central Mall and offer
the project has a scope of development of around 1.8
ultra-premium amenities.
million sq.ft. of IT/ITeS office space. Tech Park-1 (Phase 1)
office space, having an area of 1.2 million sq.ft., has been
Evara Heights, Thane
completed and fully leased. Construction for Phase 2 with
An epitome of modern architecture and high-rise living,
around 6.5 lakh sq.ft. is slated to begin by the end of
Evara Heights offers thoughtfully designed residences
this year.
with modern features and premium amenities. The project
launched during the year is in the heart of Thane, next to
L&T Innovation Campus, Chennai
Viviana mall.
The 6.5 million sq.ft. L&T Innovation Campus is a mixed-use
development project spread across 40 acres and is located
Commercial Segment:
at Manapakkam, Chennai (IT Hub). Phase 1 development
Seawoods Grand Central, Navi Mumbai comprised of two towers, ‘Ananda I’ and ‘Ananda II’, with
The Seawoods Grand Central offers 1.7 million sq.ft. of a built-up area of 1.2 million sq.ft. and was completed in
Grade A commercial office development along with 1.2 March 2024. These towers have now been fully leased out.
million sq.ft. of a state-of-the-art mall. It is one of the most The campus has the perfect last mile connectivity with
successful transit-oriented developments in the country. the upcoming metro station right within proximity. The
development offers the convenience of ‘Walk to Work’ with
premium residences within the campus.

127
 Others
Segment

Artist’s Impression

Evara Heights, Thane, Maharashtra

Other Commercial Developments: India’s importance as a global hub for engineering, R&D,
IT and professional services has been growing rapidly.
Developed the only LEED gold-rated building in Faridabad, This has led to the formation of GCCs by multinational
Haryana serving several marquee clients. enterprises. GCCs leased 29 million sq.ft. of space, which
is ~37% of total leasing activity. The cities of Bangalore,
New Growth Opportunities Hyderabad and Pune led the charge, collectively contributing
L&T Realty has expanded its footprint with new project 74% of the GCC leasing footprint in 2024. Demand for GCC
acquisitions totalling more than 20 million sq.ft. for premium space is expected to continue in the medium-term.
residential projects in Mumbai and Bengaluru and 1.6 million
sq.ft. commercial office space at Bengaluru and Pune in Major Achievements
FY 2024-25. With a robust pipeline and strategic partnerships,
the company is well-positioned to accelerate portfolio and à Launched new residential projects:
location expansion to capitalise on high-demand markets. ƒ Elara Celestia at Bengaluru
ƒ Evara Height at Thane, Mumbai
Business Environment ƒ Seawoods Residences new phase at Navi Mumbai
The Indian real estate markets continue to be resilient with à Handed over more than 1,000 residential units during
residential sales in the top six cities – which command ~80% the year at the Raintree Boulevard, Bengaluru and
market share – showing a solid 14% y-o-y growth in 2024, Emerald Isle, Powai East, Mumbai
despite high interest rates and increasing property prices. à Delivered 1 million sq.ft. commercial office space at
Premium segment demand, across the top six cities, surged Chennai campus and commenced another 1 million sq.ft.
27% while prices rose 12%. of new development in Chennai

The Indian office sector witnessed its highest ever leasing à The company has received multiple prestigious awards for
its excellence across residential and commercial segments
activity in 2024, with gross absorption touching ~79 million
of the real estate market. Notable accolades include
sq.ft., registering a 16% y-o-y growth. India’s position as
Workforce Innovation Summit & Award, Realty+ Conclave
the leading hub for Global Capability Centres (GCC) has
& Excellence Awards, Great Indian Real Estate Leaders
continued to spur demand, while institutional capital from
Summit & Awards, Golden Brick Awards, Dubai, ET Now &
family offices and ultra-high-net-worth individuals (UHNIs)
The Times Group, CNBC-AWAAZ Real Estate Awards, Times
continues to accelerate acquisitions in the commercial real
Real Estate Conclave & Awards
estate segment.

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 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Komatsu PC2000 Super Long Reach - Hydraulic Excavator Komatsu PC205 Hydraulic Excavator - Earth Master

Outlook à Premiumisation of office spaces: The evolving dynamics

of hybrid work models, employee-centric design and
The growth trajectory of the residential real estate segment wellness-oriented environments are pushing both
in FY 2025-26 is likely to continue on the back of stable developers and occupiers towards:
mortgage rates and a lower level of residential inventories.
The luxury and ultra-luxury segments continue to be strong
ƒ green and energy-efficient buildings (USGBC/IGBC/LEED/
Net Zero-ready)
contributors, fuelled by urban expansion and shifting buyer
preferences. ƒ enhanced experience through hospitality-grade
amenities, including concierge services, breakout
India’s commercial real estate market is on an expansionary lounges, wellness zones and tech-integrated facility
trajectory, attracting record capital inflows, with the real management
estate sector leading qualified institutional placement (QIP)
L&T Realty is uniquely poised to capitalise on these sectoral
fund-raising. Institutional-grade assets in data centers,
tailwinds and emerge as a leading player delivering value
industrial parks and flex spaces are witnessing exponential
and sustained outperformance.
demand growth, reinforcing the sector’s strong risk-
adjusted returns. With improving absorption ratio across key
metros, India’s real estate sector remains a high-conviction Construction Equipment
investment avenue in FY 2025-26.
and Others
Looking ahead, the Indian office market is poised to
maintain its growth momentum in the near term,
underpinned by:
Overview
à Strong interest in established metros: Bangalore, Mumbai The Construction Equipment and Others (CE&O) business
and Delhi-NCR continue to be anchor markets, offering comprises of Construction and Mining Machinery (CMM)
deep talent pools, infrastructure maturity and global division which is engaged in the manufacturing and
connectivity. marketing of construction and mining equipment, and Rubber
Processing Machinery (RPM) division which manufactures
à Rise of strategic alternatives: Cities like Chennai,
equipment for the tyre industry. The CMM division comprises
Hyderabad and Pune are gaining traction due to
of Construction and Mining Equipment business unit (CMB)
favourable policy environments, cost advantages and
within L&T and L&T Construction Equipment Limited (LTCEL),
occupier preference for portfolio diversification beyond
a wholly owned subsidiary of L&T.
gateway markets.

129
 Others
Segment

L&T 2490 HD Pneumatic Tyred Roller

The CMB division is engaged in the business of distribution The Product Development Centre (PDC), a part of CMB
and after-sales support of hydraulic excavators and dump business based in Coimbatore, with its highly skilled design
trucks manufactured by Komatsu India Private Limited (KIPL), team, supports engineering and product development
and other mining and construction equipment manufactured for both CMM and RPM divisions. PDC plays a key role in
by Komatsu worldwide. It also handles the distribution and designing customised equipment for various industries.
after-sales support for other mining equipment, viz. surface
miners, crushing solutions and apron feeders manufactured Business Environment
by L&T’s Minerals & Metals business in Odisha.
Construction and Mining Machinery Business
LTCEL provides solutions to the construction industry Investments in the construction and mining sectors
through mechanisation and automation, leveraging its continued to drive demand for the CMM business. However,
expertise in hydraulics, mechanical, electrical and electronics an extended monsoon and constrained government capex
engineering. Its facility at Doddaballapura near Bengaluru, spending during H1 FY 2024-25 resulted in subdued growth
in Karnataka, manufactures hydraulic power packs, cylinders, in road and highway construction. Consequently, the
pumps, motors, and other components. During the year, demand for construction equipment, such as road machinery,
LTCEL divested its assets related to the manufacturing wheel loaders and hydraulic excavators, remained subdued
of road machinery and material handling equipment during the year.
to Infra Bazaar Tech Private Limited (IBTPL). The CMM
division continues to manage the business of distribution The demand for mining equipment is largely dependent
and after-sales support for the range of equipment, now on expansion plans in coal and other allied sectors. In FY
manufactured by IBTPL. 2024-25, coal production surpassed the significant milestone
of one billion tonne, registered a growth of 5%, while iron
The RPM business, located in Kancheepuram near Chennai, ore and cement production registered a growth of ~4% over
manufactures rubber processing machines and tyre the previous year.
automation systems for the global tyre industry. It has
supplied equipment to tyre majors in over 46 countries. The CMM business has continued to offer cost-effective,
With over five decades of expertise, the division also performance-driven and sustainable value propositions,
supports customers with ‘build to print’ products and backed by robust after-sales support, round-the-
customised machinery. clock service at mining sites, application engineering
expertise, continuous improvement tools and deep
customer engagement.

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Passenger Car Hydraulic Tyre Curing Press Truck & Bus Hydraulic Tyre Curing Press

Rubber Processing Machinery Business Rubber Processing Machinery Business

The demand for tyre-making machinery is directly linked à developed and exported specialty tyre building machine
with the fortunes of the automobile, agriculture and mining for off-the-road (OTR), port handling application
sectors. Though global vehicle sales are projected to grow at à developed and supplied a new-sized Hydraulic Tyre Curing
2.7% in 2025, rising input prices and policy uncertainties may Press for specialised light truck applications for a leading
constrain demand. In addition, ongoing trade tensions may Indian tyre manufacturer
further dampen overall market sentiment and result in the à developed and supplied a Compressed Air-Free Tyre Curing
deferrals of capex in the tyre industry. Press for a leading European tyre manufacturer
As per ICRA, India’s domestic commercial vehicle industry à developed and supplied an OTR lube spray machine
is projected to grow 3–5% in FY 2025–26. Continued integrated with a robotic system for green tyre
government support for electric vehicle (EV) adoption is painting applications
expected to drive market expansion.
L&T Construction Equipment Limited
Major Achievements à developed customised Trenching and Pipe Laying
Equipment that integrate trenching, cable/hose feeding
Construction and Mining Machinery Business
and trench closing operations into a single unit
à achieved the milestone sale of 50,000th Komatsu machine à manufactured and supplied CAM (Cement Asphalt Mortar)
in India – a testament to quality, reliability and durability
injection car and asphalt storage tanks for the flagship
and trusted after-sales support
Mumbai–Ahmedabad High-Speed Rail Project
à first distributor in Asia to receive Komatsu’s Level-3 Gold
Rebuild Certification for its service and training centres in Significant Initiatives
recognition of adherence to Komatsu’s global standards
à first time in India, a Komatsu HD785 (100-tonne dump à launch of LNG retrofit kits, a solution designed to convert
truck) surpassed 73,000 operating hours, while a Komatsu traditional diesel engines into dual-fuel engines, in
PC2000 hydraulic excavator crossed 75,000 hours — both CMM business
machines still in operation à launched smart construction machine equipped with ICT
tools to enhance operational efficiency, productivity and
à launched the new Komatsu 3-tonne excavator PC35MR,
marking entry into the mini excavator segment fuel savings in CMM business
à in line with its sustainability initiatives, the RPM business
has successfully developed Electric Curing Presses

131
 Others
Segment

Off-Road Tyre Building Machine

Outlook For the Spare Parts and Services segment, the business plans
to capture a higher market share by providing long-term
Construction and Mining Machinery Business service contracts to its customers. In this regard, various
Various government initiatives like the National initiatives have been undertaken to improve the sale of
Infrastructure Pipeline, Bharatmala and Sagarmala have genuine spare parts.
created a strong demand for infrastructure machinery. The
government’s focus on developing world-class infrastructure, Rubber Processing Machinery Business
from logistics hubs to smart cities, is expected to propel The global automotive tyre industry is projected to reach
the industry into its next phase of growth. The transition USD 256 billion in 2025, registering a growth of 5.9% y-o-y
to CEV-V standards will increase the demand for energy- and is expected to expand further at a CAGR of 6.3% from
efficient equipment. 2025 to 2035, reaching USD 472 billion by 2035. The Asia-
The Union Budget for FY 2025-26 has proposed an Pacific market, led by India, is forecast to achieve a 6.4%
investment of I 11.21 lakh crore in infrastructure, with about CAGR in unit growth through 2028.
I 2.72 lakh crore outlay for roads & highways construction Globally, tyre industries operate at around 70% capacity.
and I 2.52 lakh crore for railways. The continued focus With the US Government’s renewed emphasis on local
on the development of rural infrastructure through manufacturing, tyre companies in the United States are
programmes such as the Jal Jeevan Mission, PM Awas Yojana expected to resume investments. However, due to the
and PM Gram Sadak Yojana is expected to boost demand for imposition of tariffs on tyre manufacturing machinery,
small- to mid-sized construction equipment. Construction major US tyre companies may look to adopt a more cautious
activity is expected to gain momentum in the coming year, approach in the near term.
leading to an estimated 5–6% growth in the construction
equipment market. Demand in the Indian market remains steady. Passenger Car
Radial (PCR) and Truck Bus Radial (TBR) tyres will continue
Infrastructure development will also drive demand in the to be the key focus areas for the major tyre manufacturers.
cement and metal sectors, leading to sustained demand for However, utilisation of off-highway tyres (OHT) remains
mining machines like excavators, dump trucks and dozers. relatively low, and no significant investments are anticipated
Further, with increased targets for the domestic production in this segment for FY 2025-26.
of coal and iron ore, demand for heavy earth moving
machinery (HEMM) is likely to sustain in the near term.

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Large-size steam-jacketed Triple Offset Butterfly Valve supplied to a refinery expansion project

L&T Valves Limited Business Environment

Relatively stable crude oil prices, easing of inflation pressures
Overview and increased investments in the oil & gas sector have led
to a higher demand for industrial valves in FY 2024-25. The
L&T Valves Limited (LTVL), a wholly owned subsidiary of
shift towards clean energy sources like Liquefied Natural Gas
L&T, is a leader in flow control solutions with a global
(LNG) created additional demand for valves that are used in
customer base. The business leverages sixty plus years of
its transportation, storage and regasification.
manufacturing excellence to serve key sectors such as oil &
gas, defence, nuclear & aerospace, power, petrochemicals, During the year, the business witnessed challenges in terms
chemicals, water and pharmaceuticals across the globe. of shorter lead time requirement from customers. Stringent
environmental and safety regulations also posed challenges
LTVL manufactures a wide range of products such as Gate,
for manufacturers to meet the compliance standards.
Globe, Check, Ball, Butterfly, Double Block Bleed Valves
and provides automation solutions. The portfolio includes The market for industrial valves is characterised by significant
products monogrammed API600, API594, API6D, API609 & fragmentation. An increased focus by customers on
API603, valves with CE, ATEX and safety integrity level (SIL) faster deliveries and lower costs ensures that the market
certifications, as well as IoT-ready digital solutions. With environment continues to remain highly competitive.
a large installed base in place, LTVL runs a global after-
However, given the geographical spread of its demand base,
market business to support its customers in valve repair and
channel and product expansion strategies, the business has
rectification services, on-site training, project management
established a good reputation in the industry.
consulting and maintenance contracts.

The business has manufacturing centres with state-of- Major Product Developments
the-art facilities in Kancheepuram (Tamil Nadu) and in Al
The business has successfully developed and supplied
Jubail (Saudi Arabia) through a wholly owned subsidiary.
complex engineering products to meet customers’
The business has its own internal engineering department
requirements:
and an R&D centre, staffed with a technically empowered
team. LTVL’s products have an established record of safety, à first globe valve with Inconel 625 cladded internals
reliability and quality across industry segments. à hydraulic drain valve operated under sea and actuated
from 6 metres above sea level
à exotic grade material valves for Bio Refinery and PTA plants

133
 Others
Segment

Buried Service Trunnion Mounted Ball Valve supplied to a cross-country World’s largest Bellow-sealed Gate Valve supplied for Benzene service in
crude pipeline a refinery

Outlook The domestic market is expected to be relatively shielded

from the impacts of tariff wars. Fleet mode projects, along
The business closely monitors key demand indicators such as with initiatives aimed at promoting the use of Small Modular
crude oil prices, capacity additions across industries, client Reactor (SMR) and Bharat Small Reactors (BSR) may provide
leverage and liquidity, project capex spends, GDP trends and opportunities for business expansion. The domestic market is
environmental regulations in relevant geographies. also seeing investments in the thermal power sector.
Geopolitical events, political instability or a change in Within the given business environment, initiatives focusing
international relations can significantly impact crude oil on product and geographical expansion, supply chain
prices. The impact of tariff wars may result in reduced resilience, digitalisation, operational excellence and a
economic activity which can lead to a decline in demand strengthened after-market team, is expected to build a
for oil & gas as industries and consumers cut back on strong business whilst delivering customer satisfaction.
energy consumption.

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INFORMATION
TECHNOLOGY
Empowering Growth Through Technology To enhance cybersecurity measures, all key businesses were
onboarded to a Central Cyber Security Operations Centre
Innovation (C-SOC) providing a unified view of security incidents and
At L&T, the Information Technology (IT) function has enabling seamless mitigation across the group.
made strategic investments in information technology and
Enhanced cybersecurity awareness through employee
infrastructural improvements throughout the year, reflecting
training programmes were conducted through the year.
the Company’s dedication to operational excellence and
preparedness for the future. These efforts strengthen
governance, enhance efficiency and position L&T for
4. Sustainability and ESG Initiatives
sustainable growth. A Microsoft Azure-hosted platform, L&T-EARTH,
implemented to capture sustainability metrics (energy,
The following outlines the key initiatives undertaken by L&T in FY emissions, water, waste) across all locations. It supports
2024-25 - categorised for clarity - and reflect the commitment to regulatory reporting, decision-making and internal
digital transformation in alignment with industry best practices: benchmarking, reinforcing L&T’s ESG commitments.

1. Digital Transformation and Automation These initiatives reflect L&T’s strategic focus on leveraging
technology, ensuring compliance and driving sustainability.
Plans are in place to deploy over 100 AI solutions by FY
By aligning with global standards and adopting cutting-edge
2025-26, boosting productivity and operational efficiency. To
solutions, the Company aims to deliver value to stakeholders
this end, L&T Cognitive Services (L&T CS) has been deployed
while maintaining leadership in the industry.
to leverage AI-powered applications like SmartCompose
and Notes AI, using Machine Learning and Generative
AI. A Generative AI platform was also launched to drive Outlook and Strategic Investments
innovation and enhance business processes across operations. Looking ahead, the Group IT function will sustain its momentum
in driving innovation and value creation. Key priorities for
2. Compliance and Governance FY 2025-26 include:
The IT function successfully completed the ISO 27001:2022 à Scaling the L&T One Approach: Enhancing One Identity,
external audit, reinforcing the Company’s commitment to One Network, One Data, One Asset and One Unified Portal
robust information security management systems.
to support growth
In addition, a real-time stock and news monitoring portal à Advancing Industry 5.0: Expanding human-machine
was implemented to comply with SEBI regulations. The collaboration and sustainable IT solutions to align with
New Application for Reporting of Accurate Disclosure of L&T’s sustainability goals
Activities (NARADA) tracks share price movements and news,
providing alerts to the Corporate Secretarial team for timely à Scaling AI Innovation: Further developing the Enterprise
analysis and regulatory compliance, ensuring transparency Platform and AI-driven solutions for sustainability and
and safeguarding investor trust. customer-centricity
à Embedding ESG Excellence: Developing a
3. Cybersecurity group-wide ESG Platform to track environmental, social
The Company continues to invest in state-of-the-art security and governance metrics
technologies to prevent cyberattacks. à Enhancing Cyber Resilience: Investing in quantum-
resistant encryption and AI-driven threat intelligence

135
 Human
Resources

HUMAN
RESOURCES
At L&T, Human Capital is recognised as one of the most an employer of choice by engaging with top talent across
vital enablers of long-term, sustainable value creation. The premier engineering institutes.
Company’s workforce is a dynamic, evolving ecosystem of
CreaTech, the flagship case study competition for engineers,
individuals who bring passion, purpose, technical brilliance
plays a key role in expanding campus interaction by offering
and leadership to everything they do.
students real-world problem-solving experiences that
With a multi-generational talent pool spread across mirror industry challenges. During the year, the Company
geographies, business verticals and disciplines, L&T thrives relaunched OutThink – a business case study competition,
on the strength of its people — men and women, who which recorded more than 6,500 registrations from
challenge the ordinary, solve complex problems and deliver 34 premier B-schools across the country.
outcomes that shape India’s infrastructure, manufacturing
and technological progress. Managing Talent and Succession
The Company’s Human Capital approach is built on five L&T’s Performance Management System (PMS), the
foundational pillars: foundation of the Company’s meritocratic culture, ensures
à Capability building at scale that talent is differentiated, recognised and rewarded
à Culture of continuous learning and innovation effectively. The PMS is also integrated with the Career
Development and Succession Planning Modules to facilitate
à Fairness and inclusiveness
seamless succession planning. The Company has a robust
à Performance with purpose process for identifying and nurturing high-potential
à Well-being as a strategic enabler employees through Development Centres (DCs), designed to
These pillars are aligned with the Company’s long-term assess and groom future business leaders, and a Technology
strategic blueprint, Lakshya 2026, and ensure that human Leadership Programme (TLP), focused on employees in
capital development remains an integral part of business specialised technical domains such as engineering design,
success and stakeholder value creation. construction methods, plant and machinery, precast
and formwork. In FY 2024-25, over 1,500 employees
Acquiring Talent & Consolidating the were assessed through DCs, and Individual Development
Employer Brand Plans (IDPs) were prepared to map their personalised
growth journeys.
L&T’s Young Professional Talent Acquisition team recruited
and onboarded over 2,600 young engineering professionals
Talent Review:
(GETs/PGETs) across various businesses within the L&T Group.
To enhance visibility and support critical talent from across
GETs and PGETs were recruited primarily through campus
business units, the Company further strengthened the ‘Talent
processes held across the country. Over the past three
Review Process’ for all employees. Led by the Talent Council,
years, the total number of women hires in the GET/PGET
this re-structured approach involves quality discussions and a
recruitment process was more than 30% of the total intake.
user-friendly Talent Review software module. A digital tool
More than 1,600 young professionals were also recruited
has been developed to capture the requisite data on critical
during the year comprising MBA Graduates, Chartered
talent and help track progress of interventions.
Accountants, Cost Accountants, Diploma Engineers, and
other trainees.
Special Initiatives for Workers:
Beyond recruitment, the Group focused on reinventing the The Company’s Infrastructure segment has initiated a worker
Employer Brand through campus engagements, strategic cash incentive scheme to improve retention of workers
sponsorships at various engineering institutes, social media at project sites. The scheme pays out a cash incentive to
activation, and other initiatives. Through leadership talks workers who stay for more than 90 days at a project site.
and industry-academia connects, L&T’s leadership shared During the year, more than 25,000 workers availed of
inspiring narratives about shaping India’s infrastructure. the scheme.
These initiatives continue to reinforce L&T’s position as

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The Group Performance Assistance Scheme, a performance- The Company conducts skilling programmes for workmen
based earning model has been initiated by the Heavy in the construction industry. During the year, more than
Engineering business. The scheme is designed to encourage 10,000 candidates were skilled and trained by Construction
enhanced worker performance by linking it to the prospect Skills Training Institute (CSTI). The training involves a 90-day
of increased incentive-based compensation. It has played modular training programme which, upon successful
a vital role in increasing efficiency, reducing delays and completion, enables a candidate to gain employment
ensuring safe working conditions. opportunities in the construction industry. In addition, over
4,000 candidates were placed under National Apprenticeship
Learning & Leadership Development Promotion Scheme (NAPS).

At L&T, Learning & Development is deeply embedded in the Upskilling and re-skilling of workers is also done by giving
Company’s ethos, driving both individual and organisational ‘site-based’ training and ‘on-the job-training’. Over 25,000
growth. The Company has built a legacy of nurturing talent candidates have benefited through these schemes.
from within. Leveraging cutting-edge AI tools and innovative
digital platforms, L&T provides employees with continuous ATL Varsity
learning opportunities, ensuring that they are equipped with L&T’s virtual learning platform, ATLVarsity, offers a host
the latest skills. of self-paced learning courses and modules in areas
pertaining to technical, functional and behavioural areas.
The flagship Seven-Step Leadership Development and
The ATLVarsity, in addition to its own hosted content,
Ascent – an integrated leadership competency development
offers curated content from other learning platforms such
programme -- continues to strengthen the leadership bench,
as Coursera, Skillsoft and Coach Vani. Expanding beyond
ensuring a seamless transition into future leadership roles.
content creation, ATLVarsity leverages GenAI for skill
L&T’s Management Development Programmes (MDPs) assessments and benchmarking, providing employees with
strengthen functional management skills and build personalised feedback and learning experiences.
a sustainable competitive advantage. Conducted in
partnership with XLRI, IIM-B, IIM-C and other premier HR Digitalisation & AI Enablement
B-schools, the MDPs train over 800 employees annually
through a structured learning approach. For executive and The Company has launched a new AI-enabled chatbot,
supervisory levels, the Company runs Executive Development “HEERA Plus” - an AI-powered employee assistant designed
Programmes (EDPs) and Supervisory Development to transform employee query resolution and serve as a self-
Programmes (SDPs) in collaboration with SIBM and NMIMS. service platform for all HR related queries, at 3 personas -
employee connect, HR connect and Leadership connect.
The People Leadership Excellence Framework introduced
in 2023-24 has become the cornerstone for developing The Company launched a state-of-the-art Learning
leadership excellence through several initiatives. This Management System (LMS) as a part of the SAP Success
framework articulates the journey and attributes of a people Factors suit, marking a significant step in enhancing
leader through five dimensions – Personal Excellence, People employee training and development programmes. This
Relations Excellence, People Performance Excellence, People cloud-based LMS provides a personalised and meaningful
Development Excellence and People Leadership Excellence. learning experience, prioritising compliance and continuous
growth.
Long-Term Education Programmes Another key Gen AI-driven innovation is CAISY, a
Investing in long-term education programmes is a strategic Conversational AI Simulator designed as a scenario-
approach to develop young talent within L&T and meet based, personalised coaching tool for managers, enabling
the personal aspirations of employees who are in the early them to practise difficult conversations and enhance
stages of their career. Some of the notable programmes are their communication skills. CAISY offers over 70 scenarios
Build India Scholarship with IIT Madras, IIT Delhi, NIT Trichy across three distinct personas — defensive, aggressive and
and NIT Surathkal. In FY 2024-25, the Company collaborated dismissive — providing a realistic and immersive environment
with NICMAR to offer co-branded M. Tech Programmes in for skill development.
Construction Technology & Management and Infrastructure
Project Management. The programmes will be rolled out in
their Pune campus in FY 2025-26.

137
 Human
Resources

Additionally, L&T has launched a new digital library through Employee Experience & Engagement
the Percipio platform, providing employees with access to
over 15,000 books and articles. This extensive digital library As part of ensuring an enhanced onboarding experience,
supports continuous learning and professional development the Company conducts Pulse Engage surveys on the HEERA
by offering resources from various fields and disciplines. platform in a conversational mode at critical milestones
(7 days, 30 days, 60 days and 180 days) for new joiners.
The Company added AI-based 270-degree report as part Over 8,000 laterals and 2,800 campus joiners in FY 2024-25
of the People Leadership Excellence Feedback Instrument responded to Pulse Surveys.
giving people managers a comprehensive overview on their
competencies, strengths and blind spots. It also helps in With over 140 podcasts covering various themes like
framing customised development plans for people leaders. Leadership Series#, Health & Wellness#, L&T Cares#, and
employee’s children’s achievements in Academics & Sports,
Another achievement in HR digitalisation is the launch L&T Radio has become a vital cog in engagement and
of an attrition prediction module - Retain Pulse.AI - an employee connect.
in-house platform developed by HR and the COE – Advanced
Analytics, designed to predict employee attrition using From 1,500 participants in its inaugural season to over
workforce data such as demographics, attendance, training 5,200 participants in FY 2024-25, the QuizWiz initiative has
and performance. cemented itself as a knowledge-driven competitive event,
emblematic of L&T’s values and its emphasis on continuous
learning. The ART Beats programme which brings out the
Diversity, Equity & Inclusion (DEI)
artists in the employees, has inspired camaraderie and artistic
Fostering diversity and inclusion at workplace continues to innovation among employees.
be a key priority for the organisation, with a focus on hiring
Internal HR Excellence Initiatives – Over the years, L&T
diverse talent and creating an equitable environment where
has benchmarked its internal people processes. This year,
all employees feel included. This year the focus has been to
the Company organised the 13th edition of its HR Excellence
strengthen initiatives based on the four pillars of the DEI
Model (HREM) awards where applications were assessed by
Charter – Induct, Engage, Develop and Enable.
30 CII-certified assessors. The initiatives taken by HR teams
During the year, the Company hired ‘People with across businesses were recognised as part of the Annual HR
Disability’ (PwD) candidates in technical roles. A workshop Awards programme.
was organised to ensure support from stakeholders
and an accessibility assessment was carried out for the Health & Well-being
office campus.
The organisation has curated various initiatives to support
The WINSPIRE programme is designed to focus on addressing the mental health and overall well-being of employees. To
the developmental needs of women at various stages of increase awareness of holistic well-being among employees,
their careers that covers participants in their early-career to the Company conducted a pilot survey based on the Four
mid-career stages, with each programme customised for the Pillars Wellness Framework – physical, social, emotional and
respective cohorts. 765 women employees have undergone financial.
the WINSPIRE series of Leadership Development Programmes
since its launch. The Company organised various programmes covering –
health awareness sessions, diagnostic/screening camps/
The Company emphasises on building an enabling workshops and training programmes.
environment for women in general and working mothers
in particular. The existing policies such as flexibility for new The Company offers mental health counselling services both
mothers, traveling with infant and caretaker, ergonomic internally and through external counselling service providers
chairs, wellness rooms, creche facilities, hybrid working post- that ensure that employees have confidential access to
maternity, and the newly introduced menstrual leave, have counselling, mental health resources and support for both
been well accepted. personal and workplace challenges.

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The MHFA (Mental Health First Aider’s) campaign was Outlook & Strategic Priorities
launched in December 2024, inviting nominations from
employees across India. 50 participants were chosen to As the Company expands into new businesses and
take part in this initiative which aims to equip employees geographies, its commitment to talent development has
with the skills to identify mental health challenges, support deepened. The focus is to ensure that the workforce is
individuals in need and provide guidance on accessing equipped with the skills, expertise and leadership acumen
professional help. needed for sustainable growth. The Company actively invests
in continuous learning and targeted upskilling programmes
Larsen Memorial Run along with leadership development initiatives that align with
evolving industry dynamics.
This run is organised every year as an ode to the co-founder.
From the first edition in 2013, the number of participants The Company upholds an unwavering commitment
has increased every year with more employees actively to human rights, fostering a workplace anchored in
participating along with family and friends. integrity, fairness and inclusivity. By embedding ethical
principles across the workforce, the Company creates an
The second edition of the Atal Setu L&T Marathon took
environment where employees thrive, collaborate and
place on February 16, 2025. Besides being a platform for
contribute meaningfully.
fitness enthusiasts, the run is also a celebration of the
L&T Spirit.

139
 Awards and
Accolades

AWARDS AND
ACCOLADES

‘L&T Heavy Engineering, Hazira’ declared Winner of ‘Golden Peacock Award

for Corporate Social Responsibility’ for 2024 for its community development
initiatives

During the year, multiple projects across multiple businesses Corporate Social Responsibility (CSR)
received awards for Environment, Health and Safety from
RoSPA (The Royal Society for the Prevention of Accidents), à ‘L&T Heavy Engineering, Hazira’ was declared the
the British Safety Council, the National Safety Council of Winner of the ‘Golden Peacock Award for Corporate
India (NSCI), and many other reputed organisations. L&T’s Social Responsibility’ for the year 2024 for its community
businesses have also won many awards and accolades. Some development initiatives
noteworthy awards and accolades are mentioned below: à Larsen & Toubro Ltd. (Heavy Engineering division) has
been honoured with the “India CSR Investment in
Human Resources Sustainability Award” at the India Climate Samman 2025
by Carbon Markets Association of India (CMAI)
à Great Place to Work® Certified, FY 2024-25 à L&T was honoured with the 1st Prize for ‘Unnati’,
à Recognised by ET HR World Future Skills Awards 2024 with an Integrated Community Development Programme
Silver Award in the category of Best Use of AI/AR/VR in undertaken at Devgaon Cluster of Aurangabad District in
Learning & Upskilling. Maharashtra by AIMA (All India Management Association)
à ‘Best use of AI in Learning & Upskilling’ 2024 in à L&T was honoured for Excellence in Community-
programme of the year category by Skillsoft driven Sustainability Impact by Indian Chambers of
à Recognised as Top 100 Best Companies for Women in India Commerce (ICC), Annual Sustainability Symposium and
by AVTAR & Seramount, 2024 Excellence Award
à Gold Award at SHRM HR Excellence Awards 2024 for Buildings & Factories
‘Excellence in Developing Emerging Leaders’
à Best Employer List in India by Randstad 2024 (Top 10) and à Received the Outstanding Concrete Award for HAD
2nd in energy and infrastructure sector Chandigarh – 3D Printing from the Indian Concrete
Institute (ICI) and the Outstanding Concrete Structure
à Forbes World’s Best Employer 2024
Award for IIT Hyderabad Phase 2 from ACCE
à Recognized at the ET Human Capital Awards (ETHCA)
2025 - Gold Award in the category of ‘Excellence in AI for à BIAL T2 received ICI Award for Outstanding Concrete
Structure (Infrastructure) 2024 and DIAL Ph3A project
Learning & Development’
received ICI Award for Outstanding Concrete Structure
(Buildings) 2024 and Construction Times Award for Best
Airport Project 2024

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Overview Discussion and Analysis Report Reports Statements

LTEH won OHSSAI Carbon Neutral Award (Gold) at the 9th Annual
Great Place to Work® Certified, FY 2024-25
HSE Excellence & ESG Global Awards 2024

Transportation Infrastructure Precision Engineering & Systems

à Received the Build India Infra award for Meerut-Aligarh- à ‘Gold Award’ at National Level - Quality Sustainability
Ghaziabad Road Project under Sustainability category Award 2024 by Indian Society for Quality
à Delhi International Airport Phase 3A works has been à FICCI Platinum Award 2024 at National level – ‘Excellence
recognised as the Best Airport Project of the Year 2024 by in Quality Systems’ in Large Companies category
Construction Times Magazine à Five ‘Gold Awards’ for six sigma, Kaizen and VSM at
à EPC World Awards – MAHSR C6 Project team accorded the Quality Circle Forum of India (QCFI) Coimbatore Chapter
award for “Outstanding Contribution to Innovative Urban à SIDM champion award under export substitution for Fire
Transportation” category Control System of Anti Submarine Warfare weapons
à Received the esteemed Skoch Order of Merit Certificate
Water & Effluent Treatment for Smart Automation - The RPA Path to Digital Agility,
recognising our excellence in process automation
à IMC Ramkrishna Bajaj National Quality Award (IMC
RBNQA) for performance excellence
à Middle East Economic Digest (MEED) Project Awards – Ad L&T Technology Services
Dakhiliyah WSP - National Winner - Water Transmission à Recognised as a Great Place to Work™ in the United States
Project - Oman for the first time ever, and as a Great Place to Work™ in
à Multiple EEF Global Awards in various categories Poland for the second time in a row
à Acknowledged as the Most Innovative Company of
Hydrocarbon the Year 2024 – 25 by ET Now

à Certificate of Appreciation Awarded by Society of à Featured among the Top 3 Global pure-play
Petroleum Engineers (SPE) Engineering Services in Everest Group’s Engineering
Services Top 50 ranking
à Won ‘Platinum Award’ by ICC (Indian Chambers of
Commerce) in National OHS Award 2024 à Rated as Market Leaders in the 2024 HFS Horizons Report
for IoT Service Providers, excelling in comprehensive
à Group QHSE Won the coveted Gold Award for Carbon strategies, global reach, technology partnerships, and
Neutrality Initiatives for the time at OHSSAI Global
transformative solutions
Conclave & Annual Awards 2025, IIM Mumbai
à Recognised as one of the Top 25 Companies Excelling in
Women in STEM, 2024, by CII

141
 Awards and
Accolades

Recognised as Top 100 Best Companies for Women in India by AVTAR & Gold Award at SHRM HR Excellence Awards 2024 for ‘Excellence in
Seramount, 2024 Developing Emerging Leaders’

à Rated as a “Leader” in Digital Engineering and ER&D Construction Equipment

Services 2024 for Overall ER&D, Digital Engineering
Services, Medical Devices, Industry 4.0 and Industrial by à Received Construction Infrastructure Architect World
Zinnov award for:

à Recognised by Financial Express FuTech Awards 2024 for ƒ Best Company in Earth Moving Equipment
Best AR/VR Breakthrough and Best Use of Predictive/ ƒ Best Product in Small & Mid-Category Komatsu PC81
Prescriptive Analytics ƒ Best OEM for Skill India Campaign in Partnership
with IESC
Nabha Power
Valves
à Central Board of Irrigation & Power (CBIP) Award 2024 for
Best Performing Thermal Power Station à “Star Performer Award” for outstanding export
à Won Best National Power-Gen Plant of the Year (Coal) performance from EEPC India
from Council for Enviro Excellence (CEE) at 2nd National à “Gold” position in Environment & Safety in 9th Annual
Power-Gen Leadership Awards, 2024 HSE Excellence & ESG global awards from OHSSAI
à Won Excellent Energy Efficient Unit from CII at National à First Indian Valve manufacturer certified with
Award for Excellence in Energy Management, 2024 ISO 19443:2018
à Twin awards from CII at the National Energy Efficiency
Circle Competition
ƒ Winner of Innovations in Energy Efficiency
ƒ Winner of Effective Implementation of ISO 50001
(Energy Management)
à Twin awards from the Council for Enviro Excellence (CEE)
ƒ Winner of Sustainable Performance in IPP (Coal) – Above
500 MW Category
ƒ Winner of Sustainable Performance in IPP – Fly Ash
Utilisation Plant of the Year (Private Sector)

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INTEGRATED
REPORT

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Overview Discussion and Analysis Report Reports Statements

Approach to the NATURAL

Sustainability Disclosures CAPITAL
This section of the Integrated Annual Report highlights
the approach to value creation for all stakeholders. It
Pg. 178
presents a comprehensive sustainability performance
overview, encompassing value creation model, MANUFACTURED
sustainability governance, material topics, stakeholder
engagement and the six capitals. This disclosure goes
CAPITAL
beyond statutory requirements, offering a holistic view Pg. 208
of the Company’s goals, strategy and performance.

Reporting Framework, Guidelines

HUMAN
and Standards CAPITAL
Pg. 214
ƒ Narrative sections adhere to the IIRC’s <IR> Framework
guidelines. These sections provide a comprehensive
overview of the Company’s performance and activities. INTELLECTUAL
ƒ Business Responsibility and Sustainability Reporting CAPITAL
(BRSR) based on the National Guidelines on Responsible
Business Conduct (NGRBC) Pg. 244

Reporting Period, Scope and Boundary SOCIAL AND

This section covers relevant financial and non-financial RELATIONSHIP CAPITAL
information for the Company on a standalone basis. Pg. 260
The information in this Report pertains to the period
April 01, 2024 to March 31, 2025.
FINANCIAL
External Assurance CAPITAL
An independent reasonable assurance of the Company’s Pg. 292
BRSR Core parameters has been conducted by Deloitte
Haskins & Sells LLP.

Other Chapters
Forward-looking Statement Value Creation Process 146
This section contains forward-looking statements Value Creation Model 148
based on reasonable assumptions and past Stakeholder Engagement 150
performance. These involve risks and uncertainties Outlook and Strategic Priorities 155
and may differ materially from actual results due
Understanding Materiality 156
to changes in industry trends, market conditions,
regulations, and other factors. The Company makes no Sustainability Governance 166
assurance that such statements will prove accurate. Sustainability Highlights FY 2024-25 176

145
 Value Creation
Process

VALUE CREATION PROCESS

STRATEGY

VISION AND VALUES

Value-accretive growth of
SO-I
current businesses
Strategic Objectives

Scaling up digital and e-commerce

SO-II
businesses

Developing business offerings to

SO-III
ride the Energy Transition wave

Divestment of
SO-IV non-core businesses

Enabling business sustainability

SO-V through a high focus on ESG
and Stakeholder Value Creation

SE-1 Operational Excellence

Industry leading capabilities in

Strategic Enablers

SE-2
digital and advanced technologies

Financial resources and strong

SE-3
financial health

SE-4 Talent and Leadership pipeline

Capability enhancement through

SE-5
innovation, R&D and partnerships

MATERIAL TOPICS
STAKEHOLDER ENGAGEMENT
GOVERNANCE: POLICIES, PROCESSES, RISK MANAGEMENT

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Overview Discussion and Analysis Report Reports Statements

VALUE

VALUE CREATION VALUE CREATED

Business Models Creating Value for

EPC Projects
NATURAL Productive Assets
CAPITAL for Clients
Customers

MANUFACTURED Dividends
CAPITAL and Buybacks
Shareholders

Employee Benefits
HUMAN and Capability
CAPITAL Development
Employees

INTELLECTUAL
CAPITAL Business for
Suppliers Suppliers

Hi-Tech
SOCIAL AND Manufacturing
RELATIONSHIP Payment to
CAPITAL The six Capitals are utilised Government Exchequer
through business processes to
create assets and products linked
to infrastructure, energy, oil &
FINANCIAL gas, metals, process plants and
CAPITAL other sectors, and create value for Community Assets
the stakeholders. Communities and Livelihoods

147
 Value Creation
Model

VALUE CREATION MODEL

Input Business Processes and

L&T BUSINESS
Natural Water Consumed: 15.4 Mn kL
Energy Consumed: 9.9 Mn GJ EXCELLENCE MODEL
Capital

VALUE ENGINEERING
Spend on Environment1: ₹ 76 Cr
Material Consumed (Mn tonnes):
- Cement: 3.8
- Sand: 5.9
- Ferrous: 1.9 Residential Spaces

Manufactured Active Project Sites: 700

Capital Manufacturing Facilities: 19

Mass Transit and Railways

LEAN OPERATIONS
Data Centres

Human Employees: 58,556

Capital Workers: 3,54,415
Gender diversity: 9.1% Hydel Power Plants

Safety training manhours: 4.2 Mn

Intellectual R&D Spend (cumulative of 3 years): `479.4 Cr

Capital IPR filed: 18 Water Treatment Plants
R&D Engineers and Scientists: 144
INTEGRATED ENGINEERING

Active collaborations and partnerships6: 22

Social & CSR Spend: `164 Cr

Relationship CSR Partners: 61
Capital Sourcing from MSME: 10% Oil & Gas Facilities
Memberships of Industry Chambers: 63

Financial Order Book: `4,70,444 Cr

Capital Net Current Assets: `28,306 Cr
Net Fixed Assets: `12,393 Cr Process Plant Equipment

1
S pend on environmental management: 2
 artnerships with universities, academic
P 4
 obility Infra created includes Roads (109 lane km),
M
pollution control, environmental and research institutes, start-ups. Rail electrification (419 track km), Mass Transit-Track
monitoring, waste management, 3
Also includes Green Building (265 track km) and Mass Transit-viaducts (129 km).
wastewater treatment etc. (15.6 Mn sq. ft.). 5
Also includes Irrigation Capacity (1.1 lakh ha) and
Water Pipelines (1.2 lakh km).

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Offerings Output

SPEED & SCALE GHG Emissions: 0.88 Mn tCO2e SDG Linkage

GHG Emission Intensity: 6.2 tCO2e/₹ Cr
DIGITALISATION Water offset created: 3.2 Mn kL/year

Commercial Spaces

Green Business (Revenue): ~`75,500 Cr

Building Infra created2: 30.7 Mn sq. ft.
Mobility Infra created3: 921
Airports Bridges & Tunnels: 50.2 km
AUTOMATION

Power Infra Created:

- Transmission Lines: 2,304 ckm
- Solar Power Capacity: 4.3 GWp
Water & Sanitation Infra Created5:
- Water Storage Capacity: 529 Mn ltr
Solar Power Plants
- Treatment Capacity: 910 Mn ltr/day
Factory Output4 : 3,34,304 tonnes

Revenue per Employee: `2.4 Cr

Women in senior management: 112
Nuclear Power Plants Average training days per employee : 10.1
INNOVATION

Accident-free Man Hours: 1,380 Mn

IPR granted: 3
Refining and Petchem Plants Value Engineering projects7: 313

CSR beneficiaries: 1.9 Mn

GLOBAL SOURCING

Contribution to Exchequer: `7,481 Cr

Ferrous and Non-ferrous Plants Complaints Received8 : 1,250
Complaints Resolved : 1,181

Turnover: `1,42,509 Cr
PBIT: `15,294 Cr
Launch Vehicles Dividend Payout: `4,676 Cr
Return on Net Worth: 15.94%

6
 otal production for businesses: Buildings &
T 7
Initiatives for improving processes, products 8
 cross the stakeholders, for breakup refer
A
Factories, Power Transmission & Distribution, and services to reduce cost, improve project to Section A in Business Responsibility and
Minerals & Metals, Heavy Engineering, delivery and increase customer satisfaction. Sustainability Reporting (BRSR).
Precision Engineering and Systems, L&T Energy-
Hydrocarbon and Rubber Processing Machinery.

149
 Stakeholder
Engagement

DRIVING STAKEHOLDER ENGAGEMENT

The Company recognises that open and ongoing dialogue with the stakeholders is essential towards shaping a resilient and
sustainable business. The engagement approach ensures that the Company is responsive to evolving expectations, aligned
with the sustainability strategy with material topics, and committed to building long-term trust.

Core Principles of Engagement

Mutual value
Transparency in
creation through
communication
collaboration

Inclusivity in
Responsiveness to
capturing diverse
stakeholder concerns
perspectives

Engagement Approach Identify stakeholders

and Governance and prioritisation

The Company engages with a diverse

range of stakeholders who influence,
or are influenced by, the operations -
employees, customers, shareholders,
suppliers, regulators, communities,
and civil society organisations. The
engagement is structured, inclusive
Communication Engagement Review and
and tailored to the nature of each
of the outcome Process engagement
stakeholder relationship. to the with the
with Key
stakeholders stakeholders
The Company has established a robust Stakeholders
governance system to ensure effective
stakeholder engagement and the
activities are directly overseen and
guided by the top management and
senior leaders.

Gathering inputs,
analysis and decision
making

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Government Customers

The government is a critical customer for L&T. It is the Private sector customers comprise ~20% of the
primary driver of large-scale infrastructure development Company’s total revenue. The contracts are based
and digital transformation in the country. Government mostly on the long-term relationship that the Company
(sovereign, sub-national, local) and related entities (public has developed over the years due to excellence in
sector enterprises) are the largest customers, making up execution and customer delight. These long-term
~80% of the Company’s total revenue, mainly on the relationships facilitate collaboration across various
infrastructure and energy sectors where L&T is able to common areas between the Company and the
leverage its engineering expertise, execution capabilities customer, including developing new solutions and
and innovation to contribute to national development. technologies.
A strong relationship with the government also enhances
L&T’s reputation and positions it as a trusted partner in ƒ Review meeting for contract management
nation-building.
ƒ Direct communication: meetings and interactions
ƒ Customer satisfaction surveys and feedback
ƒ Review meetings
ƒ Account management
ƒ Representations - direct and through Industry
Associations ƒ Visits and audits

ƒ Daily or as required in specific contracts ƒ Daily or as required in specific contracts

ƒ Bi-annual satisfaction surveys
ƒ Progress updates related to contract execution
ƒ Concerns and support for fulfilling contractual ƒ Quality and safety
obligations ƒ Timely execution and delivery of product/project
ƒ Regulatory compliances and reporting requirements ƒ Data privacy and confidentiality
ƒ Advocacy for policy changes and provide inputs for ƒ Fair and competitive pricing
policies and legislation ƒ Transparency in billing and performance
ƒ Progress updates related to contract execution
ƒ Creating nation-building infrastructure ƒ Seek support for fulfilling contractual obligations
ƒ Job creation and skill development across ƒ Partnerships for collaboration and innovation
the country
ƒ Sustainability and green infrastructure
ƒ Customer satisfaction
ƒ Enhanced customer experience
ƒ Repeat customer
ƒ Productive assets in line with customer requirements

Legend
Engagement Frequency Key Focus Areas and
Value Creation
Channels Topics of Discussion

151
 Stakeholder
Engagement

Employees and Workers Supply Chain Partners

The workforce is the backbone of the Company - they bring L&T has a complex supply chain, with more than
the skills, expertise and dedication needed to succeed. An 1,00,000 suppliers and in diverse locations across the globe.
engaged workforce enhances productivity, delivers quality The supply chain partners play a crucial role in the success of
service and fosters innovation, which is critical for staying the Company by ensuring the steady flow of goods, services
competitive. Beyond fulfilling job roles, they are key to and resources needed to maintain operations and deliver.
shaping the Company’s culture and reputation. Investing in A strong and reliable supplier network can also drive
their well-being and development boosts morale and builds innovation, support sustainability goals and improve risk
loyalty and long-term growth for the organisation. resilience. Building strong partnerships with vendors creates
mutual value and allows companies to respond more flexibly
ƒ Townhalls and direct interaction with the top leadership to market demands and disruptions.
and senior management
ƒ Employee feedback and engagement surveys ƒ Vendor and Supplier conference and meets

ƒ Induction programmes, training, learning sessions ƒ Meetings with Business heads and leadership teams

ƒ Performance appraisal ƒ Grievance redressal platforms

ƒ Complaints and grievance redressal processes ƒ Contract related meetings

ƒ Circulars and broadcasts, print and online in-house ƒ Online and offline training programmes and capacity-
magazines and newsletters building sessions

ƒ Welfare initiatives and Employee Assistance Programmes

ƒ Daily or need basis as per sourcing requirement
ƒ HEERA - an AI powered employee assistant for HR queries
ƒ Annual meets
ƒ Engagement events: Hi5, L&T Radio, Art Beats and so on

ƒ Feedback, clear and timely information about

ƒ Continuous, monthly, quarterly, annual and need-based
requirements and changes
ƒ Contractual and non-contractual grievances
ƒ Work environment and culture
ƒ Training and awareness
ƒ Personal development and growth
ƒ ESG assessment of critical supply chain partners
ƒ Health and safety
ƒ Sourcing and service-related concerns
ƒ Competitive compensation
ƒ Vendor management issues
ƒ Business outlook and future direction
ƒ Compliance with regulations and industry norms/standards
ƒ Organisational changes, policies and processes
ƒ Vendor Performance : monitoring, assessment
ƒ Feedback on the Company’s policies and actions
and development

ƒ Skill development and career progression opportunities

ƒ Strong and long term relationships and partnerships
ƒ Growth, learning, development and well-being towards achieving mutual goals
ƒ Employee satisfaction, motivation and workforce morale ƒ Fair, transparent and ethical supply chain practices
ƒ Improved operational processes, efficiency and ƒ Performance excellence
productivity
ƒ Initiatives to enhance quality and meet ESG standards
ƒ Safe workplace
ƒ Knowledge and good practice sharing
ƒ Leverage the expertise of each other for mutual benefit
ƒ Identifying and mitigating supply chain risks
ƒ Economic progress of MSMEs
Legend
Engagement Frequency Key Focus Areas and
Value Creation
Channels Topics of Discussion

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Shareholders and Investors Communities and NGO Partners

Shareholders and investors are key stakeholders for L&T Essential allies for the Company, they help in building
who provide the essential capital that fuels the Company’s trust, strengthening social licence to operate, and creating
growth, innovation and determines the long-term strategy. shared value. Local communities provide insights into
Additionally, shareholders influence governance and strategic social, cultural and environmental contexts, ensuring that
direction through their voting rights and engagement. L&T’s business activities are respectful, inclusive and responsive.
commitment to value creation, transparency and sustainable NGO partners bring expertise, credibility and networks
performance directly aligns with the expectations of its that can enhance the Company’s impact, especially in areas
shareholders and investors, making them integral to the like sustainability, community engagement rights and
Company’s success and resilience. social development. Collaborating with these stakeholders
not only supports long-term community well-being but
ƒ Investor meets also reinforces the Company’s reputation, resilience and
ƒ Integrated Annual Reports and other public disclosures purpose-driven growth.
ƒ Annual General Meeting (AGM)
ƒ Direct engagement and/or through NGO partners,
ƒ Quarterly results on performance and Investor civil society organisations
presentations
ƒ CSR project implementation
ƒ Investor Relations
ƒ Community needs assessment
ƒ Exclusive section on Company website at
ƒ Impact assessment of projects
https://investors.larsentoubro.com/
ƒ Community visits, meetings with community
ƒ Social media and digital platforms
representatives
ƒ One-on-one meetings
ƒ Formation of village institutions and regular meetings
ƒ Regulatory filings, newsletters, press releases
ƒ Stock Exchange filings
ƒ Need-based as required for specific projects
ƒ Dedicated e-mail ID and toll-free number
ƒ Quarterly : NGO partners

ƒ Need basis as required by investors

ƒ Community development programmes based on the
ƒ AGM needs of the community
ƒ Quarterly : investor meets ƒ Local employment
ƒ Resolution of concerns with respect to project
ƒ Business performance : financial and non-financial implementation
ƒ Concerns with respect to policies and actions ƒ Strengthening local infrastructure and providing
ƒ Growth opportunities and future plan livelihood opportunities

ƒ Trust and confidence in the Company and the ƒ Social licence to operate and positive social impact
management ƒ Improved standard of living and empowerment of
ƒ Value enhancement - return to shareholder underprivileged and vulnerable communities
investments ƒ Enhanced community relations
ƒ Risk reduction and conflict avoidance
ƒ Employee engagement and morale

Legend
Engagement Frequency Key Focus Areas and
Value Creation
Channels Topics of Discussion

153
 Stakeholder
Engagement

Regulatory Bodies Media

Regulators play a vital role in shaping the environment Media plays a key role in shaping public perception.
in which the Company operates. By setting and enforcing Positive media coverage builds brand trust, while negative
standards - whether related to finance, environmental press can impact credibility, investor confidence, and even
protection, labour, or data privacy - regulators help market value. Media helps influence L&T’s reputation
maintain trust between businesses, customers and provides a critical link in the feedback loop on issues
society. L&T has presence in diverse sectors of the related to the Company and the Brand.
economy, and therefore, sectoral regulatory bodies are
also important stakeholders. ƒ Direct communication and media interaction through
leadership interviews, press briefings by senior leadership
ƒ Representation and participation in policy advocacy issues ƒ Media briefing and press releases available at https://
through industry associations and at various forums www.larsentoubro.com/corporate/media/press-releases/
ƒ Collaborative initiatives with regulators for the ƒ Quarterly results and investor presentation
development of sector-specific policies
ƒ Integrated Annual Report
ƒ Direct interactions on a case-to-case basis
ƒ AGM
ƒ Public consultations
ƒ Crisis communication
ƒ Regulatory audits and inspections
ƒ Social media handles

ƒ Need-based
ƒ Need- and issue-based
ƒ Quarterly media interaction after financial results
ƒ Compliance with laws and regulations and sound
corporate governance mechanisms
ƒ Major project wins
ƒ Inputs on new policies and regulations
ƒ Strategic initiatives (e.g. sustainability, digital
ƒ Transparency in disclosures
transformation)
ƒ Climate change and natural resources management
ƒ Business updates, milestones and anniversaries,
achievements
ƒ Enhanced regulatory compliance ƒ Sustainability issues and responsible business practices
ƒ Stronger brand reputation and credibility
ƒ Contribution towards national goals ƒ Awareness of the Company’s businesses and offerings
ƒ Commitment towards transparent and responsible ƒ Enhance brand value and public perception
business practices
ƒ Input for improving organisational strategy by
ƒ Contribute to the development of policies and understanding and addressing media expectations
regulations and overall advancement of the and challenges
construction and infrastructure sectors in India
ƒ Disclosure of business practices and impacts through
integrated annual reports

Legend
Engagement Frequency Key Focus Areas and
Value Creation
Channels Topics of Discussion

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OUTLOOK AND STRATEGIC PRIORITIES

L&T is committed to enhancing its stakeholder engagement to foster stronger relationships and ensure
alignment with its strategic objectives. L&T’s stakeholder engagement will continue to focus on the following
key areas:

Enhanced Regular
Communication Channels Stakeholder Surveys
Leverage both traditional and digital Conduct more comprehensive surveys
platforms to maintain continuous and feedback sessions; the insights from
and transparent communication with which influence the Company’s strategies
stakeholders. This includes regular and initiatives, ensuring that they are
updates through newsletters, social media aligned with stakeholder needs.
and dedicated stakeholder portals.

Inclusive Sustainability
Decision-Making and ESG Focus
Increased involvement of stakeholders Continue to prioritise ESG principles in
in the decision-making process by its operations. The Company is already in
organising forums, workshops, and the process of revisiting the materiality
roundtable discussions. This inclusive identification through double
approach will help gather diverse materiality process and is engaging with
perspectives and fostering a sense of stakeholders to co-create sustainable
ownership among stakeholders. solutions and drive initiatives that
contribute to long-term value creation.

Community Transparent
Engagement Reporting
Further strengthen its community engagement Enhance its reporting mechanisms to
efforts by partnering with local organisations provide stakeholders with clear and
and NGOs. These collaborations will continue comprehensive information about the
to focus on social development projects, Company’s performance, governance
education, skilling, healthcare, water and practices and sustainability initiatives.
sanitation and environmental conservation, This includes regular publication of
ensuring positive impacts on the communities sustainability reports and updates on
where L&T operates. key projects and milestones.

These strategies reflect L&T’s commitment to ESG principles, aiming to earn stakeholder trust, catalyse cooperation,
and promote sustainable, inclusive growth.

155
 Stakeholder
Engagement

UNDERSTANDING MATERIALITY
Materiality assessment serves as a critical input to L&T’s sustainability strategy, ensuring that the most significant ESG topics
are identified and addressed in alignment with stakeholder expectations and the Company’s long-term business objectives.
The process carefully balances stakeholder concerns with the strategic importance of each topic to the business.

As a policy, L&T undertakes materiality exercise every three years, while revisiting the material topics annually. In 2022,
L&T undertook a structured materiality assessment by engaging a broad spectrum of internal and external stakeholders.
This process helped identify the sustainability topics most relevant to the Company’s operations and value chain. To align
with evolving global reporting standards and deepening stakeholder expectations, L&T initiated its first-ever Double
Materiality, designed to evaluate material topics through two complementary lens:

ƒ Inside-Out: The Company’s actual and potential impacts on people, the environment and society
ƒ Outside-In: How sustainability issues, including climate change, affect L&T’s business performance, resilience and
value creation
The ongoing exercise is expected to conclude during FY 2025–26. The outcomes of the double materiality will enhance
the ability to identify and address critical ESG risks and opportunities, strengthen transparency and embed sustainability
deeper into enterprise-wide decision-making.

Benchmarking
Stakeholder Identify and Prioritisation
with sector, Peer industry Materiality
identification shortlist and finalisation
global standards review
and prioritisation potential Issues of material topics Framework
and frameworks

KEY INTERNAL STAKEHOLDERS KEY EXTERNAL STAKEHOLDERS

Customers/Clients
Senior Management
Supply Chain Partners
Employees
Government and Regulatory Bodies
Workers/Representatives
Investors and Shareholders

Community and NGO Partners

Media

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MATERIAL TOPICS
There were 32 potential material topics identified that directly or indirectly impacted the business initially. Out of these,
14 material topics, which are more pertinent for short-term, medium-term, and long-term value creation from both internal
and external stakeholders’ perspectives, were finalised. During the year, these material topics, their relevance, and their
progress are monitored and reviewed at various levels across the Company. The topics below are as follows (not ranked):

Environment Social Economic Governance

Climate Employee and Workforce Customer Experience Business

Action Engagement, Well-Being, and Satisfaction Ethics
Health and Safety

Water, Waste and Human Rights and Quality of Products and Brand
Hazardous Materials Labour Conditions Project Delivery Management
Management

Skilled Data Security, Privacy

Manpower and Cybersecurity

Talent Management –
Attraction, Retention
and Development

Diversity, Inclusion and

Equal Opportunity

Social Engagement
and Impact

Sustainable Supply Chain

157
 Material
Topics

Overview of the Material Topics

Some material topics present potential risks for the Company, requiring focused efforts on mitigation to safeguard long-term
value. Others offer strategic opportunities that the Company actively leverages to enhance internal systems, drive innovation
and improve overall business performance. This balanced approach enables L&T to address sustainability challenges while
unlocking value through responsible practices.

Legend Climate Action

Material topic ƒ Significant exposure to emerging and ƒ Climate risk management integrated
identified
climate-related physical and transitional into the Company’s Enterprise Risk
risks due to the nature of the business. Management framework, ensuring
Why is it material?
ƒ These risks could adversely impact a structured and forward-looking
In case of risk, approach Company’s resources, assets, performance approach to identifying and addressing
to adapt or mitigate climate-related risks.
and business continuity.
ƒ Failure to adaptation can erode ƒ Have set ambitious targets for Carbon
competitive advantage and may lead to Neutrality by 2040 and Water Neutrality
regulatory penalties. by 2035 and actively implementing
Natural strategies across operations to achieve
Capital ƒ Deployment of innovative technologies
these goals.
to tackle climate change can usher in
Manufactured opportunities for new streams of revenue, ƒ To enhance operational resilience, project
Capital increased operational efficiencies and schedule is designed with appropriate
competitive advantage. buffers to accommodate potential
Human
disruptions caused by extreme weather
Capital ƒ Opportunities emerge from initiatives
events.
being undertaken for increasing
Intellectual ƒ Strategically diversifying the portfolio by
renewable energy sourcing, reducing
Capital
water consumption and business expanding into green businesses, thereby
offerings which have positive impact on aligning its growth trajectory with low-
Social and
Relationship Capital the environment. carbon and climate-resilient pathways.
ƒ Board-level Committee governs
Financial
Capital
sustainability-related operational and
financial risks and performance.
Refer to ‘Natural Capital’ for more details.

Financial Implications

Positive

Negative

Both

Risk or Opportunity
SO-III SO-IV
Risk

Opportunity

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Water, Waste and Hazardous Materials Employee and Workforce Engagement, Legend
Management Well-being, Health and Safety
Material topic
identified
ƒ Improper management of waste ƒ Inherent nature of operations can expose
generated from operations - particularly the workforce to occupational risks Why is it material?
hazardous waste - poses significant and hazards, potentially affecting their
environmental and social risks, including health, safety and productivity. In case of risk, approach
to adapt or mitigate
potential impacts on surrounding ƒ Ineffective management of health and
communities. safety can expose the workforce to risks.
ƒ Sustainable sourcing of natural materials ƒ Safety incidents can lead to reduced
such as aggregates and soil remains a key workforce productivity, morale, loss of
area of concern, especially in ecologically Natural
skilled man-hours. Capital
sensitive regions.
ƒ Subsequently, adverse impact on
ƒ Waste management is an integral operations, customer satisfaction and Manufactured
Capital
component of the Company’s EHS profitability.
management system. ƒ Effective engagement fosters high Human
ƒ Compliance with applicable laws and retention rate, employee satisfaction Capital
regulations governing the handling, and effectiveness, and reduces employee
Intellectual
storage and disposal of both hazardous turnover rate. Capital
and non-hazardous waste.
ƒ Comprehensive approach to occupational
ƒ Waste management proactively Social and
health and safety, integrating preventive Relationship Capital
addressed through structured protocols measures, training and compliance with
and monitoring mechanisms. regulatory standards. Financial
ƒ At operational sites, recycling and reuse Capital
ƒ Certified with ISO 45001:2018 and other
of non-hazardous waste being actively global standards.
pursued to reduce environmental impact
ƒ Focus on lead indicators and preventive
and support circular economy objectives. Financial Implications
measures over incident management.
ƒ Sourcing of natural materials such
ƒ Training and awareness conducted Positive
as aggregates and sand is also being
extensively to implement processes and
monitored closely, especially in regions Negative
systems.
where resource depletion is a concern.
ƒ Holistic well-being strategy adopted, Both
ƒ Implementing wastewater recycling
addressing both physical and mental
systems and rainwater harvesting across
health needs of employees.
key locations to reduce freshwater
dependency and enhance water ƒ Mental health awareness programmes,
Risk or Opportunity
resilience. counselling, coaching and sensitisation
workshops are also being organised for Risk
employees to enable them to handle
Refer to ‘Natural Capital’ section for more details. challenging situations. Opportunity

Refer to ‘Human Capital’ section for more details.

SO-I SO-V SO-V

159
 Material
Topics

Legend Human Rights and Labour Conditions Skilled Manpower

Material topic
identified
ƒ Nature of operations and the ƒ Delivering high-quality output and
Why is it material? engagement of a large number of meeting strict contract timelines require a
contractual workers present potential consistently available pool of skilled and
In case of risk, approach human rights risks. semi-skilled workers.
to adapt or mitigate
ƒ Non-adherence to labour laws or human ƒ The industry is facing an increasing
rights violations - even within the supply shortage of skilled manpower, driven by
chain - could result in reputational rising demand across sectors and limited
damage and regulatory consequences. supply from formal training ecosystems.
Natural
Capital ƒ Such violations may lead to increased ƒ High attrition among contract workers
compliance costs, operational disruptions further compound the challenge and add
Manufactured and stakeholder concerns. to risks linked to project continuity, quality
Capital and safety performance.
ƒ Established a Sustainable Supply Chain
Human Policy and Supplier Code of Conduct. ƒ On-site training programmes are
Capital conducted by specialised training bodies
ƒ Grievance redressal mechanism for
(Construction Skills Training Institutes and
Intellectual employees and workers in place to
Capital
Skills Hubs) to upskill workers based on
address concerns in a timely and
specific project requirements.
transparent manner.
Social and ƒ Dedicated team responsible for planning
Relationship Capital ƒ ESG assessment of critical suppliers
and sourcing of contractual workers,
conducted during the year to ensure
Financial ensuring timely availability of skilled
alignment with human rights and labour
Capital manpower.
standards.
ƒ Head-HR for Workmen appointed to
ƒ Training and awareness programmes
oversee effective sourcing, deployment,
conducted for employees, workers and
Financial Implications development, management and retention
suppliers to reinforce ethical labour
of workers.
practices and regulatory compliance.
Positive
ƒ Central Workmen Mobilisation Cell
ƒ Human Rights Due Diligence is conducted
Negative (CWMC) formed to consolidate worker
at sites and facilities to understand
requirements across businesses,
the risks and any gaps in the existing
Both collaborate with IR heads and Head-HR
processes.
for Workmen, and arrange mobilisation
ƒ Key manufacturing facilities certified with
of workers from various sourcing centres.
SA8000.
Risk or Opportunity ƒ Task Force for Subcontractor
ƒ Adherence to applicable labour
Management formed to dwell on
Risk regulations, supplier code of conduct
aspects of subcontractor development,
and periodic assessments to mitigate
rewards and recognition, retention of
Opportunity these risks.
workersmen, streamlined timely payment,
workermen welfare and ensuring
Refer to ‘Human Capital’ section for more details. implementation of improvement ideas in
collaboration with businesses.

SO-V SO-V

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Talent Management - Attraction, Diversity, Inclusion and Equal Opportunity Legend

Retention and Development
Material topic
identified
ƒ One of the key drivers of L&T’s success, ƒ A diverse and inclusive workplace
directly influencing innovation, project helps attract top talent across genders, Why is it material?
execution, client satisfaction and long- geographies and backgrounds, crucial in
term competitiveness. a competitive talent market. In case of risk, approach
to adapt or mitigate
ƒ Effective talent management ƒ Diversity of thought, experience,
encompasses hiring the right people, and perspective contributes to more
reducing attrition, enhancing productivity innovative solutions
and building industry-specific capabilities. ƒ Inclusive workplaces foster a sense
Natural
ƒ Strong leadership pipeline essential of belonging, which boosts morale, Capital
for business continuity and succession productivity and organisational
planning, especially in a complex commitment. Manufactured
and evolving infrastructure and EPC Capital
ƒ Strengthens brand image and investor
environment. confidence. Human
ƒ Shortfalls in attracting, developing, or ƒ As L&T expands into new markets and Capital
retaining talent may lead to operational hires younger, more diverse talent,
inefficiencies, delays and reduced Intellectual
fostering an inclusive culture becomes Capital
organisational agility. essential for long-term growth. Includes
ƒ Traditionally, this sector faces challenges not only hiring without any prejudice Social and
such as limited workforce diversity and or discrimination, but also inculcating Relationship Capital

shortage of future-ready talent. the right set of attitudes and behaviours

Financial
within the employees through Capital
ƒ Customised learning and development awareness and training, and building a
programmes offered in partnership with culture of trust and commitment.
leading educational institutions, tailored Financial Implications
to different skill requirements and
organisational levels. Positive
ƒ Leveraging digital platforms for training
Negative
delivery, feedback, and employee
engagement, ensuring accessibility, Both
scalability and effectiveness in talent
development.
ƒ Strategic talent management enables Risk or Opportunity
the Company to stay resilient, reduce
attrition, adapt to emerging technologies Risk
and support its long-term sustainability
Opportunity
and growth ambitions.

SO-I SO-III SO-IV SO-V SO-V

161
 Material
Topics

Legend Social Engagement and Impact Customer Experience and Satisfaction

Material topic
identified
ƒ Integral to the Company’s strategy, ƒ High customer satisfaction and
Why is it material? business objectives, and aligned with experience lead to loyalty, positive
societal needs. brand perception, long-term growth
In case of risk, approach and relationships, directly impacting the
ƒ Enhances the Company’s reputation,
to adapt or mitigate
builds stakeholder trust and fosters financial performance of the Company.
goodwill among communities, customers ƒ Enhanced customer satisfaction is key
and investors. to thrive in a progressively competitive
ƒ Instils a sense of purpose and pride, landscape.
Natural
Capital fostering greater engagement and loyalty ƒ Offering superior quality of products
amongst employees. and& services, demonstrating high
Manufactured ƒ Community-focused programmes and responsiveness to customers.
Capital
sustainable practices not only benefit ƒ L&T strives to strengthen and maintain its
Human society but also contribute to the customer-centric approach by focussing
Capital Company’s long-term sustainability on first-time-right quality, timely
goals, creating shared value for both the execution and continuous improvement
Intellectual business and its stakeholders. through feedback.
Capital

Social and
Relationship Capital

Financial
Capital

Financial Implications

Positive

Negative

Both

Risk or Opportunity

Risk

Opportunity

SO-V SO-I SO-III SO-IV SO-V

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Quality of Products and Project Delivery Business Ethics Legend

Material topic
identified
ƒ Fundamental to L&T’s success, directly ƒ Core values of L&T – Integrity,
impacting customer satisfaction and Transparency, Professionalism, Why is it material?
brand reputation. Accountability and Fairness – enabled
the Company to acquire trust and build a In case of risk, approach
ƒ Timely, high-quality product and project
to adapt or mitigate
delivery is essential, especially in the strong brand.
competitive EPC sector, where clients ƒ Upholding the core values require
demand cost-effectiveness, safety and on- crafting, implementing and strengthening
time execution. the policies and procedures.
Natural
ƒ Non-compliance with quality standards or ƒ Compliance to SOPs can be a challenge Capital
project delays can damage the Company’s due to the nature and wide expanse
reputation, lead to cost overruns and of the businesses, large workforce Manufactured
result in loss of business. and frequent changes to regulatory Capital

ƒ Increase in repeat business. requirements.

Human
ƒ Quality assurance systems and continuous ƒ Incidents of non-compliance and breach Capital

improvement in practices, along with can expose the Company to legal and
financial risks, tarnish brand reputation. Intellectual
industry certifications (e.g. ISO 9001) Capital
help maintain high standards and drive ƒ Spearheaded by the Board and supported
operational excellence. by the Board Committees. Social and
Relationship Capital
ƒ Fosters innovation in project delivery, ƒ Clear policies, procedures, code of
supporting cost optimisation, conduct and management systems are in Financial
sustainability and client satisfaction. place to foster ethical behaviour. Capital

ƒ Regular training on Code of Conduct

(including business ethics) provided to
employees. Financial Implications

ƒ Fair and timely disclosures regarding its

Positive
performance to key stakeholders.
ƒ Whistleblower Policy establishes a vigil Negative
mechanism, allowing employees and
Both
supply chain partners to report concerns
about unethical behaviour, fraud, or
violations of the Company’s ethics
policies. Risk or Opportunity

ƒ Third-party review of the existing Ethics Risk

Framework and recommendations.
Please refer to Annexure’ B’ – Report on Corporate Opportunity
Governance for further details.

SO-I SO-III SO-V SO-I SO-II SO-III SO-IV SO-V

163
 Material
Topics

Legend Brand Management Data Security, Privacy and Cybersecurity

Material topic
identified
ƒ Critical for building equity, loyalty and ƒ With the increasing digitalisation of
Why is it material? stakeholder confidence in L&T. its operations, L&T faces heightened
ƒ A strong brand reinforces customer trust, cybersecurity risks, making the protection
In case of risk, approach of both Company and customer data a
enhances business growth and drives
to adapt or mitigate
market differentiation in a competitive critical priority.
landscape. ƒ Any breach or cyber incident can
ƒ Vital role in attracting and retaining compromise business continuity, damage
talent, as well as instilling confidence reputation and lead to significant
Natural financial and legal consequences.
Capital among shareholders and investors.
ƒ Consistent and positive brand perception ƒ Ensuring data security and privacy is
Manufactured contributes to reputation resilience, essential for maintaining stakeholder
Capital trust, especially when dealing with
supports long-term value creation and
enhances L&T’s position as a responsible sensitive project information and client
Human
Capital and reliable organisation. data.
ƒ Robust cyber risk management,
Intellectual continuous monitoring and employee
Capital
awareness are vital to safeguard the
Social and Company’s digital assets and operational
Relationship Capital reliability as digital transformation
accelerates.
Financial
Capital ƒ Multi-year cybersecurity and resiliency
roadmap of the Company and invested in
state-of-the-art security platforms.
Financial Implications ƒ Policies and practices in place to meet
the requirements and certified with
Positive ISO/IEC 27001:2022.

Negative ƒ Advanced Security Operations Centres to

monitor developments 24x7 and respond
Both to any cyber incidents.
ƒ Vendor and third-party cyber risks
addressed through due diligence
Risk or Opportunity processes and continuous risk monitoring
using digital rating tools.
Risk
ƒ Contractual clauses ensure that critical
Opportunity service providers maintain cybersecurity
resilience.
ƒ Aligned with the Digital Personal Data
Protection (DPDP) Act, 2023

SO-I SO-II SO-III SO-IV SO-V SO-IV

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Sustainable Supply Chain Legend

Material topic
identified
ƒ L&T’s large and diverse supplier base ƒ The Company has established
makes supply chain sustainability a critical comprehensive policies, processes and Why is it material?
issue - both as a risk and a strategic a Supplier Code of Conduct to drive
opportunity. responsible business practices across its In case of risk, approach
to adapt or mitigate
ƒ Risks include non-compliance with value chain.
labour laws, human rights violations, ƒ Signing the Code of Conduct is a
environmental damage and ethical mandatory step in the onboarding
misconduct by suppliers, which can lead process for all supply chain partners.
to reputational harm, project delays and Natural
ƒ Initiated ESG assessments of critical Capital
regulatory penalties. suppliers to evaluate performance and
ƒ Disruptions due to climate-related events, identify improvement areas. Manufactured
resource scarcity or geopolitical instability Capital
ƒ ESG awareness sessions conducted to
in the supply chain can also impact keep suppliers informed about emerging Human
project timelines and cost. ESG expectations and L&T’s sustainability Capital
ƒ On the opportunity side, promoting a priorities.
sustainable and resilient supply chain Intellectual
Refer to ‘Social and Relationship Capital’ for Capital
enables L&T to improve efficiency, more details.
drive innovation and enhance vendor Social and
performance. Relationship Capital

ƒ Sustainable supply chain also supports

Financial
customer trust and ensures alignment Capital
with global sustainability expectations
of customers.

Financial Implications

Positive

Negative

Both

Risk or Opportunity

Risk

Opportunity

SO-I SO-V

165
 Sustainability
Governance

SUSTAINABILITY GOVERNANCE
AND MANAGEMENT
L&T has embedded sustainability at the heart of its strategic approach through a robust governance framework. This
framework is designed to incorporate ESG principles into decision-making processes, with a strong focus on transparency and
accountability. By integrating ESG principles into its management processes, the Company aims to generate long-term value
for all its stakeholders.

Strategy Implementation Executive Leadership

As part of the Lakshya 2026 L&T has established a multi-tiered This comprises the Executive
plan, the Company re-evaluated governance structure to oversee and Committee, senior leaders at the
shareholder value creation, implement its sustainability strategy business level and corporate functions
defined social obligations and effectively. The sustainability agenda who ensure the implementation of
established sustainability goals. is guided by the CSR & Sustainability sustainability policies and integration
This assessment led to the re- Committee of the Board and driven by of ESG factors into operational
articulation of the Company’s Executive Committee members across the decision-making across the various
Strategic Objectives (SOs), businesses. businesses. The Executive Committee
which help drive initiatives for reviews the sustainability performance
sustained value creation. In Board Oversight on a monthly basis.
the upcoming five-year plan, The Board Committee plays a
Lakshya 2031, the Company will critical role in driving sustainability
Councils and Committees
re-assess strategy, targets and by setting strategic priorities and The Company has constituted various
initiatives for sustainability. ensuring alignment with national and in-house councils and committees
global sustainability standards. The to help formulate policies, drive
CSR & Sustainability Committee implementation and monitor
provides tactical guidance and ensures performance against the targets
alignment of sustainability initiatives for specific areas across different
with priority and materiality. The businesses and functions. These
Committee monitors the Company’s Councils meet at least once in a
sustainability performance through a quarter or on a need basis.
structured meeting held every quarter
and reviews the annual disclosures
through Integrated Report and BRSR.
The terms of reference of the committee
on sustainability are as follows:

ƒ Formulate and recommend to the

Board a Sustainability Policy and
suggest any changes thereto;
ƒ Provide guidance for the development
of the long-term Sustainability Plan;
ƒ Monitor implementation of the
Sustainability Plan from time to time;
ƒ Review of the Company’s Business
Responsibility and Sustainability
Report (BRSR).

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COUNCILS AND SCOPE HEADED BY AND

COMMITTEES CONVENED BY

Comprising members across the Group companies, the council Group CFO,
Group CSR ensures alignment of CSR initiatives to the overall Group Head - CSR
Council vision and strategy, collaboration for effective execution, and
leveraging synergies in community development efforts

Focuses on improving and implementing HR policies and Group CFO,

procedures for talent retention, recruitment, learning CHRO
HRC Council
& development, skilling, leadership development, super
specialised skill development, and other related areas

Aims to make EHS processes more robust, institutionalise best Deputy MD,
EHS Council practices and help achieve the Company’s ‘Mission Zero Harm’ Head - EHS of one of the
businesses

MANUFACTURED
CAPITAL Green Focuses on setting targets linked to the environment, driving Deputy MD,
Campus / the implementation of Carbon and Water Neutrality plans, and Head - Strategy and
Sustainability identifying improvement areas Special Initiatives
Green Campus /
Sustainability Task Force
Task Force

HUMAN
CAPITAL
Helps formulate strategies for common procurement of key Whole-time Director,
products and commodities, leading to enhanced cost savings, Head - Supply Chain
Material
supply chain risk management, and creating and cascading Management
Council
best practices in supplier management techniques and
sustainability in the supply chain

INTELLECTUAL CAPITAL
Group IT & Apex level council focuses on strategic decisions related to Whole-time Director,
Cybersecurity IT systems and infrastructure management, cybersecurity Chief Information Officer
Council management, and implementation of policies and procedures

Apex level council aims for continuous improvement of Whole-time Director,

Quality quality across the Company by integrating quality leadership Head - QA & QC of one of
Council in its diverse businesses through collaboration and leveraging the businesses
cross-learning

Corporate Sustainability Business Level

A dedicated team at the Company, headed by a Chief Comprises representatives from various business verticals,
Sustainability Officer, is responsible for formulating key facilitates collaboration, and ensures that sustainability goals
policies, monitoring sustainability performance, driving are met across all operations, facilities and projects.
ESG initiatives, ESG capacity building, and engaging with
stakeholders. The team is responsible for providing periodic
updates and reviews of sustainability performance to the
Board Committee and the Executive Committee.

167
 Sustainability
Governance

CSR & SUSTAINABILITY

COMMITTEE

Strategy
Key Councils and
Executive Committee
Committees

Corporate Sustainability
Business Level Corporate Functions
HR, Finance & Accounts, Risk Management,
Corporate tasks Supply Chain Management, Internal
and facilitation Control, Internal Audit, Secretarial,
Management Systems Certifications

Unit/project-level
Business-level Functions
Implementation Teams
HR, Finance & Accounts, Supply
Operational EHS, Plant & Machinery, IR,
Chain Management
responsibility Accounts, Planning, Quality

Policies and processes

Policies and Commitment

L&T’s sustainability governance is guided by well-defined policies and commitments. The policies are available at
https://www.larsentoubro.com/corporate/about-lt-group/corporate-policies/. Some of the key policies are:
ƒ Sustainability Policy: Outlines the Company’s commitment ƒ EHS Policy: Identifies and mitigates sustainability risks in
to responsible business practices, climate action, and operations and supply chains, focussing on creating and
stakeholder engagement ensuring a healthy and safe workplace
ƒ Code of Conduct: Ensures ethical business conduct and ƒ Equal Opportunity Policy: Commitment towards fostering
compliance with regulatory requirements a diverse and inclusive workplace by providing equal
ƒ Sustainable Supply Chain Policy: Lays down the opportunities in employment and career growth
fundamental standards and states the expectations ƒ Anti-Bribery and Anti-Corruption Policy: Uphold a zero-
from supply chain partners with respect to environment tolerance stance on bribery and corruption, ensuring
protection, health & safety norms, labour standards, adherence to all pertinent laws across its operations
human rights, ethical business practices, and good
governance

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Reporting and Transparency

The Company follows recognised international reporting standards to ensure transparency and accountability in sustainability
performance. The Company publishes:
ƒ Integrated Annual Report based on the Integrated ƒ ESG performance updates to stakeholders, investors, and
Reporting <IR> Framework rating agencies
ƒ Business Responsibility and Sustainability Reports (BRSR) in ƒ Other disclosures such as CDP and ESG Ratings such as MSCI
line with regulatory requirements, which is a framework and CRISIL
mandated by the Securities and Exchange Board of India
(SEBI) for the top 1,000 listed entities to disclose their ESG
performance

Sustainability Initiatives and Governance Impact

The strong leadership and commitment have enabled the Company to implement several initiatives, including:
ƒ Decarbonisation Roadmap: Setting targets for reducing ƒ Employee Engagement and Training: Conducting
greenhouse gas emissions and increasing renewable workshops and training programmes to build sustainability
energy adoption awareness
ƒ Water Neutrality Roadmap: Setting targets for reducing ƒ Stakeholder Engagement: Collaborating with customers,
water consumption, reducing freshwater withdrawal, and investors, and regulatory bodies to advance sustainability
creating offset through water conservation from CSR projects goals
ƒ Sustainable Supply Chain Management: Engaging with ƒ Other initiatives such as refraining from Single-Use Plastic
suppliers to adhere to ESG standards, carrying out ESG and making the various manufacturing facilities of the
assessment of critical supply chain partners and helping Company’ Zero-Waste to Landfill’-certified
them improve their sustainability framework

L&T’s sustainability governance framework ensures that ESG principles are embedded in every aspect of its operations. By
fostering a culture of responsibility, transparency and innovation, the Company continues to strengthen its sustainability
performance while creating long-term value for stakeholders. It remains committed to evolving its governance mechanisms to
address emerging sustainability challenges and opportunities.

Management Systems
The Company has implemented various management systems Social Accountability (SA8000), Information Security
based on globally recognised standards, e.g., ISO 9001, Management System, and Risk Management System have
ISO 14001, and ISO 45001, which provide structured, reliable, been implemented in a few businesses, locations or functions,
and enhanced processes to implement various policies, thereby e.g., manufacturing facilities, IT systems.
leading to better quality, increased efficiency, and better
These management systems are certified by third-party
credibility and trust with customers, partners and stakeholders.
verification agencies, e.g., DNV India, TUV-Nord, and LRQA,
Some critical systems, e.g., Quality Management Systems, against the applicable standards and as per certification
Environment Management Systems, Occupational Health or re-certification period. New certifications are also being
& Safety Management Systems, and/or Integrated explored, such as Artificial Intelligence Management Systems,
Management Systems (IMS), have been implemented Anti-Bribery Management Systems, HR Management Systems,
across all the business units of the Company, while some Diversity & Inclusion, Gender Equality, Women Empowerment,
systems, e.g., Energy Management System (ISO 50001), and so on.

169
 Sustainability
Governance

Anti-Bribery and Anti-Corruption (ABAC) Disclosure

Anti-Bribery and Anti-
Corruption (ABAC) Disclosure

L&T is committed to maintaining the highest standards of integrity, transparency and ethical business conduct. The Company
has a zero-tolerance policy for bribery and corruption and actively works to prevent and mitigate risks across the operations
and supply chain.

Governance and Oversight Key components include:

ƒ Prohibition of and strict ‘zero tolerance’ policy against
The senior management oversees the anti-bribery and
corruption, bribery, giving or receipt of facilitation
anti-corruption efforts, ensuring compliance with Indian
payments in any form
regulations such as the Prevention of Corruption Act, the
Bharatiya Nyaya Sanhita 2023, Central Vigilance Commission ƒ Compliance with applicable laws and political
Act 2003, the Lokpal and Lokayukta Act 2013, and other contributions
acts passed by various states of India, Foreign Contribution ƒ Thorough due diligence prior to engaging or appointing
(Regulation) Act 2010, Fugitive Economic Offenders Act any third party
2018, and any other country-specific legal frameworks and ƒ Monitoring and enforcement mechanisms, including
guidance. The Compliance Officer or any person authorised procedures to deal with potential violations, record
by the Company or a senior officer of the Company is keeping and reporting
responsible for monitoring, evaluating and resolving the
ABAC policies and procedures. To ensure a culture of compliance, the Company conducts
Ethics and Code of Conduct training for employees,
including non-permanent employees, during the year.
Anti-Bribery and Anti-Corruption (ABAC) Policy
and Procedures
Performance Metrics and Reporting
The ABAC Policy is the guiding framework for ensuring
compliance with various legislations and standards of The Company regularly tracks and reports on anti-bribery
behaviour to which all must adhere, enforcing that, and anti-corruption performance. During the year, the
wherever the Company operates, it does not engage in any Company faced zero fines or regulatory penalties related
activity amounting to bribery, corruption or other unethical to bribery or corruption.
business practices. The policy applies to all employees
working at all levels and grades of the Company, including
Board members, senior managerial personnel and fixed-term
contract employees.
For any other third-party transactions, the Code of Conduct
for Suppliers is applicable, which is extended to all suppliers
77%
of the employees completed
who do business with the Company, including contractors, training on Code of Conduct
subcontractors, vendors, consultants, agents, business online module
partners, collaborators and others who work for or supply
goods and services to L&T, including their personnel
(employees, vendors or sub-contractors).

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Approach to Business Ethics

The Company is committed to upholding the highest standards of ethics and integrity in all aspects of the business. Ethics
Audit is a key component of the sustainability strategy, ensuring transparency, accountability and adherence to ethical
business practices. Following is the approach to assessing ethical performance and steps for continuous improvement.

Governance and Ethical Leadership Whistleblowing Policy for Vendors provides a secure and
confidential platform to report any unethical conduct, fraud,
Ethical leadership is embedded in the corporate corruption, or violation of legal and contractual obligations
governance framework. The leadership and senior related to the Company’s business operations. The key
management oversee ethical compliance, ensuring that features include:
the operations align with global best practices. Key
ƒ Confidential and Anonymous Reporting: Vendors can
elements include:
report concerns without fear of identity disclosure
ƒ A clearly defined Code of Conduct for Board Members
and Senior Management ƒ Non-retaliation Assurance: The Company ensures
protection against any adverse action for whistleblowers
ƒ Code of Ethics and Conduct, applicable to all reporting in good faith
employees, suppliers and stakeholders
ƒ Multiple Reporting Channels: Complaints can be raised via
ƒ Regular ethics training programme for employees at a dedicated email or post
all levels
ƒ Independent Investigation: All reports are assessed
ƒ A whistleblower protection mechanism to encourage objectively by Corporate Audit services
reporting of unethical behaviour without fear of
retaliation ƒ Strict Action against violations: Proven cases result in
corrective measures, including contractual actions or
legal recourse
Whistleblower Policy and Mechanism
The Company encourages a culture of openness and ethical
The Whistleblowing Policy enables employees, stakeholders
responsibility, reinforcing its commitment to corporate
and third-parties to report concerns related to fraud,
governance and compliance. The Company encourages
corruption, unethical behaviour, or any violation of
its vendors to uphold ethical standards and report any
the Company policies without fear of retaliation. The key
concerns, fostering a transparent and responsible business
features include:
environment.
ƒ Confidentiality and Anonymity: Whistleblowers’
identities are fully protected

ƒ Non-Retaliation: The Company ensures that no

whistleblower faces discrimination or retaliation for
reporting in good faith

ƒ Reporting Channels: Concerns can be reported via email,

orally (later converted into written), or post

ƒ Investigation Process: All complaints are reviewed by an

independent Whistleblowing Investigation Committee,
ensuring fair and prompt action

ƒ Accountability: If misconduct is substantiated,

appropriate corrective measures and disciplinary actions
are taken

171
 Sustainability
Governance

External Ethics Audit

During the year, the Company assigned an independent Key recommendations and improvements are given below:
third-party to review the existing Ethics Framework and ƒ Enhance ABAC compliance procedures, including timelines
provide recommendations. The key policies and procedures for investigations, documentation, third-party risk
included in the review are as follows: assessments and measures to protect whistleblowers from
ƒ Code of Conduct for Board Members and Senior retaliation
Management
ƒ Strengthen due diligence and approval processes prior to
ƒ Code of Conduct for Employees the engagement or appointment of third-parties

ƒ Code of Conduct for Suppliers ƒ Reinforce the Code of Conduct for employees, particularly
in areas such as conflict of interest and participation in
ƒ Whistleblower Policy for Employees
political activities
ƒ Whistleblower Policy for Vendors and Channel Partners
ƒ Enhancement in procedures for the investigation and
ƒ Anti-Bribery and Anti-Corruption Policy and resolution of whistleblower complaints
Compliance Procedures
ƒ Expand and strengthen ethics training programmes with
Based on the review and suggestions made by the the goal of achieving 100% employee coverage
third-party, improvement areas were identified and ƒ Strengthen the Code of Conduct and Whistleblower policy
discussed at the Executive Committee. These identified for suppliers
issues were taken up by the respective policy custodians
and addressed by making suitable changes in the policies The Company remains dedicated to upholding ethical
and procedures. business practices and fostering a culture of integrity. The
efforts to meet the highest global standards and stakeholder
expectations will continue

Prevention of Sexual Harassment (POSH) Policy

L&T is committed to providing all employees a safe, ƒ Internal Complaints Committee (ICC): Several dedicated
respectful and inclusive workplace. The Prevention of ICCs are established to handle complaints fairly and
Sexual Harassment (POSH) Policy aligns with the Sexual confidentially, ensuring complete coverage of all the
Harassment of Women at Workplace (Prevention, work (offices, projects, manufacturing facilities) locations.
Prohibition & Redressal) Act, 2013, ensuring a work The constitution of ICCs is in compliance with the Sexual
environment free from harassment. The Policy for Harassment of Women at Workplace (Prevention,
Protection of Women’s Rights at Workplace has been Prohibition and Redressal) Act, 2013
formulated to guide the Company in redressing sexual
ƒ Multiple Reporting Channels: Employees can report
harassment-related complaints. This policy is based on
incidents via email, call or verbally to ICC/HR/senior
the laws of India and applicable to all its establishments
representative
located in India, encompassing all employees, and contract
workers. This policy also protects anyone visiting the ƒ Confidential and Impartial Investigation: Complaints are
Company’s establishments, including clients, customers, investigated with complete sensitivity, confidentiality and
third-party contractors, vendors, suppliers, business impartiality
representatives, and others. The key features are:
ƒ Protection Against Retaliation: Employees raising concerns
ƒ Zero Tolerance Policy: The Company strictly prohibits any in good faith are safeguarded against any form of
form of sexual harassment victimisation
ƒ Apex Committee: Two committees have been constituted,
the highest body to ensure implementation and
compliance with the Act. The apex committees comprise
representatives of a few ICCs and other senior leaders of
the Company

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Awareness and Communication

ƒ Employees: Mandatory training programme for all Methods may vary from:
employees, including non-permanent staff, delivered ƒ on-site awareness sessions conducted in local
online through a dedicated learning module vernacular languages
ƒ Senior Management and Leadership: Plays a crucial role ƒ posters and visual aids
in fostering a harassment-free environment. Sessions
are designed and delivered to enhance leadership ƒ simple, easy-to-understand guidelines displayed at
accountability and reinforce ethical workplace culture. work sites

ƒ Workers: POSH awareness sessions are not only limited ƒ part of toolbox talks, safety briefings and interactive
to employees but also extended to the contractual discussions
workforce. During the year, the Company has ramped up
these sessions across locations.

More than
>22,000
100 sessions
conducted online and offline
employees completed POSH
online training module
covering around 9,000 employees

173
 Sustainability
Governance

Cybersecurity
L&T has implemented a robust cybersecurity governance The Company proactively aligns with the Digital Personal
framework that is seamlessly integrated into its enterprise Data Protection (DPDP) Act. A centralised data privacy
risk management and ESG strategy. This framework ensures framework is under development to ensure compliance
that cybersecurity risks are managed with the highest level across the organisation. Notably, no data breaches were
of oversight and accountability. Cybersecurity risks and the reported in FY 2024-25.
security roadmap are periodically presented to the Board
Furthermore, cybersecurity awareness among employees
Risk Management Committee (BRMC) and during the Apex
is promoted through regular training programmes,
Risk Management Committee (ARMC) meeting.
newsletters, phishing simulations and quizzes. Specialised
Cybersecurity is acknowledged as a critical organisational risk training for technical teams on incident response and
with significant potential impacts on financial performance application security is also conducted across the Company.
and brand reputation. To ensure a cohesive approach to
Moreover, vendor and third-party cyber risks are addressed
enterprise risk management, ESG-related risks are integrated
through rigorous due diligence processes and continuous
with cybersecurity risk matrices. Key aspects include:
risk monitoring using digital rating tools. Contractual clauses
ƒ Regulatory Compliance: Adherence to regulatory ensure that critical service providers maintain cybersecurity
requirements, such as the IT Act, CERT-In guidelines resilience.
and SEBI directives, is rigorously monitored to ensure The Company’s cyber assurance framework draws from
compliance and mitigate legal risks. international and national standards, including ISO 27001,
ƒ Proactive Risk Identification: Cybersecurity Assurance NIST, IEC 62443 and CERT-In guidelines. The Company’s
assessments are systematically conducted across all businesses are certified under ISO 27001 for Information
business units. These assessments proactively identify and Security Management.
report risks to management, enabling timely and effective
Cybersecurity investments are aligned with a strategic
risk mitigation.
roadmap reviewed by the Executive Committee, addressing
By recognising and addressing cybersecurity as a top both current threat landscapes and anticipated regulatory
organisational risk, the Company ensures the protection requirements. These efforts reflect the Company’s
of its financial performance and brand reputation while commitment to safeguarding its digital assets and ensuring
maintaining regulatory compliance and a unified risk business continuity in an increasingly complex cyber risk
management strategy. environment.

A multi-layered defence strategy has been implemented, Cybersecurity is a critical component of the governance
including Firewalls, Web Application Firewalls (WAF), framework, ensuring that digital assets are protected
Endpoint Detection and Response (EDR), Data Loss and operate securely in an increasingly digital world. The
Prevention (DLP) and Privileged Access Management (PAM). Company will continuously strive to improve its governance
Vulnerability assessments are conducted regularly, and practices, adopting innovative approaches to leverage
a 24x7 Security Operations Centre (SOC) uses Security resources and convert opportunities into achievements.
Information and Event Management (SIEM) tools for
continuous monitoring, detection and response to
cyber threats.

Also, a well-defined Cyber Crisis Management Plan is in place

to respond to critical incidents. Incident response follows a
~50%
employees completed ‘CyberSankalp’,
structured life-cycle - detection, containment, investigation, the cybersecurity online training module
mitigation, recovery and reporting - to ensure timely and
effective action.

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Reasonable Assurance of Environment and Non-Environment KPIs

As part of the commitment to robust ESG governance and regulatory compliance, L&T has been undertaking reasonable
assurance on select BRSR Core Key Performance Indicators (KPIs) since FY 2023-24. The assurance was conducted by Deloitte
Haskins & Sells LLP, an independent third-party assurance partner, in accordance with the Standard on Sustainability
Assurance Engagements (SSAE) 3000, ‘Assurance Engagements on Sustainability Information’, and Standard on Assurance
Engagements (SAE) 3410 Assurance Engagements on Greenhouse Gas Statements (together the ‘Standards’), both issued by
the Sustainability Reporting Standards Board (the ‘SRSB’) of the Institute of Chartered Accountants of India (ICAI).

Reasonable Assurance for KPIs include GHG footprint, water footprint, energy footprint, waste management, spend towards
well-being measures, safety statistics of employees and workers, gross wages paid to females as % of wages paid, complaints
on POSH, purchase from MSMEs and from within India, job creation in smaller towns, events related to data breach and
cybersecurity and financial KPIs. This process reinforces the Company’s integrity in disclosures and enhances stakeholder trust
in the credibility and accuracy of sustainability reporting.

L&T is committed to maintaining the highest standards of corporate governance. The governance framework is built on a
foundation of transparency, integrity and accountability, ensuring that we operate in a manner that is ethical and responsible.
L&T’s corporate governance philosophy is rooted in respect for human values, individual dignity, and adherence to honest,
ethical and professional conduct.

The Company will continuously strive to improve the governance practices, adopting innovative approaches to leverage
resources and convert opportunities into achievements. L&T is committed to enhancing stakeholder value through fair
and transparent governance practices. The approach ensures that we meet the expectations of the stakeholders, including
customers, employees, investors, and the community at large.

Awarded ‘Silver’ in Net Zero Leadership at Times Now Global

Sustainability Alliance SDG Summit, 2024

Winner of India Green Infrastructure Leadership, India Climate

Samman, 2025

175
 Sustainability
Highlights

SUSTAINABILITY HIGHLIGHTS
OF FY 2024-25
The Company conducts materiality assessment to identify and prioritise the key material topics pertaining to ESG, based on
the relative importance of these topics to the stakeholders and in the context of L&T’s business imperatives. The assessment
identified 14 important material topics, and detailed performance is stated in the respective chapters on the six capitals.

To report sustainability highlights at an overall level, at least one KPI has been selected for each material topic based on the
importance attached by investors, rating agencies and regulators and these are given below.

ENVIRONMENT

Energy
69.7 GJ/`Cr
Energy
-16 %*
15 %
Electricity
+60 %*

consumption intensity from renewable sources

Emissions 6.2 tCO e/`Cr 2

GHG emission intensity
-20 %*
1.7 Mn
Saplings planted

Water
108 kL/`Cr
Water consumption
intensity

Materials
28 %
Recycled and eco-friendly
material used

Green
Business
53 %
Revenue from
+19 %*

Green Business

* Improvement over FY 2023-24

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SOCIAL

Health and Safety 4.2 Mn

Safety training man hours

Human Rights 2
Key facilities SA8000 certified
>23,000
Employees completed online training module

Workforce Skilling and

Talent Management
1,11,000+
Workers covered

Diversity and
Inclusion
9.1%
Gender diversity
112
Women in senior management
Social impact

Social Impact 1.9Mn

CSR beneficiaries

GOVERNANCE

Governance &
Ethics
100%
New joinees trained on CoC
Brand Management
and ESG Ratings

Customer
Centricity
9.1
Customer Satisfaction Score out of 10
Rated ‘Strong’
in 2024
Rated ‘B’ for Climate
Change 2024

Data Privacy &

Cybersecurity Zero
Cases of data breaches
Ranked 3rd in ‘Top 200
Environmental Firms’ in 2024

Sustainable
120
Critical supply chain partners
88%
Critical supply chain partners
Supply Chain
assessed by third-party agency rated ‘Green’

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NATURAL
CAPITAL
L&T recognises that its operations, supply chain intensive sectors, the significant dependencies and
and growth are intrinsically linked to the health of potential impacts associated with land use, material
the environment and is committed to responsible sourcing, and local ecosystems are understood. These
stewardship of natural capital to support sustainable dependencies present both risks and opportunities,
value creation. Although the business activities, further shaping the environmental management strategy
primarily EPC projects and high-tech manufacturing, and long-term vision.
are not classified among the most emissions- or water-

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Key Highlights of FY 2024-25

15 % Electricity from
Renewable sources 2.6 Wastewater
Mn kL Recycled

16 % Energy Consumption
Intensity Reduction 28 % Recycled and Eco-friendly
Material Used

Strategy linkage1

SO-I SO-III SO-V

SE-1 SE-2 SE-3

SDGs impacted

Material Topics
ƒ Climate Action
ƒ Water, Waste and Hazardous Material Management
ƒ Sustainable Supply Chain
ƒ Business Ethics
ƒ Brand Management

1
For details, refer to the ‘Business Model and Strategy’ section of this Report.
Note: For KPIs related to intensity, the denominator considered is standalone revenue in ₹ crore.
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Carbon Neutrality Strategy

The Company has targeted to achieve Carbon Neutrality (viz. Scope 1 & 2 emissions) by 2040. Long-term business-as-usual
(BAU) projections for GHG emissions from operations are based on FY 2020-21 baseline emissions intensity and future business
growth assumptions. The roadmap to implement these strategies has been divided into short-term (1-2 years), medium-term
(2-5 years) and long-term (5-15 years) horizons and aligned with the Company’s 5-year strategy plan Lakshya.

Two key levers to help achieve Reducing Energy Decarbonising Energy

carbon-neutral status are: Intensity Consumption

Diesel and electricity are key FY 2025–26, followed by a gradual This strategic phasing out of fossil fuels
contributors to the Company’s decline. In the medium term, the key in energy consumption ensures that
carbon footprint (Scope 1 and lever for moderating emissions growth emissions are proactively addressed
Scope 2 emissions). Diesel is used will be reducing energy consumption while supporting the Company’s
for running construction machinery intensity through enhanced long-term growth and sustainability
used at EPC project sites and for operational efficiency, process objectives. As the Company continues
electricity generation in many cases. It optimisation and energy conservation its growth trajectory, a corresponding
contributes over 75% to the Company’s initiatives. In the long term, increase in energy consumption
overall energy consumption, while transitioning to renewable electricity and associated GHG emissions is
electricity contributes around 17%. and adopting low- or zero-carbon fuels anticipated. However, L&T remains
will be pivotal in driving sustained committed to aligning its business
Based on current estimates, GHG
reductions in absolute emissions. expansion with a responsible and
emissions are expected to peak around
forward-looking climate strategy.

Carbon Neutrality Path

• Optimising utilisation of equipment
• Controlling losses
• Deploying energy-efficient machines
(fuel-powered)
• Deploying electric plant and machinery
• Deploying energy-efficient machines
(electricity-powered) and appliances
• Optimising energy use

• Switching to zero/low carbon fuels

• Switching to renewable electricity

• Carbon sequestration through plantation

BAU emissions Reduction through energy Reduction through Offset (~10%)

(2040) efficiency (~35%) decarbonising energy use (~55%)

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Reducing Energy Intensity

Diesel is the Company’s major energy source. Cutting down on diesel consumption helps reduce both energy
intensity and GHG emissions. The Company formed a task force in FY 2023-24 to explore and implement solutions
to reduce diesel consumption across the business units of the Company.

Key solutions being implemented are:

Switching from Diesel Generator (DG) sets to grid Replacing fuel-powered older equipment with
electricity supply more energy-efficient ones

Replacing diesel-powered equipment Switching to use of hybrid or electric equipment,

with electricity-powered ones e.g. light masts, wheel loaders

In addition, the business units are replacing older equipment with more energy-efficient ones to reduce the consumption
of electricity, e.g. Variable Frequency Drive (VFD) or Variable Voltage Variable Frequency (VVFD) to replace conventional
drives, 5-star rated appliances to replace 3-star ones, auto control of lighting, and so on.

Decarbonising Energy Consumption

The Company is focusing on increasing sourcing of renewable energy for electricity consumption to decarbonise the energy
consumption. Another task-force constituted is exploring solutions to be implemented at specific locations, some of which are:

Power Purchase On-site solar module Open access sourcing Green Tariff
Agreements: Solar, Wind, installation, both capex through developers,
Hybrid (round-the-clock) and opex modes third-parties, group captive

In addition to expanding renewable Furthermore, various business units These initiatives collectively contribute
electricity use, the Company has have begun transitioning to low- and to lowering the Company’s overall
begun blending biodiesel with zero-carbon fuels to mitigate emissions. carbon footprint while enhancing
conventional diesel, reducing reliance These include using Compressed Natural energy source diversification and
on fossil fuels - a key step towards Gas (CNG), Compressed Biogas (CBG) resilience.
decarbonising both stationary and and biomass pellets as alternatives to
mobile combustion sources. traditional fossil fuels.

Solar panel installation at Kansbahal facility Solar panel installation at Talegaon facility

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Progress on Carbon Neutrality Path

Energy Intensity Reduction Path Emission Intensity Reduction Path

8.7 8.9 8.9

97.5 98.8 8.3
95.4 92.4
74.3 6.8
71.6 7.8 6.1
83.1 6.2
69.7

2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26

Target Intensity (GJ/ � Cr) Target Intensity (tCO2e / � Cr)

Current/ Projected Intensity (GJ/ � Cr) Current/ Projected Intensity (tCO2e / � Cr)

Water Neutrality
The Company’s water footprint Further, the water consumption Understanding such dynamic usage
is predominantly influenced by pattern at project sites is non-linear patterns is essential for effectively
consumption at project sites, and varies across the project life-cycle. planning and managing water
particularly for civil works within EPC For e.g., in a metro rail project, water resources. The Company continues to
projects. Water is a critical input for usage tends to peak during the initial explore opportunities for optimising
phases, especially when precasting and
various construction activities and its water use, promoting reuse and
piling are undertaken. As the project
use is largely determined by technical recycling, and deploying efficient
progresses to the installation of precast
specifications and the nature of work girders and finishing works, water construction practices to minimise
being executed. demand typically tapers off. freshwater requirement.

To achieve Water Neutrality by 2035, the Company is focusing on three levers:

Reducing water consumption Reducing freshwater consumption Water offset through

intensity through water-efficient through wastewater recycling, groundwater recharge and water
equipment and processes rainwater harvesting and use of conservation in CSR projects
treated wastewater from other sources

To achieve water neutrality, offsetting through water conservation in CSR projects and groundwater
recharge would play a significant role.

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Water Neutrality Path

• Installing water-efficient devices and
equipment
• Enabling low water use processes
• Controlling losses

• Wastewater recycling
• Rainwater harvesting
• Using third-party treated wastewater

• Groundwater recharge

• Water conservation in CSR projects

BAU FW water Reduction through Reduction through Offset through Offset through
requirement Efficiency (~40%) wastewater recycling groundwater CSR Projects
(2035) and rainwater recharge (~5%) (~30%)
harvesting (~25%)

Lakshya 2026 Targets on Natural Capital

The Company had set medium-term targets for carbon neutrality, water neutrality and other areas that are a part of the
current Lakshya 2026 strategy plan. Based on the progress made, the targets have been revised and these are:

30%
Emissions Intensity
25%
Energy Intensity
1.5 - 2 Mn
Plantation every year
Reduction Reduction
(w.r.t FY 2020-21 Baseline) (w.r.t FY 2020-21 Baseline)

Green cover at Kattupalli facility

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Energy
In FY 2024-25, the Company’s total 1%
energy consumption was 9.9 million GJ, 1%
2%
2%
comprising direct energy consumption 2% Diesel
of 8.3 million GJ and indirect energy
17% Electricity
consumption of 1.6 million GJ.
Break-up of this energy consumption Furnace oil
into renewable and non-renewable Natural Gas
sources is provided in Principle 6 of Petrol
the BRSR report. Diesel has the highest LPG
contribution to total energy consumption
Other Fuels
at 75% and the contribution of other 75%
sources are:

Business-wise split of Energy Consumption (GJ)

WET LTEH B&F

9,04,031 8,06,567 7,05,410

HE
2,95,241

Others PT&D M&M

HCI 32,39,183 Tl, 19,65,311 RENU 8,61,173 4,45,362 4,26,213 2,81,924

HCI: Heavy Civil Infrastructure, TI: Transportation Infrastructure, WET: Water & Effluent Treatment, RENU: Renewables, LTEH: L&T Energy-
Hydrocarbon, B&F: Buildings & Factories, PT&D: Power Transmission & Distribution, HE: Heavy Engineering, M&M: Minerals & Metals,
Others: Offices, Construction & Mining Machinery, Rubber Processing Machinery, L&T-Cloudfiniti, L&T Energy-CarbonLite Solutions,
Precision Engineering and Systems, L&T-SuFin

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Renewable Energy
The Company sourced 69 million kWh of renewable electricity, contributing to 15% of the total electricity consumption
(461 million kWh) in FY 2024-25. As a result of the actions taken by the various business units of the Company, renewable
energy (electricity) increased from 0.16 million GJ in FY 2023-24 to 0.25 million GJ in FY 2024-25, marking an increase of 60%.

Challenges to sourcing renewable energy, like inadequate area for installing solar modules, difficulties in obtaining green
open access and green tariffs for temporary connections, and developers’ preference for long-term PPAs, persist. The
Company continues to explore options to address these challenges.

Renewable Energy sourcing by type of contract Energy Intensity Trend (GJ/ ` Cr)
or source 98.8

Source Energy sourced (Mn kWh) 83.1

Solar (On-site) 5.4 69.7

Solar (PPA) 10.8

Wind (PPA) 26.5
Hybrid (PPA) 19.5
Green Tariff 6.9

Energy intensity decreased by 16% y-o-y, 2022-23 2023-24 2024-25

primarily driven by a reduction in direct energy
intensity by 17%. This reduction is attributed to:
Sites switching from DG sets to grid connections,
e.g. rail line tunnel projects in Uttarakhand, metro
rail projects in some cities
Closure or closing stage of some large contracts,
e.g. contract related to a dedicated freight corridor
project, water treatment project in the Middle East,
project related to offshore oil & gas facilities
Other actions taken by the task force to reduce
diesel consumption. (refer to ‘Reducing Energy
Intensity’ in this section)
Solar rooftop at a EPC project site

Solar rooftop at Kancheepuram facility

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GHG Emissions
The Company’s GHG emissions (Scope 1 and 2) are from the energy consumed from various sources. Emissions
(Scope 1+2) intensity has decreased by 20% in FY 2024-25 compared to FY 2023-24. This decrease is primarily due
to a reduction in energy intensity.

Scope 1 Scope 2 Scope 3

Emissions for the Company Emissions for the Company Emissions for the Company
are direct emissions from are indirect emissions are indirect emissions from
combustion of fuel, e.g. high- from the consumption of upstream and downstream
speed diesel, furnace oil, natural purchased electricity (sourced activities in the value chain.
gas, liquified petroleum gas from power distribution The emissions are reported
(LPG), acetylene, and other fuels companies) at construction under five relevant categories:
used in mobile equipment like sites, manufacturing facilities, purchased goods and services,
construction machinery and and offices. upstream transportation
stationary equipment (e.g. DG and distribution, employee
sets, furnaces). Fugitive emissions commuting, business travel,
from carbon dioxide gas (used and downstream leased assets.
in the welding & filling fire
extinguishers and refrigerants 2,82,341 tCO e 2
filling in HVAC systems) have also Market- based
been included in the inventory.

6,03,953 tCO e 3,32,416 tCO e 2

74,58,242 tCO e
2
Location- based 2

For details on the calculation methodology of these emissions, please refer to ‘Notes on Sustainability Information’ section.

(tCO2e/
Emissions Trend (tCO2e / `Cr) Emissions Intensity Trend (tCO2e / `Cr)

Scope 1 Scope 2

8.9
2,73,719

3,49,682

7.8
2,82,341

6.2
6,93,115

6,35,646

6,03,953

2022-23 2023-24 2024-25 2022-23 2023-24 2024-25

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Scope 3 Emissions (tCO2e) 2,201

14,048

72,71,731

1,26,338
Purchased goods and services Upstream transportation and distribution
43,925
Business travel Employee commuting
Downstream leased assets

Business-wise split of Emissions [Scope 1 and 2] (tCO2e)

RENU
WET 71,957 B&F 66,424 63,650

M&M
23,015
Others PT&D HE
HCI 3,07,089 TI 1,68,642 LTEH 70,251 54,962 32,015 20,813

HCI: Heavy Civil Infrastructure, TI: Transportation Infrastructure, WET: Water & Effluent Treatment, LTEH: L&T Energy-Hydrocarbon,
B&F: Buildings & Factories, RENU: Renewables, PT&D: Power Transmission & Distribution, M&M: Minerals & Metals, HE: Heavy Engineering,
Others: Offices, Construction & Mining Machinery, Rubber Processing Machinery, L&T-Cloudfiniti, L&T Energy-CarbonLite Solutions, Precision
Engineering and Systems, L&T-SuFin

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Emissions Reduction Initiatives

All business units of the Company have started implementing multiple initiatives to reduce emissions. A snapshot of few
initiatives is below.

Use of biodiesel to reduce Sourcing of Electric plant

diesel consumption Renewable Energy and machinery
Biofuels are increasingly gaining Sourcing renewable energy Electrification is one of the key
global attention as a viable solution (electricity) is the key lever to levers for the decarbonisation
for decarbonising the energy and decarbonise energy consumption of operations. The Company has
transport sectors. Among these, from electricity and reduce identified strategies to switch
biodiesel presents a promising Scope-2 emissions. In addition to from fossil fuel-powered plants
opportunity for reducing the carbon existing on-site solar installations and machinery to electricity-driven
intensity of diesel-based operations. and PPAs, the Company has ones. This helps improve energy
undertaken significant steps in efficiency and reduce emissions,
The Company has explored
the current year at several work which could further be reduced
sustainable biodiesel alternatives,
locations to enhance sourcing of to zero by sourcing renewable
identifying vendors utilising
renewable energy. power (electricity).
repurposed cooking oil, animal
tallow and agricultural waste as Additional capacities were added Key initiatives implemented
feedstocks. Following successful at Chennai campus, facilities are electrical hoists, electric air
testing and pilot implementation located at Talegaon, Kattupalli, compressors, inverter-based
last year, the initiative has now been Kansbahal, Kancheepuram, welding machines and VFD
scaled across multiple business units. project sites: Cluster XXV, Lower concrete pumps. Hybrid light
Sutkel, Sone-Kanhar Garhwa, masts, with solar panels and
As part of the Company’s broader
Ballia, Firozabad, Gurmura & battery backup, are being deployed
decarbonisation roadmap, targets
Panari, Cluster XX, Parwati, to replace conventional diesel-
have been established for phased
Satna of the Water and Effluent powered masts.
replacement of conventional
Treatment business.
diesel with biodiesel in suitable A few EPC project sites have
applications, particularly in started using electric construction
construction equipment and logistics. machinery, e.g. wheel loaders, on a
pilot basis, and are being scaled up.

Emissions avoided for FY 2024-25 Emissions avoided for FY 2024-25 Emissions avoided for FY 2024-25

1,095 tCO e 2
2,850 tCO e 2
685 tCO e 2

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The Company has also started exploring levers to reduce Scope 3 emissions. Certain initiatives undertaken by the Company to
reduce Scope 3 emissions include:

ƒ Upgradation to steel of higher yield strength from low ƒ In FY 2024-25, the Company has started deploying LNG
yield strength leading to quantity reduction trucks as well as electric trucks used in transportation of
ƒ Use of low-carbon material or recycled material, such materials in select routes and thereby reducing emissions
as steel manufactured from an electric arc furnace / linked to upstream logistics.
induction furnace route as against steel manufactured ƒ The Company has also put in place a scheme for
through a blast furnace route, blended cement in place promoting the adoption of electric vehicles by the
of Ordinary Portland Cement, wherever feasible employees to reduce emissions from employee commuting

For other initiatives on energy conservation and renewable energy, please refer to Annexure ‘A’ to the Board Report.

Electric loader deployed at project site

LNG Truck deployed at Kancheepuram- Shadnagar (Telangana) route

VFD concrete pump

Solar rooftop at Hazira facility Biodiesel blending

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Innovative ESSC Welding Solution for

Enhanced Efficiency
As part of L&T’s ongoing commitment to engineering
excellence and self-reliance, the Heavy Engineering team
at the A. M. Naik Heavy Engineering Complex (AMNHEC),
Hazira, has developed an innovative solution for the Electro
Slag Strip Cladding (ESSC) process - a critical technology used
to apply corrosion-resistant layers such as stainless steel or
inconel alloys onto reactor surfaces.

ESSC is a high-precision, high-power welding technique

typically reliant on specialised machines sourced from
a limited number of global suppliers. To overcome this
supply chain constraint and enhance operational efficiency,
the Company collaborated with a local vendor to design
and deploy a custom-built, inverter-based ESSC system
integrated with IoT capabilities. This indigenous solution Emissions avoided for FY 2024-25
delivers multiple benefits, viz. enhanced energy efficiency
and reduced operational costs, real-time process monitoring
and improved quality control, and localisation of a critical
~568 tCO e 2
technology, reducing dependence on imported equipment.

Decarbonising Road Construction with

Biomass-Fired Hot Mix Plants
As part of its commitment to reducing carbon emissions and promoting
sustainable construction practices, the Company’s Transportation
Infrastructure Business introduced an innovative transition in the operation
of Hot Mix Plants (HMPs) - key assets used in bituminous pavement
construction. Traditionally powered by diesel or furnace oil, HMPs are
energy-intensive and contribute significantly to GHG emissions. In a
forward-thinking initiative, the Company replaced conventional fossil fuel
burners with specialised biomass pellet-fired burners. These biomass pellets,
derived from wood waste and other agricultural residues, offer a cleaner
and renewable alternative with substantially lower emissions compared to
fossil fuels.

This sustainable innovation has been successfully implemented at major EPC

project sites such as Meerut-Hapur Expressway, Navi Mumbai International
Airport and Chennai Peripheral Road. The transition contributes to the
Company’s decarbonisation strategy and supports circular economy
principles by utilising biomass waste as fuel, demonstrating the scalable
Emissions avoided for FY 2024-25 potential for green infrastructure development.

~1,005 tCO e 2

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Process Innovation:
Enhancing Efficiency Through Technology Integration

Smart Steam Curing at MAHSR T-3 Project Induction Heating for Heavy Fabrication at
At MAHSR T-3 project, the site team implemented an AMNHEC, Hazira
innovative temperature control solution for steam The Heavy Engineering team, developed a customised
curing, incorporating Resistance Temperature Detectors induction heating system for heat treatment in heavy
(RTDs) and an automatic flow control valve. This system fabrication. This indigenous solution is developed in
ensures precise temperature regulation during curing collaboration with an Indian vendor, equipped with advanced
and significantly enhances reliability and efficiency. The digital controls for accurate temperature management and
entire process is also cloud-integrated, enabling remote real-time monitoring. The new system improves energy
monitoring and real-time data access via a mobile efficiency, enhances process precision and reduces the carbon
application, supporting smarter decision-making. footprint compared to traditional heat treatment methods.

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Water
At L&T, water consumption is primarily driven by industrial Wastewater from EPC project sites generally contains only
activities associated with the execution of EPC project suspended solids and is not characterised by high-effluent
contracts, especially in civil works. In contrast, water usage content. Nonetheless, the Company ensures responsible
at manufacturing facilities remains minimal. The Company wastewater management by implementing Zero Liquid
has adopted multiple conservation strategies to minimise Discharge (ZLD) systems at its manufacturing units and select
water consumption across operations. These include project sites. These are supported by Effluent Treatment Plants
installing water-efficient fixtures such as aerator taps and (ETPs) and Sewage Treatment Plants (STPs). At other locations,
low-flush toilets, regulating water pressure in pipelines and wastewater is either treated on-site or managed through
controlling system losses. Innovative construction practices authorised third-party service providers, ensuring minimal
like curing compounds and steam curing are also being environmental impact.
implemented to reduce water usage at project sites.
To improve data collection and reporting, particularly at EPC
Further, recycling and reuse are central to the Company’s project sites, the Company has started installing flowmeters at
water stewardship efforts. Greywater and blackwater various sites and enabled data flow automatically to the data
recycling systems are promoted across work locations, management system. An independent third-party assessment
with treated wastewater reused for landscaping, toilet was also undertaken to estimate the water being conserved
flushing, dust suppression, equipment cleaning and through the CSR interventions. As per the assessment, the
fire-fighting systems. In addition, rainwater harvesting annual conservation potential of the infrastructure created
and groundwater recharge initiatives are being actively was ~3.2 million kL and equivalent to ~16% of annual water
explored and implemented wherever feasible. The withdrawal by the Company in FY 2024-25. Similar activities
Company also extends its commitment to water efficiency have also been undertaken by some of the EPC project sites as
to its clients by promoting water-saving devices in certified well as manufacturing facilities and assessment of these will be
green buildings. carried out in the next financial year.

Freshwater Withdrawal (Mn kL) Water Consumption Intensity (kL/` Cr) Wastewater Recycling
Wastewater recycled (Mn kL)
% Freshwater requirement
108
102 102
2.8
19.6 2.6

16.0

1.7
11.2

13% 15% 11%

2022-23 2023-24 2024-25 2022-23 2023-24 2024-25 2022-23 2023-24 2024-25

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Business-wise split - Water Withdrawal (Mn kL)

RENU 1.6 Others M&M

1.3 1.2

LTEH LTECL PT&D

HCI 5 B&F 3.9 TI 3.9 WET 1.3 0.6 0.5 0.4

HCI: Heavy Civil Infrastructure, B&F: Buildings & Factories, TI: Transportation Infrastructure, RENU: Renewables, WET: Water & Effluent
Treatment, LTEH: L&T Energy-Hydrocarbon, M&M: Minerals & Metals, LTECL: L&T Energy- CarbonLite Solutions, PT&D: Power Transmission &
Distribution, Others: Offices, Heavy Engineering, Precision Engineering and Systems, Construction & Mining Machinery, Rubber Processing
Machinery, L&T-Cloudfiniti, L&T-SuFin

Sustainable Concrete Curing

Water is an essential resource in curing concrete, particularly

across large-scale civil works at the Company’s EPC project
sites. However, rising water stress, especially during peak
summer months, poses challenges in sourcing and managing
adequate water for construction activities. To address this,
the Company’s business units have adopted the use of
curing compounds as a sustainable alternative. These liquid
membrane-forming compounds are applied to fresh concrete
surfaces to reduce moisture loss, thereby improving their
hydration efficiency and overall concrete strength.

Key benefits of this innovation include:

A significant reduction in water usage
~29,000 kilolitres
of freshwater requirement reduced
Faster curing, contributing to overall in FY 2024-25
construction efficiency
Improved surface quality and surface finish of
the concrete
Enhanced curing performance, especially for vertical or
hard-to-reach structures where conventional water curing
is impractical

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Water Recovery through

Sedimentation Tanks
Concrete works at EPC project sites require substantial
amounts of water for different processes. Water used in
batching plant and transit mixer cleaning typically gets
discharged into drains. The Heavy Civil Infrastructure
business has undertaken initiative for implementation
of sedimentation tanks to recover the water used in
these processes. Water is recovered through multi-stage
gravity and chemical sedimentation. The recovered water
is typically diluted with 50% freshwater to reduce its
TDS (total dissolved solids) content. Recycled wastewater
is used for various activities at the site, e.g. dust
suppression, transit mixer cleaning and wheel washing.

Volume of wastewater recycled

and used in FY 2024-25

~13,000 kilolitres

Redesigned Zero Liquid Discharge to

improve Water Recovery

Industries across sectors are increasingly challenged by water

scarcity and wastewater pollution. Zero Liquid Discharge
(ZLD) systems offer a sustainable solution by recycling
wastewater and eliminating liquid discharge. However,
conventional ZLD processes are resource-intensive, requiring
substantial steam, power and cooling water, which can limit
their efficiency and scalability.

Accordingly, the Water and Effluent Treatment business

developed an innovative ZLD system for IOCL Vadodara
Refinery. The redesigned process treats wastewater from the
Effluent Treatment Plant (ETP) and cooling tower blowdown
using a sequence of pre-treatment, ultrafiltration, reverse
osmosis (RO) and ion exchange to produce high-quality
demineralised water.
Key outcomes of the innovation are:
Reduced steam Reduced load on the
requirement by 30% RO system

Improved water recovery to more than 96%, compared to

conventional designs with recovery up to 80-85%

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Waste Management and Circular Economy

Waste management is a material topic for the Company, Waste management is an integral component of the
particularly due to the significant volume of waste Environment, Health and Safety (EHS) Management System,
generated at EPC project sites. Recognising its environmental which includes comprehensive policies, standard operating
impact and resource implications, the Company has procedures and implementation mechanisms.
adopted a structured and responsible approach to waste
The operational locations, including EPC project sites and
management, aligned with circular economy principles.
manufacturing facilities, maintain a project- or site-specific
The Company’s waste management strategy is built on
waste management plan, developed either as part of the
the 3R framework - Reduce, Reuse and Recycle - with an
overall project execution plan or in line with applicable
emphasis on minimising waste generation at source and
regulatory requirements.
maximising resource recovery.

The key processes include:

Identification and quantification of Reuse and recycling wherever Environmentally sound
waste streams feasible disposal of residual waste

Segregation at source Collection and safe storage

The Company has established partnerships with authorised and certified waste processors and handlers, ensuring compliance
with relevant environmental regulations and waste management rules. Through these efforts, the Company is reducing its
environmental footprint and contributing to creating a resource-efficient and sustainable ecosystem.

Approach towards Waste Management

Hazardous waste is segregated, stored and disposed of as per the statutory requirements.

Hazardous wastes, such as used oil, oil-soaked cotton

waste, used chemical/paint/oil containers, used batteries,
paint residues, ETP sludge, electronic waste (e-waste) and
biomedical waste are disposed of through government-
approved recyclers/processors and according to the
regulatory norms.
The Company does not import, export, transport or
treat any hazardous waste covered under the Basel
Convention.
Non-hazardous waste, such as construction and
demolition waste, ferrous and non-ferrous scrap, wood/
plywood to come together waste, packaging waste, food
waste, are managed according to the volume generated Clean-up drive at Suvali beach, Hazira
and facilities available at the specific location.

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Waste Generation and Disposal for FY 2024-25 (in tonnes)

Category Hazardous waste Non-Hazardous waste

Generation 4,571 4,46,656

Recycled/Reused 399 80,041

Disposed/Sold 3,897 3,69,065

Business wise split of waste generation

Others 8%
Others 14% LTEH 3%
PT&D 55% RENU 4% HCI 43%
TI 3%
PT&D 4%
RENU 4%

B&F 6%

B&F 17%
LTEH 8%

HCI 10%
TI 21%
Hazardous waste generation Non-Hazardous waste generation

HCI: Heavy Civil Infrastructure, TI: Transportation Infrastructure, RENU: Renewables, LTEH: L&T Energy-Hydrocarbon, B&F: Buildings &
Factories, PT&D: Power Transmission & Distribution, Others: Offices, Water & Effluent Treatment, Minerals & Metals, L&T Energy- CarbonLite
Solutions, Heavy Engineering, Precision Engineering and Systems, Construction & Mining Machinery, Rubber Processing Machinery,
L&T-Cloudfiniti, L&T-SuFin

As the Company expands its operations, especially in large-scale EPC projects, the construction and operational waste volume
naturally increases. Simultaneously, continual efforts to enhance transparency and data accuracy - including digitisation
of reporting systems, stricter site-level monitoring and broader coverage - have contributed to a more comprehensive
representation of waste generated.

This improvement in reporting is a positive step towards strengthening our waste management practices, enabling more
targeted interventions to reduce, reuse and recycle waste.

A. M. Naik Heavy Engineering Complex

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Waste Reuse and Recycling for Circularity

While ensuring the safe and compliant disposal of waste is critical to minimising environmental and community impacts,
the Company emphasises maximising reuse and recycling of materials. This approach reduces dependency on virgin natural
resources. Also, it helps lower emissions associated with transporting waste to external disposal sites and diverting waste
from landfilling.

A significant portion of non-hazardous waste is generated at the Company’s EPC project sites. In alignment with the circular
economy principles, the locations are encouraged to identify and implement on-site reuse and recycling solutions to minimise
off-site disposal.
Key initiatives include:
Construction and demolition waste Ferrous and non-ferrous Wood and plywood waste is
from concrete and civil works is scrap, while often auctioned, reused or creatively repurposed
reused for temporary access roads and is repurposed into ancillary into temporary site structures,
backfilling; recycled into aggregates, materials such as cable/pipe shelving and boards
manufactured sand, or in some cases, supports, barriers, boards and
paver blocks for on-site use even site furniture

Concrete waste reused to create drains Paver blocks from recycled concrete waste Signages created from wood waste

Scrap rebar used for structural work components Ferrous waste used for material storage Concrete waste reused for water storage tank

These efforts enhance material efficiency and contribute to

cost savings, lowering emissions and reducing landfill burden,
reinforcing the Company’s commitment to sustainable construction
and resource conservation.
~75,700
tonnes of construction and
demolition waste diverted away
from landfill in FY 2024-25

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Sustainable Material and Resource Efficiency

A significant share of the Company’s revenues is derived from its EPC project business, which involves extensive use of bulk
construction materials such as steel, cement, aggregates and sand. Given the material-intensive nature of these projects, the
Company recognises the importance of embedding sustainability principles into its material sourcing and usage.

To reduce the environmental impact of construction activities, the Company actively promotes the use of eco-friendly
and alternative materials. These include:

Fly ash, a by-product of thermal power plants, as a partial Ground Granulated Blast Furnace Slag (GGBS), sourced
replacement for cement from the steel industry, as a cement substitute

These materials help lower embodied carbon and support industrial waste utilisation, aligning with circular economy goals.
However, the wider adoption of non-virgin or recycled materials is often constrained by design codes, regulatory standards
and customer specifications, which limit flexibility in material choices despite the proven benefits.

In parallel, sustained efforts are being made to reuse and recycle steel and zinc at the Company’s transmission tower
manufacturing facilities, which are key inputs in the galvanising and fabrication processes. These initiatives reduce raw
material demand and support the Company’s commitment to resource efficiency and waste minimisation.

% of Eco-friendly and Recycled % of Fly ash and GGBS in % of Manufactured sand of

materials of total bulk materials cementitious materials total sand

32% 14% 54%

13%
28% 49%
45%
24% 10%

2022-23 2023-24 2024-25 2022-23 2023-24 2024-25 2022-23 2023-24 2024-25

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Waste Diversion to Cement Plants

Certain hazardous wastes, e.g. paint sludge, oil, and

contaminated cotton waste, are disposed of through approved
agencies by incineration in designated facilities. The ash
generated is typically disposed of in designated landfill
areas. The team at A. M. Naik Heavy Engineering Complex
(AMNHEC) at Hazira, Gujarat, partnered with an approved
waste processing agency to divert these wastes to cement
plants to be used as fuel in co-firing. This approach helped
avoid landfilling and reduced energy consumption associated
with waste incineration while effectively advancing circular
economy principles through resource recovery and reuse.

Waste processed through this

method in FY 2024-25 was

~134 tonnes

L&T’s First Single-Use

Plastic-Free Campus
A comprehensive initiative was launched at AMNHEC,
Hazira to eliminate single-use plastic (SUP) from its
operations. The initiative began with a beach-cleaning
drive in 2024, which sparked a broader commitment
across the campus. A cross-functional team comprising
members from EHS, Stores and Purchase departments
was formed to lead the effort.

Key measures implemented included:

Replacing office dustbin Preparing

liners with compostable buttermilk in-house
materials instead of procuring
it in plastic pouches
Substituting tetra packs
Replacing packaged
of soft drinks, which
drinking water with
have plastic straws, with
steel bottles and
recyclable PET bottles
glasses

These actions collectively resulted in the elimination of 45 metric tonnes of SUP annually. The initiative was independently
audited by the Confederation of Indian Industry (CII), which subsequently awarded AMNHEC the SUP-Free Certification,
marking a significant milestone in L&T’s journey towards sustainable operations.

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Biodiversity

L&T recognises that healthy ecosystems and biodiversity are foundational to long-term environmental sustainability and
societal well-being. As a responsible infrastructure and engineering conglomerate, the Company is committed to ensuring that
its operations minimise ecological disruption and contribute positively to biodiversity protection, preservation and restoration.

Accordingly, the biodiversity protection approach is guided by the principles of:

ƒ Minimisation of impact during the construction phase ƒ Restoration where unavoidable impacts occur
ƒ Compliance with national and local environmental ƒ Implementation of environmental safeguards of the
regulations Biodiversity Conservation Plan as per the requirements of
the contracts

Key Actions and Initiatives:

Greenbelt and Landscaping Biodiversity Conservation Projects Capacity Building and Awareness
Across the campuses and project sites, Select business units undertake Employees and workers are made
greenbelts are developed and maintained local biodiversity initiatives such aware of ecological sensitivities
using native species to promote ecological as mangrove restoration and and conservation practices
balance, reduce dust and noise, and large-scale plantations. through site inductions.
support local flora and fauna.

A few of the Company’s work locations are in eco-sensitive zones. It has taken proactive measures to prevent any harm to the
ecosystem in these locations. Details are included in the Leadership Indicator No. 3 in Principle 6 of the BRSR section of the
Integrated Annual Report FY 2024-25.

The Company also undertakes large-scale sapling plantation drives and has a target to plant 1.5 to 2 million saplings each
year. In FY 2024-25, the Company has planted 1.7 million saplings.

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Sustainable Infrastructure with Ecological Sensitivity

Wildlife Protection at High-Speed Rail Project

The Mumbai-Ahmedabad High-Speed Rail (MAHSR) project passes through ecologically sensitive areas, including crocodile
habitats near Vadodara. To protect the mugger crocodile (crocodylus palustris) and ensure safe construction practices, the
Heavy Civil Infrastructure team implemented a crocodile conservation initiative. This included measures to prevent harm to
the species and safeguard work areas from animal incursions. Eighteen crocodiles have been rescued and relocated to their
habitats. The plan and its implementation entailed:

Habitat Protection and Restoration

As part of the plan, key habitats - including critical nesting and basking
areas - were identified for preservation and restoration. Protected zones
were established around these areas to minimise disturbances from
construction activities, ensuring the long-term safety and sustainability of
the crocodile population.

Crocodile Conservation Plan

A baseline study of the crocodile population, their behaviour, and habitat
was conducted alongside a detailed ecological survey. Based on these
findings, a comprehensive crocodile conservation plan was developed with
support from the National Accreditation Board for Education and Training
(NABET)-accredited ecology and biodiversity experts, ensuring scientific
rigour and regulatory compliance.

Crocodile Relocation and Rescue

Crocodiles found in high-risk construction zones were safely relocated to
designated protected habitats. This operation was conducted by trained
wildlife teams, ensuring minimal stress to the animals. Post-relocation
monitoring is being carried out to track the health and successful adaptation
of the relocated crocodiles.

Human-Wildlife Conflict Management

Awareness programmes conducted for the workforce on safe behaviour
around crocodile habitats. Warning signs were put up, and fencing was
done near the construction sites close to crocodile territory. Emergency
response plans were developed to deal with cases of crocodile encounters.

Wildlife-friendly Infrastructure Design

Conduit pipes were provided to ensure uninterrupted water flow and
maintain ecological connectivity in the Vishwamitri River, enabling free
movement of crocodiles between habitats. Additionally, noise and pollution
control measures were implemented to minimise disturbance to wildlife,
including restricting night-time operations.

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Green Buildings

L&T is committed to creating a sustainable built environment

by integrating green building principles into its project
execution and design capabilities for itself and its clients.
As a leading EPC player in the infrastructure and buildings
sector, the Company recognises its pivotal role in reducing
the environmental footprint of the construction sector.

Green buildings, as defined or certified against industry

standards, e.g. Indian Green Building Council (IGBC),
Leadership in Energy and Environmental Design (LEED), have
significantly lower energy and resource consumption than
conventional buildings. These buildings typically incorporate
sustainable materials, energy efficient systems, water
conservation practices and waste reduction strategies.

L&T Data Center-1 in Kancheepuram received IGBC Platinum

rating, while one of the buildings in Chennai campus
received IGBC Net Zero rating for design. The Company
has 14 green buildings at various locations, certified at
different periods. Net Zero rated building in Chennai campus

Air Quality Management

Air pollution continues to pose a significant environmental and public health challenge globally. The Government of India
has launched the National Clean Air Programme (NCAP), focusing on reducing air pollution levels, especially in designated
non-attainment cities. The Company aligns its environmental management practices with these national priorities and is
committed to minimising air emissions across its operations.

As part of the Environment Management Plans (EMP) implemented at work locations, the Company adopts a comprehensive
approach to controlling and mitigating air pollution, particularly at EPC project sites in urban and pollution prone areas.

Key measures include:

Dust suppression for materials Wheel wash facilities installed at Barricading and covering
stored on-site and during material site exits to prevent dust and debris exposed construction zones and
transportation, using water from being carried outside the community-facing areas using
sprinkling and other control project boundary hessian cloth to reduce particulate
mechanisms matter dispersion

Air quality monitoring stations Monitoring reports submitted

established at site locations, with to pollution control boards,
ambient air quality monitored by local authorities and clients in
approved third-party vendors compliance with regulatory and
contractual obligations

Through these initiatives, the Company actively supports air quality improvement efforts and ensures that its construction and
infrastructure projects are executed with minimal impact on the surrounding environment and communities.

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Green Campus Framework

Green Campus Framework
While the main thrust of the Company’s initiatives is directed at operational and project activities, it has developed a bespoke
‘Green Campus Framework’ for offices and administrative locations. This is inspired by recognised global and national green
building rating systems and incorporates a comprehensive set of sustainability indicators, including:

Energy and water efficiency Use of sustainable resources

Water efficiency and conservation Biodiversity

Waste reduction and recycling Other areas, such as green logistics, resilient facilities, and so on

This framework enables site-level sustainability assessments, fosters continuous improvement and supports certification
readiness for green building accreditations. By institutionalising this approach, the Company is enhancing the sustainability
quotient of its own campuses and setting a replicable example for sustainable workplace development.

Other areas Energy

Green Campus
Materials
Rating Category
Water

Biodiversity Waste

Green Campus Rating

Offices and campuses are rated annually based on progress towards the set targets. The Green Campus Framework was
rolled out in FY 2024-25. The initial assessment shows numerous locations already have plans to become more sustainable.
The framework is designed to be dynamic, with rating thresholds being revised upwards each year, adaptable to include
new areas and monitoring tools to assess the actions taken by the locations.

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Capital

Climate Scenario Analysis and Climate Risks

Dynamic climate and weather patterns - shaped by assess and prepare for a range of climate-related risks.
anthropogenic activities and natural variability - pose The scenario analysis considers transition risks - associated
significant risks to global systems. While some impacts are with the global shift towards a low-carbon economy - and
immediate and visible, others unfold gradually, presenting physical risks - arising from the direct impacts of climate
complex, long-term challenges that demand proactive change. These risks are identified and assessed using
assessment and strategic foresight. Climate scenario analysis internationally recognised frameworks, including the Task
has emerged as a critical tool for businesses to navigate Force on Climate-related Financial Disclosures (TCFD).
these uncertainties. By modelling a range of plausible This approach evaluates how varying climate scenarios may
climate futures, organisations can better understand influence future business conditions and strategic decisions.
potential risks and opportunities, enabling them to develop The Company has implemented risk management systems
adaptive strategies that protect operations and support to mitigate these risks and has demonstrated resilience
long-term sustainability. across its operations. Furthermore, the scenario analysis
The Company recognises climate change as a material process has helped identify climate-related opportunities
business risk with a significant potential to impact its - including energy efficiency, green innovation and
operations, value chain and long-term strategy. In alignment sustainable infrastructure - that can drive long-term value
with global best practices, the Company integrates climate creation for both the business and the environment.
scenario analysis into its strategic planning to proactively

Approach towards Scenario Analysis

L&T adopts a robust, science-based approach to climate scenario analysis to assess potential climate-related risks and
opportunities under varying future conditions. The Company considers both physical and transition risks, using globally
recognised scenarios and pathways to inform strategic decision-making.

Green Campus Framework

Physical Risk Scenarios

To assess physical climate risks, the Company has utilised Representative Concentration Pathways (RCPs) 4.5 and 8.5, as
outlined in the Intergovernmental Panel on Climate Change (IPCC) Fifth Assessment Report (AR5) 2014. These were analysed in
combination with Shared Socioeconomic Pathways (SSPs) to account for socio-economic and technological developments:

RCP 4.5 with SSP2 is considered a baseline (optimistic) RCP 8.5 with SSP5 represents a high-end (business-as-
scenario, representing moderate emissions and a stable usual) scenario, assuming limited climate action and
pathway for global temperature rise, factoring in continued fossil fuel dependency, resulting in more
balanced societal and technological progress. severe climate impacts.

This approach enables the Company to understand the potential spectrum of physical climate risks under different future
climate trajectories.

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Transition Risk Scenarios

To assess transition risks, the Company employs the International Energy Agency’s (IEA) Net Zero Emissions by 2050 (NZE 2050)
scenario. This scenario outlines a comprehensive roadmap for the global energy sector to achieve net-zero by 2050, aligning
with the COP28 pledge to triple renewable energy capacity by 2030. The Company’s Carbon Neutrality target aligns with this
scenario, focusing on increased renewable energy uptake.

Climate Risks and Opportunities

A snapshot of the assessment of climate risks is presented here:

Transition Risks

POLICY & LEGAL

Risks (R) / Opportunities (O) Potential Financial Impact Response / Actions

Non-compliance with changing Increase in indirect costs due to ƒ Proactively track changes in
laws and regulations - domestic and possible penalties or fines regulations and identify gaps
international (R) ƒ Collaborate with policymakers
to recommend revisions to
regulations

Carbon tax or carbon pricing being Increase in indirect costs due ƒ Track development in carbon
imposed on industries - domestic to carbon tax tax and pricing and assess the
and international (R) potential impact
ƒ Formulate a strategy to avoid
carbon tax

REPUTATION

Risks (R) / Opportunities (O) Potential Financial Impact Response / Actions

Non-compliance by vendors and ƒ Project delays, rework or penalties ƒ Stronger vendor due diligence
leading to negative feedback or ƒ In some cases, direct financial and approval process prior to
concern from stakeholders (R) liabilities arising from contract onboarding
breaches or regulatory non- ƒ Regular audits, compliance checks
compliance and performance reviews
ƒ Increase in direct costs to handle ƒ Vendor grievance and
current vendors or develop new escalation mechanism to ensure
vendors early identification and resolution
of issues

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Capital

MARKET

Risks (R) / Opportunities (O) Potential Financial Impact Response / Actions

Decrease in potential business from A decline in business from fossil ƒ Assess the market scenario on a
fossil fuel-linked sectors (R) fuel-linked sectors could impact regular basis as part of business
revenue streams and long-term strategy
order inflows from these segments

Increased investments and business ƒ Increased revenues from ƒ Renewables carved out as a
from renewable energy sector (O) renewable energy sectors separate business to enhance
ƒ Capex required to address some strategic focus and drive growth
of these opportunities in the clean energy space
ƒ Green and Clean Energy
incubated as a new business to
target opportunities linked to
green hydrogen and related areas

Increasing demand for business Increased revenue from green ƒ Green business - a portfolio
offerings with a positive impact business offerings, already of business offerings of the
on the environment, e.g. clean developed by the Company, which Company developed over the
mobility (O) have a positive environmental years - is being enhanced to align
impact better with the market needs and
decarbonisation trends

TECHNOLOGY

Risks (R) / Opportunities (O) Potential Financial Impact Response / Actions

Inability to adopt clean technologies Increase in capex or upfront cost to ƒ Identify and track technology
in business operations, e.g. electric replace current equipment or adopt development and deployment
P&M, battery energy storage (R) new technologies options that are commercially
available and viable
ƒ Revenue and capex budgeting
each year includes new technology
adoption
ƒ Cost implications may be shared
with clients, depending on
contractual provisions

Innovation to adapt current ƒ Increase in capex investments to ƒ Started initiatives to adapt or

processes and systems to handle change current processes, modify the current processes
future requirements, e.g. waste costs may be recovered from ƒ Engaging with clients to
recycling (O) contracts over a period incorporate new ways in the
ƒ In some cases, there may be existing or new contracts
cost savings in comparison to
current processes

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Physical Risks

ACUTE PHYSICAL

Risks (R) / Opportunities (O) Potential Financial Impact Response / Actions

Extremely high temperatures ƒ Increase in indirect costs, such ƒ Site locations and central teams
(heat waves) impacting health as increased medical costs, lost proactively track the weather
and safety of the workforce and workdays, and project delays advisories and projections
execution of contracts (R) ƒ Negative impact on execution ƒ Enhanced heat stress management
due to productivity loss protocols across project sites by
revising work schedules, introducing
mandatory rest periods and
providing shaded rest zones with
adequate hydration
ƒ Contract schedules are adjusted in
discussion with clients

Extreme precipitation impacting ƒ Increase in indirect costs ƒ Site locations and central teams
the safety of equipment as well to handle flooding and proactively monitor weather
as the workforce at EPC project protect resources advisories and forecasts, making
locations (R) ƒ Increased equipment necessary arrangements to mitigate
maintenance or impacts at affected locations
replacement costs ƒ Contract schedules adjusted in
ƒ Increase in premiums for discussion with clients; claims filed
insurance policies taken for for force majeure events
locations

CHRONIC PHYSICAL

Risks (R) / Opportunities (O) Potential Financial Impact Response / Actions

Changing weather patterns, ƒ Increasingly impacting ƒ Environment data analysed at the

deviating from historical trends, project execution causing bidding stage as well as at the start
impacting execution as well as unpredictable delays and of execution to assess such risks
logistics (material supply to EPC resource allocation challenges ƒ Enhanced tracking of weather
project sites and product supply to ƒ Disruptions in the construction patterns during the execution phase
manufacturing business clients) (R) timeline may lead to increased to mitigate any negative impact
operational costs, potential
project overruns

Water sourcing and availability Increased costs for water sourcing ƒ Impacted locations make alternate
are becoming a challenge in many arrangements to ensure water
locations, particularly in water- availability
stressed regions as well as in the ƒ Focusing on wastewater recycling
summer months (R) and rainwater harvesting to
reduce dependence on freshwater,
improving water use efficiency

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 Manufactured
Capital

MANUFACTURED
CAPITAL
L&T is committed to achieving excellence in EPC project These efforts are geared towards improving quality,
delivery and hi-tech manufacturing. The Company strives shortening execution timelines, strengthening customer
to maintain its leadership across key industry segments by focus and ensuring cost competitiveness in global
leveraging cutting-edge technologies, robust capabilities markets. Accordingly, the Company is actively pursuing
and consistent delivery performance. As the Company current opportunities, exploring new business segments,
continues to grow and create long-term value, the focus and maintaining a strong and diversified Order Book to
remains on enhancing resource efficiency, boosting sustain future growth.
productivity and maximising equipment utilisation.

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Key Highlights of FY 2024-25

700 Active project

sites 19 Manufacturing
facilities ~~ 75,500 Cr Green Business
revenue

Strategy Linkage1

SO-I SO-III SO-V

SE-1 SE-2 SE-3 SE-4 SE-5

SDGs impacted

Material Topics
ƒ Customer Experience and Satisfaction
ƒ Water, Waste and Hazardous Materials Management
ƒ Quality of Products and Project Delivery
ƒ Skilled Manpower
ƒ Human Rights and Labour Conditions
ƒ Brand Management
ƒ Sustainable Supply Chain
ƒ Data Security, Privacy and Cybersecurity

1
For details, refer to ‘Business Model and Strategy’ section

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 Manufactured
Capital

EPC Projects
Comprises businesses with a long track record and end-to-end design-to-deliver capabilities for delivering
assets linked to infrastructure, energy and metals sectors. They have established credentials in conceptualising,
designing and executing large and complex projects for various sectors. Dedicated in-house engineering teams,
competency centres and specialised training facilities support them.

Buildings & Factories Transportation Infrastructure Heavy Civil Infrastructure

A wide spectrum of tech-enabled Turnkey design and build solutions End-to-end solutions for executing
solutions for residences, office buildings for all kinds of transportation large and complex civil construction
and commercial spaces, data centres, infrastructure, such as roads, runways, works related to high-speed rail, mass
factories, warehouses, airports, hospitals, bridges, elevated corridors, railways, transit systems, nuclear power plants,
educational campuses and public spaces. urban transit and airports. hydroelectric power plants, tunnels,
ports and marine structures.

Power Transmission & Distribution Renewables Water & Effluent Treatment

Technology-focused solutions for One-stop EPC solutions for GW-scale EPC solutions for water treatment and
power transmission and distribution, solar PV, energy storage, microgrids distribution, wastewater treatment
electrification and digital solutions and hybrid renewable projects. and collection, desalination, irrigation,
for power systems. industrial effluent treatment, and water
systems management and monitoring.

Minerals & Metals L&T Energy - Hydrocarbon L&T Energy - CarbonLite Solutions
EPC solutions from mineral processing Integrated design and build turnkey Turnkey solutions for gas-to-power,
to finished metals for ferrous and solutions for large and complex projects carbon capture, and low-carbon
non-ferrous industries, and a range related to oil & gas extraction, upstream solutions for power plants. Also
of solutions and specialised equipment processing, mid and downstream execution of large projects for supplying
for varied applications in core sector processing, pipelines, storage tanks and and installing boiler and turbine
industries. terminals and coal/pet-coke gasification. packages for thermal power plants.

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Hi-Tech Manufacturing
The Company has created manufacturing facilities that are globally recognised, capabilities for producing
engineered-to-order equipment solutions for process plants, nuclear power plants, aerospace and other sectors.

A. M. Naik Heavy Engineering Modular Fabrication Facility, Shipbuilding Facility,

Complex, Hazira, Gujarat Kattupalli, Tamil Nadu Kattupalli, Tamil Nadu
World-class manufacturing complex Strategically located, state-of-the- Globally recognised, state-of-the-art
catering to critical, large-sized ultra- art, all-weather waterfront facility manufacturing facility for constructing
heavy equipment for process plant for large-scale offshore and onshore and repairing ships and marine vessels.
and nuclear power sectors, and packages or modules for the oil & gas
modular fabrication for offshore and sector and offshore wind farms.
onshore packages or modules for the
oil & gas sector.

There are other manufacturing

units in Pithampur (Madhya
Pradesh), Kansbahal (Odisha),
Ranoli (Gujarat) and Coimbatore
(Tamil Nadu).

Strategic Systems Complex, Talegaon, Manufacturing Units, Kancheepuram,

Maharashtra Tamil Nadu
Well-recognised facility for Multiple units in Kancheepuram (~70 A detailed description of
prototyping, manufacturing and km from Chennai) for manufacturing the business capabilities,
testing precision engineering systems, power transmission line towers, achievements and sector
sensors and electronic systems. engineered systems for mining, cement, outlook is covered in the
construction, steel, ports, and other core ‘Management Discussion
industries, and processing machinery and Analysis’ section of
for the tyre and rubber industries. A this Report.
globally-accredited Transmission Tower
Testing and Research Station is located
at Kancheepuram.

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 Manufactured
Capital

Green Business
Building a sustainable future remains a core strategic priority for L&T, guided by two of its key strategic objectives:

Developing business offerings to harness Enabling long-term business sustainability

SO-III opportunities emerging from the global SO-V with a strong emphasis on ESG principles and
Energy Transition shareholder value creation

In alignment with these objectives, The Company also uses its 'Green Furthermore, to ensure credibility
the Company has strengthened Business' portfolio to empower its and transparency in its sustainability
its capabilities to offer and deliver customers to achieve significant disclosures, the Company classifies its
solutions under its 'Green Business' sustainability outcomes, including Green Business revenues using the
portfolio. This portfolio is designed to enhanced energy efficiency, emissions 'FTSE Green Revenues Classification
address critical aspects of sustainability. reduction, improved water use System 2.0' (GRCS)2. This system is
It is centred around clean energy, efficiency, increased wastewater robust, globally recognised, and closely
mobility, water and sanitation, green recycling and reuse, reduction of air aligned with the European Union's
infrastructure, and other emerging pollutants, and broader resource Taxonomy for sustainable activities,
domains, contributing to a low-carbon conservation through material thereby ensuring a high level of
and resource-efficient future. recycling and repurposing. alignment with global sustainability
standards and investor expectations.

The Green Business constituted 53% (~`75,500 crore) of the Company's revenue in FY 2024-25 as compared to 50% in
FY 2023-24. Based on significant growth achieved and positive momentum of the Green Business, the Company has taken a
revised target of 55% for Green Business revenue by FY 2025-26 (previously the target was to reach 40% by FY 2025-26).

Engineering News-Record (ENR), one of the globally recognised publications in the construction industry, has acknowledged
the efforts of the Company. L&T has maintained third rank globally in the Top 200 Environment Firms Survey by ENR for three
consecutive years (2022, 2023, 2024).

Clean Energy
ƒ Renewable Energy - Solar, Hydel Power Plant
ƒ Nuclear Power Plant
24% 27%
Clean Mobility
ƒ Mass Transit Systems (Metro Rail, Light Rail Transit)
ƒ High-Speed Rail, Semi-High-Speed Rail
ƒ Conventional Rail Networks

Water & Sanitation

ƒ Water Supply and Wastewater Collection Network
ƒ Irrigation Systems
8%
ƒ Water, Wastewater and Effluent Treatment Plants

Green Infrastructure
24%
ƒ Green Buildings
17%
Others
ƒ Efficient Power Transmission and Distribution Systems
ƒ Equipment for improving process efficiency
ƒ Equipment for efficient resource extraction
2
Globally accepted FTSE Green Revenues Classification System is a taxonomy used to define and measure industrial transition to a Green Economy.
It captures environmental products and services covering 10 green sectors, 64 subsectors and 133 micro sectors.
Source: https://www.lseg.com/en/ftse-russell/green-revenues-data-model

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The 'Green Business' offerings are linked to the two common strategies to deal with the impact of climate change.

STRATEGY OFFERINGS
Climate Change Mitigation Renewable Energy Plants, Nuclear Energy Plants,
Efforts to reduce emissions and enhance carbon sinks Mass Transit Systems, Rail Networks, Efficient Power
Transmission and Distribution Systems, and Others
(Process Equipment for Clean Fuels)

Climate Change Adaptation Water and Sanitation Infrastructure, Green Buildings and
Changes in processes, practices and structures to moderate Others (Equipment for improving process efficiency and
potential damages or to benefit from opportunities resource extraction)
associated with climate change

Snapshot of the Company’s Green Business offerings

Water Treatment Plants Hydel Power Plants Mass Transit System

Railways Green Buildings Nuclear Power Plants

Solar Power Plants

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 Human
Capital

HUMAN
CAPITAL
L&T recognises human resources as one of the most across geographies, business verticals and disciplines,
vital enablers of long-term, sustainable value creation. the Company thrives on the strength of its people who
The Company’s workforce is a dynamic, evolving challenge the ordinary, solve complex problems and
ecosystem of individuals who bring passion, purpose, deliver outcomes that contribute to the progress of the
technical brilliance and leadership to their work and nation and the global community.
teams. With a multi-generational talent pool spread

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Key Highlights for FY 2024-25

58,556 Employees2
34 Years Median Age
of Employees

4.2 Mn Safety
Training Hrs

Strategy Linkage1

SO-I SO-II SO-III SO-IV SO-V

SE-2 SE-4

SDGs Linkage

Material Topics
ƒ Employee and Workforce Engagement,
Well-being, Health and Safety
ƒ Skilled Manpower
ƒ Talent Management - Attraction, Retention and Development
ƒ Diversity, Inclusion and Equal Opportunity
ƒ Human Rights and Labour Conditions
ƒ Business Ethics
ƒ Brand Management

1
For details, refer to ‘Business Model and Strategy’ section of this Report.
2
Employee count referred to includes permanent and non permanent employees and permanent workers
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L&T’s People: Enablers of Innovation and Sustainable Value Creation

Human capital is a key driver of long-term value creation and resilience. For the Company, its people are at the heart
of its sustainable journey. The Company is committed to fostering a safe, inclusive and empowering work environment
where talent is nurtured, well-being is prioritised, and continuous learning is encouraged. The approach to human
capital management integrates ESG considerations, ensuring that the workforce strategy aligns with the broader
commitment to responsible business practices. The approach for Human Capital is built on five foundational pillars:

Continuous learning and innovation culture Fairness and inclusiveness

Performance with purpose Well-being as a strategic enabler
Capability building at scale

These pillars align with the Company’s strategy plan Lakshya 2026, ensuring human capital development remains integral to
business success and stakeholder value creation.

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Workforce Profile and Composition

The Company’s 58,556 employees - in the words of L&T’s co-founder Henning Holck-Larsen - are its real assets. The
young workforce brings with it an innovative approach, agile thinking and digital savviness. While employees hail from
almost every Indian state and UT, the Company’s diverse workforce also represents numerous nationalities. This creates
a multicultural perspective that mirrors and enriches the Company’s inclusive approach.

Employees: Age and gender wise distribution

35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
< 30 YEARS 30-50 YEARS > 50 YEARS

Female 3,209 1,572 191

Male 18,126 30,079 5,379
Total 21,335 31,651 5,570

New joiners: Age and gender wise distribution

11,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
< 30 YEARS 30-50 YEARS > 50 YEARS Total
Female 994 197 6 1,197
Male 4,853 3,813 271 8,937
Total 5,847 4,010 277 10,134

The constant and conscious efforts on increasing gender diversity have ensured that today, nearly 5,000 women employees,
among whom many hold positions of critical responsibility and leadership in every domain, across engineering, construction
projects, high tech manufacturing, and new age services.

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Talent Acquisition and Employer Brand

In FY 2024-25, the young professional talent acquisition team and drive national progress. These efforts consistently
recruited and onboarded over 2,600 young engineering reinforce the Company’s position as an employer of choice.
professionals across various businesses within the L&T Group
Through CreaTech, the flagship case competition for
as Graduate Engineering Trainees (GET) and Postgraduate
engineers, the campus interaction is expanded by offering
Engineering Trainees (PGET) through campus recruitment.
students real-world problem-solving experiences that
Additionally, over 1,600 young professionals, comprising
mirror industry challenges. These initiatives boost brand
MBA graduates, chartered accountants, cost accountants,
presence and give young minds a platform to showcase
diploma engineers and other trainees, were onboarded
their technical acumen and strategic thinking.
during the year.
During the year, OutThink, a business case competition,
GETs and PGETs, after being selected, are inducted into the
was launched. It received over 6,500 registrations across
organisation through the campus-to-corporate programme
34 premier B-schools across the country, competing to win
GRACE (Get Ready for an Awesome Career in Engineering),
cash prizes and pre-placement interview opportunities.
which encompasses a diverse array of online and offline
Out of the 300 teams qualified for Round 2, the top 8
pre-joining gamified exercises on the micro-learning
presented their solutions to real business problems before
platform of the Company.
a distinguished jury.
Beyond recruitment, the focus is on redefining the employer
brand through targeted campus engagements, strategic Hiring of

30%
sponsorships at leading engineering institutes and dynamic
social media campaigns. The branding initiatives are further
strengthened by leadership talks and industry-academia women as GETs and PGETs over
collaborations, wherein the Company’s senior management the last three years
shares compelling stories that shape India’s infrastructure

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Talent Management

Talent Identification Talent Review Performance Management

Performance Management The Talent Council, comprising System (FAIR Process -
System differentiates, recognises business heads, HR heads Framework for linking
and rewards talent, while and senior executives, plays Appraisals with Incentives
its integration with Career a key role in identifying and and Rewards)
Development and Succession developing future leaders. The Company’s continual
Planning ensures smooth Through in-depth reviews, the success rests on the foundation
leadership transitions. High- council designs personalised of a high-performance
potential employees are development plans based on culture. The performance
identified and nurtured through each candidate’s strengths and management philosophy is
Development Centres (DC) and growth areas. Interventions based on the principles of
the Technology Leadership include cross-functional projects, meritocracy, entrepreneurship,
Programme (TLP), which provides training, leadership shadowing teamwork, and continuous
participants with clear insights and coaching. A dedicated learning and development.
into their strengths and growth digital tool supports this Performance Management
areas. In FY 2024-25, over 1,500 process by tracking talent data System rewards excellence in
employees were assessed through and progress. This structured performance through
Development Centres, and approach strengthens leadership
Individual Development Plans capabilities and ensures business ƒ Performance planning
(IDP) were prepared to map their continuity through robust
ƒ SMART goal setting
personalised growth journeys. succession planning.
ƒ Cascading of goals
The ‘Talent Review Process’ for
ƒ Continuous review,
employees has been further
monitoring, feedback and
strengthened to enhance
coaching
visibility and support critical
ƒ Focusing on learning,
talent across the business units.
development and growth
Led by the Talent Council,
this approach involves quality ƒ Fair and objective assessment
discussions and a user-friendly of performance
Talent Review software module
to streamline the process.

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ESG Linkage to Performance and KPIs

The Company recognises that long-term In response to the need for This mechanism directly impacts the
value creation is intrinsically tied to improvement in safety parameters annual performance-linked rewards or
ESG performance, and therefore, KRAs at certain projects, the Company has bonuses for all employees within the
and KPIs linked to ESG are embedded introduced a Reward and Penalty affected business units, reinforcing the
in performance management systems. System for its EPC projects segment. importance of safety outcomes as a
Key ESG metrics - energy and water This initiative strengthens accountability core performance metric.
intensity, GHG emissions, diesel and drives a safety and environmental
By aligning ESG KPIs with operational
reduction, renewable energy, safety responsibility culture.
excellence and financial metrics,
performance, diversity and inclusion
Under this system: the Company ensures that the
goals, community engagement, and
sustainability ambitions translate
compliance - are integrated into ƒ A fixed monetary reward is granted
into measurable outcomes that drive
business/project-level performance to business units that exceed defined
risk mitigation and innovation and
indicators and individual KRAs. The safety targets and performance
generate long-term returns for all
business-level performance indicators ƒ Conversely, a fixed monetary penalty stakeholders.
are reviewed quarterly, and individual is applied to units that fall short of
KRAs are reviewed twice a year. The these targets
performance in the KRAs is linked
to annual performance appraisals,
thereby reinforcing a culture of
ownership and impact.

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Learning and Leadership Development

Future-Ready
Talent Pool

Leadership Archetypes
Business
Leadership

Project
Leadership

Technical
Leadership

Specialised Skills
Leadership
LDA IPM CTEA SIS, TEA, CDC

Physical state-of-the-art L&D Infrastructure

Integrated digital state-of-the-art L&D Infrastructure

Vision, Values, LAKSHYA Plan, Competency Framework, L&T Business Excellence Model

à 7-Step Leadership Development à Pragati: 4 Step PLDP

à ASCENT Competency Development à SCDM
à Women Leadership WINSPIRE à Case Centre
à People Leadership à PM conclave
à Management Development Programme à Knowledge@work
à Professor of Practice
à Young Talent Development à BIM
à Prayag - Fresher Training à Safety
à Level 1,2,3 Technical Development Programme à Railway Competency Development
à CADFest à Tunneling
à Virtual Technical Summit à Construction Vacational Training
à Technology Conclave
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 Human
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L&T’s leadership development framework is structured around four key archetypes:

Business People Project Technical

Leadership Leadership Leadership Leadership

Business Leadership
Seven-Step Leadership Pipeline Programme is a
flagship initiative designed to cultivate visionary
leaders who drive the Company’s strategic
agenda. This structured programme, conducted
along with the country’s top business and with
foreign institutions as partners, ensures that
the executives transition seamlessly into roles of
increasing responsibility, equipped with critical
competencies and global perspectives.

To align with L&T’s evolving strategy, new elements Further, the Company has launched the ASCENT series, a
such as sustainability-focused topics and rural immersion six-month, multi-level leadership development programme
programmes have been introduced, alongside personalised in partnership with top business schools. ASCENT blends
coaching, simulation-based learning and immersive projects. experiential learning through action projects, real-world
These initiatives are designed to build a pipeline of socially business challenges, simulations and mentorship. It equips
responsible leaders equipped to navigate an increasingly leaders at all levels with strategic thinking, agility and the
dynamic business environment. competencies required to drive long-term success and ensure
smooth leadership transitions.

Ascent Series programme constuct

Pre-work Foundation Think Act Engage

270-degree Self-awareness Cognitive Result People

feedback and and Reflection Ability Orientation Orientation
Psychometric

Six Months programme (Blended Learning)

Similarly, L&T’s Management Development Programmes (MDPs) enhance functional skills and support long-term
competitiveness. In partnership with premier B-schools like IIM-C, IIM-B and XLRI, these programmes help develop more than
800 employees annually through a blend of classroom learning, case studies, guest lectures and curated readings. Additionally,
Executive and Supervisory Development Programmes (EDP/SDP), run with SIBM and NMIMS, focus on developing leadership at
foundational levels.

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People Leadership
Introduced in FY 2023–24, the People Leadership Excellence Framework is central to building the Company’s leadership
strength. It defines the journey of a people leader across five key dimensions of excellence: Personal, Relationship,
Performance, Development and Leadership. Aligned with this, the My People Leadership Insights tool uses multi-rater
feedback and AI analysis to provide leaders with actionable insights on their leadership style, organisational standing and
growth opportunities.

L&T People Leadership Excellence Framework

ƒ Direction Setting
ƒ Performance Support
ƒ Empathetic Communication ƒ Develoment Mindset
ƒ Performance
ƒ Conflict Management ƒ Empowerment
Appreciation
ƒ Power and Influence ƒ Coaching and Mentoring

ƒ Trust People ƒ Visionary Thinking

Performance ƒ Intellectual Stimulation
ƒ Resilience People Excellence People
ƒ Agility Relation Development ƒ Leading From the
Excellence Excellence Front

People
Personal
Leadership
Excellence
Excellence

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 Human
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Leader as a Coach: Strengthening a Leading with Emotional Mentoring: Learning from

coaching culture Intelligence the Best
This four-month-long flagship Designed to cultivate emotionally The Company’s strong mentoring
programme, conducted in intelligent leadership, this culture connects emerging leaders
partnership with the Coaching programme equips leaders with senior management, offering
Federation of India, empowers to manage complexity, foster strategic guidance and leadership
senior leaders with coaching and collaboration and strengthen insights to accelerate talent
managerial behaviours aimed at stakeholder engagement. development.
enhancing their performance and
relationship-building.

Project Leadership

Institute of Project Management (IPM), control capabilities. It covers key areas a platform for showcasing ground-
an authorised Training Partner of PMI such as scheduling, cost estimation breaking ideas and innovative project
(Project Management Institute, USA), and project monitoring, with hands-on management practices.
runs various programmes for building training in tools like Primavera and
IPM collaborates with various
execution excellence. MS Project. The programme blends
prestigious institutions to design and
internal expertise with global best
PRAGATI (Project Leadership deliver the programmes. The Institute
practices through e-courses from the
Development Programme) is a four- has partnered with IIM Indore for
Construction Industry Institute (CII,
step competency-based initiative Level 1 Programme for Excellence in
USA) and the in-house developed
designed to develop project leaders Project Delivery (PEPD), SDA Bocconi
‘Accepted Cost Estimate’ module. To
capable of managing mega projects School of Management, Italy for Level
date, IPM has upskilled over 4,200
and portfolios. Aligned with the 1+ International Executive Masters
engineers, strengthening excellence
Company’s strategic goals, PRAGATI in Business with specialisation in
in project execution and enhancing
nurtures well-rounded leaders Project Management (IEMB-PM), IIM
client experience.
equipped to drive large-scale execution Calcutta for Level 2 Advanced Project
with confidence and capability. Knowvember is a knowledge Leadership Programme (APLP), and
Essentials of Project Planning and management initiative of IPM that The University of Texas at Austin,
Control (EPPC) programme is a three- promotes cross-business knowledge USA for Level 3 International Project
month course designed to enhance sharing. Linked to this is Inknowvate, Leadership Programme (IPLP).
project professionals’ planning and a month-long event that provides

Technical Leadership
Corporate Technology & Engineering Academy (CTEA) at Mysore and Madh delivers technical and functional training that
is aligned with the Company’s business needs and evolving industry trends. It offers skill enhancement for GETs, PGETs and
mid-career professionals through hands-on learning, digital tools and cross-business knowledge sharing via summits and
networking events. CTEA has state-of-the-art infrastructure to deliver an immersive experience, e.g., advanced labs in Precast,
AR/VR, Electronics and Robotics.

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The programmes offered by CTEA are:

Multi-Tiered Training Hands-on Training & Knowledge Sharing &

Programmes Digital Learning Technical Events
ƒ Prayag: ƒ Technical Labs: ƒ CAD FEST:
Fresher induction covering Covering manufacturing, Showcasing design
engineering fundamentals, digitalisation, electrical, innovations
safety and automation instrumentation ƒ Technology Conclave:
ƒ Technical Competency: and safety AI/ML, robotics and digital
Formwork, precast ƒ Software & Simulations: transformation discussions
technology, offshore Tools like CREO, CATIA, ƒ Virtual Technical Summit:
structural technology, AutoCAD, Ansys and cloud Expert-led sessions on
predictive maintenance, based training nanotechnology, digital
fabrication, instrumentation ƒ E-Learning Platforms: supply chain and smart
and process control IIT and IISc certified courses, manufacturing
ƒ Advanced Technology digital libraries and research
Learning: publications
AI/ML, Industry 4.0, IoT,
digital transformation and
smart manufacturing

Offshore Structure Precast Technology TapRoot Root-Cause

Technology CTEA’s Precast Training embraces Analysis & NEBOSH Safety
Comprehensive in-house modern, sustainable construction Management
offshore technical competency with mould assemblies for 3D CTEA organises TapRoot®
development specially designed elements, PODs, staircases and Zonal Investigator training
for structural engineers of bridge segments, providing programme, a globally
L&T Energy-Hydrocarbon business. hands-on training to enhance recognised methodology, by
precision and efficiency in precast bringing together safety leaders
techniques. to enhance their investigative
capabilities and reinforce a
proactive safety approach. Also,
CTEA Mysore has delivered
International General Certificate
programmes as a learning
partner for NEBOSH, globally
recognised for HSE qualification.

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 Human
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Specialised Skills
In addition to business-specific technical programmes, two new notable certification programmes were conducted in
FY 2024-25. The Bridge Engineering Certification Programme - conducted in partnership with IIT Madras - certified
15 engineers from Heavy Civil Infrastructure and Transportation Infrastructure businesses. Similarly, the Tunnel Engineering
Level 2 Certification Programme, launched by the Heavy Civil Infrastructure business in collaboration with Visveswaraya
National Institute of Technology, Nagpur, involved a 12-day campus module and live action related to tunnel projects. Two
batches, totalling 42 employees, have successfully completed the programme.

Long-Term Education Programmes

L&T invests in structured education partnerships to build technical and managerial capabilities among early-career employees
while supporting their personal aspirations. The Company has partnered with leading global institutions to offer continuous
learning in technical, project management and business domains, building individual capability and organisational strength.

Build India Scholarship: Project Management Education: MBA-equivalent Programmes:

Enables young engineers to pursue In collaboration with NICMAR Partnering with IIM Ahmedabad,
M. Tech. in construction technology University, the Company introduced SPJIMR and IFMR Krea University,
and management through partnerships an Executive MBA in infrastructure the Company supports high-
with IIT Madras, IIT Delhi, NIT Trichy, construction management potential talent in pursuing advanced
and NIT Surathkal management education aligned with
M. Tech with NICMAR:
organisational growth
Integrated Learning Programmes: Newly launched co-branded M.
Offers B. Tech. Degrees through Tech programmes in construction
BITS Pilani, KIIT Bhubaneswar, Nirma technology and management and
University, LPU Phagwara and VIT infrastructure project management,
Vellore; M. Tech through DIAT Pune; offering industry-integrated learning
and Industrial Safety Certification via at NICMAR Pune
SBTET Andhra Pradesh

ATLVarsity

ATLVarsity, the virtual learning platform, offers a wide range of self-paced courses across technical, functional and behavioural
areas. Alongside in-house developed content, it features curated programmes from learning platforms like SF LMS, Coursera,
Skillsoft, Harvard ManageMentor and Coach Vani. Many of these offerings, developed in collaboration with top academic
institutions in India and abroad, blend conceptual learning with peer interaction, mentorship and real-world projects tailored
to the Company’s needs. Focused on on-the-go learning, ATLVarsity offers AI-driven coaching, simulations, videos, e-books and
leadership programmes tailored to employee roles.

ATLVarsity is a fully AI-curated learning academy that goes beyond content delivery to offer intelligent, personalised learning
experiences. It uses GenAI for skill assessments and benchmarking, giving employees targeted feedback.

Key innovations include:

ƒ CAISY, a scenario-based coaching tool
Over

ƒ Coursera Coach, a virtual instructor bot

ƒ RaPL Craft, an AI engine that automates quiz and
7.95 lakh
learning hours were recorded, with more
assessment creation than 90% of employees successfully
completing at least one training course
Additionally, Coach Vani leverages NLP and real-time
feedback to build language and communication skills
through AI-powered coaching.

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People Leadership Academy

Launched in FY 2024-25 under ATLVarsity, the People Leadership Academy is built on L&T's five-stage People Leadership
Framework. It offers structured, business-aligned leadership development, using Coursera’s AI Course Builder to create tailored
learning paths for both emerging and experienced leaders.

Engineering Academy and Capability Development

The Engineering Academy is a platform to engage with technical experts and provide them with the right opportunities,
enabling an environment of adequate support and motivation to excel. In its inaugural year, L&T Engineering Academy
conducted 10 specialised training programmes, reaching 293 participants across technical domains such as welding technology,
structural steel design, construction safety, concrete technology, sustainable design and formwork systems. The academy
also facilitated intensive training for 85 PGETs from premier engineering institutions, focusing on core subjects like building
construction materials, structural engineering codes, geotechnical engineering and the design of concrete and steel structures.
Additionally, 87 specialised staff were inducted through domain-specific expert development programmes.

Digital Library
L&T expanded its Digital Library by adding Skillsoft’s e-book collection to the existing EBSCO subscription. With over 25,000
titles, employees can explore resources across Leadership, Business, Technology, Finance, Well-being, and more.

à Academy of Digital Transformation

à Academy of Quality
à Academy of ESG
à Academy of DEI
Competency à Academy of GenAI
Development à Academy of People Leadership
Programme
Competitions
& Academy à Harvard Manage Mentor
Celebrations à First Time Manager Programme -
N2K-The Leap
à Campus to Corporate
à POSH
Research
Long Journey à Diversity, Equity and Inclusion
Programme à Corporate Governance and
Code of Conduct
à Human Rights

à Micro simulations for Behavior

Expert Competency
Compliance
Corner
Programme à Leadership simulation

Coaching à Coach Vani-Communication

/Mentoring SimuVerse Fitness Coaching
à CAISY

à Leadership
à Webinar
à Bootcamp

à S&E Cadre Competency à Bootcamp à 1000+ Journals

à Tier-1 to Tier-4 DC Competency à Webinar à 25000+ eBooks
à Leader Camp

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 Human
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L&D Metrices FY 2024-25

Learning Outcomes ATL Varsity CTEA (Madh & Mysore)

2,014 7.95 lakh 2,014

GETs and PGETs trained Training hours clocked GETs and PGETs
(increase by 53% y-o-y) trained

45,80,490 55.4 %
Number of Learning Hours increase in learners compared
to FY 2023–24

53,031 16,890
Unique Learners employees completed
‘Leveraging AI’ course - second
most popular on ATLVarsity
platform

Distribution of training programmes

7%

10% 31%
Technical and Functional
Programmes
16% Fresher Training
Digital Learning
Education programmes
Leadership and
Competency
17% 19% Development
Project Management

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ESG Training and Awareness Building

Training and awareness programmes have been ramped up are conducted at work locations, i.e., EPC project sites and
this year to embed and strengthen ESG integration across manufacturing facilities. Most of the employees and the
the organisation. This year, ESG module has been included in contractual workforce are covered in these trainings.
the Management Development Programmes.
Specific training is also imparted for key functions such as
In addition to the awareness sessions conducted by the procurement and risk management and businesses to align
Corporate Sustainability team, business-level sustainability decision-making with ESG considerations. Such initiatives
coordinators and teams conduct numerous sessions for help foster a culture of sustainability, equipping teams
different functions and locations. These trainings aim to with the knowledge and tools required to make informed,
build an understanding of ESG principles, their relevance to responsible choices in their day-to-day operations.
the business, and the roles individuals play in advancing the
In November 2024, hosted its annual two-day sustainability
Company’s sustainability goals.
conference, ECOPHORIA, which brought together over 130
Sessions cover a range of topics, including fundamentals participants, including sustainability champions from across
of sustainability, sustainability data management, climate businesses and functions. Inaugurated by Shri Ajay Tyagi,
change, water security, biodiversity, human rights, diversity Independent Director, and graced by esteemed external
and inclusion, reporting compliance and BRSR. Training experts from different organisations, the event served
sessions linked to GHG reduction initiatives, energy as a dynamic platform for cross-functional collaboration,
efficiency, water use efficiency and waste management knowledge exchange, and the sharing of best practices.

15+ sessions
conducted through MDP and
>60,000 hours
of ESG trainings conducted by
for businesses clocking more businesses

>920 hours

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HR Digitalisation and AI Enablement

L&T’s HR digital transformation Simulator designed as a scenario- In FY 2024-25, the Company expanded
began in 2019 with the rollout of based, personalised coaching tool its online compensation and rewards
SAP SuccessFactors. In FY 2024-25, for managers, enabling them to platform to cover all employees,
this journey advanced with the practice difficult conversations and streamlining and modernising
launch of the SuccessFactors Learning enhance their communication skills. compensation management across all
Management System (LMS). The CAISY offers over 70 scenarios across business units. It also implemented
LMS enables personalised, flexible three distinct personas -defensive, a strategic shift towards a role-
and device-agnostic learning while aggressive, and dismissive - providing based organisation, supported by
streamlining content access and a realistic and immersive environment a comprehensive employee skill
reporting through a unified platform. for skill development. inventory and an integrated
technology platform. This initiative
To further enhance employee Additionally, the Company has
aligns individual skills with job roles,
experience, the Company introduced launched a new digital library through
enabling smarter talent deployment,
HEERA Plus.AI - an AI-enabled chatbot the Percipio platform, providing
personalised training and greater
designed for HR query resolution. It employees with access to over 15,000
career visibility. It empowers
provides tailored support ranging from books and articles from various fields
employees to navigate multiple career
policy information and leave tracking and disciplines.
paths while helping leadership make
to workforce analytics dashboards for
An AI-based 270-degree report informed workforce decisions.
leadership. Leveraging Generative AI,
as part of the People Leadership
HEERA Plus.AI handles over 300 unique These initiatives reflect L&T's
Excellence Feedback Instrument
scenarios, offering contextual, real- commitment to building a data-driven,
has been added, giving people
time and conversational responses, agile HR ecosystem that enhances
managers a comprehensive overview
significantly improving query employee experience, operational
of their competencies, strengths, and
resolution efficiency. efficiency and strategic alignment.
blind spots. It also helps in framing
Another key Gen AI-driven innovation customised development plans for
is CAISY, a Conversational AI people leaders.

Diversity, Equity and Inclusion

Fostering Diversity, Equity and As part of the DEI Academy, two Furthermore, the Company continues
Inclusion (DEI) remains a key priority curated learning journeys have engaged to nurture a supportive environment
at L&T, anchored in the four pillars over 2,800 employees, while the for women, especially working
of The DEI Charter – Induct, Engage, Allyship Awards saw 1,500 nominations mothers, through flexible policies,
Develop and Enable. The Company celebrating those who actively including post-maternity hybrid work,
strives to build a workplace where champion inclusion. The DEI Virtual travel with infants, creche facilities,
every individual feels valued and Showcase connected with 20,000+ ergonomic support and the newly
empowered. employees, spreading awareness and introduced menstrual leave.
engagement across the organisation.
Campus hiring and RENEW, the Similarly, the Company’s DEI strategy
Company’s second-career programme To build a strong pipeline of women blends structural actions like inclusive
for women, has strengthened the leaders, 765 women have been part hiring and policy reforms with
efforts to hire and retain diverse of the WINSPIRE Leadership Series, cultural initiatives such as training
talent. During the year, the focus customised for different career stages and allyship. This holistic approach
was expanded to include hiring since the launch of this programme. fosters an ecosystem where diverse
differently abled persons, which was Winspire is designed to focus on talent can thrive and drive business
supported by stakeholder workshops addressing the developmental needs of impact. The strong focus on women’s
and office accessibility assessments. women at various stages of career and leadership development and a
Over 10 candidates were hired in life and equipping budding leaders conducive work environment reflects
technical roles within the L&T with adequate capabilities. a genuine shift from compliance to
Energy - Hydrocarbon business. purposeful inclusion.

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I can proudly say, I had experienced Diversity & inclusivity in A defining moment in my leadership journey has been my
L&T when it was only a budding concept in Indian construction participation In Winspire Rise and later Winspire Propel, L&T's
industry. Attending the leadership journey programme, women leadership program. This experience has been truly
Winspire - Propel; curated for mid-career women was a life transformative, reshaping not just my approach to leadership
changing moment. This programme helped me to understand but also my perspective on life. More than just a professional
my strengths and barriers, provided tools to improve and development Initiative, it become of platform for self-discovery,
become a better person and develop my leadership identity. empowerment and personal growth. This journey has reinforced
my belief that success is not just about professional achievements
- DGM Civil, Heavy Civil Infrastructure
but about self-growth, empowerment, and the courage to
embrace one's true potential. I am incredibly grateful to L&T
for these opportunities, and I am excited to continue leading
with passion, purpose, and commitment to inspiring the next
generation of leaders.

- Senior Manager (Electricals), Power Transmission & Distribution

Promoting Diversity at EPC Project Sites

The Mumbai-Ahmedabad High-Speed Rail project, India’s
first-of-its-kind, includes noise barriers along its entire
route to minimise impact on communities and ecosystems.
To meet the demand, the Company built a second
factory with a mechanised set-up for efficient precasting
of noise barriers.

Heavy Civil Infrastructure created an all-women team

to run this factory, to promote gender diversity at the
construction sites and help achieve the Company’s gender
diversity targets. An existing pool of GETs trained at the
Precast Works Competency Cell was leveraged to form this
all-women team. Cross-functional collaboration created
an enabling environment - administration teams arranged
accommodation and transport, while teams from
Operations, Quality and EHS set up site systems.

Simultaneously, initial hesitation from predominantly

male contractual workers was addressed through support
from IR and HR teams. Senior management backed the
initiative wholeheartedly, entrusting young women
engineers with leadership roles at the factory.

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Employee Experience and Engagement

At L&T, every employee interaction shapes their journey, making each day an opportunity to create a healthier and engaging
workplace. For instance, the engagement with the selected graduate and postgraduate engineer trainees commences even
before they formally join the organisation through the pre-joining programme named GRACE.

As part of ensuring an enhanced onboarding experience, Pulse Engage surveys are conducted through the HEERA platform
at critical milestones (7 days, 30 days, 60 days and 180 days) for new joiners. This year, over 8,000 lateral new hires and 2,800
campus hires responded to pulse surveys.

L&T Radio, with over 140 podcasts Art Beats, an annual event daily tutorials and videos related to
across themes like Leadership, conceptualised to bring out the fitness. During the year, we organised
Wellness, Employee Stories and L&T artistic side of the employees through wellness challenges like Stepathons,
Cares, has become a key platform performances based on L&T-related walkathons, and theme-based contests
for employee engagement. Available themes, has become a unique platform that boosted participation across
on RAPL, SharePoint, and Yammer, it to promote camaraderie and artistic businesses, strengthening team spirit
connects leadership with employees innovation among team employees. and promoting well-being. Every
through inspiring stories and insights. During the year, the event witnessed business also conducts various activities
around 500 entries. to promote a culture that values health
To promote open dialogue, the
and fitness through cricket leagues,
‘Let’s Talk’ campaign was launched, Hi5 Plus App is a gamified recognition
runathons and marathons.
encouraging people managers to platform that drives instant appreciation
have inclusive, real-time performance through badges, wish cards and From annual family days and festive
conversations using the Anytime features like Wall of Fame, Long Service celebrations to career guidance
Conversations feature integrated with Awards and Birthday Corners. With AI- for children and care hampers for
the performance review system. generated citations and a points-based new parents, the Company has
reward system, it has become a hub for created opportunities for employees
From the participation of 1,500
motivation and engagement. to celebrate their personal and
employees in its inaugural season
professional milestones together.
to over 5,200 in its fourth edition in The app is also a one-stop shop for
It reflects its focus on engagement,
FY 2024-25, QuizWiz has emerged holistic wellness and well-being with
recognition, and well-being, ensuring
as one of the most cerebral and activities such as recording daily
a supportive & dynamic workplace
anticipated fixtures in the Company’s steps, BMI, calories, water intake,
and driving both individual and
events calendar.
organisational success.

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The L&T’s own HR Excellence Model (HREM) Awards, in its participants from various business HR teams showcased
13th edition, saw the participation of 15 businesses. The HR their initiatives in critical HR domains - excelling in talent
processes of businesses, assessed by 30 CII-certified assessors, acquisition by attracting top talent, fostering future leaders
were recognised for their functional excellence, which has through talent development, enhancing workplace culture
driven business results, at the award event marking the via talent engagement, and ensuring seamless HR operations
culmination of the HREM 2025 cycle. through System Compliance and initiatives aligned with
Lakshya 2026’s strategic HR themes. The rigorous evaluation
Annual HR Awards (AHA) 2024, in its 5th edition, celebrated
process followed the RADAR (Result, Approach, Deployment,
excellence across key HR categories, showcasing innovative
Assessment and Refinement) model, with two external CII
approaches that drive continuous improvement. With 144
assessors conducting assessments, and a jury presentation
applications across individual and team categories, the
comprising senior business executives and HR heads.

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Health, Safety and Well-being

Occupational Health and Safety Driving the Safety Culture

Safety is deeply embedded in the corporate culture of The Company’s commitment to safety is embedded in
L&T. At EPC project sites, where the nature of work often ‘Mission Zero Harm’, and its policies, processes and systems
involves heightened risks, preventing accidents and are aimed at achieving the same. EHS Council, headed
safeguarding workers is of paramount importance. As a by Deputy MD, is the apex body of the Company, which
result, health and safety are recognised as material topics aims to make EHS processes more robust, institutionalise
for the Company. This commitment extends beyond the best practices, and help achieve its EHS targets. The EHS
permanent workforce and includes all categories of the Council reports to the Executive Committee and the Board
workforce, including non-permanent employees and on a quarterly basis.
contract workers.

L&T’s Corporate EHS Policy is the guiding document for ensuring environment, health and safety across the organisation.
Each business unit has developed its own EHS policy that is aligned with the corporate framework and tailored to its specific
operational context. The implementation of these policies is driven through a structured EHS Management System. This
system, adopted by all business units, is based on globally recognised standards such as ISO 45001, OHSAS and relevant
national guidelines and laws, ensuring a consistent and robust approach to managing EHS risks.

Board
Corporate level

Executive Committee

EHS Council

Business Head
Business level

EHS Head
of each business

EHS team

Project Director / Head Facility Head

Site / Loction level

of each project site of each manufacturing facility

EHS In Charge EHS In Charge

EHS team EHS team

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EHS Plans and Hazard Risk Management

The guidelines and procedures outlined in the EHS
Management System (EHSMS) are operationalised Establish Context
through site-specific EHS Plans. Each work location,

Communication & Consultation

Risk Assessment
whether an EPC project site or a manufacturing facility,

Monitoring and review

develops an EHS Plan that is tailored to the nature of
Risk Identification
its processes, activities and physical context.

For EPC project sites, EHS planning begins as early as in Risk Analysis
(Severity & probability)
the bidding and design stages. The EHS Plan is finalised
and implemented prior to the commencement of any Risk Evaluation
on-site activity, ensuring a proactive approach to risk (High, medium, low)

management.

A cornerstone of the EHS Plan is Hazard Identification Risk Treatment

and Risk Assessment (HIRA). HIRA systematically

identifies routine and non-routine hazards at a work
location, assesses associated occupational health and
Most Risk Treatment Using
safety (OHS) risks, and determines appropriate control Effective Hierarchy of Controls
measures to mitigate them. This process involves Physically remove
Elimination
participation from all relevant stakeholders, including the hazard
design and construction engineers, planning teams,
Substitution Replace the hazard
EHS personnel and contract workers. Such collaborative
engagement ensures a comprehensive risk assessment Engineering
Isolate people the hazard
and effective implementation of mitigation strategies. Controls
Administrative
Controls Change the way people work

PPE Protect workforce with Personal

Protective Equipment

Least
Effective

Safety Performance Triangle

The Company has developed various applications to
Fatality
digitalise the EHS processes. This helps reduce manual
effort, integrate data from various sources, and generate
Reportable Lost Time Injury
e

insights for analysis and decision-making. Machine learning

tiv
ac

and the Natural Learning Process (NLP) have been used

Re

Lost Time injury to give actionable inputs to the end users. An immersive
experience of AR/VR helps enhance training outcomes for
Dangerous Ocurrence both employees and workers.

Near miss
ve
cti
a
Pro

Unsafe Conditions

Unsafe acts

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Workplace Safety Implementation Training, Awareness and

and Contractor Compliance Communication
Standard Operating Procedures (SOPs) have been Effective implementation of the EHS Management
developed for specific work activities at each System (EHSMS) is reinforced through structured
location. Compliance with these SOPs is ensured training and targeted communication. The site EHS
during both the design and execution phases of team prepares a comprehensive EHS training plan
the work plan. A Permit to Work (PTW) system is in tailored to the specific requirements of the work
place for high-risk or regulated activities to further location, ensuring coverage of all relevant personnel,
enhance operational safety. including employees and contract workers.

Given the significant reliance on a contractual and Training programmes are designed to familiarise
non-permanent workforce - engaged primarily participants with key elements such as the Company
through subcontractors - it is imperative that policies, SOPs, hazards and risk identification,
subcontractors and their workforce adhere strictly emergency preparedness, consequence of non-
to the Company’s EHS policies and procedures. compliance, and awareness of health and safety
Compliance with these requirements is embedded practices - delivered through a variety of channels to
contractually. Additionally, site teams may impose maximise engagement and retention. One of the key
enhanced EHS requirements, wherever necessary, to tools used daily is the Toolbox Talk, conducted by site
ensure robust on-ground implementation. engineers or supervisors at the start of work shifts.
These short, focused sessions highlight specific risks
L&T’s Code of Conduct for Suppliers includes
and the corresponding SOPs that must be followed
provisions related to health and safety. All suppliers
for the day’s activities. Additionally, specialised
are required to submit a compliance declaration
training programmes are organised for personnel
affirming adherence to these standards.
involved in high-risk operations such as working at
Importantly, every individual - whether an employee, heights, confined spaces, or tunnel environments.
contractual worker or third-party visitor - must Notice boards and warning signs are strategically
undergo mandatory safety induction training before placed throughout the work site, communicating key
being granted access to the work location. This safety information, risks and required precautions.
ensures a unified understanding of safety protocols
Furthermore, a Communication Matrix is developed to
and expectations across all on-site personnel.
map out the EHSMS elements, stakeholders involved,
modes of communication and the corresponding
evidence or records of communication, ensuring
systematic and traceable information flow.

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Performance Monitoring
EHS performance and implementation of EHSMS are
monitored starting at the site level and going up to
the Company board level. Business-level monitoring
(management review meetings) is done monthly.
EHS performance of specific work locations, both
qualitative and quantitative, is monitored daily.
This includes proactive and reactive measures. All
personnel at work locations are encouraged to
report non-compliance or observations and bring
them to the notice of the concerned person or team.

Further, monthly EHS Committee (comprising

of various on-site teams including contractors
and worker representatives) meetings at the
work locations are aimed at analysing the EHS
performance, devising the corrective actions and
monitoring the implementation of actions to be
taken. Internal and external audits, through external
experts or agencies, help identify the key gaps in
processes and systems. These are further aided by
inter-business audits conducted within the Company.

Moreover, preliminary and detailed investigation

reports are made for any incidents occurring at
the site and aid in devising corrective actions and
new processes to address the gaps. The monitoring
focuses on lead indicators, e.g., non-compliance and
near misses, to help proactively identify the shortfalls
in the implementation of EHSMS and formulate
strategies to address them.

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Mental Well-being
L&T remains committed to employee health and wellness, with initiatives focused on holistic well-being. During the year, a
pilot wellness survey was carried out based on the four-pillar framework - physical, social, emotional and financial. A few of
the actions taken as an outcome of the wellness survey are:

ƒ A structured wellness policy covering all the key initiatives taken by the Company for the employees
ƒ Thrust on annual health check-ups and tie-ups with hospitals across the country
ƒ Activities like Aarogya Mela are organised annually, bringing the major health-related tests under one roof

Well-being Metrics
Various programmes aimed at promoting healthcare awareness and enabling early screening and detection of diseases were
organised during the year.

Training No. of people trained Diagnostic and Beneficiaries

Programmes screening camps

9 405 83 6,670
Webinars Participants

70 13,588

In-house and External Counselling Services

During the year, the Company facilitated mental health counselling services both internally and through external providers.
These services ensure employees have confidential access to counselling, mental health resources, and support for both
personal and workplace challenges.

Registrations for external services Counselling cases

13,614 740
Wellness coaching Self-assessments taken

117 840

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Mental Health First World Mental Health Day

Aider’s campaign for employees across the Company Is observed every year on October 10 to raise awareness
was launched in December 2024, inviting nominations about mental well-being and mobilise collective efforts
from employees across India. From a total of 200 to support it. The impactful initiatives include curated articles,
registrations, 50 participants were chosen to take self-assessments, insightful infographics and dedicated
part. This initiative aims to equip employees with podcasts - all shared with employees across India. Internal
the skills to identify mental health challenges, communication platforms, such as employee magazines
support individuals in need, and provide guidance on and L&T Radio, were leveraged to ensure wide reach and
accessing professional help. engagement. These channels continue to play a key role
in promoting mental health awareness and encouraging
employees to utilise the wellness initiatives available to them.

Emotional Well-being
L&T’s wellness journey has evolved with institutionalised programmes like Mindfulness and Art of Living, expanding to
cover physical, mental and emotional well-being. The Company has partnered with SRMD, Saadho Sangh Foundation,
and the Heartfulness Institute to deliver holistic wellness experiences. These initiatives promote resilience, mindfulness
and purposeful living through practices like meditation and lifestyle-focused micro-habit programmes.

Other Initiatives
Larsen Memorial Run: This run is organised annually as an ode to L&T’s co-founder, Henning Holck-Larsen. From the first
edition in 2013, participation has increased each year. In FY 2024-25, more than 3000 registrations were received worldwide.
Since 2021, the run has been organised in a hybrid format with a live and virtual event in collaboration with Strava.

In its second year, the Mumbai Sea Bridge Marathon on the Atal Setu generated a huge response from fitness enthusiasts,
with over 5,000 participating.

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L&T’s commitment to protecting and upholding Human Rights

L&T is committed to upholding Human rights are integrated into the Further, the Company continually
fundamental human rights across Company policies and governance strengthens & improves systems
its operations and supply chains. frameworks as part of its sustainability and processes wherever necessary,
The approach aligns with globally commitments, ensuring a responsible undertaking internal due diligence
recognised standards, including the and ethical business ecosystem. or conducting risk assessment,
United Nations Guiding Principles Various aspects of human rights are monitoring, providing remedies, and
(UNGPs) on Business and Human incorporated into the Sustainability taking corrective actions to ensure
Rights, the Universal Declaration policy, the Equal Opportunity Policy, protection of human rights.
of Human Rights (UDHR), and the the Health and Safety Policy, the Code
International Labour Organisation of Conduct for employees and suppliers,
(ILO) Conventions. and the Whistleblower Policy.

Governance

With a strong pipeline of projects, the availability and management of workers, a critical resource, is essential for the
successful and timely completion of projects. During the year, the Head-HR for Workmen was appointed to oversee effective
sourcing, deployment, development, management and retention of workers across the Company.

Additionally, to meet the ever-growing demand for workers in the Company’s project businesses, a Central Workmen
Mobilisation Cell (CWMC) has been formed to collate the workers requirements from all businesses, collaborate with the heads
of HR for workmen, and arrange mobilisation of workers from various sourcing centres.

Furthermore, the Task Force for Subcontractor Management has been formed to dwell on various aspects of sub-contractor
development, rewards and recognition, retention of workers, streamlined timely payment, worker welfare, and progressively
ensuring implementation of improvement ideas in collaboration with businesses.

Workplace Rights and Fair Occupational Health, Safety Prevention of Forced and
Labour Practices and Well-being Child Labour
ƒ Zero Discrimination and Equal ƒ Zero Harm Policy: The Company ƒ Zero Tolerance for Forced Labour:
Opportunity: The Company ensures prioritises employee and The Company ensures that wages
a diverse and inclusive workplace contractor safety, following or bonuses are not withheld and
free from discrimination based on global best practices in workplace are paid in a timely and regular
gender, caste, ethnicity, disability, or safety. Details are elucidated in manner; no identity cards or other
any other status. the subsequent section. personal documents are retained;
ƒ Freedom of Association and ƒ Mental Health and Well-being and no recruitment fees are
Collective Bargaining: The Company Programmes: Regular health charged or money deposits.
respects the rights of employees to check-ups, stress management ƒ No Child Labour: There are reliable
form unions and engage in collective workshops and wellness procedures to check the age of
negotiations. initiatives are conducted to job candidates by birth certificate
ƒ Decent Work and Fair Wages: ensure a healthy workforce. and/or identity card. Child labour
The Company upholds fair wages, across all operations and suppliers is
ensures no wage discrimination, strictly prohibited.
and complies with national and
international labour laws.

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Human Rights in the Supply Human Rights and Community Grievance Mechanisms and
Chain Respect for human rights extends Access to Remedy
ƒ Supplier Code of Conduct: All beyond its own operations - it is ƒ Anonymous Reporting Channels:
suppliers must comply with the central to how the Company engages Enabling employees, suppliers and
clauses of L&T’s Code of Conduct for with the communities in which it external stakeholders to report
suppliers, including human rights. operates. The Company’s initiatives to violations through confidential
ƒ ESG Audits: During the year, ESG build strong, respectful relationships whistleblowing platforms
assessment of the critical suppliers with local communities include: ƒ Internal Complaints Committee
has been initiated. This was ƒ Engaging communities through (ICC): Addressing workplace
conducted by an external regular dialogue and consultation harassment complaints as per the
third-party to ensure compliance to understand local concerns and POSH Act, 2013
with environmental, social and expectations ƒ Grievance Redressal for Workmen:
human rights standards. Officers in charge of project
ƒ Supporting community
development through initiatives accounts/admin/IR/project safety are
that promote education, health, mostly responsible for grievance
economic empowerment, and redressal, which includes lodging,
access to basic services resolution, escalation, feedback and
closure, record-keeping, reporting,
ƒ Respecting Indigenous
periodic review and audits.
peoples’ rights
Integrating human rights
considerations into the Company’s
community programmes and
partnerships aims to create long-term,
positive social impact while reducing
the risk of harm or exclusion.

Training and Communication

Embedding respect for human rights across the operations begins with awareness and education. The commitment extends
beyond policies - it involves equipping the employees, suppliers and partners with the knowledge and tools they need to
uphold human rights in their daily work.

Employee Training
Regular training on human rights is provided to employees at all levels in
different forms (online and offline). During the year, a specific learning
module on ATLVarsity was launched to make the learning more interactive. >23,500
employees trained on
This training is extended to both permanent and non-permanent employees.
The module is designed to: human rights through
ATL platform
ƒ Raise awareness of internationally recognised human rights standards
ƒ Explain the company’s human rights processes and expectations
ƒ Identify and respond to potential human rights risks
ƒ Promote ethical decision-making and a culture of respect and accountability

The effectiveness of the training is continuously evaluated, and content

is updated to reflect emerging issues, regulatory developments and
stakeholder expectations.

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Supplier Engagement on Human Rights

Human rights training is also extended to suppliers. Through the supplier onboarding process and ongoing engagement,
the Company communicates expectations regarding human rights, labour rights and workplace practices. In FY 2024-25,
the Company organised four supplier awareness sessions covering more than 255 companies, comprising domestic and
international supply chain partners. Additionally, 120 critical supply chain partners were assessed in five areas, including
human rights and labour management. Moreover, the Company encourages suppliers to cascade training within their own
operations and provide access to third-party resources and capacity-building initiatives where appropriate.

For further details on incorporating sustainability in the supply chain, please refer to Social and Relationship Capital.

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Outlook and Strategic Priorities

The world is currently experiencing three concurrent shifts - digital (data), green energy and a shift from a unipolar to a
multipolar world. These transformative shifts heighten global competition for top talent, particularly in emerging fields such
as green energy infrastructure, data centres, e-commerce, and digital architecture.

To maintain a competitive edge, the Company is intensifying its commitment to talent development by investing in continuous
learning, targeted upskilling and leadership programmes that align with evolving industry and market needs. This includes
a focus on building a future-ready, high-performing workforce while prioritising employee well-being, ethical conduct and
inclusive growth.

By embedding integrity and fairness into our culture and value chain, the Company empowers the people to thrive and lead
with purpose. The Company remains steadfast in its commitment to human rights, fostering a workplace rooted in integrity
and inclusivity. By inculcating ethical principles across the workforce and broader value chain, an environment is created
where employees can thrive, collaborate, and contribute meaningfully.

The expected outcomes from these initiatives include:

Enhanced talent acquisition: Attracting top talent in Skilled workforce: Developing a future-ready, high-
the existing domains of L&T as well as the emerging performing workforce through continuous learning,
fields like green energy infrastructure, data centres, targeted upskilling and leadership programmes
e-commerce and digital architecture

Enhanced employee well-being: Prioritising the Reinforcement of ethical and inclusive culture: Embedding
well-being of employees, ensuring they feel valued integrity and fairness into the Company culture, fostering
and supported an environment of inclusivity and ethical conduct

Strengthened Leadership with Purpose: Empowering Commitment to Human Rights: Upholding human
employees to lead with purpose, contributing meaningfully rights and creating a workplace rooted in integrity and
to the Company’s goals and the broader community inclusivity

These outcomes collectively aim to position the Company as

a leader in its industry, capable of navigating and thriving
amidst the ongoing digital, energy and geo-economic shifts.

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INTELLECTUAL
CAPITAL
Innovation is a key enabler for the Company to improve timelines, reducing environmental impact, increasing the
its operational performance, reduce its environmental use of non-virgin and eco-friendly materials, and improving
footprint and enhance customer satisfaction through the climate resilience of assets created. R&D teams,
better offerings and delivery. Focus areas for innovation engineering and design teams, competency cells, and site-
are improving product design/features, enhancing resource level execution teams drive action in these areas.
(manpower, machine) productivity, reducing delivery

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Key Highlights of FY 2024-25

₹ 479 Cr Total R&D spend

(cumulative over last 3 years) 144 R&D Engineers
and Scientists

Strategy Linkage1

SO-I SO-III SO-IV SO-V

SE-1 SE-2 SE-5

SDGs impacted

Material Topics
ƒ Quality of Products and Project Delivery
ƒ Talent Management - Attraction, Retention and Development
ƒ Data Security, Privacy and Cybersecurity
ƒ Brand Management
ƒ Business Ethics

1
For details, refer to ‘Business Model and Strategy’ section

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R&D initiatives at L&T Construction Research and Testing Centre

The L&T Construction Research
and Testing Centre (LTCRTC) is a
distinguished facility within L&T,
recognised by the Department
of Scientific and Industrial
Research (DSIR) and accredited
by the National Accreditation
Board for Testing and Calibration
Laboratories (NABL). It is the only
centre of its kind in India's private Maturity Meter for Chloride Removal from
construction sector. Concrete Concrete
The Centre tests various
Determining the early age strength of The durability of concrete structures
construction materials, provides
concrete is an important parameter is a concern in harsh environmental
value-added solutions to critical
for monitoring its quality. The typical conditions, such as marine
issues, and undertakes R&D
method involves cube casting, curing, environments, primarily due to
projects. Also, LTCRTC is active
and testing at different intervals chloride ion penetration leading
in various nodal committees and
(3 days, 7 days, 28 days and 56 days) to reinforcement steel corrosion.
professional bodies and publishes
and destructive testing which is time Typically, this issue is addressed by
technical papers in reputed
consuming and generates concrete reducing concrete permeability or
journals. It serves as a hub for
waste. Maturity Meter is a technology using specialised reinforcement steel.
innovation and quality assurance
adopted by some companies across However, if the chloride content in
in the construction industry.
the globe to streamline the process. hardened concrete exceeds technical
However, the adoption remains low due limits, the conventional approach
to high instrumentation costs and data involves either demolishing the
processing complexities. affected structure or patching
damaged sections. This increases costs
LTCRTC team developed an in-house
and disrupts execution timelines.
maturity meter using Bluetooth Low
Energy technology for wireless data LTCRTC has developed a solution
logging and AI, which helps monitor and that involves extracting the chloride
predict concrete strength development. ions by passing a DC current and
LTCTRC, Chennai
This solution not only reduces the time using a sacrificial anode. This solution
for testing but also helps avoid the can potentially reduce the costs of
cube-making process and material handling chloride penetration cases
consumed for the same. by up to 70% while reducing the
waste generated. The solution is at
As a result, the cost of concrete testing
the prototyping stage, and likely to be
is reduced significantly by almost
deployed at project sites in a year.
60%, while the time to determine
concrete strength is cut down by 20%
LTCTRC, Chennai compared to the conventional method.
This enables near real-time quality
monitoring while ensuring compliance
with the rigorous demands of high-
production environments and strict
execution timelines. The solution has
been trialled at five sites, yielding
promising results that support its full-
scale implementation.

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Geopolymer Textile-Reinforced High-Performance

Concrete Concrete (TRC) Asphalt Mixes

Embodied carbon in the concrete Cement and steel have high Rutting has long been a major
significantly contributes to the embodied carbon, making reinforced challenge for bituminous pavements,
value chain emissions of the concrete a material with a high particularly in warm and hot climates.
construction sector. These primarily carbon footprint. Various alternative High-Performance Asphalt Mixtures
include emissions from cement materials are being explored to (HiPER) have been widely adopted
production, steel reinforcement, replace such high-carbon materials. to address this issue, offering a
and transportation of materials combination of high modulus and
LTCRTC has developed an optimised
to the construction site. Globally, exceptional fatigue resistance.
fine-grained concrete mix by
several alternate materials are being
incorporating glass fibre textiles LTRCTC has developed HiPER mixes
developed to replace cement in
as reinforcement for creating TRC, using three approaches: incorporating
the concrete.
thereby eliminating steel requirement synthetic co-polymers, replacing
LTCRTC has developed a Geopolymer in such a mix. This facilitates the aggregates with reclaimed asphalt
Concrete that replaces Ordinary fabrication of thin structural pavement (RAP), and using specially
Portland Cement (OPC) with industrial elements with improved strength and designed hard-grade binders. This
waste products, i.e. fly ash and durability. reduces overall pavement thickness
granulated ground blast furnace In addition to a lower carbon footprint in traditional bituminous pavements,
slag (GGBS). The mix is activated (~15-20%), this concrete has lower resulting in a 7-10% lower cost than
with alkaline solutions, e.g. sodium weight (per m3), further reducing conventional mixes. Also, using
hydroxide and sodium silicate, to energy requirements in transportation synthetic co-polymers and RAP helps
bind the aggregates and improve and handling. TRC has been used in reduce the consumption of virgin
the open time of the mix. Concrete is civil works of a lift irrigation project aggregates by 25-35%, lowering
then produced using the admixture in Odisha. the carbon footprint of the process
to eliminate the use of water. Due to by 10-15%.
waste material usage, the embodied
Further, the superior fatigue
carbon of the concrete is reduced by
endurance of HiPER mixes extends
almost 60% and avoids water use.
pavement lifespan, reducing overall
This innovative product is highly
repair and maintenance costs. The use
suitable for precast applications (e.g.
of HiPER mixes, in areas susceptible
sewer lines) and has been used for
to creep loading and rutting, is being
precast elements in two residential
explored for upcoming highway and
housing projects so far.
airport runway project contracts.

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EPC Projects : Digital Transformation

L&T has been actively pursuing
digital transformation across
its diverse business segments to
enhance operational efficiency, Pre-Construction Project Management
foster innovation, and maintain
a competitive edge in the
industry. Digital transformation Optrix ProWPack
of EPC Projects is a key lever to Automatically generates multiple Enables construction-driven project
improve the execution speed, design options and recommends management by defining construction
control costs, enhance quality, best-suited ones for a particular areas into manageable work packages
and maintain a high level of category of work, helps reduce
safety. The Company's digital reliance on subject experts, as well SPTrack
journey started with digitising and as enables cost optimisation to Smart piping and structural tracking
installing various sensors and then support bidding tool for construction-driven planning
moved to digitalisation of systems and monitoring, maximising full kitting
and processes. 3D-based Constructability of priority lines, expediting the critical
Simulations Using VR areas and generating system alerts for
During the year, the Company
deployed new-age technologies 3D-based Constructability Simulation all the stakeholders
like Machine Learning (ML), tool that evaluates construction
Natural Language Processing (NLP), feasibility before execution, Pronto
Generative Artificial Intelligence identifying potential challenges, Centralised work order and customer
(GenAI) and other technologies to optimising sequences, and improving management platform to support
enhance the efficiency of various resource allocation invoicing, subcontractor billing, vendor
systems and processes. payments, and other related areas
Dhruv
GPS-based application, with project IPMS
BOQ added, to simplify the survey Integrated Project Management System
process and reduce survey time that captures all relevant KPIs across
domains with customised dashboards
Dharti and analytics; includes connectors for
Centralised data repository of direct integration with Primavera and
subsurface data, quarry and Microsoft Project
crusher locations to optimise the
aggregate sourcing Procube
Project monitoring application
providing real-time insights into project
progress, enabling teams to track
milestones, allocate resources, and
ensure timely delivery

WRENCH
Centralised platform with
automated live S-Curves and progress
dashboards; enables document
management and communication
control across all stakeholders
Legend
New solutions developed

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Resource Management Material Management and Safety, Quality

and Productivity Supply Chain and Others

FormPro P&M Equipment Allocation Quality Sanyog

Solution to monitor formwork Application to manage the daily A platform for end-to-end tracking
related activities and avoid excess allocation of equipment across and monitoring of quality-related
ordering by controlling retention of multiple sites and track utilisation observations or non-compliance,
formwork after work completion as well as productivity of the assets, training, and related processes
has the ability to handle scenarios of
mTRACK with eALPS NxT conflicting requirements from sites Optimuck - Muck Disposal System
QR-based Material Tracking System A digital solution for tracking and
seamlessly integrated with eALPS Precast Cycle Time Tracker recording muck disposal data with
Nxt (a project management tool), Real-time tracking and monitoring of minimal human intervention to ensure
to reduce manual intervention in precast segments alongside resources accurate documentation of disposal data;
progress updates and help optimise deployed in both casting and erection incorporates innovative technology to
resources in real-time optimise the disposal process
Tunnel Segment Management
Rebar Pro System (TSMS) Safety, Health & Environment for
Monitors daily rebar usage and Enables Tunnel Segment tracking in Industrial Landscape through
generates an optimised cutting plan the casting yard and erection site Digital (SHEILD)
to reduce rebar wastage through barcode and RFID, also helps A digital platform to communicate work
in quality checks plans and approvals, create checklists,
Material NxT record safety parameters, support safety
Material management solution to Asset Insight audits and provide data visualisation
provide real-time stock visibility, IoT-based solution to monitor with analytics
indent raising through mobile app, equipment and machines deployed at
enhanced checks in material issues sites and improve productivity of assets Vision Analytics
and seamless integration with ERP A solution utilising ML to enhance
Workforce Induction & Skills worker safety, productivity and vehicle
ConPro Application (WISA) tracking at project sites by leveraging
Solution to enable end-to-end Digital platform to streamline worker real-time CCTV feeds
tracking of concrete supply chain onboarding process and worker data
at the project sites, to help monitor management Help Lightning
and control wastage and improve AR-enabled remote assistance
utilisation of resources, e.g. transit application, including video collaboration
mixers services that enable experts to work
virtually side-by-side with site personnel
T-Trax
RFID-based solution for tracking Gaps Information Monitoring
transmission tower bundles across Systems (GIMS)
factories and site locations to Solution to help monitor gaps in
improve tower-wise visibility, pipeline network projects using a
traceability, and lot completion mobile application, enables real-time
monitoring and analytics to identify
potential bottlenecks

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Hi-Tech Manufacturing : Digital and Automation

L&T is at the forefront of
integrating digital technologies
and automation in the Hi-Tech
Manufacturing segment, aiming
to enhance operational efficiency, Engineering Quality and Other
product quality, and innovation. Applications
Auto Digishop
These initiatives have also helped
to reduce workforce requirement Automates the process of RAM Automation
in production as well as improve generating shop drawings directly Application that automates
safety performance. from General Arrangement (GA) calculating the reliability,
drawings, streamlining workflows availability, and maintainability
and enhancing productivity; output (RAM) of critical components
is directly fed to the Computer
Numerical Control (CNC) machine,
resulting in hassle-free tower Image Processing Analytics for
manufacturing BOM Inspection
Inspection of electronic panels and PCB
3D model-based Product cards with the help of advanced image
Lifecycle Management processing and analytics
(PLM) system
3D model-driven platform replacing
manual 2D processes, automating Integrated Engineering,
the creation of the Bill of Materials Manufacturing and Quality
(BOM), automating the Place Cutting System (IEMQS)
Request (PCR) generation for 3D Integrated application to automate
model parts, with a comprehensive various procedures for engineering,
digital library for weld sub-types, planning and quality functions, along
facilitating easy assignment and with digital documentation
management

Digital Shop Floor

Design and Engineering
Operation sequence mapping (OPSQ)
Automation
for the assembly process for machine
Automation of entire design and building, provides a visual insight into
engineering activities using a rule- the progress at the shop floor directly
based algorithm to generate 3D to the customer
models, drawings, BOM, Seam List,
and other related items
Carousel and MTS
Automation of storage and retrieval
process by installing carousel machines
integrated with ERP system with QR
codes for material entry and issue

Legend
New solutions developed

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Equipment Productivity Connected machines

and Utilisation IoT solution through deployment of
sensors to collect machine-related
Automated pipe inner diameter information to help
cleaning crawler monitor utilisation, process
Motorised crawler developed with parameter compliance and overall
a rotating head to clean pipe inner equipment effectiveness
surface thoroughly; eliminates manual
effort and provides consistent, high-
quality output 3D Metrology, IIoT and
Advanced Tooling
3D scanning for machining without
Auto setup station for a circular loading the job on the machine
seam of shells and IIoT allows vendors to monitor
System developed in-house, equipped machinery conditions remotely;
with the driver turning rollers and Alberti angle head used to reduce
submerged arc welding stand, movable machining cycle time
on longitudinal rails and controlled
by a single operator; with the ability
to handle high capacity and large Welding Automation for Shells
diameters, thereby eliminating the use Automating welding using Robotic
of overhead cranes and reducing the Gas Metal Arc Welding with
requirement of skilled operators advanced pulse synergic weld
metal transfer technology, for
external welding of shells, reducing
All position nozzle overlay manpower requirement and
station improving quality
Developed a servo-controlled special
purpose machine to mount nozzle on a
rotating positioner and mounting plate
featuring four jaws; allowing precise
control and synchronisation with arc
welding torch's travel, reducing cycle
time and optimising gas requirements

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Value Engineering and Design Optimisation

The design and engineering teams at L&T follow a continuous improvement process to explore options against conventional
designs and experiment with new materials. This helps optimise material requirements, minimise execution time at the site,
and reduce costs.

Sea wave Simulator Early Detection of Failures AG-UG Interface Utility

Customised in-house sea wave in PV Plant Application developed to automate
simulator developed by repurposing A software solution was developed the monitoring and control of
old inventory items to develop key to predict underperformance of Aboveground (AG)-Underground (UG)
components; reduces costs and generation in solar PV plants using interfacing; using inputs from PI&D
overcomes constraint of availability of data analysis trends (Piping and Instrumentation Diagrams)
limited facilities in India and 3D models, reducing manual
Autonomous Transportation efforts, and improving accuracy
Friction-cum-Hydraulic Robot for Solar PV Panel
Buffer Stop Cleaning Systems SRFC for TBM LaunchPad
Unique design of friction buffer stop An autonomous robotic vehicle Steel Fibre Reinforced Concrete
for semi-high speed rail projects; new developed to transport solar PV panel (SFRC), combined with higher-grade
design transfers energy from coupler cleaning robots across different rows concrete, was used instead of Rebar
of rolling stock to dampener and then in large-scale solar photovoltaic power in Reinforced Cement Concrete
to friction action of shoes in rails, thus plants (RCC) for the Tunnel Boring Machine
reducing material requirements as well (TBM) launch system; supporting the
as sliding length in concrete track Structural Weight Optimisation execution time as well as workforce
for Jacket and Topsides requirements
Elastomeric Separation Layer Structural design optimisation to
for PORR Slab simplify design, reducing material Earth Retention System for
Collaborated with local partners to quantity as well as installation Shinso Pile Foundation
indigenously manufacture specialised requirement In-house designed innovative earth
elastomeric mixture for PORR slabs retention system for large diameter
using recycled rubber crumb; not only Automated Generation of Shinso Pile Foundation using
reduced costs substantially compared Instrument Engineering circular liner plates reinforced with
to import but also decreased delivery Drawings intermediate stiffeners in the form
time while promoting Make-in-India Utility developed to automate 2D of ring beams, which resulted in
drafting activity for Instrument substantial cost savings as well as lead
Automating RCC Box Bridge Loop Drawings and Instrument time reduction in supply chain and
GADs Interconnection Drawings; reduces execution time
Using AutoLISP, key design parameters manual effort as well as improves
were linked to AutoCAD and helped accuracy of drawings Ground Improvement in
to reduce the General Arrangement Portal Zone
Drawing (GAD) generation to minutes Design Optimisation of Burn Pit Ground improvement was done to
instead of days while ensuring accuracy A new system to automatically control control the surface settlements in
and consistency blowdown (safe gas discharge and the portal zone of the NATM Tunnel
burn) without continuous monitoring Rail project, using cement grouted
Automation of BIM Design and by the operator and to use pipeline columns; helped reduce additional
Models for Substation Projects gas for pilot burner, thus improving load on tunnel lining and ensured
Solution developed in-house to operation reliability and monitoring safety during execution
automate repetitive tasks in 3D while eliminating the use of propane
modelling of substations and gas for burner
improving the coordination between
various stakeholders

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Bearing Capacity Assessment Hybrid Construction of Intake Auto Zoning

using Scaled-down Plate Pumphouse Automatic zoning, using ML GIS
Load Test A new technique was adopted to technology, developed using SCMC
A scaled-down plate load test implement the Hybrid approach, i.e., algorithm to optimise village zoning
was used to simulate real-world combining precast elements with based on geospatial attributes;
conditions, offering insights into in-situ construction; precast was used significantly reduces manual effort
the bearing capacity and behaviour for beams and roof slab; rafts and for zoning calculations; results are
of various soil layer combinations; walls were constructed using mass integrated into pipeline design for
helped reduce foundation concreting and slip form; leading to optimised routing
overdesign and improve the significant reduction in execution
reliability of shallow foundations time and improvement in quality UCCC for Unmanned Tubewell
Automation
Barrette in Top-down Precast Staging for large Multi-level Control System for
Construction Overhead Tanks centralised water management
In the top-down construction of the Precast Staging was designed, where using IoT, SCADA automation
Cut & Cover section, the barrette staging components like columns, with PLCs, sensors, and predictive
was extended to the top level of beams and slabs were made in a maintenance for efficient operation;
the roof slab, thereby eliminating factory and then transported to the VSAT Communication for unmanned,
the need for structural steel plunge site for assembly to replace in-situ remote-controlled tubewell operations
columns; resulting in significant staging construction for overhead
material savings and reduced tanks; which significantly reduced Molten Salt Bath Reactor
construction time execution time and manpower (MSBR) System in Specialty
requirements Chemicals
Inclined Strut Arrangement in In-house design and development of
Underground Metro Projects i-TSP Molten Salt Reactor Systems using
An inclined strut was proposed Developed i-TSP (Innovative advanced fluid analysis and simulations
between the D-wall and concourse Technology Selection Portal), a
slab in top-down construction to centralised platform designed to Vaporisers in Refining and
eliminate temporary struts and automate and optimise the evaluation Petchem
walers placed between the base slab and comparison of wastewater An innovative in-house design
and concourse slab; the innovative treatment schemes; helps automate developed for a Dryer Regenerant
design reduced the material analysis as well as generation of BOQs Vaporiser and a special design of Flare
requirement significantly and for different schemes KOD Vaporisers, leveraging extensive
improved ease of construction expertise and validation through
Centralised Web-Based Portal advanced fluid analysis and simulation
Precast Overhead Storage for Engineering
Tank Web-based Portal developed using
A new design using Precast Python and JavaScript for auto-
method developed for overhead generation of design calculation
water storage tanks to substitute documents for water projects, helps
conventional steel storage tanks, in the bidding process to automate
leading to significant reduction the engineering calculations as well as
in on-site execution time and generation of options
manpower besides improvement
in quality

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Leveraging AI in Processes
Precast Operations NRW Reduction using Data Extraction through AI/ML
AI incorporated in the casting yard’s Digital Twin and automated survey vetting
CCTV cameras to track the cycle time AI-driven Digital Twin solution for AI/ML integration with GIS to
of processes for precast elements and loss identification in District Metered transform satellite imagery analysis,
resource utilisation in the yard Areas (DMAs). By simulation, real-time enabling efficient extraction of
data can be continuously monitored habitation and road network data,
Chatbots for Project Data and analysed, further predicting even in remote areas, ensuring high
AI-powered chatbots provide real- potential leak points and identifying accuracy and minimising manual effort
time assistance for project-related areas with high probabilities of Non-
queries on commissioning, punch Revenue Water (NRW) losses
points, logistics, and other areas
Auto defect recognition
Galvanisation monitoring for PAUT
AI-based OEE (overall equipment Phased Array Ultrasonic Testing
effectiveness) monitoring through (PAUT) is used for the inspection of
video analytics for the galvanisation the steel welds; an AI solution was
process in the Transmission Line deployed for UT data interpretation
Tower factory using a hybrid mathematical model
reinforced with ML

L&T Cognitive Services

The Company has established L&T Cognitive Services to spearhead its AI initiatives, aiming to enhance operational efficiency,
reduce costs, and foster innovation across its diverse business segments. Operating under a hub-and-spoke model, L&TCS
emphasises a ‘Business First’ approach, ensuring that AI solutions align closely with the Company’s strategic objectives.

Strategic Pillars of L&TCS: Key Initiatives and Achievements:

ƒ ‘Single Source of Truth’ for ƒ AI-driven Contract Management: ƒ Comprehensive AI Strategy:
reliable data Leveraging Azure OpenAI, Developed a customised PolyLLM
ƒ Optimised AI outputs through innovative solution developed to framework and adopted a composite
advanced algorithms streamline contract analysis by rapid AI approach to provide a secure
identification of crucial clauses and and scalable infrastructure for AI
ƒ Domain-specific small
extraction of technical deliverables initiatives. This strategy encompasses
language models for unique business
from extensive documentation over 100 AI-driven use cases,
challenges
ƒ Operational Efficiency targeting significant cost savings and
Enhancements: By integrating enabling strategic decision making
AI applications, machinery and across the organisation.
workforce planning processes
have been reduced to 10 minutes
from 2 weeks earlier. AI-driven
insights have led to ~2 to 3% cost
savings, contributing to enhanced
operational productivity.

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Through L&T Cognitive Services, the Company continues to integrate AI technologies into its core operations to maintain a
competitive edge in the industry and aims to deploy over 100 innovative AI solutions tailored to various business use cases.
L&TCS is strategically aimed at making AI adoption more accessible and scalable for businesses across the Company.

Transforming Sustainability Data Management

During the year, L&T partnered with its subsidiary company, L&T Technology Services Ltd, to develop a cloud-based platform
to enhance sustainability data management. The platform has been aptly named as ‘L&T-EARTH’ (ESG Analysis and Reporting
Tool for Holistic Initiatives).

Key features of the platform:

ƒ Cloud-based platform with a modular and scalable architecture
ƒ Designed to suit organisational hierarchy and enable data capture at the location level
ƒ Data visualisation through dashboards and reports
ƒ Data validation through logic checks and alerts to users
ƒ Ability to ingest and integrate data from multiple sources, e.g. APIs, IoT and other sources

Data from IoT devices

ERP Integration
Dashboard and Analytics

Manual entry and doc upload

Data from ERP systems has been linked to L&T-EARTH to automate the data flow. In addition, L&T has also initiated
automation of the data capture for water withdrawal and electricity consumption at various locations. This automation is
done by installing flow meters and smart meters, and connected through IoT Gateways to L&T-EARTH.

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L&T Business Excellence Model (LTBEM)

L&T Business Excellence Model supplier and business partners identify improvement areas, and
(LTBEM) was launched in FY 2023-24, management, people management implement effective strategies to drive
heralding a new era of organisational to improve processes, and superior sustainable growth and success.
excellence and underlining the business results.
The assessment cycle culminated with
Company’s commitment to continuous
The journey towards launching LTBEM the LTBEM Awards at the Quality
improvement and innovation.
was marked by leadership awareness Summit in November 2024 at Chennai
The development of LTBEM draws
sessions, task force formation, and where 14 L&T businesses were
inspiration from three globally
workshops across businesses, engaging recognised.
recognised frameworks: the EFQM
over 450 senior leaders and task force
(European Foundation for Quality As L&T embarks on this transformative
members. The LTBEM assessment cycle
Management) BE Model, the journey towards operational
was started in FY 2024-25 to baseline
Malcolm Baldrige BE Model and excellence, the launch of LTBEM
the Company’s businesses, a significant
the Deming Model. stands as a testament to the
milestone in the Business Excellence
Company’s unwavering commitment
This BE model has been developed journey, with a framework for
to quality, innovation and continuous
through extensive collaborative quantitatively assessing organisational
improvement.
efforts of the Quality Council of L&T performance and employing thorough
and the Corporate HR - Learning & and effective evaluation processes.
Development. Drawing insights from
The assessment process, involving
industry leaders like Tata and Godrej,
external assessors, was kicked off
and industry bodies like CII, the core
with an Assessor Meet conducted by
team adapted the EFQM Business
Corporate HR jointly with the Quality
Excellence model, incorporating
Council and conducted from August to
customisation and contextualisation
October 2024. 24 external and
for L&T’s operations.
44 internal assessors were involved in
LTBEM emphasises key areas such the assessment process to benchmark
as leadership, strategy, execution, performance against industry leaders,

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Pi-Awards
Pi-Awards, a pan-L&T innovation competition, witnessed a huge participation in its 8th edition. The name ‘Pi-Awards’
draws inspiration from the mathematical constant Pi, whose decimal representation never ends, thus symbolising ceaseless
innovation at L&T. Pi-Awards are announced on International Pi-day, celebrated on March 14.

In line with one of the Strategic Objectives under LAKSHYA,

ESG category was added this year and received more than
90 applications. Over 800 teams from across 188 locations
participated in the Award, and 149 teams made it to the
presentation round. The top 12 teams that made it to the
finale competed across four categories: Product, Project,
Service and ESG.

A special award, Sustained Excellence was instituted to

recognise the businesses that have consistently driven an
innovation culture. A compendium was also released in the
finale function, featuring the top 12 innovation projects, to
promote knowledge sharing and drive the implementation
of such innovations.

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Winning innovations from Pi Awards 2024

INNOVATION PROJECT BUSINESS CATEGORY

Transforming Disinfection: Enabling Multioxidant Technology as a Water & Effluent Product

Replacement for Chlorination Treatment

Process Development & Execution of Tube to Tubesheet joints with Heavy Engineering Product
first-time requirement of Pre-heating and 100% Radiography having
stringent acceptance criteria for Ethylene Oxide Reactors

Design and Development of firing recoil simulator system for 40 MM Precision Engineering Product
L70 Armament to overcome the challenge of proof firing trials & Systems

Ozonated Nanobubble Technology: Industrial-scale drinking water Water & Effluent Project
treatment technology to eliminate seasonal ammoniacal nitrogen Treatment

DFS solution to accelerate execution of Deck Furnishing Items Heavy Civil Project
in HSR C4 Infrastructure

Implementation of Continuous Flight Auger (CFA) Piling for the first Geostructure Project
time in India

AI-based Unified Command Control Centre for Unmanned Tubewell Water & Effluent Service
Automation with VSAT communication under Jal Jeevan Mission Treatment

Integrated Engineering & Design Platform: Solar PV Engineering Power Transmission & Service
Distribution

Mono Pile - New era of Indian deep foundation bridges for Mecon Transportation Service
Roundabout Flyover Project (MFRP) Infrastructure

World's First Indigenous Inverter-based ESSC (Electro-Slag Strip Heavy Engineering ESG
Cladding) Welding Systems Invention

Reduction in carbon footprint (CO2 emission) by using Non-Fossil Fuel Power Transmission & ESG
(Compressed Bio gas) for galvanising process Distribution

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Indian Foundation for Quality Management (IFQM): CEO/CXO

Delegation Visit to A. M. Naik Heavy Engineering Complex
The IFQM initiative’s concept, ‘Making Brand India Globally
Respected,’ evolved over a first meeting of like-minded
industry captains from Tata Sons, TVS Motors, Sun Pharma,
Tata Steel, Bharat Forge, Motherson Group, and Biocon in
January 2022. L&T joined IFQM as a founding member, with
Mr. S. N. Subrahmanyan chosen as a Board member and a
member of the Governing Council.

Under the aegis of the IFQM initiative to learn from

member organisations, the Company hosted CEOs/CXOs
from different industries spanning Pharma, Life Sciences,
Engineering, Power, Automotive, Consumer Products, etc.,
and executives from IFQM at A. M. Naik Heavy Engineering
Complex, Hazira in February 2025.

Further, the Company’s excellence in engineering,

innovation and quality was showcased to the delegates,
including the steps undertaken to upskill the workforce to
meet the changing work requirements. Also, the Company
is actively collaborating with the IFQM Academy and Centre
of Excellence to enhance the quality culture in India, with a
special focus on strengthening the MSME sector.

Innovation, Operational Excellence and Sustainable Growth

L&T continues to invest in advanced technologies and digital capabilities to enhance the efficiency, quality and resilience of its
EPC and manufacturing operations. The Company strategically emphasises resource optimisation, productivity improvement
and equipment utilisation to deliver high-quality outcomes at globally competitive costs.

Furthermore, the Company aims to strengthen its diversified order book and drive sustainable, long-term growth by fostering
a culture of innovation and exploring new and emerging business segments. In parallel, a strong focus on risk mitigation and
business continuity planning enables the Company to navigate dynamic market conditions effectively, ensuring value creation
for all stakeholders.

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SOCIAL AND
RELATIONSHIP
CAPITAL
L&T strongly emphasises building and nurturing long-term collaborations with suppliers and promoting inclusive
relationships grounded in mutual trust, respect and shared development within communities, L&T has cultivated robust
value. These relationships are pivotal to the Company’s social and relationship capital. This approach reflects the
sustained growth and profitability. By proactively Company’s commitment to responsible business practices
addressing customer needs, engaging in meaningful and value creation for the stakeholders.

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Key Highlights of FY 2024-25

18,99,250 CSR Beneficiaries

9.1 Customer
Satisfaction Score

Strategy linkage1

SO-III SO-IV

SE-2

SDGs impacted

Material Topics
ƒ Social Engagement and Impact
ƒ Customer Experience and Satisfaction
ƒ Sustainable Supply Chain
ƒ Diversity, Inclusion and Equal Opportunity
ƒ Human Rights and Labour Conditions
ƒ Business Ethics
ƒ Brand Management

1
For details, refer to ‘Business Model and Strategy’ section

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Building India’s Social Infrastructure

L&T is committed to fostering inclusive growth through targeted interventions in water and sanitation, healthcare,
education and skill development. The CSR & Sustainability Committee of the Board guides and reviews CSR initiatives,
which are implemented by the teams through direct action, partnerships with NGOs, collaborations with government
agencies, and engagement with on-site teams. L&T empowers underserved communities, bridges socio-economic
disparities, and contributes to accelerated and equitable development.

Beneficiaries across Thrust Areas

5,86,851 10,09,069
Water and Sanitation Health

2,85,580 17,750
Education Skill Building

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Drivers of CSR Interventions

Corporate CSR Team CSR Coordinator and Teams at

The team is dedicated to maximising social impact the Campuses, Area Offices and
by designing, implementing and managing CSR Project Sites
programmes in alignment with Board-approved Decentralised approach through dedicated
policies and strategic frameworks. The team teams located at campuses, area offices
ensures effective execution by collaborating with and project sites. These teams play a vital
NGOs, community stakeholders and internal role in assessing local needs, identifying
business units as required, thereby reinforcing appropriate projects and NGO partners
L&T’s commitment to responsible and impactful and overseeing the implementation and
social engagement. monitoring of CSR initiatives.

Accessible Healthcare through Prayas Trust

L&T Health Centres Comprising female employees and spouses
L&T’s multi-speciality health centres, staffed of L&T employees, dedicated to supporting
by trained medical professionals, provide vulnerable communities in proximity to L&T
accessible and affordable healthcare services facilities. Through a range of initiatives focused
to underprivileged communities. These centres on health, education and empowerment, the
help bridge health disparities and contribute Trust amplifies the Company’s social impact at
to improving community well-being in the the grassroots level.
areas surrounding L&T operations.

L&T-eering L&T Public Charitable Trust (LTPCT)

Employee volunteering and engagement A non-profit entity within the L&T
through structured volunteering programme. ecosystem that implements CSR activities,
particularly in health, in line with the
Company’s CSR framework.

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Unnati - Integrated Community Development Programme

Unnati is L&T’s flagship integrated rural development initiative, which begins with watershed management - recognising
water security as the foundation for improving quality of life. Once access to water is established, a phased approach is
adopted over four years, encompassing health, sanitation, education and skill-building interventions. Since its inception in
2014, Unnati has positively impacted 30,092 households and treated 44,856 hectares of land across Rajasthan, Maharashtra,
and Tamil Nadu. In 2022, the programme expanded further to reach additional underserved communities within these states,
deepening its impact and promoting sustainable rural development. The growth of the project is depicted below:

ƒ 10,737 ƒ 12,545 ƒ 30,092

households households households
2014 2022 2024
ƒ 15,465 ƒ 20,746 ƒ 44,856
hectares hectares hectares

Watershed Management
Water security remains a pressing challenge in India, particularly in rural areas dependent on natural resources. To address this,
L&T has adopted an integrated watershed management approach that combines the revival of traditional water structures
with the development of new infrastructure, ensuring year-round water availability.

Interventions are focused on ecologically sensitive areas such as Aurangabad, Jalna, and Ahmednagar (Maharashtra),
Rajsamand (Rajasthan), and Coimbatore (Tamil Nadu), where declining groundwater levels and poor resource management
affect agriculture and livelihoods. Communities actively plan and execute water and soil conservation measures, such as check
dams, anicuts, gully plugs, contour trenches, and farm bunds. Indigenous sapling plantations help reduce erosion and retain
soil moisture, improving crop yields and livestock rearing.

Further, Village Development Committees (VDCs) sustain these efforts by enforcing resource-use by-laws, collecting
maintenance fees, and linking communities to government schemes and market opportunities. This ecosystem-based model
has significantly enhanced water security, agricultural productivity, and household incomes - ensuring food availability and
economic resilience throughout the year.

Paniyara anicut, Sewantri in Rajsamand district, Rajasthan before and after repair

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Projects launched in FY 2024–25

The Unnati programme was launched in Pachapalayam, Coimbatore, to address critical challenges such as water scarcity,
inadequate sanitation, and agricultural stress in Sultanpet and Kinathukadavu blocks. Designed as a 3.5-year initiative, it aims
to benefit around 8,000 people through community-driven interventions focused on water resource management, hygiene
and livelihood support.

In Devgaon and Nagzari clusters, the education component of Unnati was introduced to enhance children’s access to quality
reading material. This initiative promotes regular reading habits, strengthens literacy and numeracy skills, and improves
academic performance.

Agriculture
In India, 86% of farmers operate on small or marginal landholdings, facing challenges like low productivity, limited inputs,
rainfall dependency, and poor market access. L&T supports these farmers through an end-to-end approach across
pre-production, production, and post-production stages.

The intervention begins with water availability and soil conservation, followed by soil testing and moisture retention to enable
multi-seasonal cultivation. Farmers are grouped for seasonal crop planning and introduced to inter- and multi-cropping.
Techniques like drip irrigation, mulching and organic input preparation help reduce costs, addresses issues of water scarcity
and dependency on chemicals.

Best practices are shared through Farmer Field Schools and demonstration plots, best practices are shared and climate
resilience is built. Meanwhile, kitchen gardens and horticulture orchards provide nutritional support and additional income.
By strengthening every stage of the farming cycle, L&T helps farmers enhance productivity, reduce input costs and improve
incomes - contributing to food security and long-term sustainability.

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Shri Pratap Singh – Reviving Farming

through Unnati
After 43 years in Mumbai, Shri Pratap Singh returned to
his village, Thoria Ki Bhagal, in Rajsamand (Rajasthan) and
resumed farming with support from Unnati programme. With
year-round water availability, he began cultivating vegetables
on his land. Through monthly Farmer Field School sessions,
Singh adopted sustainable practices like raising seedlings in
pro trays with cocopeat and compost - reducing seed wastage,
conserving water and improving seedling quality. Guided by
experts and state support, he grew diverse vegetables across
the Rabi, Kharif, and Zaid seasons using natural farming
methods such as Jeevamrit and biopesticides.
25,839
farming households since the inception
through L&T’s farming initiatives.
Beyond selling produce, Singh earned ₹ 76,000 by selling
seedlings to fellow farmers. He is now sustainably managing

1,622
his livelihood through farming and cattle rearing.

farmers trained through Farmer Field

Ganga & Krishna Gite – From Struggle to
Schools supported by Krishi Mitras and
Self-Reliance
Vasundhara Sevaks
Despite owning 10 acres, Ganga and Krishna Gite from
Devgaon, Aurangabad, struggled to support their family.
Krishna, battling alcoholism, was disengaged from farming,
and their children often sought refuge elsewhere. The Unnati
programme brought a turning point, introducing soil and water
conservation measures like river deepening and dam repairs.

Inspired by the transformation in his village, Krishna became

actively involved, eventually training as a Vasundhara Sevak.
He led community mobilisation, ensured quality construction
of water structures, and coordinated with the Gram Sabha
and VDC. Ganga joined him on the farm, and together, they
adopted improved farming practices. They started a silkworm
cocoon unit, planted mulberry and citrus trees, and boosted
their income from a meagre amount to nearly ₹ 3 lakh
annually - with ₹ 6 lakh projected this year from cocoon sales.

“Unnati brought light into our lives when we were lost in

darkness,” says Ganga. Krishna adds, “I’m proud of who I’ve
become - and now, my children are proud of me too.”

Krishi Mitras and Vasundhara Sevaks: Bridging

Knowledge and Impact
To ensure widespread outreach, L&T trains local volunteers
such as Krishi Mitras or Vasundhara Sevaks, who serve as
key connectors between farming communities and external
institutions. They facilitate training, promote soil and water
conservation, share best farming practices, and link farmers
to government schemes and resources. They also organise
community meetings and lead livelihood initiatives at the
village level.

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Empowering Farmers through SHGs and FPOs

L&T supports farmers by promoting Self-Help Groups (SHGs) and Farmer Producer Organisations (FPOs), which provide access
to affordable credit through revolving funds. These platforms offer training, connect farmers to government schemes and
help them scale operations, access inputs at lower costs and secure better market prices. Beyond credit support, they empower
farmers to manage pre- and post-production activities like optimising output with limited resources.

The Unnati project has 305 active SHGs and 52 farmer groups in its locations.

Empowering Women through Community Promoting Safe Sanitation: Towards Open

Institutions Defecation Free Villages
VDCs and SHGs serve distinct yet complementary roles Open defecation poses serious health risks - especially
- VDCs manage community resources, while SHGs to children - and hinders human development, gender
promote financial inclusion and access to government equity and social justice. Tackling it requires not just
schemes. Both platforms enable women to participate in infrastructure but also a cultural shift in attitudes,
development activities, enhance household income and particularly around ritual purity and menstrual stigma.
build leadership skills through accounting, management
With water access secured, L&T initiated sanitation
and decision-making training. These opportunities have
interventions in 11 locations across Maharashtra,
empowered women with greater agency, visibility and
Rajasthan and Tamil Nadu. The approach focused on
community recognition.
community engagement from the outset-through
consultations on hygiene, involvement and ownership
Livestock Development: A Resilient of local leaders and awareness of the health hazards
Livelihood Strategy of open defecation. Village-level Nigrani Samitis
Livestock rearing is a critical livelihood source in L&T’s (surveillance committees) were formed to monitor
project areas, offering a safety net during climate shocks. sanitation practices, while students became Swachhta
However, barriers like limited fodder, water, veterinary Doots (messengers of cleanliness), promoting hygiene
access and credit often hinder viability. L&T addresses within their communities. Youth were trained in
these through improved pastureland management, masonry, gaining livelihood skills and supporting
regular health camps, timely vaccinations and training on sustained toilet construction and maintenance.
modern livestock practices. These efforts aim to make villages ODF and foster long-
Farmers are linked to government schemes and term behavioural change for safe, inclusive sanitation.
supported by SHGs for credit and infrastructure needs,
while VDCs manage grazing norms to prevent land To date, 4,456 sanitation units have been built
degradation. These efforts have improved livestock through the project, and 2,719 households
health and productivity, diversified farmer incomes and have followed suit. 41 villages across the three
strengthened resilience against climate uncertainties. states are now Open Defecation Free (ODF).

School sanitation unit constructed at Swaraj Secondary School in Brahmangaon Village, Devgaon, Maharashtra

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Depth of Water from Land Surface (metre)

Baseline FY2019-20 FY2020-21 FY2021-22 FY2022-23 FY2023-24 FY2024-25 Target

22.51
22
15.56

18
20
8

15
14

12

11

11
10
13

10
6

9
5.02

8
5

5
5

SEWANTRI DEVGAON NAGZARI

Georai in Maharashtra and Pachapalayam in Tamil Nadu are being newly reported
from FY 2024-25. Unnati has been in Devgaon and Nagzari in Mahrashtra and
Sewantri in Rajasthan since FY 2019-20

857
855

857
19
17

15

GEORAI PACHAPALAYAM

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Total area covered under irrigation in FY 24-25 (hectares)

Baseline FY2019-20 FY2020-21 FY2021-22 FY2022-23 FY2023-24 FY2024-25 Target

1263
1082

1001
944

950

950

950
944
914

903
654
1076

638
612
638

638
583
549

461
445
435
600

600 606

SEWANTRI DEVGAON NAGZARI

Georai in Maharashtra and Pachapalayam in Tamil Nadu are being newly reported
from FY 2024-25. Unnati has been in Devgaon and Nagzari in Mahrashtra and
Sewantri in Rajasthan since FY 2019-20
2,606

2,666

3,212

1,022
470
440

GEORAI PACHAPALAYAM

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Health

Rural India faces intertwined challenges of food

insecurity, cultural norms and limited public healthcare
access. The Unnati programme focuses on food-
insecure households with restricted access to diverse
diets. Deep-rooted gender norms often prevent
women from prioritising their health - many eat last,
avoid seeking medical help, and primarily access
healthcare for other family members. These factors
contribute to maternal malnutrition, underweight
births and childhood stunting. Unnati aims to break
this cycle by promoting nutritional awareness,
healthcare access, and behavioural change.

L&T addresses health holistically by improving food

security through agriculture, horticulture, livestock,
and allied livelihoods - enhancing household nutrition.
Unnati’s health efforts aim to improve dietary
practices, raise awareness of government schemes,
and strengthen access to public healthcare. The
programme strengthens engagement between women
and frontline workers like Accredited Social Health
Activist (ASHA) and Auxiliary Nurse Midwife (ANM) by
training women’s groups and community volunteers to
navigate cultural barriers. It also fosters dialogue with
key stakeholders - Health Departments, Anganwadis,
Panchayats and Block officials - to address systemic and
institutional challenges.

Community volunteers, supported by VDCs and

SHGs, lead health initiatives focusing on dietary
improvements, kitchen gardening, hygiene practices,
and awareness of Anganwadis. These efforts have
resulted in increased health-seeking behaviour and
greater demand for quality healthcare services.
Additionally, communities have been empowered
to advocate for supply-side improvements and
collaborate with local authorities to identify and
implement sustainable solutions.

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Nikhil’s Recovery from Malnutrition

One-year-old Nikhil from Koyla village showed
signs of severe malnutrition during a home visit
by Bal Sakhi Sohna Devi. Weighing only 5.7 kg
and measuring 68 cm, Nikhil was enrolled in
a Community-Based Management of Acute
Malnutrition (CMAM) camp, where medical staff
recommended admission to the Malnutrition
Treatment Centre (MTC) for specialised care.
Despite initial hesitation, Sohna Devi reassured
the family and with continued support, they
agreed to take Nikhil to the MTC in Kankroli for
15 days of treatment. Afterwards, Nikhil was
re-enrolled in CMAM camp, where he received
therapeutic food, medicines along with his
mother also receiving nutrition training.

Today, Nikhil has made a remarkable recovery,

having a healthy weight of 7.3 kg, and is thriving
- thanks to the dedicated support of Sohna Devi
and his mother.

Challenges and Solutions in Rural Education

India has made progress in education, but challenges
like high dropout rates (26% before 5th grade) and poor
learning outcomes persist, particularly in government
schools. Rural areas face issues such as inadequate
infrastructure, lack of resources, shortage of qualified
teachers, and language barriers, with gender disparities
compounding the problem. Challenges remain, as many
second-grade students struggle with reading and older
students face difficulties in basic math. Parental involvement
is limited, with many parents not having completed
education beyond the 10th grade.

To improve education, efforts focus on strengthening early

childhood education in Anganwadis, providing teacher
training, Teaching and Learning Materials (TLMs), and
supplementary literacy and numeracy classes. Parents are
trained to support their children’s learning, and mobile
libraries and Learning Resource Centres (LRCs) in areas
like Rajasthan encourage reading and provide resources.
Managed by community volunteers, these centres are
handed over to the community for long-term sustainability.

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Empowering Mothers through the ELM at Home Initiative

The Emergent Literacy and Mathematics (ELM) at Home initiative, part of the Saajhi Shiksha project, was introduced
in Kookra and Lasadiya Gram Panchayats, Rajasthan, to empower mothers in teaching 3-6-year-old children. Sixty-
five mentor mothers were trained in pedagogy, child development and using Teaching and Learning Materials (TLM).
Regular meetings ensured continuous learning and engagement, enabling these mothers to support other parents
and children.

Hemlata, a 25-year-old mother from Akhariya, Kookra, became a mentor mother when her daughter, Navya, was 3.
Using toys and available resources, Hemlata taught Navya basic language and mathematics. Noticing that many local
children couldn’t attend Anganwadi due to distance, Hemlata began inviting them to her home for lessons. Despite
initial resistance, she persisted, explaining the benefits of the ELM initiative and organising parent orientations.

Her efforts gradually built trust, and Hemlata’s use of play-based learning methods increased engagement. Over
time, the community became more involved, creating TLMs and supporting children’s education. One villager said,
“Hemlata teaches our children very well and imparts good values.”

Hemlata’s journey transformed from teaching her own children to supporting the education of an entire community,
earning her respect and a sense of belonging.

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A rapid assessment of 12 villages in the Devgaon and Nagzari clusters revealed significant gaps in children’s reading and
mathematics, particularly among children from Anganwadi to grades II and III-VIII. The assessment found a lack of access
to essential reading materials, such as books, magazines, and newspapers, both at home and in schools, which hindered
children’s reading habits and academic progress. To address these gaps, an intervention was designed to improve educational
outcomes for children aged 6-14. The intervention includes library programme, parent workshops and learning support classes
focused on enhancing reading and mathematics, aiming for long-term academic growth.

Coverage under Unnati in five Locations – Devgaon, Nagzari, Georai, Sewantri and Pachapalayam

Households covered under ICDP 8,750

Area of land under the project area (hectares) 22,248
People covered 42,308
FY 2023-24 FY 2024-25
Water Availability
Water harvested (lakh litres) 51,727 53,391
Increase in water table level (metres - average) 12.9 14.6
Percentage of households with drinking water 98% 84%
Agriculture
No. of crop demonstrations 338 569
Additional area protected from direct run-off (hectares) 2,620 8411
Increase in area under cultivation/irrigation 56% 43%
Fallow land converted to agricultural land (hectares) 218 344
Area under horticulture (hectares) 521^ 722
Health and Nutrition
No. of kitchen gardens 180 685
No. of children in Balwadi-s supported 195*^ 1344
Livestock Livelihood
No. of veterinary camps 14*^ 24
Pastureland area under protection (hectares) 22* 28
Institution Building
Village Development Committees 66 44
No. of active SHGs 237 305
SHG Savings Fund created for inter-loaning (in ₹ lakh) 126 192
No. of farmer groups formed 8#^ 18
Capacity Building
No. of farmers who attended Farm-Field Training 1,643 1,622

* In ICDP Sewantri Location

# In ICDP Devgaon and Nagzari Location
^ Interventions till September 2023
~ Last year, three locations-Devgaon, Nagzari and Sewantri were covered under ICDP

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Education Early Childhood Support

L&T’s educational initiatives aim to drive social progress and L&T’s preschool initiative in Mumbai’s low-income
inclusive development in India’s education system. These areas creates a nurturing environment for children’s
efforts include improving infrastructure in under-resourced development. Operating for 10 months in 87
rural, peri-urban and urban schools, establishing community community preschools (Balwadis), the programme
learning centres, enhancing teacher skills and promoting serves 4,302 children, preparing them for primary
community monitoring systems. Project Jyoti, the STEM school. It focuses on emotional, cognitive, language,
education programme bridges the urban-rural divide by and sensory-motor skill development.
introducing Science and Mathematics to students in resource-
The initiative also empowers local women by training
limited government schools, sparking interest in STEM fields.
them to become Balwadi teachers and providing
India’s education system faces challenges like inadequate support and resources. The programme includes
infrastructure, limited resources, varying learning levels, and teacher training, learning assessments, and home visits,
disparities in teaching quality. Integrating STEM pedagogy boosting attendance and parental involvement while
with existing science and mathematics curricula requires ensuring a joyful and secure learning environment.
comprehensive teacher training to engage students in As a result, children’s cognitive, emotional, language,
STEM effectively. and motor skills improved by an average of 43%. The
programme aims to support vulnerable children’s
holistic development, helping them realise their

672 schools
potential and contribute to society.

reached across India in FY 2024-25

Average Score in Classroom Learning Evaluation (CLE)

100%

80%

60%

40%

20%

0%
Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25

Language development Physical development

Cognitive development Socio-emotional development

CLE is a Classroom Learning Evaluation tool that measures children’s language, physical, cognitive and socio-
emotional development.

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Mamata Chaudhary and Hansika’s Journey

Mamata Chaudhary, a 33-year-old mother of two, is determined to provide her children with the education she
could not afford. Living in a one-room home with her husband, an office boy, Mamata faces financial challenges.
While searching for a preschool for her 3-year-old daughter, Hansika, she discovered a free Balwadi run within a
local temple in Andheri, Mumbai.

Many children in their low-income community lacked access to quality early education due to the high cost of
private preschools. At first, Hansika was reserved and unresponsive, but she thrived at the Balwadi, where play-
based learning methods like rhymes and imaginative play sparked her interest. She can now count and recognise
alphabets, colours and animals.

The Balwadi also supports parents through workshops on child development, mothers’ groups and WhatsApp
communication, empowering parents like Mamata to engage more in their children’s learning. Mamata adopted
techniques like storytelling to support Hansika’s growth further. The combination of quality education at the
Balwadi and active parental involvement has provided Hansika with a solid foundation for lifelong learning.
Mamata is thrilled with her daughter’s progress.

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Learning Enhancement through the School Partnership Programme

L&T’s School Partnership Programme in nine Municipal Primary Schools in Powai, Mumbai, focuses on enhancing foundational
literacy and numeracy (FLN). The programme improves learning outcomes through interactive methods by shifting from
teacher-led to learner-led teaching. It reached 2,965 children and introduced initiatives like Reading Promotion and Home
Lending to boost linguistic skills. As a result, 19% of children showed improvement in literacy, 44% in numeracy, 46% in
reading levels, and 27% in language development through the library initiative.

Reading Promotion Programme Assessment

L6- Reads sentences with 12 Matras, Complex words,

1% 31%
Conjunct Consonants with Speed and Comprehension

L5- Reads sentences with 6 Matras (Vowel marks) with Understanding 10% 41%

L4-Reads Sentences with Understanding 33% 17%

L3-Reads Words together with Ease 18% 11%

L2-Reads One Letter at a Time 25% 1%

L1- Cannot Read 15% 0%

0% 10% 20% 30% 40% 50% 60%

Baseline-July 2024 Endline-February 2025

Jyoti – STEM Education Initiative

Project Jyoti, the STEM programme aims to bridge ƒ Young students at Entrepreneurs Bootcamp present
educational disparities in grades 6-8 in government schools entrepreneurial solutions to real-world problems,
across Gujarat, Tamil Nadu, and Maharashtra by enhancing developing their critical thinking and innovative mindset.
STEM education. The initiative provides digital infrastructure,
ƒ National, state and district-level science fairs boost
teacher training, hands-on models, and activity-based
students’ confidence and recognition in STEM fields after
learning (ABL) to engage students and spark curiosity in
completing experiments and projects.
scientific concepts. Teachers are trained to implement ABL
and create Edu-Reels (short curriculum-aligned videos). ƒ STEM Innovation and Learning Centres (SILC) integrate
The programme also introduces robotics and space kits, all four core STEM disciplines and support students’
enriching students’ STEM knowledge and skills. Key advancement.
components of the programme include:
The programme has led to 80% of teachers finding it
easier to teach concepts, 95% of students showing better
ƒ Teacher Training: Teachers receive extensive training in
conceptual clarity, and 85% of parents noticing increased
STEM pedagogy and ABL strategies, including sessions
interest in STEM. Additionally, 83% of students improved
at the District Institute of Education and Training (DIET).
their grades in mathematics and science, and 89% expressed
During the year, 200 teachers were trained and 68 students
a strong interest in science.
created 24 models.

ƒ Teacher Innovation Contest: Teachers innovate STEM “The STEM lab at DIET is a remarkable initiative that
or entrepreneurial prototypes to solve local challenges, ignites curiosity and a love for science. I see it growing into
fostering a culture of innovation. Around 208 teachers a hub for innovation and research, equipping students to
from 123 schools participated in creating STEM models. excel and become future innovators.”
ƒ ABL Sessions using STEM TLM help students grasp science – Mr. Lakshminarasimhan, Principal, DIET
and mathematics more effectively.

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Subject-Wise Average Percentage

80%
73% 73% 74%
70%

60% 57% 58%

52% 53%
50% 48% 48%
41%
40%
35%
32%
30%

20%

10%

0%
Baseline Endline Baseline Endline
Science Mathematics

6th Standard 7th Standard 8th Standard

Sparking Scientific Curiosity Through Jyoti STEM Labs

Kanishka, a student at Government High School in Coimbatore, once found science classes unengaging due to
the heavily theoretical approach. Her perspective shifted after joining the Jyoti STEM lab and participating in ABL
sessions. With access to interactive tools and the Life App - a mobile platform that connects STEM concepts to real-life
applications, Kanishka’s interest in science grew. She even created a simple water purification system that her mother
now uses at home.

Encouraged by her teacher and Jyoti facilitators, Kanishka began building hands-on models such as water rockets and
electric circuits. Her involvement in STEM clubs over the year helped her further explore and apply scientific principles
through various projects.

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Young Entrepreneurs Finale 2025: Nurturing Community Learning Centres: Strengthening

Innovation for Social Impact Foundational Literacy and Numeracy
Held on February 28 and March 1 as part of the Jyoti L&T’s Community Learning Centres provide critical remedial
initiative, the Young Entrepreneurs Finale 2025 brought support to primary school students aged 7 to 12, with the
together budding innovators from 75 schools across Mumbai goal of bridging foundational literacy and numeracy (FLN)
and Talegaon. 450 students showcased community-driven gaps. Located within government schools or public spaces,
solutions, with 149 finalists presenting 75 unique ideas aimed these centres function after school hours in partnership with
at tackling real-world challenges. The top three ideas were local Municipal Corporations, ensuring access to academic
recognised at the event for their creativity and potential support within students’ communities.
impact. The event was the culmination of an intensive
Children lagging in grade-level competencies are grouped
18-hour “Thinking Coaches” workshop, where students were
into small, focused cohorts and attend two-hour daily
introduced to Design Thinking and Future Technologies,
sessions facilitated by qualified teachers or trained
helping them frame and solve local problems through
volunteers. These sessions offer personalised attention in
innovation. In parallel, 150 teachers received training to
language and mathematics, creating a safe and supportive
guide and mentor future cohorts of young changemakers.
environment that boosts confidence and academic growth.
Adding a strong industry-school connection, 10 L&T-eers
Currently, L&T operates 41 centres in Mumbai, reaching
mentored students from 8 schools, fostering a spirit
2,305 children, and 10 centres in Chennai, supporting 728
of creativity, collaboration, and entrepreneurship. In
children. The programme has demonstrated measurable
total, 10,000 students and 150 educators engaged with
improvement in learning levels and has garnered strong
the programme - demonstrating L&T’s commitment to
parental appreciation, validating its role in promoting
empowering the next generation of innovators and leaders.
inclusive, quality education for all.

Suraj’s Journey from

Struggling Student to
Confident Learner
Suraj, a 5th standard student,
lived with the burden of economic
hardship, limited academic
support, and a lack of access to
quality education. Unable to read
simple sentences or perform basic
mathematical operations, Suraj
also struggled with low self-esteem
and hesitated to ask questions
in class. His learning experience
was passive, devoid of practical or activities such as public speaking
of academic concepts. Suraj began
interactive methods, leaving subjects and dance.
to see relevance in his studies, which
like language and mathematics
sparked his interest. Within four Today, Suraj is confident, curious
intimidating and inaccessible.
months, his communication skills and self-motivated, embodying the
A turning point came during a home improved, and he began asking transformative impact of targeted
visit when his family learned about questions and expressing himself educational interventions that go
L&T’s Community Learning Centre more freely. Over the next two years, beyond textbooks. His story is a
programme and enrolled him. The Suraj made significant academic gains testament to the power of holistic,
programme introduced hands-on in mathematics and language. He inclusive learning environments in
activities, interactive teaching also developed leadership qualities unlocking a child’s potential.
techniques, and real-life applications by participating in extracurricular

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Anjali Narsing Tadale – From Academic Struggles to Aspiring Nurse

Anjali grew up in a financially constrained household, supported by her mother who works as a domestic help.
Despite her determination, she faced significant academic hurdles, especially in mathematics and language, due to
a lack of quality educational support and the limitations of rote-based classroom teaching. These barriers left her
discouraged and disengaged from her studies.

Her journey took a positive turn when she joined L&T’s Community Learning Centre. In just three months, Anjali
began to thrive in the centre’s interactive, concept-focused learning environment. She gained confidence, started
asking questions and actively participated in class discussions. The programme’s learner-centric methods helped her
grasp challenging concepts and develop a deeper understanding of the subjects she once struggled with.

Beyond academics, Anjali discovered her public speaking and singing strengths and took on leadership roles within
the learning centre. She completed her 12th grade in science with consistent support and is now pursuing a degree
in General Nursing and Midwifery while working part-time to support her ambitions.

Reflecting on her experience, Anjali shares, “The interactive teaching methods made learning exciting
and practical.”
Her story is a powerful example of how equitable education and supportive ecosystems can change a student’s
life’s trajectory.

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Self-Learning Classes Supporting Schools through

As part of the broader education programme, self-learning
Infrastructure Development
groups have been established for children in Grades 6 to 8, L&T plays a pivotal role in strengthening infrastructure
encouraging peer collaboration and independent study. On and learning environments in under-resourced
average, 131 children participate monthly, forming groups of government schools across rural, tribal, and
five that meet at least once a week. These sessions run for 23 underserved urban areas. The support includes:
days each month and involve working through instructional
ƒ Construction and renovation of critical infrastructure
materials and practice exercises in a collaborative setting.
such as classrooms, libraries, laboratories, compound
This model supports academic learning and fosters walls, toilet facilities, and playgrounds
teamwork, critical thinking and self-discipline among
ƒ Supply and installation of classroom furniture,
children. A notable ripple effect of the intervention is the
science and computer lab equipment, library
increased involvement of the local elderly population, who
resources, and digital classroom solutions
now offer their homes as safe, quiet learning spaces. Many
ƒ Upgradation of facilities through building repairs,
of them also take an active interest in the children’s progress
solar power implementation, and the installation of
by monitoring sessions and providing encouragement.
clean drinking water stations

To ensure equitable access to education, L&T also

provides essential learning and recreational material -
including uniforms, textbooks, notebooks and
sports equipment - to students from low-income
backgrounds in government and unaided schools.

These efforts are aimed at creating a safe, inclusive

and stimulating educational environment, enabling
students to learn, grow and thrive.

Transforming a Tribal School in Nigade Village, Pune

The Zilla Parishad School in Nigade village, Pune, caters to a tribal community facing economic hardship and
limited access to quality education. The school was plagued by overcrowded classrooms, inadequate infrastructure
and erratic power supply, which hindered learning and student well-being. Recognising these challenges, L&T
intervened with comprehensive infrastructure and resource support, including:

ƒ Construction of a safety wall, kitchen, and modern classrooms

ƒ Upgradation of toilet facilities, installation of digital learning tools and a PA system
ƒ Provision of a water filtration unit for safe drinking water
ƒ Installation of a 5kW solar power system to ensure uninterrupted electricity

The transformation had a tangible impact on the school community. As one parent noted, “My daughter now
studies in a school that feels like a private one.” This sentiment reflects broader outcomes such as increased
enrolment, greater parental involvement, healthier, more engaged and more confident children.

The school principal shared, “This transformation has uplifted both the school and our spirits. L&T’s support will be
remembered for years.”

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Sustainable Water Access in Chak Dhani, Nagaur, Rajasthan

Chak Dhani, a remote village in the Thar Desert, faces extreme summer temperatures of up to 50°C and a severe
water crisis due to depleting groundwater. The Government Senior Secondary School, serving 230 students,
struggled with acute water shortages affecting hygiene and learning conditions.

To address this, L&T implemented an integrated rainwater harvesting (RWH) system that captures monsoon rainfall
and ensures year-round water availability. The system has already conserved 181 kilolitres of water, providing a
sustainable solution to the school’s water challenges and setting a model for water conservation in arid regions.

Before infrastructure developement in Zilla Parishad School,

After infrastructure developement
Nigade Village, Pune

Desks and Benches donated at Nagarnar High School, Toilet Block constructed at Jagannath Government High School,
Chhattisgarh Jagatsinghpur, Odisha

The education programme partners with school principals to ensure active participation from teachers and students, fostering
pride and encouraging knowledge-sharing across schools. Teachers and students also visit other schools for exposure to project
activities. The Jyoti programme promotes STEM education through competitions and exchanges.

The programme strengthens School Management Committees (SMCs) by equipping them to address learning outcomes and
sustain initiatives beyond the project. Parents are educated on their role in education, becoming active participants in SMCs
and monitoring progress. Government collaborations, like teacher training with DIET under the Jyoti programme, ensure the
involvement of government stakeholders, sharing best practices and ensuring long-term impact.

Interventions Schools Students

Jyoti 314 52,924
Digitisation 44 11,259
Preschool Interventions 87 4,302
Interventions to Enhance Learning and Life Skills 187 58,081
Community Learning Initiative-Centres and Schools 160 12,828
Infrastructure Improvement 252 89,431

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148 Health
Since 1968, L&T has been committed to improving include health education, medical camps, and support for
community health by providing accessible, affordable vulnerable groups like children, pregnant women, the
healthcare to disadvantaged populations. The Indian elderly, and differently abled individuals.
healthcare system faces challenges such as rising costs,
Furthermore, L&T integrates services with National Health
a shortage of trained medical personnel, rural-urban
Programmes, including RMNCH+A, family planning and
disparities, and inadequate public health funding. Many lack
disease prevention for leprosy, tuberculosis and HIV. The
health insurance and awareness of key health behaviours.
centres manage non-communicable diseases, mental health,
To address these issues, L&T operates 10 Community Health early cancer detection and therapeutic care for children
Centres (CHCs) and 12 Mobile Health Units (MHUs) across with disabilities. L&T also leverages government schemes
Gujarat, Maharashtra, and Tamil Nadu, providing primary to reduce patient expenses, offering financial support
care, speciality services, and outreach programmes. These and subsidised medications. Through these initiatives, L&T
enhances healthcare accessibility and equity for vulnerable
communities across India.

Cancer Care Services

L&T is dedicated to promoting cancer awareness, early diagnosis, and preventive education through targeted interventions
for both men and women. The goal is to increase awareness that cancer is treatable and encourage regular screening for early
detection. In the past year, 1,417 individuals participated in these camps. Additionally, L&T supports a shelter programme
providing temporary housing for caregivers and children undergoing cancer treatment in Mumbai. Over the year, 10 children
and 20 caregivers received shelter, and 55 counselling and motivational sessions were held to support the children.

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Raginiben Bakkariya’s Journey to Recovery

Raginiben Bakkariya, a 36-year-old woman from Udhana
village, Surat, was diagnosed with kidney failure during
childbirth. Despite a modest income and the added
responsibility of supporting her family, Raginiben was
advised to begin dialysis without delay.

In January 2024, she began dialysis at the L&T Health

and Dialysis Centre (LTHDC) in Surat, which offers free
dialysis services under the Pradhan Mantri National Dialysis
Programme. The centre, operational since 2015, provides
multispecialty OPD services, diagnostics, and 11 dialysis
beds. Initially, Raginiben experienced complications such
as vertigo, headaches and vomiting during dialysis. With
support from her family, who took care of her children, she
continued her sessions twice a week. Over time, the LTHDC
team closely monitored her progress and saw a significant
reduction in symptoms and improvement in health.

Raginiben is now registered for a kidney transplant and

remains hopeful for a successful outcome. She expresses
deep gratitude for the care and support at LTHDC, which
has helped her regain her health and strength.

Mr. Sivaraja’s Health Journey

Mr. Sivaraja, a 73-year-old farmer from Murugapathi
village, Coimbatore was diagnosed by the MHU team
of health risk as he was showing signs of high blood
pressure. With limited awareness of the risks and
access to healthcare, urgent intervention was needed.
The MHU doctor recommended lifestyle changes and
prescribed consistent medication. Mr. Sivaraja was
referred to the Primary Health Centre in Arisipalayam
for further treatment, and his case was shared with
the Makkalai Thedi Maruthuvam team. A month
later, a follow-up showed that Mr. Sivaraja adhered
to the treatment plan and he now receives monthly
medication at his doorstep through the Makkalai Thedi
Maruthuvam initiative (flagship programme of the
Government of Tamil Nadu offering a comprehensive
set of Home-based health care services).

This case highlights the significance of collaborative

health programmes like MHU and Makkalai Thedi
Maruthuvam in improving healthcare access in rural
areas and enhancing the quality of life for individuals
like Mr. Sivaraja.

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Skill Development
L&T has been leading efforts to address India’s skill
development challenges, particularly in the construction
sector, by bridging the gap between the high demand
for skilled labour and the limited employability of
youth. In 1995, L&T established its Construction Skills
Training Institutes (CSTIs) to equip underprivileged rural
youth with industry-relevant skills, thereby enhancing
their employability and contributing to national
infrastructure growth.

L&T operates CSTIs across nine locations, namely;

Kancheepuram, Tamil Nadu; Panvel, Maharashtra; Pilkhuwa,
Delhi; Jadcherla, Telangana; Cuttack, Odisha; Attibelle,
Karnataka; Chacharwadi, Gujarat; Hyderabad, Telangana;
and Serampore, West Bengal. These institutes offer training
in over 14 construction trades, such as welding, scaffolding,
masonry, and electrical work, with a focus on practical,
hands-on training (80% of the courses). The curriculum
aligns with National Skills Qualification Framework (NSQF)
standards and trainees who successfully complete the
programme receive certification from the National Council
for Vocational Training (NCVT). In addition to technical
training, L&T incorporates soft skills, digital literacy and
safety protocols into its courses, ensuring that trainees
are prepared for the evolving needs of the workforce.

L&T is dedicated to promoting gender inclusivity within the

construction industry. Through its targeted initiatives, the
CSTIs have successfully trained and placed women in various
construction roles, breaking traditional gender barriers and
empowering women to pursue careers in this sector.

L&T’s CSTIs trained 12,594

candidates, achieving a 72%
placement rate with an average
monthly salary of ₹ 17,800.
Multi-Skill Training Centre
trained 121 candidates, and
through other vocational courses
First batch of women trainees from Skill Hub, Mayurbhanj, Odisha deployed
trained 2,466 individuals.
for their job postings

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In partnership with the Ministry of Skill Development and Entrepreneurship and the National Skill Development
Corporation (NSDC), L&T’s Skill Trainers Academy (STA) in Mumbai trains high-calibre trainers who effectively impart skills
to youth, ensuring a continuous supply of qualified professionals to meet the demands of the industry. Through these
initiatives, L&T not only enhances the employability of youth but also significantly contributes to the development of India’s
infrastructure and economy.

Story of Laxmi Murmu, who defied societal norms

Laxmi Murmu, a 20-year-old from the Santhali community in
Mayurbhanj, Odisha, faced significant challenges after losing
both her parents at a young age and was raised by her
grandparents, who were daily wage labourers. Determined
to create a better future, she completed her intermediate
studies and enrolled in a plumbing trade course at L&T Skill
Hub in Mayurbhanj. Additionally, she pursued a Microsoft
Digital Literacy course for Data Entry Operators.

After completing her training, Laxmi secured a job as a

data operator and office assistant at L&T HRRL-DFCU site
in Barmer, Rajasthan, earning approximately ₹ 20,000 per
month. This job marked a turning point in her life. Laxmi
used her income to build a house for her family and is now
funding her siblings’ education.

Her journey has not only transformed her own life but has
also inspired others in her community to seek vocational
training. Laxmi aspires to become a computer data
operator trainer to empower other young tribal girls facing
similar challenges.

1,889 women
Trained catalysing lasting change in their lives through skill development and livelihood opportunities.

Recognising the importance of trainers in building a

competitive workforce, L&T established the Skill Trainers
Academy (STA) in 2021 in Madh, Maharashtra. The STA
aims to bridge the industry-academia gap by enhancing
trainer capabilities through its ‘Training of Trainers’ (ToT)
programme. The programme focuses on domain expertise,
delivery techniques and soft and life skills to ensure industry-
relevant instruction. The centre boasts modern infrastructure
and expert trainers, including former L&T professionals and
certified experts with MEPSC credentials.

In the past year, STA has trained 835 ITI trainers, polytechnic
instructors and assessors affiliated with the Construction Sector
Skill Council. Recognised as an Exclusive Centre for ToT/ToA by
the Construction Skill Development Council of India (CSDCI),
STA has established itself as a leader in trainer development.

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Impact Assessment of CSR Projects

A total of 27 CSR projects implemented in FY 2022-23 qualified for impact assessment in FY 2024-25. Thinkthrough Consulting
conducted the assessment during the year. These initiatives collectively reached approximately 5.5 lakh beneficiaries across
thematic areas such as skilling, education, health, water and sanitation.

The assessment found that these interventions had a tangible and positive impact on both individual lives and community
well-being. Beneficiaries reported improved quality of life through enhanced livelihood opportunities, increased income and
savings and improved access to education, healthcare and knowledge for sustainable living. Furthermore, the adoption of
better health and hygiene practices has contributed to a notable reduction in disease incidence, thereby strengthening overall
community resilience and well-being.

Linking CSR Interventions with Government Schemes and Programmes:

Government Schemes and Programmes L&T’s Initiatives

Swachh Bharat Abhiyan ƒ 4,761 household toilets constructed since FY 2017-18 using
local skills and materials
ƒ 916 school toilets constructed since FY 2015-16
ƒ 40,172 children provided WASH awareness since FY 2015-16
ƒ Community-based monitoring committees ensured that
these villages became open-defecation-free
Swajal Yojana under the Rural Development Ministry Watershed development programme under Unnati, ICDP
National Rural Livelihood Mission (NRLM) SHG programme under Unnati, ICDP
Agricultural Technology Management Exposure visit, training, demonstration under Unnati, ICDP
Agency (ATMA) scheme
Pradhan Mantri Krishi Sinchayee Yojana Drip irrigation in Unnati, ICDP
Mahatma Gandhi National Rural Employment Guarantee Farm bunding activity in Unnati, ICDP
Act (MGNREGA)
Sarva Shiksha Abhiyan (SSA) Community preschool programmes and community learning
centres prevent dropouts and ensure enrolment
STEM Initiative of National Science and Technology L&T’s STEM Education Programme Jyoti
Communication Council and the Department of
Science and Technology, Government of India
National AIDS Control Programme (NACP) L&T ART Centre at Andheri
National TB Control Programme (RNTCP) L&T TB Centre at Andheri
National Family Planning Programme Contraceptive services made available at L&T Health Centres
Integrated Child Development Scheme Improving the quality of services at Anganwadi and capacity
building of Anganwadi workers
Mother and Child Health Programme ANC PNC care and immunisation services provided at the
health centres are linked to this programme
Ayushman Bharat Yojana Linking patients visiting L&T health centres to this scheme
Pradhan Mantri Jan Arogya Yojana Linking patients availing dialysis services at
L&T centre to this scheme
Pradhan Mantri Bhartiya Janaushadhi Pariyojana Linking patients visiting L&T health centres to this scheme
Mahatma Jyotiba Phule Jan Arogya Yojana in Maharashtra Linking patients visiting L&T health centres with this scheme
Widow Pension Yojana Linking HIV impacted widows at ART Centre
Adhar Poshan Yojana Provide nutritional support to HIV-affected patients
at the ART centre
National Skill Development Mission L&T CSTIs and STA at Madh

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L&T-eering: Employee Volunteering Initiative

L&T fosters a strong culture of employee volunteering, encouraging its staff to actively support social causes. In FY 2024-25,
9,590 L&T volunteers dedicated their time and skills to a range of initiatives, including creativity camps, STEM workshops,
educational trips, NGO and craft melas, and Daan Utsav. Many volunteers focused on mentoring underprivileged children to
bridge learning gaps and build future-ready skills. Employees also contributed to healthcare efforts through medical camps,
blood donation drives, and awareness campaigns. Additionally, environmental initiatives like tree plantations, clean-up
drives, and promoting renewable energy showcased L&T’s commitment to community development and sustainability.

Young Science Leader (YSL) Initiative – Fostering Scientific Mindset in Rural Gujarat
On June 2024, LTPCT launched YSL Initiative - a Science Model Making Competition aimed at nurturing curiosity,
creativity, and scientific thinking among students from Navsari and Dang districts. The initiative actively engaged
L&Teers from AMNHEC, Hazira, in mentoring and guiding student participants.

Mentor Capacity Building Grand Exhibition Student Engagement

A dedicated workshop was The final exhibition took place at KVS Following interactive sessions
conducted on November 2024, High School, Kharel, from December at Deep Darshan School (Dang)
in collaboration with ENPower 20-21, 2024, showcasing 126 science and A.M. Naik Technical Training
to equip L&Teers with mentoring models created by 378 students. 20 Centre (Navsari) on November
skills focused on model creation, L&Teers served as jury members. The 2024, 32 L&Teers began
presentation, and idea refinement. exhibition saw a footfall of 5,022 visitors. mentoring students both online
and offline from November to
Special Session A total of 59 L&Teers contributed 1,611 December 2024. Their support
On December 2024, a Fire & Safety volunteer hours, significantly enriching included model enhancement,
Awareness was conducted at the the learning experience of participating presentation and coaching.
Naik Foundation by L&Teer including students and promoting STEM
quiz and practical demonstration. education in underserved regions.

Outlook Ahead
Two new Construction Skills Training Institutes (CSTIs) are being set up to expand access to skill development for youth and
support their gainful employment while also strengthening existing CSTIs as Centres of Excellence. This step addresses the pressing
workforce gap in the construction sector. Despite its scale, currently contributing about 9% to India’s GDP and employing nearly
50 million people, the industry faces an annual shortage of around 4 million skilled workers, hampering growth and efficiency.
Projections indicate that by 2030, India will require approximately 91 million skilled construction workers - an increase of about
45% over the current workforce - to meet rising industry demands. (Construction Skill Development Council, 2022)

To further promote STEM education in government schools, the programme will place greater emphasis on engaging key
stakeholders, including parents and the wider community. This collaborative approach aims to build a supportive ecosystem where
STEM education can flourish, ensuring better management and long-term sustainability of the project activities in these schools.

287
 Social and
Relationship Capital

Relationship Capital
Refers to the value derived from an organisation’s relationships with its stakeholders, including customers, suppliers, employees,
investors, and the broader community. It encompasses trust, communication, collaboration, and goodwill, collectively fostering
strong, mutually beneficial connections. Unlike physical or financial assets, relationship capital is intangible but pivotal in long-
term business success and sustainability. Key aspects of relationship capital in the value chain include:

ƒ Trust and Collaboration: When partners work together ƒ Communication and Transparency: Open, honest
transparently and share information, it leads to more communication builds a foundation of trust, which is
efficient problem-solving, innovation, and mutual growth. vital for anticipating issues, addressing challenges, and
driving continuous improvement in the value chain.
ƒ Engagement and Loyalty: Building long-term relationships
with suppliers and customers enhances reliability, reduces ƒ Risk Management: Strong relationships with the direct
lead times, and ensures better quality control. stakeholders help organisations better anticipate,
mitigate, and manage risks such as supply disruptions,
price volatility, or regulatory changes.

Embedding Sustainability in Supply Chain

L&T acknowledges the critical importance of a sustainable supply chain in fostering business resilience and generating
long-term value for all stakeholders. As a leading, diversified engineering and construction conglomerate with an
extensive and intricate global supply network, the Company is committed to embedding sustainability principles
throughout its procurement and supply chain operations.

At L&T, procurement is viewed as a strategic lever to nurture long-term, trust-based relationships with the suppliers and
partners. These relationships are a vital component of the capital and significantly enhance resilience and sustainability
of the operations. Through the initiatives, the Company goes beyond contractual compliance to establish structured,
collaborative partnerships with critical and strategic suppliers. These initiatives emphasise co-innovation, capability
building and performance improvement. By focusing on these areas, L&T aims to build a robust and sustainable supply
chain that supports the business objectives and contributes positively to the broader community and environment.

ESG Capacity Ethical Sourcing

Integration Building and Governance
The Company is guided by the The Company believes in enabling the All suppliers are expected to comply
Sustainable Supply Chain policy and suppliers to grow sustainably alongside with the Supplier Code of Conduct and
Code of Conduct for suppliers, which us. L&T conducts regular training and submit a declaration of compliance.
outlines expectations related to labour capacity-building sessions to familiarise This is a mandatory step towards
practices, environmental protection, suppliers with evolving sustainability onboarding any vendor. Additionally,
human rights, ethics and anti- expectations and standards. This the suppliers are assessed on limited
corruption to ensure ESG factors are includes topics such as fundamental ESG KPIs such as quality, safety,
embedded across the supply chain. of ESG, regulatory frameworks, BRSR, environment management systems and
L&T’s sustainability prerogatives, other compliances during the screening
environmental management, health & process. Also, grievance redressal and

650+
supply chain partners
safety and human rights. whistleblower mechanisms are in
place and communicated regularly to
enable suppliers and vendors to report
were trained on ESG concerns confidentially.
in the past two years

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ESG Assessment of Supply Chain Partners in FY 2024-25

L&T undertook an internal ESG assessment of its top 200 supply chain partners in FY 2023-24, based on their contribution
to total procurement spend. This initial assessment focused on limited ESG key performance indicators (KPIs), including
environmental compliance, human rights, labour practices, CSR and basic governance parameters.

Building on this foundation, L&T further strengthened its approach to supply chain sustainability in the current reporting
year by partnering with an independent third-party agency to conduct a more comprehensive ESG assessment. This external
engagement brings enhanced objectivity and benchmarking capability and helps identify both risks and improvement
opportunities across critical suppliers.

The refined approach includes detailed supplier questionnaires aligned with global ESG standards, desk reviews, disclosures,
and on-ground validations (as applicable), scoring and classifying suppliers into ESG risk categories and developing corrective
action plans for medium- and high-risk suppliers.

Identification of ‘Critical’ Supply Chain Partners

L&T undertook a structured and strategic exercise to identify critical supply chain partners - those with the highest influence
on business continuity, operational performance and sustainability outcomes. Given the Company’s diversified portfolio across
infrastructure, engineering, manufacturing and EPC domains, the identification process was guided by a set of well-defined
criteria, including:

ƒ High Value / High Volume Suppliers: Partners supplying essential materials such as steel, cement, aggregates, or capital-
intensive equipment.

ƒ Single or sole source suppliers: Vendors providing proprietary technologies, niche components, or critical engineering
systems with limited alternative sourcing options.

ƒ Strategic Impact Suppliers: Suppliers deeply integrated into project delivery or long-term collaboration with innovation and
co-development potential.

ƒ Geographical or Risk-Based Importance: Suppliers operating in high-risk geographies or critical to time-sensitive

project execution.

ƒ Client-Designated Suppliers: Partners mandated or preferred by clients due to specific technical, compliance,
or strategic reasons.

Based on this multi-dimensional criteria, 120 critical supply chain partners were identified for focused engagement. Suppliers
engaged in commodity supplies, finished product supplies, engineered system supplies, service providers and labour
subcontractors were identified to ensure a fair mix. During the reporting year, these suppliers underwent a comprehensive
ESG assessment, forming the cornerstone of L&T’s effort to strengthen sustainability performance, resilience, and transparency
across its supply chain.

Training Programmes for Critical Supply Chain Partners

To support the ESG assessment process and foster shared responsibility, L&T conducted dedicated training sessions for its
critical supply chain partners. These programs were designed to onboard suppliers into the Company’s ESG journey and build
awareness of the assessment framework, methodology, and expectations.

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 Social and
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Phase 1 Self-assessment by the Supply Chain Partners Phase 2 Gap Assessment Report and
L&T leveraged a dedicated digital platform of a third party to Handholding Workshops
conduct a structured self-assessment of its critical supply chain Following the first level ESG assessment, a customised action
partners across five key ESG modules: governance, ethical report was shared with yellow and amber rated supply chain
business practices, human rights and labour management, partner, highlighting key findings and priority improvement
health and safety, and environment. The assessment areas. This enabled the suppliers to set specific targets and
questionnaire was developed in alignment with applicable timelines to enhance their ESG performance and progress
regulatory requirements, BRSR disclosure expectations, and toward higher maturity bands. To support suppliers, those
global sustainability standards. Suppliers were required in the yellow and amber bands, L&T conducted targeted
to submit supporting documentation for each response to handholding sessions focused on recurring improvement
ensure transparency and verifiability. To ensure objectivity areas across five ESG modules. Topics included EMS
and credibility, the responses and documents submitted implementation, ESG integration into business strategy,
were validated by independent third-party assessors. Based climate risk management, occupational health & safety,
on the assessment, the suppliers were categorised into three sustainable supply chain development, and water and waste
categories reflecting their maturity in ESG performance: management. Suppliers were also assisted in developing and
green, yellow, and amber. implementing action plans to enhance their ESG frameworks,
policies, and implementation. This initiative demonstrates
Phase 3 Re-assessment of ESG score L&T’s commitment to assessing ESG risks and building
supplier capabilities through collaborative engagement and
The yellow and amber band suppliers were subsequently
continuous improvement.
reassessed through the digital platform, confirming
measurable improvements in their ESG scores based on the
corrective actions implemented.

Impact of intervention and hand holding of the supply chain partners

88%

70%

Increase from 84 to 106 suppliers to Green band

Decrease from 22 to 11 suppliers in Yellow band

Decrease from 14 to 3 suppliers in Amber band

18%
12%
9%
3%

Leader Emerging Aspirant

Band Score Range Interpretation Phase I Phase III

Green > 60% Leader
Yellow > 40% and < 60% Emerging
Amber < 40% Aspirant

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This outcome underscores the effectiveness of continuous engagement and capacity-building in driving tangible improvements
in supply chain ESG performance.

Sustainability certifications in the supply chain play an important role in supporting ethical, environmental, and social
responsibility throughout upstream and downstream operations. They help demonstrate alignment with recognised
sustainability standards, enhance transparency, and contribute to managing ESG-related risks more effectively. Below is a
categorised overview of widely recognised certifications:

Critical Suppliers with Certifications

SA 8000 5%

ISO 27001 24%

ISO 14001 76%

ISO 45001 78%

ISO 9001 84%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

By fostering open communication, joint problem-solving, and a shared commitment to responsible growth, L&T continues
to deepen its relationship capital. These efforts enhance the Company’s reputation as a partner of choice while ensuring
alignment with global sustainability standards and stakeholder expectations.

The basis of identification of these stakeholders has been elucidated in the ‘Driving Stakeholder Engagement’ chapter, along
with the mode of engagement, frequency, and topics covered in these engagements. Furthermore, Principle 4 of the BRSR
aligns closely with relationship capital by highlighting the importance of building strong, trust-based, and mutually beneficial
relationships with stakeholders. This relationship capital, in turn, drives sustainable business growth, innovation, and long-
term value creation.

A grievance redressal mechanism plays a crucial role in building and maintaining relationship capital by fostering trust,
improving communication, preventing conflicts, and ensuring stakeholder loyalty. By addressing stakeholder concerns
effectively and fairly, an organisation strengthens its relationships and enhances its long-term sustainability and reputation.
The mechanism related to investors, shareholders, and supply chain partners is explained in Section A of the BRSR of this
Report. The mechanism for workers, communities, and customers are explained in Principles 3, 8, and 9, respectively, of the
BRSR section of this Integrated Annual Report FY 2024-25.

Relationship capital is a crucial intangible asset that reflects the strength and quality of an organisation’s relationships with
its stakeholders. It is built on trust, effective communication, and mutual respect, driving long-term success and sustainability.
By fostering strong relationships, organisations can enhance stakeholder loyalty, improve reputation, and unlock new
opportunities for growth. Managing relationship capital through consistent engagement, transparency, and responsiveness to
stakeholder needs ensures a competitive edge and contributes to overall organisational resilience.

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 FINANCIAL
CAPITAL

FINANCIAL
CAPITAL
Financial capital is fundamental to the Company’s of successful execution, the Company is well-positioned
resilience, allowing it to effectively manage risk amidst to navigate the current business environment. Continued
macroeconomic volatility and unforeseen disruptions. growth in core business segments, alongside strategic forays
It enables the Company to maintain a balance between into emerging sectors is expected to play a pivotal role in
managing risk and pursuing sustainable growth. Backed by advancing the Company towards its Lakshya 2026 goals.
a record-high order book, a robust balance sheet, a well- These efforts are also expected to deliver long-term value
diversified business portfolio, and a consistent track record for all stakeholders.

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Key Highlights of FY 2024-25

39% Order Inflow

growth 13% Revenue
growth 43% Dividend payout
ratio

Strategy linkage1

SO-I SO-II SO-III SO-IV SO-V

SE-1 SE-3

SDGs impacted

Material Topics
ƒ Business Ethics
ƒ Climate Action
ƒ Data Security, Privacy and Cybersecurity
ƒ Social Engagement and Impact

1
For details, refer to the ‘Business Model and Strategy’ section of this Report.

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 FINANCIAL
CAPITAL

L&T’s standalone financials reflect the performance of Infrastructure Projects segment, Energy Projects segment (comprising
Hydrocarbon, CarbonLite Solutions, and Green and Clean Energy ), Hi-Tech Manufacturing segment (comprising Heavy
Engineering and Precision Engineering & Systems), and Others segment (includes Realty, Construction & Mining Machinery,
Rubber Processing Machinery, Smart World & Communication {reflects residual portion}, E-commerce/Digital platforms and
Data centers).

Key highlights of FY 2024-25: Performance Summary for FY 2024-25:

L&T Energy Hydrocarbon Engineering Limited Order Inflow achieved a growth of 39% y-o-y,
and L&T Offshore Private Limited, wholly owned basis robust growth of more than 100% in
subsidiaries have been amalgamated with the international orders.
Company w.e.f. April 1, 2024.
Revenue registered growth of 13%, reflecting improved
The Company, on April 10, 2024, concluded the execution momentum from the opening order book.
sale of its stake in L&T IDPL to an infrastructure
Buoyancy in customer collections and advances
fund managed by Edelweiss Alternative Asset
improved operational cash flows.
Advisors Limited.
The Board of Directors has recommended a final
In February 2025, the Company acquired the
dividend of `34 per equity share for the approval of the
remaining 26% stake in L&T Special Steels and
shareholders, resulting in a dividend payout of 43%.
Heavy Forgings Private Limited (LTSSHF) from the
Nuclear Power Corporation of India Limited (NPCIL),
thereby making LTSSHF, a wholly owned subsidiary.
The Company has acquired 15% equity shareholding
of E2E Networks Limited through preferential
allotment on December 04, 2024 and recognised it
as an investment in an Associate of the Company.

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Economic Value Generated and Distributed1 [in K Cr]

Data Description FY 2024-25 FY 2023-24

Economic Value Generated Total income 1,51,340 1,33,626

Manufacturing, construction 1,20,900 1,06,644

and operating expenses

Employee wages and benefits 10,349 9,034

Payments to providers of capital

Economic Value Distributed

Interest 2,195 2,406

Dividend 4,676 4,693

Payments to exchequer 7,481 8,974

Community investments (CSR) 165 151

Economic Value Retained 5,573 1,725

Excluding exceptional items

1

Value Generated Value Distributed [in K Cr]

Total Income [in ₹ Cr] FY 2024-25 FY 2023-24

4,676 7,481 4,693 8,974

FY 2024-25
165 151

1,51,340
2,195 2,406
10,349 9,034

FY 2023-24

1,33,626 1,20,900 1,06,644

Manufacturing, Construction Interest Dividend

and Operating Expenses
Payment to Community
Employee Wages and Benefits Exchequer Investment

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 Natural
Capital

Notes on Sustainability Information

The Integrated Report on various information across ESG parameters and based on defined standards or methodology.
This section includes details on coverage, methods and references used for the disclosures.

Scope and Reporting Boundary

This report has been prepared for L&T Limited i.e. the Standalone entity. The scope is aligned with the businesses considered
in the Company’s standalone financial reporting. Listed subsidiaries of the Company i.e. LTIMindtree Limited, L&T Technology
Services Limited, L&T Finance Limited, and unlisted subsidiaries have not been included in the reporting boundary.

Data disclosed for Scope-1 emissions, Scope-2 emissions, water, waste covers 100% of the Company’s revenue in FY 2024-25.

Methodology and References

Scope-1 Emissions

Scope-1 emissions have been calculated based on GHG Protocol and considers all the fuels consumed by the Company in
various processes or operations.

Emission factors for fuels (diesel, petrol, natural gas, liquified petroleum gas, furnace oil, acetylene) are as per the latest
emission factors in IPCC AR5. Emission factors for certain other fuels (Biomass – wood pellets, Biodiesel – tallow oil) have been
taken as published by DEFRA UK.

Scope-2 Emissions

Scope-2 emissions have been calculated based on GHG Protocol for the electricity consumed by the Company in various
processes or operations. The Company does not consume any purchased steam, heat, or cooling. Scope-2 emissions is based on
market-based method in all disclosures and targets. Location-based Scope-2 emissions have also been disclosed.

Electricity sourced from renewable power has been accounted based on the contracts signed by the business units of the
Company or generated within the Company. The contracts have the relevant green attributes as required for accounting as
renewable power. Residual mix for electricity sourced from the grids has been considered based on the country where the
specific unit of the Company is consuming power. For India, the emission factor (residual mix) is that published by Central
Electricity Authority (CEA) in December 2024. For other countries, emission factor has been taken from latest data published
by International Renewable Energy Agency (IRENA).

Water

Water data has been disclosed based on direct measurement and estimation. Direct measurement is either through the
flowmeters or through the bills provided by the supplier agency. Estimation method has been used wherever direct
measurement was not available. For water used for industrial activities, estimation has been done based on quantity of work
done in the time-period and average water consumption per unit of production. For water used for domestic purposes,
estimation has been done based on per capita water requirement as published by National Building Code, 2016.

Waste

Waste data has been disclosed based on direct measurement and estimation. All hazardous waste is based on direct
measurement. Direct measurement is either through weighment or through the bills or invoices provided by the waste
processing agencies. Estimation method has been used primarily for some categories of non-hazardous waste wherever
direct measurement was not available. Production or activity volume for the specific time-period and wastage % has been
considered for the estimation e.g. concrete waste generated from concrete cube testing activity.

296

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 Business Responsibility &
Sustainability Reporting

BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORTING

SECTION A: GENERAL DISCLOSURES

I. DETAILS OF THE LISTED ENTITY

1 Corporate Identity Number (CIN) of the L99999MH1946PLC004768
Listed Entity
2 Name of the Listed Entity Larsen & Toubro Limited
3 Year of incorporation 07-02-1946
4 Registered office address L&T House, Ballard Estate, Mumbai - 400001, Maharashtra
5 Corporate address L&T House, Ballard Estate, Mumbai - 400001, Maharashtra
6 E-mail [email protected]
7 Telephone +91 22 67525656
8 Website https://www.larsentoubro.com/
9 Date of start of Financial Year Start Date End Date
Financial Year 01-04-2024 31-03-2025
Previous Year 01-04-2023 31-03-2024
Prior To Previous Year 01-04-2022 31-03-2023
10 Name of the Stock Exchange(s) where shares are listed
1. BSE Limited
2. National Stock Exchange of India Limited
11 Paid-up Capital ¢ 275.04 crore
12 Name and contact details (telephone, email address) of the person who may be contacted in case of any queries
on the BRSR report
Name of contact person Santosh Kumar Singh, Chief Sustainability Officer
Contact number of contact person +91 22 61238564
Email of contact person [email protected]
13 Reporting boundary - Are the Standalone entity
disclosures under this report made on
a standalone basis (i.e. only for the
entity) or on a consolidated basis (i.e.
for the entity and all the entities which
form a part of its consolidated financial
statements, taken together).
14 Name of assurance provider Deloitte Haskins & Sells LLP
15 Type of assurance obtained Reasonable Assurance for Core KPIs [GHG footprint, water footprint,
energy footprint, waste management, spend towards well-being
measures and safety statistics of employees and workers, gross wages
paid to females as % of wages paid, complaints on POSH, purchase
from MSMEs and from within India, job creation in smaller towns, events
related to data breach and cybersecurity, number of days of accounts
payable, and concentration of purchases & sales done with trading
houses and related parties, loans and advances & investments with
related parties].

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II. PRODUCTS/SERVICES
16. Details of business activities (accounting for 90% of the turnover):

Description of main % of
S. No. Description of business activity
activity turnover
1 Infrastructure Projects Engineering and Construction of (a) Building and Factories, (b) Transportation 73%
Infrastructure, (c) Heavy Civil Infrastructure, (d) Power Transmission &
Distribution, (e) Renewables, (f) Water & Effluent Treatment and (g) Minerals
and Metals
2 Energy Projects EPC solutions in
(a) Hydrocarbon Onshore and Offshore businesses covering oil & gas,
refineries, petrochemicals & offshore wind energy sectors, from front-end
design through detailed engineering, modular fabrication, procurement,
project management, construction, installation and commissioning 17%
(b) CarbonLite Solutions business covering power generation plants including
power generation equipment with associated systems and/or carbon
capture utilisation & utility packages
(c) Green and Clean Energy space
3 Hi-Tech Manufacturing Design, manufacture / construct, supply, revamp/retrofit of
(a) Heavy Engineering business covering custom designed, engineered critical
equipment and systems for the process plants, nuclear energy and green
hydrogen sectors
7%
(b) Precision Engineering and Systems business covering marine and land
platforms including related equipment and systems; aerospace products
and systems; precision and electronic products and systems for the
defence, security, space and industrial sectors

17. Products/Services sold by the entity (accounting for 90% of the entity’s turnover):

NIC Code % of total

S. No Product/Services turnover
Group Class Sub Class contributed
1 282 2824 28246 Manufacture of parts and accessories for machinery / equipment 6%
used by construction and mining industries
2 410 4100 41001 Construction of buildings carried out on own-account basis or 13%
on a fee or contract basis
3 421 4210 42101 Construction and maintenance of motorways, streets, roads,
other vehicular and pedestrian ways, highways, bridges, tunnels,
and subways 23%

42102 Construction and maintenance of railways and rail-bridges

4 422 4220 42201 Construction and maintenance of power plants 12%
42202 Construction / erection and maintenance of power, 11%
telecommunication, and transmission lines
42204 Construction and maintenance of water main and line
connection, water reservoirs including irrigation system (canal)
10%
42205 Construction and repair of sewer systems including sewage
disposal plants and pumping stations
5 429 4290 42901 Construction and maintenance of industrial facilities such as 15%
refineries, chemical plants

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III. OPERATIONS
18. Number of locations where plants and/or operations/offices of the entity are situated:

Location Number of plants Number of offices Total

National 19 29 48
International 0 13 13

19. Markets served by the entity:

a. Number of locations

Location Number
National (No. of States) Pan-India
International (No. of Countries) 58

b. What is the contribution of exports as a percentage of the total turnover of the entity?
29%
c. A brief on types of customers
The Company’s primary businesses are EPC projects related to infrastructure and energy and manufacturing of
equipment and systems for process industries. Government (sovereign, sub-national, local) and related entities
(government owned/controlled corporations, e.g., public sector enterprises) are the largest clients of the Company
and contributing to ~80% of the revenue. Other clients are from private sector, comprising both Indian and foreign
companies, in various sectors and industries.
IV. EMPLOYEES
20. Details as at the end of Financial Year:
a. Employees and workers (including differently abled):

S. 1
Male Female
Particulars Total (A)
No No. (B) % (B/A) No. (C) % (C/A)
EMPLOYEES
1. Permanent (D) 52,505 47,747 90.9% 4,758 9.1%
2. Other than Permanent (E) 3,960 3,753 94.8% 207 5.2%
3. Total employees (D + E) 56,465 51,500 91.2% 4,965 8.8%
WORKERS
4. Permanent (F) 2,091 2,084 99.7% 7 0.3%
5. Other than Permanent (G) 3,54,415 3,52,339 99.4% 2,076 0.6%
6. Total workers (F + G) 3,56,506 3,54,423 99.4% 2,083 0.6%

Other than permanent employees comprise Fixed Term Employees (FTEs). ‘Permanent’ workers include only those workers who are
1

employed for full-time or part-time work with L&T for an indeterminate period. ‘Other than Permanent’ workers include workers on
third-party roll and on contract.

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b. Differently abled employees and workers:

Male Female
S. No Particulars Total (A)
No. (B) % (B/A) No. (C) % (C/A)
DIFFERENTLY ABLED EMPLOYEES
1. Permanent (D) 60 57 95% 3 5%
2. Other than Permanent (E) 8 8 100% 0 0%
3. Total differently abled employees (D + E) 68 65 95.6% 3 4.4%
DIFFERENTLY ABLED WORKERS
4. Permanent (F) 11 11 100% 0 0%
5. Other than Permanent (G) 10 10 100% 0 0%
6. Total differently abled workers (F + G) 21 21 100% 0 0%

21. Participation/Inclusion/Representation of women

No. and percentage of Females

Particulars Total (A)
No. (B) % (B/A)
Board of Directors 15 1 6.7%

Key Management Personnel 1 0 0%

Note: The Chairman & MD and CFO are included in the Board of Directors.

22. Turnover rate for permanent employees and workers

FY 2024-25 [values in %] FY 2023-24 [values in %] FY 2022-23 [values in %]

Particulars
Male Female Total Male Female Total Male Female Total
Permanent 7.8% 11.8% 8.1% 11.5% 14.0% 11.7% 11.8% 20.1% 12.5%
Employees
Permanent 6.9% 28.6% 7.0% 9.5% 0 9.5% 1.8% 0 1.8%
Workers

V. HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES (INCLUDING JOINT VENTURES)

23. (a) Names of holding / subsidiary / associate companies / joint ventures

Does the entity indicated

Subsidiary / % of shares at column (A), participate
S.
Name of the Company (A) Associate/ Joint held by the in business responsibility
No.
Venture listed entity initiatives of the listed
entity? (Yes/No)
1 Bhilai Power Supply Company Limited Subsidiary 99.9% No
2 L&T Aviation Services Private Limited Subsidiary 100% No
3 L&T Capital Company Limited Subsidiary 100% No
4 L&T Global Holdings Limited Subsidiary 100% No
5 Larsen & Toubro International FZE Subsidiary 100% No
6 L&T Community Welfare Association^ Subsidiary 100% No
7 L&T Semiconductor Technologies Limited Subsidiary 100% No
8 L&T Metro Rail (Hyderabad) Limited Subsidiary 99.99% No
9 L&T Finance Limited Subsidiary 66.24% No*
10 L&T Financial Consultants Limited Subsidiary 66.24% No

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Does the entity indicated

Subsidiary / % of shares at column (A), participate
S.
Name of the Company (A) Associate/ Joint held by the in business responsibility
No.
Venture listed entity initiatives of the listed
entity? (Yes/No)
11 L&T Infra Investment Partners Advisory Private Subsidiary 66.24% No
Limited
12 L&T Infra Investment Partners Trustee Private Subsidiary 66.24% No
Limited
13 L&T Energy Green Tech Limited (Formerly L&T Subsidiary 100% No
Power Limited)
14 L&T Electrolysers Limited Subsidiary 100% No
15 L&T Special Steels & Heavy Forgings Private Limited Subsidiary 100% No
16 L&T Modular Fabrication Yard LLC Subsidiary 70% No
17 L&T Hydrocarbon Saudi Company LLC Subsidiary 100% No
18 Larsen & Toubro Electromech LLC Subsidiary 70% No
19 Larsen & Toubro Heavy Engineering LLC@ Subsidiary 70% No
20 Larsen Toubro Arabia LLC Subsidiary 75% No
21 Larsen & Toubro Kuwait Construction General+ Subsidiary 49% No
Contracting Company WLL
22 Hi-Tech Rock Products & Aggregates Limited Subsidiary 100% No
23 Larsen & Toubro (East Asia) Sdn. Bhd+ Subsidiary 30% No
24 Larsen & Toubro Oman LLC Subsidiary 65% No
25 Larsen & Toubro Saudi Arabia LLC Subsidiary 100% No
26 Larsen & Toubro T&D SA (Pty) Limited Subsidiary 72.5% No
27 L&T Geostructure Private Limited Subsidiary 100% No
28 PT. Larsen & Toubro Subsidiary 100% No
29 Graphene Solutions Sdn.bhd Subsidiary 73.66% No
30 L&T Technology Services Pte. Ltd Subsidiary 73.66% No
31 Graphene Solutions Taiwan Ltd. Subsidiary 73.66% No
32 LTIMindtree Information Technology Services Subsidiary 68.57% No
(Shanghai) Co.
33 LTIMindtree Spain SL Subsidiary 68.57% No
34 LTIMindtree Financial Services Technologies Inc Subsidiary 68.57% No
35 LTIMindtree, Sociedad De Responsabilidad Limitada Subsidiary 68.57% No
De Capital Variable (Formerly L&T Infotech S. DE.
RL. DE. CV.)
36 L&T Technology Services Limited Subsidiary 73.66% No*
37 L&T Technology Services LLC Subsidiary 73.66% No
38 L&T Technology Services (Shanghai) Co. Ltd. Subsidiary 73.66% No
39 L&T Technology Services (Canada) Limited Subsidiary 73.66% No
40 L&T Thales Technology Services Private Limited Subsidiary 54.51% No
41 L&T Technology Services Poland Sp. Z O.o. W Subsidiary 73.66% No
Organizacji

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Does the entity indicated

Subsidiary / % of shares at column (A), participate
S.
Name of the Company (A) Associate/ Joint held by the in business responsibility
No.
Venture listed entity initiatives of the listed
entity? (Yes/No)
42 LTIMindtree Canada Limited Subsidiary 68.57% No
43 LTIMindtree Gmbh Subsidiary 68.57% No
44 LTIMindtree Limited Subsidiary 68.57% No*
45 LTIMindtree Norge As Subsidiary 68.57% No
46 LTIMindtree South Africa (Pty) Limited Subsidiary 47.71% No
47 Nielsen+Partner Pte Ltd. Subsidiary 68.57% No
48 LTIMindtree Switzerland AG Subsidiary 68.57% No
49 LTIMindtree (Thailand) Limited Subsidiary 68.57% No
50 Syncordis Limited, UK Subsidiary 68.57% No
51 LTIMindtree S.A Subsidiary 68.57% No
52 LTIMindtree PSF S.A Subsidiary 68.57% No
53 LTIMindtree USA Inc Subsidiary 68.57% No
54 LTIMindtree UK Limited Subsidiary 68.57% No
55 LTIMindtree Middle East FZ-LLC Subsidiary 68.57% No
56 L&T Network Services Private Limited Subsidiary 100% No
57 L&T Construction Equipment Limited Subsidiary 100% No
58 L&T Valves Limited Subsidiary 100% No
59 L&T Valves USA LLC Subsidiary 100% No
60 L&T Valves Arabia Manufacturing LLC Subsidiary 100% No
61 L&T Himachal Hydropower Limited Subsidiary 100% No
62 L&T Power Development Limited Subsidiary 100% No
63 Nabha Power Limited Subsidiary 100% No
64 Larsen & Toubro Qatar LLC @+ Subsidiary 49% No
65 Chennai Vision Developers Private Limited Subsidiary 100% No
66 L&T Realty Developers Limited Subsidiary 100% No
67 L&T Realty Properties Limtied (Formerly L&T Subsidiary 100% No
Seawoods Limited)
68 Elante Properties Private Limited (Formerly L&T Subsidiary 100% No
Parel Project Private Limited)
69 Prime Techpark (Chennai) Private Limited Subsidiary 100% No
70 Bangalore Galaxy Techpark Private Limited Subsidiary 100% No
71 Chennai Nova Techpark Private Limited Subsidiary 100% No
72 Business Park (Powai) Private Limited Subsidiary 100% No
73 Corporate Park (Powai) Private Limited Subsidiary 100% No
74 Millennium Techpark (Chennai) Private Limited Subsidiary 100% No
75 LH Residential Housing Private Limited Subsidiary 100% No

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Does the entity indicated

Subsidiary / % of shares at column (A), participate
S.
Name of the Company (A) Associate/ Joint held by the in business responsibility
No.
Venture listed entity initiatives of the listed
entity? (Yes/No)
76 LH Uttarayan Premium Realty Private Limited Subsidiary 100% No
77 Larsen & Toubro CIS Foreign Enterprise LLC Subsidiary 60% No
78 LTIMindtree Consulting Brazil Ltda Subsidiary 68.57% No
79 Siliconch Systems Private Limited Subsidiary 100% No
80 Intelliswift Software (India) Private Limited Subsidiary 73.66% No
81 Intelliswift Software Inc. Subsidiary 73.66% No
82 Intelliswift Software (Hungary) KFT Subsidiary 73.66% No
83 Intelliswift Software (Costa Rica) Limitada Subsidiary 73.66% No
84 Intelliswift Software (Canada) Inc Subsidiary 73.66% No
85 Global Infotech Corporation Subsidiary 73.66% No
86 P. Murphy & Associates Inc Subsidiary 73.66% No
87 LTIM Aramco Digital Solutions for Information Subsidiary 34.97% No
Technology Company
88 Raykal Aluminium Company Private Limited Joint Venture 75.5% No
89 L&T MBDA Missile Systems Limited Joint Venture 51% No
90 LTH Milcom Private Limited Joint Venture 56.67% No
91 GH4India Private Limited Joint Venture 33.33% No
92 L&T Sapura Shipping Private Limited Joint Venture 60% No
93 Hydrocarbon Arabia Limited Company Joint Venture 60% No
94 Indiran Engineering Projects and Systems Kish (LLC) Joint Venture 50% No
95 L&T Howden Private Limited Joint Venture 50.1% No
96 L&T-MHI Power Boilers Private Limited Joint Venture 51% No
97 L&T-MHI Power Turbine Generators Private Limited Joint Venture 51% No
98 L&T-Sargent & Lundy Limited Joint Venture 50% No
99 Gujarat Leather Industries Limited @ Associate 50% No
100 Magtorq Private Limited Associate 42.85% No
101 L&T Camp Facilities LLC Associate 49% No
102 Larsen & Toubro Qatar & Hbk Contracting Co. Associate 50% No
WLL@
103 E2E Networks Limited Associate 15% No
104 Grameen Capital India Private Limited% Associate 17.22% No
@ in process of liquidation
* These subsidiaries have a separate BRSR
^ Subsidiary as per Companies Act 2013
+ Subsidiary by virtue of control over composition of Board of Directors
% Associate of Subsidiary under Companies Act 2013

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VI. CSR DETAILS

24. CSR Details
Whether CSR is applicable as per section 135 of Companies Act, 2013 Yes
Turnover (in ¢ crore) 1,42,509
Net worth (in ¢ crore) 71,896

VII. TRANSPARENCY AND DISCLOSURES COMPLIANCES

25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on
Responsible Business Conduct:

Grievance Redressal FY 2024-25 FY 2023-24

Stakeholder Mechanism in place Number of Number of
Number of Number of
group from (Yes/No); complaints complaints
complaints complaints
whom pending pending
if Yes, then provide filed Remarks filed Remarks
complaint is resolution resolution
web-link for grievance during the during the
received at close of at close of
redress policy year year
the year the year
Communities Yes 0 0 0 0
Investors Yes 0 0 0 0
(other than
shareholders)
Shareholders Yes 0 0 0 0
Employees and Yes 886 3 510 5
Workers
Customers 2 Yes 265 26 32 10
Value Chain Yes 52 20 59 18
Partners
(suppliers)
Others Yes 35 19 Whistleblower 52 23 Whistleblower
complaints complaints


2 Higher complaints on account of inclusion of data from new businesses e.g., SuFin scaling up

The Company has internal systems and procedures for grievance redressal of the above categories of stakeholders. Details
of the mechanisms are elucidated below:
Investors and Shareholders: The Company has established a dedicated grievance redressal mechanism through the
e-mail ID [email protected], allowing investors and shareholders to raise any concerns or grievances. In addition,
the Company provides multiple channels for grievance submission, including:
z Physical letters sent to the registered office address
z E-mails to the Registrar and Transfer Agent (RTA) KFin Technologies Ltd. (KFintech) at [email protected]
z Telephone calls or physical visits to the RTA office in Hyderabad
z Grievance redressal platform of SEBI (SCORES)
z Smart ODR portals of BSE and NSE
z Letters received from the Registrar of Companies (ROC)
Grievances received through the IGRC e-mail ID are responded to promptly where details are readily available with the
Company. Grievances reported to the RTA are forwarded to the Company, and scanned copies of these communications
are accessible via the Karisma system (KFintech Portal). The Company regularly monitors the Inward Report available on
the Karisma Portal to ensure that the Service Level Agreement (SLA) timelines are adhered to for timely resolution of
queries and complaints. The SLA for resolution of grievances is set at 30 days.

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On a quarterly basis, the Company submits a report to the Stock Exchanges detailing complaints received and resolved.
These reports are also reviewed by the Stakeholders Relationship Committee and presented to the Board for their
information and oversight.
Supply chain partners: The Company uses dedicated vendor management platform, the Partner Portal, to register and
address grievances related to contractual matters such as administrative and statutory compliances, payment, invoicing,
contractual clauses, material and services scheduling and delivery, quality non-conformances. The typical resolution time
for these contractual grievances is 30-45 working days, with more complex disputes possibly requiring more than 45 days
for resolution.
For grievances beyond contractual issues, such as concerns about unethical behaviour, improper practices, misconduct,
violations of legal or regulatory requirements, or fraud, the Company has formulated a Whistleblower Policy for
Vendors and Channel Partners. This policy outlines the process for addressing such grievances and is available to all
registered vendors across the Company. The policy can be accessed online at https://www.larsentoubro.com/corporate/
about-lt-group/corporate-policies/
The grievance redressal mechanisms for employees and workers, community and customers are explained in Principle 3,
Principle 8 and Principle 9 respectively.
26. Overview of the entity’s material responsible business conduct issues. Please indicate material responsible
business conduct and sustainability issues pertaining to environmental and social matters that present a risk
or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the risk
alongwith its financial implications, as per the following format
The Company conducts a materiality assessment to identify and prioritise key topics related to ESG factors. The material
topics identified through this process are categorised based on their potential to either create opportunities or pose risks.
For certain topics, the primary focus is on risk mitigation and taking proactive actions to minimise or prevent these risks
from materialising. Details regarding the material topics, their classification (as risks or opportunities), the approach to
mitigate risks, and any financial implications are comprehensively outlined in the ‘Understanding Materiality’ section of
the Integrated Annual Report FY 2024-25.

SECTION B: MANAGEMENT AND PROCESS DISCLOSURE

Disclosure Questions Principles

Policy and management processes P1 P2 P3 P4 P5 P6 P7 P8 P9
1. a. Whether your entity’s policy/policies Yes, each principle and its core elements are covered by one or more policies of the Company.
cover each principle and its core
elements of the NGRBCs. (Yes/No)
b. Has the policy been approved by the Yes, the policies are approved by the Board or the Board Committee or Executive Committee of the Company.
Board? (Yes/No)
c. Web Link of the Policies, if available The policies are available at https://www.larsentoubro.com/corporate/about-lt-group/corporate-policies/
2. Whether the entity has translated the Most of the policies are implemented through procedures which are either incorporated in the policies or available
policy into procedures. (Yes / No) as separate documents/SOPs/processes.
3. Do the enlisted policies extend to your Yes, the Code of Conduct for Suppliers encompasses key aspects of the Company’s policies that are applicable to the
value chain partners? (Yes/No) value chain partners. It sets clear expectations regarding ethical business practices, labour rights, health and safety
standards, and environmental stewardship. Additionally, other relevant policies such as the Whistleblower Policy
for Vendors and Channel Partners are also extended to supply chain partners, ensuring that they have access to
appropriate mechanisms for raising concerns and promoting transparency and accountability across the value chain.
4. Name of the national and international P1: SEBI (Listing obligation and Disclosure Requirements) Regulations, 2015
codes/certifications/labels/ standards (e.g. P2: SA 8000 (key manufacturing facilities), ISO 14001, ISO 45001
Forest Stewardship Council, Fairtrade, P3: Factories Act, 1948, Building and Other Construction Workers (Regulation of Employment and Conditions of
Rainforest Alliance, Trustea), standards Service) Act, 1996, SA 8000 (key manufacturing facilities), ISO 45001
(e.g. SA 8000, OHSAS, ISO, BIS) adopted P5: Factories Act, 1948, Building and Other Construction Workers (Regulation of Employment and Conditions of
by your entity and mapped to each Service) Act, 1996, SA 8000 (key manufacturing facilities), Contract Labour (Regulation and Abolition) Act, 1970
principle. P6: ISO 14001, ISO 50001
P8: CSR disclosures pursuant to Section 135 of the Companies Act, 2013
P9: ISO 27001: 2013

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Disclosure Questions Principles

Policy and management processes P1 P2 P3 P4 P5 P6 P7 P8 P9
5. Specific commitments, goals and targets (a) (e) (f) (f) (a)(b) (c) (d)
set by the entity with defined timelines, if
any.

6. Performance of the entity against the (a) (e) (f) (f) (a)(b)(c) (d)
specific commitments, goals, and targets
along-with reasons in case the same are
not met.

# Parameter/Metric Target FY 2025 -26 Achieved FY 2024-25

(a) Green Business (% of revenue) 55% 53%
(b) Emissions Intensity Reduction 30% [wrt baseline year FY 2020-21] 28%
(c) Saplings Plantation 1.5 - 2 million per year ~1.7 million
(d) CSR Project Beneficiaries 2 million 1.9 million
(e) Gender diversity 10% 9.1%
(f) Mission Zero Harm LTIFR : 0.04 (Employees)
0.12 (Workers)

The targets of FY 2025-26 had been formulated as a part of Lakshya-26 strategy plan during FY 2021-22. Based on the
progress, few targets have been revised and presented in the above table.
Governance, leadership and oversight
7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges,
targets and achievements.
At L&T, our commitment to society and environment is considered a key enabler for sustainable business success.
The rapid progression of climate change, evolving regulations, and rising stakeholder expectations have positioned
ESG factors at the core of our business strategy. We view ESG as a strategic imperative, enhancing risk management,
optimizing capital allocation, unlocking new growth opportunities, and building stakeholder trust. By integrating ESG
into our governance, planning, and operations, we ensure that our resources are allocated to initiatives that promote
sustainable and inclusive outcomes.
L&T has set ambitious targets- achieving Carbon Neutrality by 2040 and Water Neutrality by 2035, demonstrating
our long-term commitment to environmental stewardship. To meet these goals, our business units have implemented
targeted initiatives aimed at reducing energy intensity, minimizing GHG emissions, and increasing the share of renewable
energy in our overall consumption. Key efforts include reducing reliance on fossil fuels and expanding the use of
renewable electricity. These strategies face inherent challenges due to the nature of our EPC projects spread across
large, open geographic areas at temporary sites (2-4 years) and, particularly in linear infrastructure projects. Despite
these complexities, we achieved a 20% reduction in overall GHG emission intensity in FY 2024-25 compared to the
previous year, driven largely by a 16% reduction in energy intensity over the same period. We also made significant
strides in renewable energy adoption, with renewable electricity accounting for 15% of our total electricity consumption
in FY 2024–25. While achieving full decarbonisation of electricity remains a long-term challenge, we are committed to
steady progress through innovation, investment, and operational excellence.
In support of our commitment to achieving Water Neutrality by 2035, L&T continues to implement targeted measures to
reduce freshwater consumption and promote sustainable water management across its operations. Our approach focuses
on three core areas: enhancing water use efficiency, increasing wastewater recycling, and expanding rainwater harvesting
infrastructure. In FY 2024-25, 2.6 million kl of wastewater were recycled, and 1 lakh kl of rainwater were harvested
across various project sites and campuses. The overall water sourcing and consumption numbers as reported have
increased over the previous year, mainly due to our increased coverage of measurement and accounting across the sites
and geographies. These initiatives are critical to minimizing our freshwater footprint, especially in water-scarce regions,
and form a key pillar of our broader environmental sustainability agenda.

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During FY 2024-25, we conducted a study to evaluate the rainwater harvesting infrastructure established through our
CSR activities in rural areas. The study revealed that we have created infrastructure with a rainwater harvesting potential
of 4.5 million kl annually. Over the past three years, this infrastructure has provided an estimated 3.2 million kl of
additional water availability for the community each year. While the CSR initiatives have been taken up to address the
needs of the rural communities, the water resources thus created, also contribute to our journey towards Water Neutrality
by 2035.
The Company is committed to incorporating Circular Economy principles, aiming to reduce dependence on natural
resources. In FY 2024–25, approximately 28% of the bulk materials used in our operations have lower embedded carbon
and are non-virgin materials. This shift towards more sustainable materials is expected to reduce environmental impact,
enhance resource efficiency, and foster innovation across our business units.
As part of the commitment to advancing sustainability beyond our boundaries, L&T has initiated a structured programme
for the assessment and capacity building of supply chain partners. In FY 2024–25, the Company, in collaboration with
an external expert agency, rolled out this assessment targeting 120 critical supply chain partners. The initiative focuses
on evaluating partners’ performance on ESG parameters, identifying areas for improvement, and supporting them
through targeted capacity-building interventions. This programme marks a significant step towards fostering a resilient,
responsible, and future-ready supply chain ecosystem.
At L&T, the path to a sustainable future is forged through innovation, leadership, and strategic partnerships. Our Green
Business offerings exemplify this commitment—enabling clients to reduce emissions, enhance water recycling, optimise
resource consumption, and achieve sustainable transition. In FY 2024–25, the Green Business portfolio continued its
robust growth, contributing 53% of the Company’s total revenue. This strong performance places us well ahead of the
original target of achieving 40% revenue from Green Business by FY 2025–26. In light of this positive trend and sustained
revenue momentum, the Company has set an enhanced and ambitious target of 55% revenue from Green Business by
FY 2025-26, reaffirming the commitment to driving sustainable growth and supporting the transition to a low-carbon
economy.
L&T is deeply committed to providing equal opportunity, promoting diversity and inclusion, and fostering a safe,
supportive, and empowering workplace. As of FY 2024–25, the Company’s gender diversity stands at 9.1%, with a target
to reach 10% by FY 2025–26. Demonstrating leadership in workplace equity, L&T became the first Indian Company in
the construction and engineering sector to introduce one-day paid menstrual leave every month for women employees.
Announced on International Women’s Day, this initiative positively impacts around 5,000 women across the Company.
Safety remains of paramount importance. A comprehensive set of initiatives continues to be deployed across project
sites and manufacturing locations to safeguard the health and well-being of employees and contract workmen. In
FY 2024–25, approximately 26,000 employees and over 3,54,000 contract workmen underwent structured health and
safety training, reinforcing the Company’s commitment to maintaining a strong and proactive safety culture. To ensure
that workmen are aware of their rights, the ‘Humara Jeevan, Humara L&T’ campaign—launched late last year—has
already reached over 10,000 workmen across our project sites. This initiative is designed to educate and empower them
by providing accessible information on various topics, including government schemes, provident fund (PF) benefits, health
initiatives, and more. In the coming months, the campaign will be rolled out to additional locations, further extending its
reach and impact by bringing critical awareness and support to the workforce that drives our projects.
In line with its focus on continuous improvement and performance-driven accountability, the Company introduced a
Reward and Penalty System for its EPC projects business segment. Under this mechanism, business units that exceed
defined safety targets receive a fixed monetary reward and units that fall short of the targets incur a fixed monetary
penalty. Importantly, the outcome of this system directly influences the annual performance-linked rewards or bonuses of
all employees within the respective business units. This integrated approach aligns with the Company’s sustainability and
operational excellence goals.
Corporate Social Responsibility (CSR) has been deeply ingrained in L&T’s values long before it became a statutory
mandate. Guided by its overarching mission to strengthen India’s social infrastructure, the Company’s CSR efforts focus
on strategic pillars including water and sanitation, education, healthcare, and skill development. In FY 2024–25, L&T’s
CSR initiatives positively impacted approximately 1.9 million lives, surpassing the FY 2025–26 target of reaching 1.7
million beneficiaries. This achievement reflects our focused and scalable interventions across key thematic areas. Building
on this momentum and our expanded reach, we have set a new target of reaching 2 million beneficiaries through our
CSR projects, reinforcing our commitment to inclusive growth and community empowerment.

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The key flagship initiative, Unnati – the Integrated Community Development Programme (ICDP), has been
instrumental in transforming rural, water-stressed regions of Maharashtra, Tamil Nadu, and Rajasthan. Over the past
decade, the programme has covered approximately 44,856 hectares, resulting in an average increase of 9.3 meters
in the groundwater table and directly benefiting more than 30,000 households through enhanced water security and
agricultural resilience. In the education domain, Project Jyoti addresses critical STEM learning gaps among students in
standards 6 to 8 across government schools in Gujarat, Tamil Nadu, and Maharashtra. By equipping schools with digital
infrastructure and introducing activity-based learning, hands-on models, and Edu-Reels (curriculum-aligned short videos),
the initiative reached 314 schools and 52,924 students in FY 2024–25.
Over the past year, we have enhanced our systems and processes to improve the quality, consistency, and transparency
of our non-financial data and information. We remain committed to deepening ESG integration, driving impact through
innovation, and aligning with global standards and frameworks, from advancing employee well-being and promoting
circular economy practices to accelerating the clean energy transition and integrating sustainability into our supply chain.
We believe that ‘Tech-Celerating Sustainable Progress’ is not just an ambition—it is a shared responsibility that
requires deliberate and purposeful action across the pillars of Environment, Social, and Governance. We are committed
to taking a holistic and balanced approach, ensuring that every action we undertake generates enduring value for all
our stakeholders: customers, suppliers, business partners, shareholders, employees, communities, society at large, and
the planet. By embedding sustainability at the core of our operations, we are working to build a future that is resilient,
inclusive and enduring.
8. Details of the highest authority responsible for implementation and oversight of the Business Responsibility
policy (ies).
The Chairman & MD and the Board are the highest authority responsible for implementation and oversight of the
Business Responsibility policy (ies).
9. Does the entity have a specified Committee of the Board/ Director responsible for decision making on
sustainability related issues? (Yes / No). If yes, provide details.
Yes, the Company’s CSR & Sustainability Committee of the Board is responsible for decision making on sustainability
related issues. For details of the composition, role, and terms of reference, please refer to Annexure ‘B’ to the Board
Report in the Integrated Annual Report FY 2024-25.
10. Details of Review of NGRBCs by the Company:

Indicate whether review was undertaken by Director / Frequency (Annually / Half yearly /
Subject for Review Committee of the Board / any other Committee Quarterly / any other - please specify)
P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against Yes, the performance against policies is reviewed by the Board or the Board Committees or the Executive
above policies and Committee (as applicable) on periodic basis.
follow-up action

Compliance with The Company complies with the relevant regulations as applicable against each principle.
statutory requirements
of relevance to
the principles, and
rectification of any
non-compliances

11. Has the entity carried out independent assessment/ evaluation of the working of its policies by an external
agency? (Yes/No). If yes, provide name of the agency.
The Company holds over 400 global certifications across its businesses, granted by esteemed third-party audit
agencies such as DNV India, TUV-Nord and LRQA. These audits are conducted across various standards, including
ISO/IEC 27001 – Information Security Management System (ISMS), ISO 14001 – Environment Management System (EMS),
ISO 45001 – Occupational Health and Safety Management System (OHSMS), ISO 9001 – Quality Management System
(QMS), SA 8000 – Social Accountability Standard, ISO 29001 – Quality Management System for the Oil & Gas Industry,
ISO 50001 – Energy Management System (EnMS), EN 1090 – European Standard for steel and aluminium structures,

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EN 3834 – Welding, ASME (American Society of Mechanical Engineers) standards, ISO 20000 – IT Service Management,
ISO 30400 Series – HR Management, ISO 56000 Series – Innovation Management, ISO 10006 – Quality Management in
Projects, ISO 21500 Series – Programme and Portfolio Management, ISO 31000 Series – Risk Management, ISO 19600 –
Compliance Management, ISO 37000 Series – Governance, ISO 37001 – Anti-Bribery Management.
During these certification audits, independent third-party agencies verify key components such as policies, processes,
procedures, records, and the monitoring and review processes implemented by the Company to ensure compliance with
these standards.
During the year, the Company assigned an independent third party to review of the existing Ethics Framework and
provide recommendations. The key policies and procedures included in the review are as follows:
z Code of Conduct for Board members and senior management
z Code of Conduct for employees
z Code of Conduct for suppliers
z Whistleblower Policy for employees
z Whistleblower Policy for vendors and channel partners
z Anti-Bribery and Anti-Corruption Policy and compliance procedures
Please refer to ‘Sustainability Governance and Management’ of the Integrated Annual Report FY2024-25 for further
details on third party ethics audit by an independent third party.
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:

Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
The entity does not consider the Principles material to its business (Yes/No)
The entity is not at a stage where it is in a position to formulate and
implement the policies on specified principles (Yes/No)
The entity does not have the financial or/human and technical resources Not applicable
available for the task (Yes/No)
It is planned to be done in the next financial year (Yes/No)
Any other reason (please specify)

SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

Principle 1: Businesses should conduct and govern themselves with integrity, and in a manner
that is Ethical, Transparent and Accountable
ESSENTIAL INDICATORS
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial
year:

Total number of training and Topics / Principles covered under the % of persons covered by the
Segment
awareness programmes held training and its impact awareness programmes

Board of Directors 4 Business, strategy, risk, Induction, ESG, 98%

induction and update of laws

Key Managerial 6 Business, strategy, risk, regulatory 100%

Personnel discussions, ESG, induction and update
of laws

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Total number of training and Topics / Principles covered under the % of persons covered by the
Segment
awareness programmes held training and its impact awareness programmes

Employees other 9,955 The Company conducts numerous online 100%

than BoD and KMPs and offline training led by internal or
external faculty/expert throughout the
year for all employees of the Company.
Key topics of these trainings are code of
conduct, safety, human rights, prevention
of sexual harassment, diversity and
inclusion, sustainability and cybersecurity.
Employees are also provided need-based
training aligned to their jobs and roles,
covering aspects such as behavioural
competency, leadership development,
project management, digital
technologies, data analytics.

Workers 97,461 Programmes covering topics include 100%

but not limited to, health and safety,
human rights, disaster management,
environment management, safety aspects
specific to works/job, sexual harassment
material handling.

2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings
(by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the
financial year, in the following format (Note: the entity shall make disclosures on the basis of materiality as
specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as
disclosed on the entity’s website):

Monetary
Name of the
regulatory/ Has an appeal
NGRBC Principle enforcement Amount (In ¢) Brief of the case been preferred?
agencies/ judicial (Yes/No)
institutions
Penalty/Fine
settlement No cases reported during the year
Compounding fee

Non-Monetary
Name of the regulatory/
Has an appeal been
NGRBC Principle enforcement agencies/ judicial Brief of the case
preferred? (Yes/No)
institutions
Imprisonment
No cases reported during the year
Punishment

3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where
monetary or non-monetary action has been appealed.
No cases have been reported during FY 2024-25.
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
provide a web-link to the policy.
Yes, the Company has an Anti-Bribery and Anti-Corruption (ABAC) Policy, available at L&T Corporate Policies. This
policy provides a comprehensive framework covering standards of behaviour, internal controls, monitoring, reporting,
training and awareness. The ABAC Policy applies to all employees working at all levels and grades of L&T, including Board

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Members, and Senior Managerial Personnel (Senior Officers). It also extends, through the Code of Conduct for Suppliers,
to all individuals and entities acting on behalf of the Company within its value chain. In addition, the Company has
implemented several supporting policies and procedures, including:
z Code of Conduct for Board of Directors and Senior Management
z Code of Conduct for Supervisory, Executive, and Officers
z Code of Conduct for Suppliers
z Whistle Blower Policy
z Whistle-Blower Policy for Vendors and Channel Partners
The Company enforces a strict `Zero Tolerance’ stance on all forms of bribery and corruption—both active and passive—
and has established robust measures to prevent and address such practices.
For more information on ABAC disclosures, please refer to ‘Sustainability Governance and Management’ chapter of the
Integrated Annual Report FY 2024-25.
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery/corruption:

FY 2024-25 FY 2023-24
Directors 0 0
KMPs 0 0
Employees 0 0
Workers 0 0

6. Details of complaints with regard to conflict of interest:

FY 2024-25 FY 2023-24
Number Remarks Number Remarks
Number of complaints received in relation to issues of conflict of 0 – 0 –
interest of the Directors
Number of complaints received in relation to issues of conflict of 0 – 0 –
interest of the KMPs

7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken
by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest.
No cases or complaints received in the above matters.
8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured) in the
following format:

FY 2024-25 FY 2023-24
Number of days of accounts payables 123 141

Previous year’s figure has been restated to reflect the merger of a subsidiary with L&T Standalone.

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9. Open-ness of business Provide details of concentration of purchases and sales with trading houses, dealers
and related parties alongwith loans and advances & investments, with related parties, in the following
format:

Parameter Metrics FY 2024-25 FY 2023-24

Concentration of a. Purchases from trading houses as % of total purchases 0.28%
Purchases b. Number of trading houses where purchases are made from 25
Not estimated
c. Purchases from top 10 trading houses as % of total purchases from trading 89.5%
houses
Concentration of a. Sales to dealers/distributors as % of total sales
Sales b. Number of dealers/distributors to whom sales are made Not applicable due to the nature
c. Sales to top 10 dealers/distributors as % of total sales to dealers / of business
distributors
Share of RPTs in a. Purchases (Purchases with related parties/Total Purchases) 4.34% 3.00%
b. Sales (Sales to related parties/Total Sales) 1.27% 1.21%
c. Loans & advances (Loans & advances given to related parties/Total loans & 20.96% 16.62%
advances)
d. Investments (Investments in related parties/Total Investments made) 58.71% 67.52%

The Company has defined ‘Trading House’ based on the Circular No.: SEBI/HO/CFD/CFD-PoD-1/P/CIR/2024/177 dated
December 20, 2024 and definition provided by ‘Industry Standards Note on Business Responsibility and Sustainability
Report (BRSR) Core’. Previous year’s figures of share of RPTs have been restated to align with the current year’s groupings
and to reflect the merger of a subsidiary with L&T Standalone.
LEADERSHIP INDICATORS
1. Awareness programmes conducted for value chain partners on any of the Principles during the FY:

Total number % age of value chain partners

of awareness covered (by value of business
Sr.no Topics / principles covered under the training
programmes done with such partners) under
held the awareness programmes
1 4 Basics of sustainability, regulatory landscape including global and Indian 255 companies attended these
including National Guidelines on Responsible Business Conduct (NGRBC) sessions, including supply chain
Principles and SEBI’s BRSR Core, L&T’s policies and code of conduct, partners from other geographies.
health and safety, human rights and environment parameters, ESG
assessment being conducted by the Company and other good practices
on ESG
2 8 In-depth training sessions carried out by a third party on governance, 120 critical supply chain partners
ethical business practices, human rights and labour management, health contributing to 23% of value by
and safety and environment purchase

The supply chain partners selected to participate in these awareness sessions were identified based on their criticality to
the Company’s business and operations. The selection criteria included the quality and impact of their services on core
functions, the availability of suitable alternate vendors, and the potential risks to business continuity in the event of
disruption, monopolistic vendors and those supplying critical products, key materials, technologies, or essential services.
The Company undertakes several initiatives to build awareness among its supply chain partners, contractors, and
subcontractors on key aspects aligned with the nine Principles of the National Guidelines for Responsible Business
Conduct (NGRBC). These awareness programmes are broadly categorised into two focus areas: Safety and Sustainability.
a) Safety: The Company conducts regular training and sensitisation sessions for contractual workers at project sites
and manufacturing locations. These sessions cover a wide range of topics including safety induction, toolbox talks,
proper use of personal protective equipment (PPE), occupational health, emergency preparedness, and job-specific
safety practices such as working at heights, excavation safety, tunnel safety, and hot work protocols. To ensure a
culture of safety, every individual-including employees, vendor personnel, clients, and visitors-is required to undergo
a mandatory safety induction before commencing any activity at EPC project sites or manufacturing units.

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b) Sustainability and Responsible Business Practices: In FY2024-25, the Company adopted a more focussed
approach to scale up its sustainability awareness and training programmes for supply chain partners. Four virtual
sessions were conducted targeting critical supply chain partners, with 255 companies in attendance. These sessions
featured a structured two-hour training module covering key aspects of sustainability and responsible business
practices. Additionally, as part of the ESG assessment conducted for 120 critical supply chain partners by a third
party, many handholding sessions were organised to guide them through the process.
For further details, please refer to ‘Social and Relationship Capital’ of the Integrated Annual Report FY2024-25.
2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the
Board? (Yes/No). If Yes, provide details of the same.
The Company has established formal processes to manage conflicts of interest involving members of the Board, including
those that may arise from Directors accepting positions on the Boards of other companies or during routine business
activities. These processes require Directors to recuse themselves from discussions and decision-making where a conflict
of interest is identified. The Board members are expected to discharge their duties in a bona fide manner, prioritising
the best interests of the Company. They must avoid any extraneous considerations that could impair their objective
and independent judgment and not exploit their position for personal gain-whether direct or indirect-at the expense
of the Company. Any conflict of interest involving a Board Member needs to be reported to the Chairman of the Audit
Committee or the Chairman of the Board, ensuring transparency and accountability in governance practices.

Principle 2: Businesses should provide goods and services in a manner that is sustainable and safe
ESSENTIAL INDICATORS
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social impacts of product and processes to total R&D and capex investments made by the
entity, respectively.
FY 2024-25 FY 2023-24 Details of improvements in environmental and social impacts
R&D 5.4% [¢ 9.5 Cr] 5.7% [¢ 9.6 Cr] A few initiatives, but not limited to, are stated below:
Capex 2.8% [¢ 42.6 Cr] 3.3% [¢ 76.5 Cr] z Replacing old equipment with higher energy efficiency or productivity
equipment
z Installation of rooftop solar PV modules and solar powered equipment e.g.,
light masts
z Installation of sewage treatment plant, effluent treatment plant for wastewater
treatment and recycling
z Installation of water flowmeters and smart meters for monitoring
z Purchase of bio-digestor for recycling canteen waste
z Spend on facilities for skill training institutes

2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
At L&T, sustainable sourcing is an integral part of the broader commitment to responsible business and
environmental stewardship. Recognising the impact of the supply chain on people and the planet, sustainability
criteria have been embedded across procurement and supplier engagement. The Company’s Sustainable Supply
Chain Policy and Code of Conduct of Suppliers guides all supply chain partners to engage in ethical, responsible,
and legal business practices in their operations and adhere to ESG standards. The Company expects and urges its
suppliers to establish suitable processes and management systems within their organisations that support compliance
and drive continuous improvement with regard to the requirements included in Sustainable Supply Chain Policy and
Code of Conduct for suppliers.

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Key Principles:
z Environmental Responsibility: Through efficient use of resources, conservation of energy and water,
procurement and use of recycled material and adopting a precautionary approach
z Ethical Supply Chains: Suppliers adhere to ethical business practices and anti-corruption standards.
z Human Rights and Labour Management: With a focus on health and safety standards adhering to the
requirements of ISO 45001, payment of wages in a timely manner and zero tolerance towards child labour,
forced labour and bonded labour.
Highlights of the Sustainable Sourcing Practices:
z Sustainable supply chain Policy which governs the sustainable supply chain management practices and state
the expectations with respect to environment protection, health and safety norms, labour standards, human
rights, ethical business practices and good governance.
z Supplier Code of Conduct rolled out to all the active vendors, covering ethics, human rights, and
environmental compliance.
z Supplier Sustainability Assessments being conducted annually for select ctitical suppliers.
z Digital Procurement Platforms enable transparency, traceability and paperless transactions.
z Training and awareness with more than 650 supply chain partners participating in the sessions conducted in
the past two years.
z Handholding of critical supply chain partners to improve their ESG performance.
z Use of low carbon material and recycled material, such as use of steel manufactured from electric arc
furnace/induction furnace route as against steel manufactured through blast furnace route, blended cement
in place of ordinary portland cement, wherever feasible, considering tender specifications and safety/technical
aspect.
. b. If yes, what percentage of inputs were sourced sustainably?
Accounts for 22% of L&T procurement spend by value. This is based on the sourcing from ‘Green’ rated vendors as
a result of ESG assessment of 120 critical supply chain partners conducted by the Company through a third-party
independent agency during FY 2024-25.
Please refer to Social and Relationship capital section of Integrated Annual Report FY 2024-25 for details on
embedding sustainability in the supply chain.
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end
of life, for
(a) Plastics (including packaging): NA
(b) E-waste: NA
(c) Hazardous waste: NA
(d) other waste: NA
The Company’s product portfolio caters to the requirements of various process plants and other industries, contributing
less than 10% of total revenue. These products are complex and large equipment with a long lifetime, typically
15-20 years. The Company does not manufacture or sell any products that can be reclaimed at the end of their life
cycle. However, for internal operations, the Company has implemented processes for waste management, including
segregation, recycling, reuse, and disposal, as applicable for each category of waste, in compliance with relevant
regulations.

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4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes/No). If yes, whether
the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution
Control Boards? If not, provide steps taken to address the same.
EPR Rules, mandated by the Ministry of Environment, Forest, and Climate Change (MoEFCC), have been amended to
extend the coverage of the Rules to importers also. The Company imports certain materials and there is a possibility of
waste generation, e.g. plastic waste from packaging of imported materials, e-waste from imported electronic or electrical
items and battery waste from imported batteries or equipment containing batteries to fulfil the contractual requirements
with the clients. The Company has obtained registration as an importer under the EPR Rules for all three waste categories
and implemented systems and processes to comply with the EPR Rules. Returns under the EPR Rules are filed with the
Central Pollution Control Board annually.
LEADERSHIP INDICATORS
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?
Product portfolio constitutes less than 10% of the Company’s revenue. In the past, LCA has been carried out by Heavy
Engineering business of the Company.
2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of
your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other
means, briefly describe the same along-with action taken to mitigate the same.

Name of Product / Service Description of the risk / concern Action Taken

Not applicable

3. Percentage of recycled or reused input material to total material (by value) used in production (for
manufacturing industry) or providing services (for service industry).

Recycled or re-used input material to total material

Indicate input material
FY 2024-25 FY 2023-24
Fly ash and Ground Granulated Blast-furnace Slag (GGBS) in place of Cement 8.8% 8.7%

The data reported above is based on the procurement value as a percentage of total bulk material procured (fly ash,
GGBS and cement). Based on quantity (weight), the percentage of fly ash and GGBS used in place of cement is 13%.
IS or other relevant codes prescribe limits of using fly ash and GGBS based on concrete use and requirements of the
structure. While the Company tries to maximise use of recycled (waste) materials, the design mix of concrete and
approval for use of the same in the project is controlled by the clients.
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused,
recycled, and safely disposed, as per the following format:
FY 2024-25 FY 2023-24
Particulars Safely Safely
Re-Used Recycled Re-Used Recycled
Disposed Disposed
Plastics (including packaging)
E-waste ‘Not applicable’ for the Company; reason stated in Question 3 of Essential Indicators under
Hazardous waste Principle 2.
Other waste

5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.
‘Not applicable’ for the Company; reason stated in Question 3 of Essential Indicators under Principle 2.

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Principle 3: Businesses should respect and promote the well-being of all employees, including
those in their value chains
ESSENTIAL INDICATORS
1. a. Details of measures for the well-being of employees:
% of employees covered by
Health Insurance Accident Insurance Maternity Benefits Paternity Benefits 3 Day Care Facilities 4
Category
Total (A) Number Number Number Number Number
% (B/A) % (C/A) % (D/A) % (E /A) % (F /A)
(B) (C) (D) (E) (F)
Permanent
Employees
Male 47,747 47,747 100% 47,747 100% Not applicable 0 0 12,762 26.7%
Female 4,758 4,758 100% 4,758 100% 4,758 100% Not applicable 4,758 100%
Total 52,505 52,505 100% 52,505 100% 4,758 100% 0 0 17,520 33.4%
Other than
Permanent
Employees
Male 3,753 3,753 100% 3,753 100% Not applicable 0 0 1,693 45%
Female 207 207 100% 207 100% 207 100% Not applicable 207 100%
Total 3,960 3,960 100% 3,960 100% 207 100% 0 0 1,900 48%


3 The Company does not have a paternity leave policy.


4 Data is based on the coverage of creche/day care facility available to the employees in a particular location and not as per usage/availing of

creche facility. In case creche facility is not available, creche allowance in provided to female employees (permanent and non permanent) and
permanent female workers.
b. Details of measures for the well-being of workers:
% of workers covered by
Health Insurance Accident Insurance Maternity Benefits Paternity Benefits Day Care Facilities
Category
Total (A) Number Number Number Number Number
% (B/A) % (C/A) % (D/A) % (E/A) % (F/A)
(B) (C) (D) (E) (F)
Permanent
Workers
Male 2,084 2,084 100% 2,084 100% Not applicable 0 0 1,495 72%
Female 7 7 100% 7 100% 7 100% Not applicable 7 100%
Total 2,091 2,091 100% 2,091 100% 7 100% 0 0 1,502 72%
Other than
Permanent
Workers
Male 3,52,339 2,66,930 76% 3,52,339 100% Not applicable 0 0 9,121 3%
Female 2,076 1,030 50% 2,076 100% 2,076 100% Not applicable 364 18%
Total 3,54,415 2,67,960 76% 3,54,415 100% 2,076 100% 0 0 9,485 3%

c. Spending on measures towards well-being of employees and workers (including permanent and other
than permanent) in the following format.
The Company is dedicated to ensuring the comprehensive well-being of its employees and workers through a
blend of statutory and voluntary welfare measures. These initiatives focus on enhancing physical health, mental
and emotional well-being, financial security, work-life balance, and opportunities for professional development.
Expenditures related to protective gear and safety equipment are not itemised separately, as these are part of any
activity or operations that are carried out. They are encompassed within broader contract or business expenditure
categories.
Pursuant to SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2024/177 dated December 20, 2024, and the
clarifications issued through the Industry Standards Note on BRSR Core, the methodology for disclosing expenditure
on employee well-being has been recalibrated for FY 2024–25.

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The table below presents the total cost incurred on employee well-being measures for the past two financial
years. These include measures such as medical and health insurance, medical benefits, staff welfare, workmen
compensation, canteen & food expenses, and safety related spend. Notably, salary disbursed during maternity
leave availed in FY 2024–25 has also been included in the well-being spend for the current reporting period. It is
important to note that the well-being expenditure reported for FY 2023–24 included additional cost heads beyond
the aforementioned measures, leading to a difference in year-on-year comparability.
Particulars FY 2024-25 FY 2023-24
Cost incurred on well-being measures as a % of total revenue of the Company 0.49% [~ ¢ 700 Cr] 0.73% [~ ¢ 927.3 Cr]

2. Details of retirement benefits, for Current FY and Previous Financial Year

FY 2024-25 FY 2023-24
No. of No. of
Deducted and Deducted and
employees No. of workers employees No. of workers
Benefits deposited with deposited with
covered as covered as a % covered as covered as a %
the authority the authority
a % of total of total workers a % of total of total workers
(Y/N/N.A.) (Y/N/N.A.)
employees employees
PF 100% 100% Yes 100% 100% Yes
Gratuity 100% 100% Yes 100% 100% Yes
ESI 100% 100% Yes 100% 100% Yes

3. Accessibility of workplaces
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the
requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by
the entity in this regard.
The Company is dedicated to promoting an inclusive and accessible work environment in accordance with the Rights of
Persons with Disabilities Act, 2016. Most of the premises are equipped to accommodate differently abled employees and
workers, featuring facilities such as ramps, elevators with accessibility features.
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so,
provide a web-link to the policy.
The Company is committed to providing equal opportunities in employment and fostering an inclusive work environment,
in line with the Rights of Persons with Disabilities Act, 2016. The Company’s Equal Opportunity Policy, available at
https://www.larsentoubro.com/corporate/about-lt-group/corporate-policies/, outlines the guiding principles for ensuring
equal and equitable opportunities for all employees and workers, while upholding the highest standards of ethics, values
and governance across people practices.
5. Return to work and Retention rates of permanent employees and workers that took parental leave.

Permanent employees Permanent workers5

Gender
Return to work rate Retention rate Return to work rate Retention rate
Male Not applicable
Female 91% 77% 0 0
Total 91% 77% 0 0
5 Permanent female workers are also extended maternity leave and related benefits, though none of them availed during the FY.

6. Is there a mechanism available to receive and redress grievances for the following categories of employees
and worker? If yes, give details of the mechanism in brief.

Particulars Yes/No If Yes, then give details of the mechanism in brief

Permanent Yes Registration and redressal are done through worker union or Joint Management Council or Complaints
Workers and Grievance Committee.

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Particulars Yes/No If Yes, then give details of the mechanism in brief

Other than Yes With a workforce of over 3,54,000 contractual workers, they are recognised as critical yet vulnerable
Permanent stakeholders for the business. Workers may raise grievances individually or collectively through a
Workers representative, covering matters related to working conditions, living conditions at labour colonies,
wage-related issues, or any other employment-related concerns.
For manufacturing facilities, there are contract labour management cells or industrial relations functions
who look after the overall well-being of workers. Industrial Relations (IR) department periodically meet
contractors and contract workers to understand and mitigate their grievances. Records are maintained
and periodically reviewed by the senior management. Two of the key manufacturing facilities are also
certified with SA8000 and adhere to the provisions of the standard. There are workers representative
committees as well to ensure fair representation, who hold meetings in collaboration with the
management representative and focus on grievances and needs of the workers.
For EPC project sites, any project location or establishment with 20 or more workers has a Grievance
Redressal Officer (GRO), nominated by the Project Manager from among personnel in key functions
(Project Accounts, Administration, or Safety) and is duly communicated to the relevant stakeholders
(Admin/Industrial Relations/Accounts heads). The mechanism includes the following steps: registration
of grievance, investigation, resolution within a specified timeline, escalation (if necessary), feedback
collection, closure, record-keeping, reporting, and periodic reviews and audits. Over 500 GROs have
been appointed across project sites to facilitate grievance registration, timely resolution, management of
escalations, case closure, and reporting. In addition to traditional oral and written channels, a toll-free
number, operational 24x7, is available for workers to register grievances. This initiative ensures a fair,
transparent, and accessible grievance resolution process, promoting equal and fair treatment for all
workers.
Permanent Yes The Company has a digital platform, HEERA, as the primary channel for addressing employee grievances.
Employees Employees may raise grievances related to work environment, working relationships, workplace
conditions, salary and compensation matters, claims settlement, reimbursement and recovery of dues,
leave management, medical insurance and policy issues, inconsistencies in policy implementation,
violations of the Code of Conduct, or any other matter impacting employment.
Employees are encouraged to initially seek grievance resolution through discussions with their Immediate
Supervisors. In the absence of an Immediate Supervisor, grievances may be escalated to the next level
supervisor. If satisfactory resolution is not achieved, employees may register their grievance through
HEERA to raise a grievance ticket for formal resolution. Designated HR Officers are responsible for
resolving the grievances. Based on the severity and complexity of the grievance, resolution timelines and
escalation procedures are defined to ensure timely and effective redressal.
Other than Yes Grievances are submitted to respective HR coordinators who are responsible for resolution.
Permanent
Employees

7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:

FY 2024-25 FY 2023-24
No. of No. of
employees employees
Total / workers in Total / workers in
employees respective employees respective
Category
/ workers in category, % (B / A) / workers in category, % (D / C)
respective who are respective who are
category (A) part of category (C) part of
association(s) association(s)
or Union (B) or Union (D)
Permanent Employees 52,505 0 0% 52,224 0 0%
- Male 47,747 0 0% 48,019 0 0%
- Female 4,758 0 0% 4,205 0 0%
Permanent Workers 2,091 2091 100% 2,079 2,079 100%
- Male 2,084 2,084 100% 2,073 2,073 100%
- Female 7 7 100% 6 6 100%

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8. Details of training given to employees and workers:

FY 2024-25 FY 2023-24
On Health and On Skill On Health and
Category On Skill upgradation
Total (A) safety measures upgradation* Total (D) safety measures
No. (B) % (B / A) No. (C) % (C / A) No. (E) % (E / D) No. (F) % (F / D)
Employees
Male 51,500 23,735 46% 56,650 100% 52,812 21,692 41 % 52,462 99%
Female 4,965 2,481 50% 5,462 100% 4,453 2,197 49% 5,837 100%
Total 56,465 26,216 46% 62,112 100% 57,265 23,889 42% 58,299 100%
Workers
Male 3,54,423 4,69,407* 100% 1,11,066 31% 3,47,360 3,91,715 100% 90,802 26%
Female 2,083 1,244 60% 233 11% 2,813 1,284 46% 135 5%
Total 3,56,506 4,70,651* 100% 1,11,299 31% 3,50,173 3,92,999 100% 90,937 26%
*As on March 31, 2025, the number of trainings conducted are higher than the number of employees and workers due to the attrition and new

joinees.

9. Details of performance and career development reviews of employees and worker:

FY 2024-25 FY 2023-24
Category
Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C)
Employees
Male 47,747 47,747 100% 48,019 48,019 100%
Female 4,758 4,758 100% 4,205 4,205 100%
Total 52,505 52,505 100% 52,224 52,224 100%
Workers
Male 2,084 2,084 100% 2,073 2,073 100%
Female 7 7 100% 6 6 100%
Total 2,091 2,091 100% 2,079 2,079 100%

10. Health and safety Management systems:

a. Whether an occupational health and safety management system has been implemented by the entity?
(Yes/ No). If yes, the coverage such system?
The Company’s commitment to health and safety extends beyond regulatory compliance and is focused on ensuring
the well-being of all stakeholders. All Company work locations — including EPC project sites, manufacturing
facilities, and offices — are covered under a comprehensive Occupational Health and Safety (OHS) Management
System. The system covers not only permanent employees and workers but also non-permanent employees and
contractual workers.
To implement the Company’s ‘Mission Zero Harm’ and the Corporate EHS Policy, an EHS Management System has
been established in alignment with ISO 45001:2018 standards. The Management System provides a structured
framework for the assessment and management of EHS risks and supports continuous improvement in performance.
The effectiveness of the system is further validated through assessments conducted by third-party assurance agencies
such as DNV and TUV, and it is certified to meet the requirements of applicable standards, including ISO 45001:2018.
For details on safety and related disclosures, please refer to ‘Human Capital’ section of the Integrated Annual Report
FY 2024-25.
b. What are the processes used to identify work-related hazards and assess risks on a routine and non-
routine basis by the entity?
Hazard Identification and Risk Assessment (HIRA) forms a key component of the Company’s EHS Management
System. The HIRA process begins with listing all activities and processes at a given location, followed by the
identification and mapping of associated hazards. Typical inputs for hazard identification include process flow

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diagrams, job hazard analyses, historical incidents and near-miss records, material information sheets, and activity
mappings, covering both routine and non-routine operations. Risk Assessment involves two stages:
z Risk Analysis: Assessment of the likelihood of hazards causing impact and the level of exposure to such hazards.
z Risk Evaluation: Analysis of the probability and severity of risks to assign risk ratings.
Based on the risk severity, appropriate mitigation measures are designed and implemented. The HIRA process actively
involves relevant stakeholders, including design engineers, construction engineers, planning functions, EHS team
members, and workers, to ensure comprehensive risk assessment and effective mitigation.
c. Whether you have processes for workers to report the work-related hazards and to remove themselves
from such risks. (Y/N)
The Company actively engages workers in its EHS Management System by identifying and deploying safety-conscious
workers at various work locations. These workers are responsible for identifying and reporting hazards, enabling
immediate corrective actions. A ‘Pre-Start Verification’ and daily briefing are conducted before the commencement of
work each day to ensure that the safety risks associated with daily tasks are assessed and site conditions are verified
for compliance with Risk Assessments and Safe Work Methods.
Each work location has a Site EHS Committee, comprising key stakeholders, including worker representatives.
During the monthly committee meetings, worker representatives are encouraged to actively participate, highlight
any hazards or risks encountered, and collaborate on identifying possible mitigation measures. This structured
engagement ensures that frontline perspectives are incorporated into the Company’s EHS risk management and
continuous improvement initiatives.
d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare services?
(Yes/ No)
The Company is committed to ensuring the health and well-being of its employees and workers through
comprehensive medical services and well-being programmes. In addition to first aid and emergency services, the
Company has implemented various initiatives to address both occupational and non-occupational health needs.
z First Aid and Emergency Services: Available for both employees and workers at all work locations.
z Medical Centres: On-site medical centres assist in managing non-occupational medical cases in addition to
occupational health services.
z Tie-ups with Local Hospitals: Location-specific agreements with nearby hospitals and nursing homes ensure
prioritised access to medical facilities.
z Mental Health and Non-Occupational Health programmes: These include annual health-checkups, special
check-up drives (e.g., blood sugar, HbA1c monitoring, cancer), vaccination drives such as flu, pneumococcal,
cervical, campaigns such as Freedom from Diabetes, and health advisories from medical teams.
11. Details of safety related incidents, in the following format:
The statistics below include employees and workers located in project sites and manufacturing facilities.
Safety Incident/Number Category FY 2024-25 FY 2023-24
Lost Time Injury Frequency Rate (LTIFR) (per one Employees 0.04 0.04
million-person hours worked) Workers 0.12 0.07
Total recordable work-related injuries Employees 5 6
Workers 116 79
Number of fatalities Employees 1 0
Workers 33 23
High consequence work-related injury or Employees 0 1
ill-health (excluding fatalities) Workers 8 1

Mission Zero Harm’ is the Company’s guiding principle for safety performance. However, it is with regret the Company
reports an increase in fatalities during FY 2024-25. The Company has treated this as a critical issue requiring immediate

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attention. A thorough investigation was conducted into all incidents. To address the shortfalls in processes and enhance
the systems, the Company has implemented several corrective actions during FY 2024-25 and which are elaborated under
Q 15 in this section. The Company is fully committed to improving safety performance and ensuring a safer workplace for
all employees and workers.
For details on safety management systems and processes, please refer to ‘Human Capital’ section of the Integrated
Annual Report FY 2024-25.
12. Describe the measures taken by the entity to ensure a safe and healthy workplace.
‘Mission Zero Harm’ is the goal of the Company for health and safety, embedded within the Corporate EHS Policy.
This policy guides the formulation of processes and systems to ensure a safe and healthy work environment. The EHS
Management System has been implemented at all work locations, designed in accordance with ISO 14001 and ISO 45001
standards, that are audited and verified through third-party certification agencies. This ensures that proper systems and
processes are in place, which are continuously improved upon. As part of the EHS Management System, each work
location develops a location-specific EHS plan to proactively manage and mitigate risks. While the implementation of
these systems is the responsibility of all individuals at the location, key teams such as EHS, HR, Admin, and Medical are
central to ensuring compliance with safety and health requirements.
To strengthen these processes, internal audits are conducted at multiple levels by the business units, inter-business teams,
and external auditors or accredited third-party agencies. For high-priority project sites, audit frequency and depth are
enhanced based on the specific risk profile of the location.
The Company has embraced digital systems and applications to reduce manual efforts in tracking observations,
monitoring performance, and conducting data analytics. Technologies like AR/VR are also leveraged to enhance training
and safety awareness for employees and workers. Additional measures taken to enhance safety standards include:
z HSE Surveillance Rating implementation
z Knowledge Management, including capturing of lessons learned and hosting special sessions by Subject Matter
Experts (SMEs)
z Behaviour-based safety systems
z Specialised training modules for high-risk activities
13. Number of Complaints on the following made by employees and workers:

FY 2024-25 FY 2023-24
Pending Pending
Benefits Filed during Filed during
resolution at Remarks resolution at Remarks
the year the year
the end of year the end of year
Working Conditions 143 NIL – 117 NIL
Health & Safety 47 NIL – 135 NIL

14. Assessments for the year:

Percentage of your plants and offices that were assessed (by entity or statutory authorities or
third parties)
The business units of the Company are certified by independent third parties on ISO 45001:2018
standards. These units undergo periodic external audits to ensure adherence to safety protocols and
verify compliance with applicable standards and guidelines. In addition to EHS certifications, key
manufacturing facilities are also certified under SA 8000 standards, a globally recognised certification
Health and safety practices
programme focusing on human rights and labour management.
Working Conditions
Furthermore, each year, internal self-assessment is conducted across manufacturing plants and
projects to identify potential human rights risks including health and safety management systems and
working conditions. This involves cross-functional teams including Admin, Industrial Relations, project
management, HR, and EHS managers.

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15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks / concerns arising from assessments of health & safety practices and working conditions.
The EHS Council is the apex committee responsible for monitoring the Company’s health and safety performance and
identifying areas for continuous improvement. Incident investigation reports, particularly for fatalities or major incidents
(such as lost time injuries), are reviewed in council meetings to identify gaps in current systems and processes, with
corrective actions being determined and closely monitored.
In response to recent unfortunate deterioration in safety performance, the Company has introduced several initiatives this
year to address the identified challenges, including:
1. Serious Incident Review Committee (SIRC): A committee consisting of the Chairman and Managing Director
(CMD), the EHS Council head, and senior management from the relevant business units has been established to
review all severe incidents and initiate corrective actions to prevent recurrence.
2. Designated Incident Investigators: 40 EHS professionals across all businesses were trained for 5 days TapRoot
Course on Incident investigation. They have been appointed as ‘Zonal Incident Investigators’ and designated for
conducting detailed incident investigations and submit the report to SIRC within 72 hours.
3. Reward and Penalty System: A reward and penalty system has been implemented for the EPC projects business.
Business units achieving safety performance above targets will receive a fixed monetary reward, while units failing to
meet targets will incur a fixed penalty. This system also influences the annual performance linked rewards or bonuses
for employees.
4. Orange Helmets for New workers: New workers are required to wear orange helmets for the first six weeks of
employment. After this period, they undergo re-induction and assessment before continuing their work.
5. Revamped Onboarding Process for Contractual workers: The onboarding process for contractual workers has
been overhauled to include the identification of pre-existing medical conditions and a full medical history assessment
to better identify and mitigate potential risks.
LEADERSHIP INDICATORS
1. Does the entity extend any life insurance or any compensatory package in the event of death of
a. Employees (Y/N): Yes
b. Workers (Y/N): Yes
The Company is committed to safeguarding the financial well-being of its employees and workers through comprehensive
insurance coverage.
z Life Insurance: All employees are covered under a term life insurance policy arranged by the Company, offering
financial protection to their dependents in the event of an untimely demise.
z Health Insurance (mediclaim): To cover medical expenses, employees and eligible workers are enrolled under a
Mediclaim policy providing health insurance benefits.
z Non-Permanent workers: In the unfortunate event of a fatality involving non-permanent (contractual) worker, the
Company ensures compensatory payments are made in line with applicable laws and regulations. Additional support
measures are also extended on a case-by-case basis, reflecting the Company’s commitment to worker welfare.
The Company regularly reviews and updates its insurance coverage and compensatory practices to align with evolving
business needs and regulatory frameworks.
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and
deposited by the value chain partners.
The Company ensures that statutory dues from the value chain partners i.e., contract workers and supply chain partners,
are deposited on time. Proof of payment or record of statutory dues paid by the subcontractors e.g., records for Provident
Fund (PF) deposit for workers are maintained. GST payment by the suppliers is matched through GST portal to ensure
compliance, amongst other controls.

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3. Provide the number of employees / workers having suffered high consequence work-related injury / ill-health
/ fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in
suitable employment or whose family members have been placed in suitable employment:
No. of employees/workers that are
rehabilitated and placed in suitable
Total no. of affected employees/workers
Benefits employment or whose family members have
been placed in suitable employment
FY 2024-25 FY 2023-24 FY 2024-25 FY 2023-24
Employees 1 1 0 0
Workers 41 24 0 0

4. Does the entity provide transition assistance programs to facilitate continued employability and the
management of career endings resulting from retirement or termination of employment? (Yes/ No)
Yes, the Company provides transition assistance programmes to facilitate continued employability and the management
of career endings resulting from retirement on merit.
5. Details on assessment of value chain partners:
Percentage of value chain partners (by value of business done) that were assessed
In line with its commitment to promoting sustainability across the value chain, the Company had
identified 120 critical supply chain partners to undergo ESG assessment during the year, contributing to
23% of the procurement by value of the Company. These supply chain partners were assessed under
five modules: Governance, Ethical business practices, Human rights and labour management, Health
and safety and Environment.
The assessment was carried out by an independent third party through a detailed questionnaire
developed in alignment with regulatory requirements, BRSR disclosure expectations, and global
Health and safety practices sustainability standards. The assessment process was conducted remotely (desktop-based) through
interactions with supply chain partners and review of documents and evidence provided by them as
Working Conditions
well as, in person onsite with selected low scoring supply chain partners.
Following the assessment, gaps identified were communicated to the respective supply chain partners
along with recommendations and suggested action plans aimed at strengthening their sustainability
performance and compliance.
For details of the Company’s initiatives on incorporating sustainability in supply chain, please refer to
‘Social and Relationship Capital’ and ‘Human Capital’ for disclosures related to human rights in supply
chain of the Integrated Annual Report FY 2024-25.

6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
assessments of health and safety practices and working conditions of value chain partners.
No significant risks or concerns were identified from the ESG assessments conducted during the year. The Company
ensures that all supply chain partners understand and formally acknowledge the Company’s Code of Conduct, which is a
mandatory requirement during the vendor registration and onboarding process. To further strengthen ESG awareness and
compliance, training sessions were conducted for supply chain partners during the year, covering key Company policies
including the Sustainable Supply Chain Policy, Sustainability Policy, Whistleblower Policy, and Code of Conduct. In
instances where concerns, observations, or potential risks are identified — whether during formal assessments or through
other interactions — the Company promptly initiates appropriate corrective and preventive actions to address them.

Principle 4: Businesses should respect the interests of and be responsive to all its stakeholders
ESSENTIAL INDICATORS
1. Describe the processes for identifying key stakeholder groups of the entity.
L&T’s core businesses operate in the domains of EPC projects (Engineering, Procurement, and Construction) and Hi-Tech
Manufacturing. In its pursuit of delivering long-term value, the Company seeks to balance business objectives with
the needs, expectations, and interests of a diverse set of stakeholders. Stakeholder identification is carried out using
well-defined parameters such as the stakeholder’s influence on the business, the degree to which they are impacted by

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L&T’s operations and their relevance in the context of emerging ESG trends and regulations. The overview of the process
followed is as:
I. Define the purpose and scope
z Determine the goal of the stakeholder identification—e.g., ESG reporting, materiality assessment, strategy
development, or project-specific engagement.
z Clarify the scope (e.g., enterprise-wide, regional, or specific to a project or issue).
II. Map the Value Chain: Identify all parties directly or indirectly connected to each stage (e.g., suppliers, contractors,
customers).
III. Categorise Stakeholders
z Group stakeholders into broad categories such as:
z Internal stakeholders: Employees, management, board of directors, unions.
z External stakeholders: Customers, suppliers, investors, regulatory bodies, NGOs, local communities,
media, academia.
IV. Assess Stakeholder Influence and Impact
z Evaluate each group’s:
z Degree of Dependency: Stakeholders who are directly dependent on the Company’s operations, or on
whom the Company depends for its own functioning. Examples: customers, Government (as clients),
employees (including workers), supply chain partners, investors
z Degree of Responsibility: Stakeholders to whom the Company has, or may have in the future, legal,
commercial, operational, or ethical/moral responsibilities. Examples: communities, shareholders
z Sphere of Influence: Stakeholders who can have a direct or indirect impact on L&T’s strategic decisions
and business operations. Examples: senior management and leadership, regulatory bodies
z Diverse Perspectives: Stakeholders who offer broader insights or diverse viewpoints that enhance
understanding of national and global affairs. Examples: media, NGO partners
V. Review ESG and Regulatory Frameworks: Align with global standards to ensure relevant stakeholder categories
are considered.
VI. Incorporate Stakeholder Feedback
z Use surveys, interviews, workshops, or forums to validate and refine the list of stakeholders.
z Incorporate insights from past engagements or grievance mechanisms.
VII. Continuously Monitor and Update: Reassess stakeholder groups periodically to capture changes due to new
projects, market conditions, social dynamics, or regulatory shifts.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each
stakeholder group.
The key stakeholders of the Company are customers (Government bodies, public sector entities and private sector firms),
employees and workers, supply chain partners, shareholders and investors, communities and NGO partners, regulatory
bodies and media. The details are covered in the ‘Driving Stakeholder Engagement’ section of the Integrated Annual
Report FY 2024-25.
LEADERSHIP INDICATORS
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and
social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
L&T has implemented a comprehensive governance framework to effectively manage and monitor ESG (Environmental,
Social, and Governance) areas. To support this, several committees have been established, including the CSR &

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Sustainability Committee, Risk Management Committee, and Stakeholders’ Relationship Committee at the Board level,
all chaired by Independent Directors. Additionally, management level committees such as the EHS (Environment, Health
and Safety) Council, Material Council, and Quality Council focus on specific areas of concern. Each committee operates
according to its defined terms of reference and meets regularly to review the Company’s performance in their respective
domains. Insights, performance updates, concerns, and issues related to ESG are gathered from these committee reviews
and presented to the Board during its quarterly meetings. L&T also conducts structured stakeholder engagement exercises
on ESG topics, ensuring regular interaction with key stakeholders. These engagements follow a systematic approach
with clearly defined frequency, delegation, and reporting protocols. The feedback and outcomes from these exercises
are formally communicated to the Board for informed decision-making and enhanced alignment with stakeholder
expectations.
2. Whether stakeholder consultation is used to support the identification and management of environmental,
and social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders
on these topics were incorporated into policies and activities of the entity.
Stakeholder consultation plays a crucial role in identifying and managing environmental and social topics. The Company
engages with a wide range of stakeholders, including employees, investors, local communities, regulatory bodies, NGOs,
suppliers, and customers through various mechanisms such as surveys, meetings, focused group discussions, public
consultations, and stakeholder forums. A few examples of incorporating stakeholders’ inputs in the policies and processes
are:
1. Environmental topics:
z Climate Action and Energy Transition:
z Customers and investors encouraged greater climate-related disclosures aligned with TCFD.
z As a response, L&T enhanced its climate risk reporting and set targets for Carbon Neutrality in Scope 1
and 2 emissions by 2040 (refer to Natural Capital of the Integrated Annual Report FY 2024-25). L&T also
disclosed on CDP its environmental impact and sustainability initiatives. This disclosure underscores L&T’s
commitment to transparency and accountability in addressing climate change.
z Resource Efficiency and Circularity:
z Employee feedback, particularly from project sites, highlighted opportunities to increase resource
optimisation and efficiency.
z Several initiatives are taken up by the employees to reduce and recycle waste, increase use of treated
wastewater and so on.
z Enhancement of Environmental Data Management (L&T-EARTH Platform):
z Previously, L&T managed sustainability and environmental data through a third-party service provider.
However, several operational challenges were being faced including enhanced reporting requirements
for BRSR and other sustainability disclosures. Based on feedback from employees managing sustainability
reporting across businesses as well as other stakeholders, L&T collaborated with L&T Technology Services to
develop a customised, cloud-based data platform — L&T-EARTH.
z L&T-EARTH allows data capture at each site and location level and is scalable, modular and adaptable. It
is integrated with L&T’s ERP systems, automating data flow, and minimising manual entry errors. A robust
maker-checker mechanism and status tracking features have been incorporated to enhance data governance
and reporting quality. Future changes in reporting requirements (e.g., introduction of new ESG metrics) and
analytics for decision making can be flexibly incorporated into the platform.
2. Social Topics:
z Employee Well-being
z Feedback received during and after the COVID-19 pandemic highlighted a growing need for enhanced
mental health support and accessible emotional wellness resources.

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z L&T rolled out several well-being initiatives in the past years, covering mental health helplines, counselling
sessions, enhanced insurance coverage for employees and their families, thrust on annual health check-ups
and so on.
z Formulation of a structured Wellness Policy that consolidates key wellness initiatives undertaken by L&T
across physical, mental, and emotional health dimensions.
z Pilot Wellness Index Survey was conducted to assess the overall well-being of employees and identify
areas of strength and improvement within the organisation.
z Insights from the survey led to the formulation and release of a structured Wellness Policy and related
initiatives.
z Initiatives include annual ‘Aarogya Mela’ which was organised to provide employees access to a wide
range of health screenings and diagnostic tests at one location.
z Introduction of Menstrual Leave:
z Based on feedback received from female employees working at the shop floors, project sites, L&T
recognised the need for a more supportive approach to women’s health at the workplace.
z Consequently, L&T introduced Menstrual Leave, allowing women employees to take a day off every month.
z A simple, confidential process has been set up to ensure that women can avail menstrual leave with dignity
and without unnecessary formalities.
z Skill Development and Career Progression:
z Emphasis on the need for more structured career growth opportunities by the employees.
z In response, L&T keeps expanding its training, learning and development programmes for continuous
learning, and strengthened internal mobility policies to ensure merit-based career progression across
business units.
3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/
marginalized stakeholder groups.

Vulnerable Group Concerns Action Taken Impact

Farmer community in water Drought, Poverty, • Organised farmers • Rise in ground water table
stressed and drought prone Migration community to form Village and water made available to
locations Development Committees population of 1,06,008 across
(VDC) and Farmers Producer 11 Integrated Community
Organisation (FPO) Development Programme
• Water made available with (ICDP) locations and 8,411
wastewater and conservation hectares land protected from
intervention direct run-off in three ICDP
locations
• Capacity building in
sustainable agricultural • Increase in household
practices agricultural income
• Maintenance of water • Reverse migration
structures by the VDC along
with Panchayat
Rural population without Open defecation leading • Community awareness • 5,366 toilets constructed, and
access to proper sanitation to health issues and social regarding making villages 41 villages are made ODF
facilities disgrace open defecation free (ODF) • Women felt safe to use
• Construction of toilets after household toilet and saved
ensuring water availability from embarrassment and
• Village level monitoring social disgrace
committee formed to ensure
ODF status of the village

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Vulnerable Group Concerns Action Taken Impact

Disadvantaged rural women Gender related issues • Women were part of need • 305 SHGs formed in three
viz. no decision-making assessment, and their critical ICDP locations with ¢ 191.6
power in household and concerns were prioritised lakh savings
community related issues • Village level women groups • Women are assuming
formed and organised in Self community leadership
Help Groups (SHGs) positions e.g. president of
• Ensured equal representation VDC, FPO formed with all
of women in VDCs and women board members
community level decision
making
Underprivileged community Unaffordable and • Affordable general health • beneficiaries who benefitted
from urban and peri-urban inaccessible health services along with from the services
areas services consultations in specialised • Dialysis patients taking regular
Patients cannot afford clinics provided through nine treatment at the L&T health
the dialysis treatment in health centres across India centre
private hospitals and mobile health vans
Unskilled, unemployed • Provision of dialysis services at
youth a concessional rate
Unemployed youth Unemployed youth trained in In 2024, trained 12,594 youth
trained in L&T's L&T's Construction Skills Training and achieved 72% placement
Construction Skills Institutes and facilitation for job rate.
Training Institutes and placements
facilitation for job
placements
Students in tribal/ rural Students have difficulties Providing Science, Technology, • 5,292 students took part in
schools or urban resource in learning science and Engineering and Maths (STEM) science exhibitions
poor schools maths subjects and no kits for hands on learning in • Students making their own
access to digital and science and maths and use of STEM models and presenting
hands on education digital infrastructure, digital solutions addressing everyday
content mapped to the curriculum problems by using technology
and training to teachers to
conduct classes using digital
media
School students without School toilets dilapidated Constructed toilet blocks in the Increase in attendance of girls
access to clean toilets or not functional schools for students

Principle 5: Businesses should respect and promote human rights

ESSENTIAL INDICATORS
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity,
in the following format:
FY 2024-25 FY 2023-24
No. of No. of
Category employees/ employees/
Total (A) % (B/A)6 Total (C) % (D/C)
workers workers
covered (B) covered (D)
Employees
Permanent 52,505 57,756 100% 52,224 21,646 41%
Other than permanent 3,960 4,344 100% 5,041 5,873 100%
Total Employees 56,465 62,100 100% 57,265 27,519 48%
Workers
Permanent 2,091 2,091 100% 2,079 2,079 100%
Other than permanent 3,54,415 3,54,415 100% 3,48,094 3,48,094 100%
Total Workers 3,56,506 3,56,506 100% 3,50,173 3,50,173 100%
6 As on March 31, 2025, the number of trainings conducted are higher than the number of employees and workers due to the attrition and new
joinees.

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During the year, the Company introduced a dedicated training module to enhance employee awareness of human
rights. Additionally, various awareness sessions are conducted for workers, covering human rights aspects. For instance,
induction and toolbox talks are mandatory for all workers joining any site, location, or project. The process includes, but
is not limited to, topics such as wage breakdown, PF deduction, health and safety, account creation for wage deposits
and KYC procedures.
Furthermore, systems are in place to ensure compliance with child labour laws (e.g. submission of Aadhaar card as proof
of age) and to prevent forced labour through proof of employment (e.g. wage slips, issuance of gate passes/ID cards).
Daily toolbox talks also address some of these aspects, in addition to job-specific roles. Key manufacturing facilities of the
Company are SA 8000 certified by independent third-party certification agencies, covering elements such as child labour,
forced labour, discrimination, working hours, remuneration, freedom of association and grievance redressal mechanisms.
Please refer to ‘Human Capital’ chapter of the Integrated Annual Report FY2024-25 for more information on human
rights.
2. Details of minimum wages paid to employees and workers, in the following format:
FY 2024-25 FY 2023-24
Equal to Minimum More than Minimum Equal to Minimum More than Minimum
Category
Total (A) Wage Wage Total (D) Wage Wage
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Permanent 52,505 – – 52,505 100% 52,224 – – 52,224 100%
Male 47,747 – – 47,747 100% 48,019 – – 48,019 100%
Female 4,758 – – 4,758 100% 4,205 – – 4,205 100%
Other than 3,960 – – 3,960 100% 5,041 – – 5,041 100%
permanent
Male 3,753 – – 3,753 100% 4,793 – – 4,793 100%
Female 207 – – 207 100% 248 – – 248 100%
Workers
Permanent 2,091 – – 2,091 100% 2,079 – – 2,079 100%
Male 2,084 – – 2,084 100% 2,073 – – 2,073 100%
Female 7 – – 7 100% 6 – – 6 100%
Other than 3,54,415 2,87,585 81% 66,830 19% 3,48,094 3,04,005 87% 44,088 13%
permanent
Male 3,52,339 2,85,897 81% 66,442 19% 3,45,287 3,01,677 87% 43,609 13%
Female 2,076 1,688 81% 388 19% 2,807 2,328 83% 479 17%

3. Details of remuneration/salary/wages, in the following format:

a. Median remuneration / wages:
Male Female
Median remuneration/ Median remuneration/
Particulars
Number salary/wages of Number salary/ wages of
respective category respective category
Board of Directors (BoD) - Whole Time Directors 6 27,59,55,854 0 0
Key Managerial Personnel (KMP) 1 1,84,99,632 0 0
Employees other than BoD and KMP 51,493 11,29,359 4,965 7,14,566
Workers 2,084 9,40,007 7 13,57,077

b. Gross wages paid to females as % of total wages paid by the entity, in the following format:
FY 2024-25 FY 2023-24
Gross wages paid to females as % of total wages [employees 5.7% 5.4%
including permanent and other than permanent categories, and
permanent worker]
Gross wages paid to females as % of total wages [other than 0.2% Not tracked and reported
permanent/contract workers]

In FY 2023–24 and FY 2024–25, wages reported are for employees (both permanent and non-permanent) and
permanent workers. Given that the Company has computed the values based on CTC, this includes retirement
benefits as well.

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The Company engages contractors under two primary categories: service contracts and manpower contracts, with
service contracts comprising over 70% of total engagements. For service contracts, while the Company does not
directly monitor or record wages paid by contractors, it ensures adherence to all statutory compliances mandated
for such engagements. Additionally, in certain service contracts, subcontractors independently obtain labour licenses
and undertake the necessary statutory filings under the Contract Labour (Regulation and Abolition) Act (CLRA).
In the case of manpower contracts, the Company maintains direct oversight of the workers deployed at its sites.
Consequently, such data may not be reflected in the Company’s CLRA reporting.
For FY 2024-25, data has been sourced from the filings under the CLRA for the calendar year 2024 (January to
December). These filings cover both service and manpower contracts, and include disclosures on wages paid to
female workers categorized as ‘other than permanent’ (i.e., contractual).
The data collation process currently remains largely manual, and there are gaps in the supporting evidence submitted
by contractors to substantiate the figures reported in the Company’s CLRA filings. Furthermore, since wage data
is primarily available on a calendar-year basis, it does not align with the financial year reporting period, posing
challenges in reconciliation. The Company is actively working on strengthening its wage reporting mechanisms to
improve accuracy and alignment in future disclosures.
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues
caused or contributed to by the business? (Yes/No)
The Chief Human Resources Officer is the focal point for human rights related issues at the Company level. For
implementation across the sites and manufacturing plants, designated personnel from IR/Admin/EHS functions are
responsible for human rights and labour management. At business level, IR/Admin Heads of respective businesses are the
focal points supported by HR heads.
For details on the governance and management processes related to Human Rights, please refer to ‘Human Capital’
chapter of the Integrated Annual Report FY 2024-25.
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
Respect for and commitment to human rights are fundamental components of the Company’s Code of Conduct for
employees. Any violations of the Code of Conduct are to be reported to the first-level reporting authority, who is
responsible for investigating the matter and taking appropriate action. If the violation involves the first-level reporting
authority, the issue is escalated to the second-level reporting authority. In cases where a violation is deemed severe, it is
referred to the Whistleblower Investigation Committee for further action within a reasonable timeframe.
The Company is dedicated to fostering a safe and inclusive workplace, free from any form of sexual harassment. To
this end, a comprehensive Policy for the Protection of Women’s Rights at the Workplace has been established, in
alignment with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (“POSH
Act”). This policy applies to all employees, workers, and contract workers across all L&T establishments in India, and
extends protection to visitors, including clients, customers, third-party contractors, vendors, suppliers, and business
representatives.
In instances where sexual harassment arises due to the actions of third parties, the Company takes all necessary
reasonable steps to support the affected individuals. To ensure full compliance with the POSH Act, Internal Complaints
Committees (ICCs) have been constituted across various administrative units. The ICCs are responsible for registering
complaints, conducting investigations, concluding proceedings, and recommending redressal measures. The
recommendations of the ICCs are implemented by the Company. They also regularly organise workshops and awareness
sessions to promote a harassment-free workplace.
Additionally, two Apex Committees have been established at the highest organizational level, comprising representatives
from various ICCs and senior leadership, to oversee the implementation and compliance of the POSH Act across the
Company.
The Company has implemented a structured whistleblower mechanism that encourages employees and vendors to report
any unethical behaviour, improper practices, misconduct, violations of legal or regulatory requirements, or instances of
unfair treatment that could negatively impact the Company’s operations, performance, or reputation, without fear of

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retaliation. Reports are investigated impartially, and appropriate corrective actions are taken to uphold the Company’s
standards of ethical and professional conduct.
For details on the governance and management processes related to Human Rights, please refer to ‘Human Capital’
chapter of the Integrated Annual Report FY 2024-25.
6. Number of Complaints on the following made by employees and workers:
FY 2024-25 FY 2023-24
Pending Pending
Particulars Filed during resolution at Filed during resolution at
Remarks Remarks
the year the end of the year the end of
year year
Sexual Harassment 12 1 Complaints 3 2 Complaints
registered registered
and redressed and redressed
under the under the
POSH Act POSH Act
Discrimination at workplace 0 0 0 0
Child Labour 0 0 0 0
Forced Labour/ Involuntary Labour 0 0 0 0
Wages 0 0 0 0
Other human rights related issues 0 0 0 0

For FY 2024-25, one case was received in the last week of the financial year and investigation is ongoing, and one case
was not upheld. Two cases from previous financial year have been upheld and redressed as per the POSH Act.
7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013, in the following format:
Particulars FY 2024-25 FY 2023-24
Total complaints reported under Sexual Harassment of Women at 12 3
Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH)
Complaints on POSH as a % of female employees / workers7 0.17% 0.04%
Complaints on POSH upheld 10 1
7 Covers females based in India, both employee and worker (permanent and other than permanent) categories.
For FY 2024-25, one POSH case was received in the last week of the financial year and investigation is ongoing, and one
case was not upheld. Two cases from previous financial year have been upheld and redressed as per the POSH Act.
8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
The mechanism has been covered in the answer to the Question 5 in this section. The Company has adopted a
comprehensive Code of Conduct applicable to all employees, senior management, and Board members, outlining the
standards of ethical behaviour and professional conduct expected at all levels. All violations of the Code of Conduct
should be reported according to the Reporting Matrix embedded within the policy framework. The Code of Conduct
also details the grievance redressal process and prescribes preventive and corrective measures to uphold the Company’s
commitment to ethical business practices.
9. Do human rights requirements form part of your business agreements and contracts? (Yes/No).
Yes, human rights requirements are integral to the business agreements and contracts. The Company’s Code of Conduct
for suppliers emphasises a commitment to Human Rights, Labour Standards and societal well-being, aligning with
internationally recognised frameworks such as the UN Global Compact Principles and the ILO. All supply chain partners
are required to understand, acknowledge and adhere to the norms set forth in the Code of Conduct. Signing the Code
of Conduct is a mandatory prerequisite during the vendor onboarding process, affirming their commitment to responsible
and ethical business practices. It covers key aspects including fair and safe working conditions, occupational health
and safety, prohibition of child labour, forced or compulsory labour, non-discrimination, payment of fair wages, and a
zero-tolerance approach towards harassment and abuse.

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Additionally, compliance with applicable regulatory requirements — including health and quality standards, statutory
wage payments, PF deductions and other labour-related obligations — is formally integrated into all supplier agreements
and contractual obligations.
10. Assessments for the year:

Percentage of your plants and offices that were assessed (by entity or statutory authorities or
Particulars
third parties)
Child labour The key manufacturing plants are certified under SA 8000 standards, a globally recognised certification
Forced/involuntary labour programme focusing on human rights and labour management.
Sexual harassment Furthermore, each year, an internal self-assessment is conducted across manufacturing plants, offices
Discrimination at workplace and projects to identify potential human rights risks including health and safety management systems
Wages and working conditions. This involves cross-functional teams including Admin, Industrial Relations (IR),
Others - please specify project management, HR, and EHS managers.

11. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
the assessments at Question 9 above.
No significant risks/concerns arose that required any corrective actions with respect to human rights related issues.
LEADERSHIP INDICATORS
1. Details of a business process being modified / introduced as a result of addressing human rights grievances/
complaints.
Though there were no complaints received in FY2024-25 related to human rights, the grievance redressal mechanism has
been strengthened for the contractual workers. The details of the mechanism have already been discussed in Section A
‘VII. Transparency and disclosures compliances.’
2. Details of the scope and coverage of any Human rights due diligence conducted.
The Company’s human rights due diligence framework covers the contractual workers and encompasses its operational
footprint, including EPC project sites, manufacturing facilities, and offices. This assessment evaluates compliance with
human rights principles, focusing on the prevention of child labour, elimination of forced or involuntary labour, payment
of fair and timely wages, prevention of sexual harassment, eradication of modern slavery practices, promotion of
non-discrimination, assurance of safe and healthy working conditions, and provision of accessible grievance redressal
mechanisms.
3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights
of Persons with Disabilities Act, 2016?
The Company is committed to fostering an inclusive and accessible work environment in accordance with the Rights of
Persons with Disabilities Act, 2016. Most of our premises are equipped to accommodate differently-abled employees and
workers, featuring facilities such as ramps and elevators with accessibility features.
4. Details on assessment of value chain partners:
Percentage of value chain partners (by value of business done with such partners) that were
Particulars
assessed
Child labour In line with its commitment to promoting sustainability across the value chain, the Company had
Forced/involuntary labour identified and assessed 120 critical supply chain partners during the year, contributing to 23% of
Sexual harassment the procurement of the Company. These supply chain partners were assessed under five modules:
Discrimination at workplace Governance, Ethical business practices, Human rights and labour management, Health & Safety and
Wages Environment.
Others - please specify
The assessment was carried out by an independent third party through a detailed questionnaire
developed in alignment with regulatory requirements, BRSR disclosure expectations, and global
sustainability standards. The assessment process was conducted remotely (desktop-based) through
interactions with supply chain partners and review of documents and evidence provided by them as well
as, in person onsite with selected low scoring supply chain partners.
Following the assessment, gaps identified were communicated to the respective supply chain partners
along with recommendations and suggested action plans aimed at strengthening their sustainability
performance and compliance.

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Percentage of value chain partners (by value of business done with such partners) that were
Particulars
assessed
For details of the Company’s initiatives on incorporating sustainability in supply chain, please refer to
‘Social and Relationship Capital’ and ‘Human Capital’ for disclosures related to human rights in supply
chain of the Integrated Annual Report FY 2024-25.

5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from
the assessments at Question 4 above.
No significant human rights risks or concerns were identified through the assessment during the reporting year. The
Company ensures that all supply chain partners engaged are made aware of and formally agree to the Company’s Code
of Conduct, which is a mandatory requirement during the vendor registration and onboarding process.
If any concern or risk arises during the year—whether identified through formal assessments or otherwise—the Company
undertakes appropriate corrective and preventive actions to address and mitigate the issue.

Principle 6: Businesses should respect and make efforts to protect and restore the environment
ESSENTIAL INDICATORS
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
Parameter FY 2024-25 FY 2023-24
From renewable sources (in Gigajoules)
Total electricity consumption (A) 2,48,561 1,55,046
Total fuel consumption (B) 64,882 38,552
Energy consumption through other sources (C) 0 0
Total energy consumed from renewable sources (A+B+C) 3,13,443 1,93,598
From non-renewable sources (in Gigajoules)
Total electricity consumption (D) 14,10,297 15,29,592
Total fuel consumption (E) 82,06,677 87,64,602
Energy consumption through other sources (F) 0 0
Total energy consumed from non-renewable sources (D+E+F) 96,16,974 1,02,94,194
Total energy consumed (A+B+C+D+E+F) (in Gigajoules) 99,30,417 1,04,87,792
Energy intensity per rupee of turnover (Total energy consumed / 69.7 83.1
Revenue from operations) (in GJ/¢ Cr)
Energy intensity per rupee of turnover adjusted for Purchasing Power 144 186.1
Parity (PPP) (Total energy consumed / Revenue from operations
adjusted for PPP) (in GJ/PPP Mn USD)

IMF PPP conversion rate (22.4), available for March 2024, was used for total income PPP adjusted value for FY 2023-24.
IMF had revised the PPP methodology and PPP conversion rate in October 2024. For FY 2024-25, latest IMF PPP
conversion rate (20.66) has been used.
Energy intensity decreased by 16% compared to FY 2023-24. This reduction was due to:
i. Transition from DG sets to grid connections, e.g., rail line tunnel projects in Uttarakhand, metro rail projects in some
cities.
ii. Closed or approaching closure of some large contracts, e.g., contract related to dedicated freight corridor project,
water treatment project in Middle East, project related to offshore oil & gas facilities.
iii. Other initiatives taken by taskforce for reducing diesel consumption
Please refer to ‘Natural Capital’ section and ‘Reducing Energy Intensity’ sub-section of Integrated Annual Report
FY 2024-25.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external
agency? (Y/N). If yes, name of the external agency.

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Yes, data has been assured by Deloitte Haskins & Sells LLP. The assurance statement is provided at the end of BRSR report
section in Integrated Annual Report FY 2024-25.
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance,
Achieve and Trade (PAT) Scheme of the Government of India? (Y/N)
No, the Company does not have any site or facility identified as designated consumers (DCs) under Performance, Achieve
and Trade (PAT) Scheme of the Government of India.
3. Provide details of the following disclosures related to water, in the following format:

Parameter FY 2024-25 FY 2023-24

Water withdrawal by source (in kilolitres)
(i) Surface water 25,73,331 23,14,470
(ii) Groundwater 88,15,932 78,73,240
(iii) Third party water 5,85,735 20,53,537
(iv) Seawater / desalinated water 2,920 7,344
(v) Others 78,40,556 38,76,733
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 1,98,18,474 1,61,25,324
Total volume of water consumption (in kilolitres) 1,54,31,695 1,28,76,481
Water intensity per rupee of turnover (Total water consumption/ 108.3 102
Revenue from operations) (in kilolitres/¢ Cr)
Water intensity per rupee of turnover adjusted for Purchasing Power 223.7 228.5
Parity (PPP) (Total water consumption / Revenue from operations
adjusted for PPP) (in kilolitres/PPP Mn USD)

IMF PPP conversion rate (22.4), available for March 2024, was used for total income PPP adjusted value for FY 2023-24.
IMF had revised the PPP methodology and PPP conversion rate in October 2024. For FY 2024-25, latest IMF PPP
conversion rate (20.66) has been used.
In FY 2024-25, the Company has made significant improvement in capturing and managing data related to water by
rolling out redesigned Standard Operating Procedures (SOPs), by implementing a new data management platform
(L&T-EARTH) with checks and analytics, and by installing flowmeters at various sites, with automatic data capturing. The
Company has adopted a hybrid approach, direct measurement through flowmeters at some locations, and estimation
method in other locations. For estimation-based data, domestic water requirement is estimated based on National
Building Code of India (NBC 2016) and industrial water requirement is estimated based on production volumes of activity
at the respective site and volume of water per unit of production. However, the Company has more than 700 active
work locations (EPC project sites), and this presents a significant challenge in consistent SOP implementation for water
data measurement due to open system, multiple consumption, reuse and discharge points. Additionally, inadequate
understanding at some sites results in certain inconsistencies e.g., water balance not being met while reporting the
data. The Company intends to address these gaps and undertake uniform implementation of the SOPs along with other
changes, as necessary, to ensure accurate water data measurement and reporting.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external
agency? (Y/N). If yes, name of the external agency.
Yes, data has been assured by Deloitte Haskins & Sells LLP. The assurance statement is provided at the end of BRSR report
section in Integrated Annual Report FY 2024-25.

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4. Provide the following details related to water discharged:

Parameter FY 2024-25 FY 2023-24

Water discharged by destination and level of treatment (in kilolitres)
(i) To Surface water
- No treatment 0 0
- With treatment – please specify level of treatment 8,51,608 5,26,691
(Primary: 4,61,235) (Primary: 5,26,691)
(Secondary: 2,88,964)
(Tertiary: 1,01,409)
(ii) To Groundwater
- No treatment 0 0
- With treatment – please specify level of treatment 8,64,124 10,91,480
(Primary: 8,55,896) (Primary: 10,91,480)
(Secondary: 8,228)
(iii) To Seawater
- No treatment 0 0
- With treatment – please specify level of treatment 32,417 16,448
(Primary: 72) (Secondary: 16,448)
(Secondary: 32,345)
(iv) Sent to third parties@
- No treatment 4,11,440 2,36,188
- With treatment – please specify level of treatment 2,53,894 60,336
(Primary: 2,52,658) (Primary: 60,336)
(Secondary: 1,236)
(v) Others@
- No treatment 17,74,173 8,94,733
- With treatment – please specify level of treatment 46,417 4,18,234
(Primary: 30,277) (Primary: 4,18,234)
(Secondary: 14,665)
(Tertiary: 1,475)
Total water discharged (in kilolitres) (i + ii + iii + iv + v) 42,34,073 32,44,110
@ Sent to third-parties and others is wastewater discharged through municipal sewer connections or given to wastewater collection and treatment

service providers.

The increase in wastewater discharged in FY 2024–25 compared to FY 2023–24 is primarily due to enhanced data
capture and improved reporting systems implemented across sites. This has led to more accurate and comprehensive
accounting and does not indicate a deterioration in water management practices. The Company treats wastewater from
project sites through STPs. Challenges and the Company’s actions with respect to wastewater data reporting are same as
those mentioned in the note to Principle 6, Essential Indicator Q3.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external
agency? (Y/N). If yes, name of the external agency.
Yes, data assurance has been carried out by Deloitte Haskins & Sells LLP. The assurance statement is provided at the end
of BRSR report section in Integrated Annual Report FY 2024-25.
5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
implementation.
Major facilities of the Company located at Hazira, Kattupalli, Talegaon, Coimbatore, Ranoli, Kancheepuram, and
Kansbahal have implemented Zero Liquid Discharge (ZLD) systems. These systems ensure that the entire volume of
wastewater generated from operations is either recycled and reused or stored for future use. The treated wastewater
is repurposed for non-potable applications such as gardening, toilet flushing, firefighting, road washing, and dust
suppression, significantly reducing the environmental impact.

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6. Please provide details of air emissions (other than GHG emissions) by the entity:
Data below disclosed for the following manufacturing facilities:

FY 2024-25 FY 2023-24
Parameter UOM
Hazira Pithampur Kanchipuram Hazira Pithampur Kanchipuram
SOx mg/m3 8 28 10 24 16 10
NOx mg/m3 19 18 49 19 14 46
Particulate matter (PM) mg/m3 17 25 39 45 26 37
Persistent organic pollutants – – – – – – –
Volatile organic compounds – – – – – – –
Hazardous air pollutants – – – – – – –
Others – – – – – – –

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external
agency? (Y/N). If yes, name of the external agency.
Yes, emissions from chimney stacks at respective manufacturing facilities of the Company are checked by government
approved laboratories and reports are submitted to State Pollution Control Boards. Results are reviewed and analysed by
the business unit of the respective location to ensure compliance to the CTO conditions.
7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following
format:

Parameter UOM FY 2024-25 FY 2023-24

Total Scope 1 emissions (Break-up of the GHG tCO2e 6,03,953 6,35,646
into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if
available)
Total Scope 2 emissions (Break-up of the GHG tCO2e 2,82,341 3,49,682
into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if
available)
Total Scope 1 and Scope 2 emissions per tCO2e/¢ Cr 6.2 7.8
Rupee of turnover
Total Scope 1 and Scope 2 emission tCO2e/PPP Mn 12.8 17.5
intensity per rupee of turnover adjusted for USD
Purchasing Power Parity (PPP) (Total Scope 1
and Scope 2 GHG emissions / Revenue from
operations adjusted for PPP)

IMF PPP conversion rate (22.4), available for March 2024, was used for total income PPP adjusted value for FY 2023-24.
IMF had revised the PPP methodology and PPP conversion rate in October 2024. For FY 2024-25, latest IMF PPP
conversion rate (20.66) has been used.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external
agency? (Y/N). If yes, name of the external agency.
Yes, data assurance has been carried out by Deloitte Haskins & Sells LLP. The assurance statement is provided at the end
of BRSR report section in Integrated Annual Report FY 2024-25.
8. Does the entity have any project related to reducing Green House Gas emission?
Details of some initiatives taken for GHG emissions reduction have been included under Leadership Indicator Question 4
of Principle-6.

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9. Provide details related to waste management by the entity, in the following format:
Parameter FY 2024-25 FY 2023-24
Total Waste generated (in metric tonnes)
Plastic waste (A) 818 506
E-waste (B) 61 86
Bio-medical waste (C) 1 0.54
Construction and demolition waste (D) 2,62,736 2,36,846
Battery waste (E) 204 56
Radioactive waste (F) 1 5
Other hazardous waste. Please specify, if any. (G) 4,303 7,326
Other non-hazardous waste generated (H). Please specify, if any. (Break-up 1,83,102 2,09,271
by composition i.e. by materials relevant to the sector)
Total (A+B + C + D + E + F + G + H) 4,51,226 4,54,097
Waste intensity per rupee of turnover (Total waste generated / 3.2 3.55
Revenue from operations) [MT/¢ Cr]
Waste intensity per rupee of turnover adjusted for PPP (Total waste 6.5 8.1
generated / Revenue from operations adjusted for PPP) [in MT/PPP
Mn USD]
For each category of waste generated, total waste recovered
through recycling, re-using or other recovery operations (in metric
tonnes)
(i) Recycled 19,475 2,05,822
(ii) Re-used 60,965 1,57,590
(iii) Other recovery operations 0 0
Total 80,440 3,63,412
For each category of waste generated, total waste disposed by
nature of disposal method (in metric tonnes)
(i) Incineration 83 0
(ii) Landfilling 1,17,645 73,535
(iii) Other disposal operations 2,55,233 3,633
Total 3,72,962 77,168
IMF PPP conversion rate (22.4), available for March 2024, was used for total income PPP adjusted value for FY 2023-24.
IMF had revised the PPP methodology and PPP conversion rate in October 2024. For FY 2024-25, latest IMF PPP
conversion rate (20.66) has been used.
Direct measurement (weighment) of waste is not feasible at all the locations, particularly at EPC project sites or for
all types of wastes and indirect estimation has been used in those locations and wastes. Specially, measurement of
construction and demolition waste presents a significant challenge due to heterogeneous composition, voluminous
nature and lack of standardised measurement protocols. For estimation of waste generation, volume of activity or
output at respective sites and waste generation per unit activity or process, has been used. In FY 2024-25, the Company
made significant improvement in capturing and managing data related to waste across sites by rolling out redesigned
Standard Operating Procedures (SOPs), implementing a new data management platform (L&T-EARTH) with checks and
analytics, and is in process of strengthening its reporting for ensuring its completeness and accuracy for waste including
construction & demolition waste.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external
agency? (Y/N). If yes, name of the external agency.
Yes, data assurance has been carried out by Deloitte Haskins & Sells LLP. The assurance statement is provided at the end
of BRSR report section in Integrated Annual Report FY 2024-25.
10. Briefly describe the waste management practices adopted in your establishments. Describe the strategy
adopted by your Company to reduce usage of hazardous and toxic chemicals in your products and processes
and the practices adopted to manage such wastes.
Waste management is an integral component of L&T’s EHS Management System. Each location — including EPC project
sites, manufacturing facilities, and campuses — operates with a location-specific waste management plan. These plans
are tailored based on the type and quantity of waste generated, as well as the applicable disposal methods, ensuring
site-level effectiveness and regulatory compliance.

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The Company emphasises the principles of the circular economy — Reduce, Reuse, Recycle (3Rs) — to minimise both
waste generation and off-site waste disposal. For hazardous waste, storage and disposal are carried out in strict
adherence to the consents issued by the Central or State Pollution Control Boards, aligned with relevant regulations
such as the Battery Waste Management Rules, 2022. All hazardous waste is handled exclusively through government-
authorised waste management agencies. To support effective implementation, regular training and awareness
programmes are conducted for both employees and contract workers. These initiatives help ensure that waste is managed
responsibly at every stage of the project lifecycle.
It is also important to note that L&T’s portfolio — comprising complex, engineered-to-order equipment for process
industries and other sectors — does not contain hazardous or toxic chemicals, further reducing environmental risk.
11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where
environmental approvals / clearances are required, please specify details:

Whether the conditions of environmental

Sl. approval /clearance are being complied
Location of operations/offices Type of Operations
No. with? (Y/N) If no, the reasons thereof and
corrective action taken, if any.
1 A. M. Naik Heavy Engineering Complex, Hazira, Manufacturing facility Yes
Gujarat - Company’s manufacturing facility
located along the banks of River Tapi, 8 km from
the Arabian Sea (only two jetty areas fall under
Coastal Regulation Zone not the entire facility)
2 Modular Fabrication Facility and Shipbuilding Manufacturing facility Yes
Facility in Kattupalli, Tamil Nadu - Company’s
manufacturing facilities located 40 km from
Chennai, adjoining the Bay of Bengal
3 Kachchi Dargah Bridge, Bihar – (EPC project) for EPC project Yes
construction of a bridge which spans the Ganges,
connecting Kacchi Dargah in Patna and Bidupur
in Hajipur
4 Mumbai Ahmedabad High Speed Rail Package EPC project Yes
C3 (between Shilphata and Zaroli village on
Maharashtra-Gujarat border), Maharashtra
- Contract (EPC project) for construction of
high-speed rail corridor comprising viaducts
and tunnels falling in forest area and coastal
regulation zones

12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in
the current financial year:

Whether the conditions of If no, the reasons there of

Location of operations/ Type of
S. No. environmental approval / clearance are and corrective action taken,
offices operations
being complied with? (Y/N) if any.
For projects executed as client contracts, the responsibility for conducting the Environmental Impact Assessment (EIA) lies with the
client. As per the contractual scope, L&T undertakes execution in accordance with the applicable environmental clearances and
regulatory requirements already secured by the client. While EIA is outside L&T’s direct scope for such projects, the Company remains
committed to environmental compliance and best practices during execution. All project activities are carried out in alignment with
L&T’s internal EHS Management System, ensuring mitigation of environmental risks and adherence to sustainability standards.

13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India, such as the
Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment
protection act and rules thereunder (Y/N).
Yes, the Company is compliant with the applicable Act(s) and Rule(s).

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LEADERSHIP INDICATORS
1. Water withdrawal, consumption, and discharge in areas of water stress (in kilolitres):
For each facility/plant located in areas of water stress, provide the following information:
(i) Name of the area(s): Water-stressed areas in Rajasthan, Uttar Pradesh, Gujarat, Haryana, Madhya Pradesh, Punjab,
and National Capital Territory of Delhi.
(ii) Nature of operations: EPC projects, awarded by clients, related to highways, railways, metro rail, water supply,
irrigation, and oil & gas facilities
(iii) Water withdrawal, consumption, and discharge in the following format:
Parameter FY 2024-25 FY 2023-24
Water withdrawal by source (in kilolitres)
Surface water 32,163 10,367
Groundwater 30,11,141 5,30,724
Third party water 95,719 15,64,155
Seawater / desalinated water 0 0
Others 14,69,436 2,43,695
Total volume of water withdrawal (in kilolitres) 46,08,459 23,48,941
Total volume of water consumption (in kilolitres) 32,23,890 15,97,080
Water intensity per rupee of turnover (Water consumed / turnover) 22.6 12.6
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water
- No treatment 0 0
- With treatment – please specify level of treatment 1,47,992 1,72,767
(Primary: 32,842) (Primary: 1,72,767)
(Secondary: 13,741)
(Tertiary: 1,01,409)
(ii) To Groundwater
- No treatment 0 0
- With treatment – please specify level of treatment 3,05,136 46,616
(Primary: 3,05,136) (Primary: 46,616)
(iii) To Seawater
- No treatment 0 0
- With treatment – please specify level of treatment 0 0
(iv) Sent to third parties@
- No treatment 1,11,636 1,61,597
- With treatment – please specify level of treatment 55,186 21,358
(Primary: 55,186) (Primary: 21,358)
(v) Others@
- No treatment 6,24,161 2,12,141
- With treatment – please specify level of treatment 4,039 1,41,274
(Secondary: 4,039) (Primary: 1,41,274)
Total water discharged (in kilolitres) (i + ii + iii + iv + v) 12,48,149 7,55,753
@ Sent to third-parties and others is wastewater discharged through municipal sewer connections or given to wastewater collection and
treatment service providers.
Volume of water for water stress areas has increased significantly compared to previous year due to increase in activities
at the EPC project sites located in water stress area and enhancement in data capturing of water data for water stress
areas. The Company implements watershed development projects in water stressed areas, as a part of CSR interventions,
to augment the water availability.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external
agency? (Y/N). If yes, name of the external agency.
No independent assessment/ evaluation/assurance has been carried out by an external agency for the water data related
to water stressed areas.

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2. Please provide details of total Scope 3 emissions & its intensity, in the following format:
Parameter UOM FY 2024-25 FY 2023-24
Total Scope 3 emissions (Break-up of GHG into CO2, tCO2e 74,58,242 70,73,536
CH4, N2O, HFCs, PFCs, SF6, NF3, if available)
Total Scope 3 emissions per rupee of turnover tCO2e/¢ Cr 52.3 56

Scope 3 emissions for the Company is reported for five categories, i.e. purchase of goods and services, upstream
transportation and distribution, business travel, employee commuting and downstream leased assets. The Company has
increased the coverage for purchased goods and included contribution from downstream leased assets in FY 2024-25
reporting. Emissions have been calculated based on Corporate Value Chain (Scope 3) Accounting and Reporting Standard
of the GHG Protocol. More than 95% of Scope-3 emissions are attributed to purchase of goods and within that category,
~90% is contributed by steel and cement used at EPC project sites for execution of contracts given by the clients.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external
agency? (Y/N).
No independent assessment/ evaluation/assurance has been carried out by an external agency for the above data.
3. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide
details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention
and remediation activities.

Sl. No. Location of operations/offices Actions taken

1 A. M. Naik Heavy Engineering Complex, Hazira No painting or sand blasting activities are carried out in the designated
(Only two jetty areas fall under CRZ and not the areas and no solid or liquid wastes are disposed in coastal area. Zero
entire facility) Liquid Discharge (ZLD) system has been implemented and green cover
with local species provided. All compliances, as required under Coastal
Regulation Zone (CRZ) rules, are being complied with.
2 Modular Fabrication Facility, Kattupalli and No ship-breaking activities are carried out and oil spill mitigation
Shipbuilding Facility, Kattupalli measures have been put in place. ZLD system has been implemented.
Phosphating and galvanising activities are carried out beyond CRZ
boundaries. All compliances, as required under CRZ rules, are being
complied with.
3 Kachchi Dargah Bridge, Bihar (EPC project Implementation of Environment Management Plan is monitored by
contract) third-party agency. For prevention of soil erosion near the bank of river
Ganges silt barrier has been provided and jetty has been constructed.
Wastewater being treated through Sewage Treatment Plant (STP), and
no solid or liquid waste discharged in river body. Muck disposal being
done as per prescribed norms. Construction activity is avoided to the
extent possible during night-time and during times of key seasonal
wildlife activity or breeding seasons.
4 Mumbai Ahmedabad High Speed Rail Package Implementation of Environment Management Plan is monitored by
C3, Maharashtra (EPC project contract) third-party agency. Noise and vibration levels are closely monitored,
and equipment fitted with silencers are deployed. Arrangements made
for controlled lighting and equipment movement is monitored to avoid
disturbance or negative impact on fauna. Special arrangements made
for disposal of muck and construction waste. Compensatory mangrove
plantation also undertaken.

Some locations mentioned in the previous year FY 2023-24 are closed on completion of contract.

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4. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve
resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide
details of the same as well as outcome of such initiatives, as per the following format:
Sl. Initiatives undertaken Details of the initiative (web-link, if any, may be provided Outcome of initiative
No. along with summary)
1 Switching from diesel Diesel power generators (DG sets) are used at EPC project sites Emissions avoided in FY
power generators to grid due to lack of grid connectivity or for backup power. Various 2024-25: ~2,760 tCO2e
electricity sites of the Company have already switched from DG sets to grid
power and other possible opportunities to implement the same
are being explored.
2 Using biodiesel to reduce Use of biodiesel has been identified as one of the key initiatives Emissions avoided in FY
diesel consumption to decarbonise energy consumption. In the previous year, the 2024-25: ~1,100 tCO2e
Company had initiated testing and pilot implementation of
biodiesel. This has now been taken up as an initiative across
different business units of L&T and there are targets set now for
replacement of diesel with biodiesel.
3 Reusing water in curing Concrete curing is an essential step in concrete works at EPC Freshwater avoided, through
process project sites to achieve desired concrete strength and durability. reuse, in FY 2024-25: ~1.78
This process requires moisture to be maintained at casted lakh kL
concrete for a defined time-period, e.g. 28 days, and requires
significant amount of water. Conventionally, the water runs-off
into the ground or storm water drain. L&T’s Heavy Civil business
has taken initiative to implement systems across all sites to
recover the run-off water from curing in a storage tank. This
water gets reused for curing purpose and helps reduce the
quantity of water required in the process.
4 Treated wastewater use Concrete works at EPC project sites require significant amount Freshwater avoided, through
instead of freshwater of water for different processes. Sourcing freshwater for use of treated wastewater, in
construction activities, particularly in water stressed areas, in FY 2024-25: ~6,000 kL
desired quantity becomes a challenge in some locations. Project
team at DMRC DC-09 project took initiative to look for alternate
sources of water and planned to source treated wastewater
from STPs of Delhi Jal Board. This helped not only ensure water
availability as per the requirements of the project but also helped
avoid sourcing of freshwater.
5 Concrete waste recycling Cube Testing is the typical process for confirming the concrete Helped avoid ~100 tonne of
strength and quality. This process normally uses destructive concrete waste from getting
testing methods and generates concrete waste. Conventionally sent to landfill.
this concrete waste is disposed by sending for landfills. At MAHSR
C-5 site, the project team undertook the initiative to recycle this
concrete waste into paver blocks. The paver blocks were made
by crushing concrete waste and mixing with other materials
before being casted in hydraulic press. These paver blocks are in
temporary works at the site itself as well as sent for use at other
sites.

Other significant initiatives are covered in ‘Natural Capital’ and ‘Intellectual Capital’ sections of Integrated Annual Report
FY 2024-25.
5. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web
link.
Disaster management is an important component of the planning or administration processes and included in EHS
management system. Disaster management and emergency response plans are made specific for the work location based
on the local conditions, location setup and potential emergencies which could be faced, e.g. natural calamities, major
fires, major accidents outside the site boundaries, toxic gas or chemical release, disease outbreak etc. These plans also
include details of Emergency Response Team with roles and responsibilities, Emergency Facilities and Emergency Contact
Numbers, designated Emergency Assembly Points and Flow Chart for Emergency Response. All relevant persons at the
location, including the employees, sub-contractors and contractual workers, emergency response teams are made aware
of the disaster management plans for the respective locations. Training and capacity-building programmes, including

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mock drills, are undertaken to maintain a high level of preparedness. L&T’s disaster management or emergency response
plans aim to ensure business continuity and safety of all personnel and other resources at the location.
6. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What
mitigation or adaptation measures have been taken by the entity in this regard?
No significant risks/concerns have been raised during the year. The Company ensures that the contractors, vendors,
suppliers comply with policies and guidelines including need for compliance with various environmental regulations and
ethical practices.
7. Percentage of value chain partners (by value of business done with such partners) that were assessed for
environmental impacts.
120 critical supply chain partners were assessed during the year, which is 23% of the total procurement by value of the
Company in FY 2024-25.
8. How many Green Credits have been generated or procured:
A. By the listed entity.
No Green Credits have been generated or procured by the Company in FY 2024-25. Green Credits programme
of Ministry of Environment, Forest and Climate Change (MoEFCC) does not currently allow private companies to
participate in the programme.
B. By the top ten (in terms of value of purchases and sales, respectively) value chain partners.
A few value chain partners, which are public sector enterprises, had applied and paid for procurement of Green
Credits. However, no Green Credits have been credited to their account in FY 2024-25. Green Credits programme of
MoEFCC does not currently allow private companies to participate in the programme.

Principle 7: Businesses, when engaging in influencing public and regulatory policy, should do
so in a manner that is responsible and transparent
ESSENTIAL INDICATORS
1. a. Number of affiliations with trade and industry chambers/ associations: 63
b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such
body) the entity is a member of/ affiliated to.
S. Reach of trade and industry chambers/
Name of the trade and industry chambers/ associations
No. associations (State/National)
1 Confederation of Indian Industry (CII) National
2 Federation of Indian Chambers of Commerce & Industry (FICCI) National
3 National Safety Council (NSC) National
4 European Foundation for Quality Management (EQFM) National
5 Construction Industry Development Council (CIDC) National
6 Quality Circle Forum of India (QCFI) National
7 American Society of Concrete Contractors (ASCC) International
8 British Safety Council (BSC) International
9 International Chamber of Commerce (ICC) International
10 International Water Association International

2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by
the entity, based on adverse orders from regulatory authorities.
There was no issue related to anti-competitive conduct by the entity during the year.

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LEADERSHIP INDICATORS
1. Details of public policy positions advocated by the entity
L&T actively engages in public policy advocacy across various sectors, aligning with its strategic business interests
and commitment to national development. The Company is also a key member in numerous committees of industry
associations such as FICCI, CII and councils in sectors such as energy storage, electronics (semiconductor), quality,
environment, climate change, capital goods, transport, aerospace, roads & highways, economic policy and others. The
Company also continuously engages with nodal agencies, government bodies to provide sector specific inputs and
expertise. Key areas of advocacy include:
z Environmental Regulations: L&T provides suggestions and inputs towards formulation of policies and regulations
that promote creation of a robust environment ecosystem and improve the ease of doing business.
z Carbon Credit Trading Scheme: The Company was a part of the public consultation process held by Bureau of
Energy Efficiency for finalisation of detailed procedure for participation as a non-obligated entity in the Indian carbon
market.
z Semiconductor and Technology Sector: L&T has pushed for policy incentives in the semiconductor sector,
specifically advocating for chip design incentives to be accessible to all companies. This move is intended to bolster
India’s capabilities in the semiconductor industry.
z Double Taxation Avoidance Agreement (DTAA) with Algeria to promote fair competition for Indian companies in
Algeria
z Continuation of Customs Duty Exemption for Shipbuilding
z Advocated for introduction of a broader and inclusive Green Taxonomy framework in India
z Nuclear Energy and Small Modular Reactors (SMRs): The Company has engaged in discussions on policy aspects
related to Small Modular Reactors, emphasing the need for a supportive regulatory framework to advance nuclear
energy solutions in India.
z Supporting Green Hydrogen Policy and Green Hydrogen Mission by actively participating in public policy
consultations and through engagements with regulators and industry associations.
z Reforms in Public Procurement Models for enhancing transparency, quality, and innovation in public
procurement.
These advocacy efforts are part of L&T’s broader strategy to influence policies that align with its business objectives and
contribute to India’s economic and infrastructural development.

Principle 8: Businesses should promote inclusive growth and equitable development

ESSENTIAL INDICATORS
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in
the current financial year.

Whether Results
SIA conducted by communicated
Name and brief details of Date of
notification independent in public Relevant Web Link
project notification
No. external agency domain (Yes
(Yes/No) / No)
Being engaged in the EPC business, Social Impact Assessment (SIA) for the projects are conducted by the customers, and thus this not
fall under the purview of the Company.

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2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being
undertaken by your entity, in the following format:

S. Name of Project for No. of Project Affected % of PAFs covered Amounts paid to PAFs in the FY
State District
No. which R&R is ongoing Families (PAFs) by R&R (In INR)
Any R&R owing to the projects falls under the contractual purview of the customer and not the Company.

3. Describe the mechanisms to receive and redress grievances of the community.

The Company has implemented comprehensive grievance redressal mechanisms across its project sites, manufacturing
facilities, campuses and offices to effectively collect and address community complaints and grievances. The
Administration and Industrial Relations teams at each location manage the collection and resolution of complaints
through various channels, including strategically placed complaint/suggestion boxes. Community members can lodge
grievances either in writing or orally with the Company’s designated personnel. Additionally, the Company provides the
contact details on its website https://www.larsentoubro.com/corporate/contact-us/ and has official social media handles
to submit feedback, complaints, or suggestions. All complaints and grievances are directed to the appropriate department
or individual for resolution. Progress is tracked until closure, and any unresolved issues or those requiring higher-level
intervention are escalated to the respective business heads for appropriate action. Additionally, the Company’s
whistleblower mechanism provides an alternative channel for lodging grievances, ensuring multiple avenues for the
community to voice their concerns.
The Company executes its CSR initiatives through collaborations and partnerships with NGOs, government agencies,
and L&T teams across campuses, project sites and operational locations. The primary objective is to enhance the quality
of life for individuals and communities while fostering positive and sustainable change. A structured grievance redressal
mechanism has been established for CSR projects, providing the community with a platform to voice concerns and
ensuring that issues are addressed in a manner that protects both individual and collective interests. Continuous feedback
from stakeholders is actively sought to strengthen and improve CSR initiatives.
Grievances related to CSR projects can be submitted in writing, either via email or letter, to the concerned Project Head/
Coordinator at the local CSR site. Upon receipt, the Project Head will record the grievance, examine the underlying
issues, and formulate an action plan for resolution. Feedback regarding the status of action will be provided within 20
days of receiving the grievance. Alternatively, grievances may also be submitted directly to Corporate CSR by emailing to
[email protected], with the same commitment to provide feedback within 20 days.
It is important to note that suggestions regarding the expansion of project scopes, requests for support for new activities,
or proposals for initiating projects in new locations or geographies fall outside the purview of the grievance redressal
mechanism.
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:

Particulars FY 2024-25 FY 2023-24

Directly sourced from MSMEs/ small producers 10% 8%
Directly from within India 70% 69%

Previous year’s figure of ‘directly from within India’ have been restated to reflect the merger of a subsidiary with L&T
Standalone.
5. Job creation in smaller towns - Disclose wages paid to persons employed (including employees or workers
employed on a permanent or non-permanent / on contract basis) in the following locations, as % of total
wage cost
In FY2023-24, around 80% of the jobs created was within India and 20% of the jobs were created outside India. Based
on the Circular No.: SEBI/HO/CFD/CFD-PoD-1/P/CIR/2024/177 dated December 20, 2024 and clarification provided by
‘Industry Standards Note on Business Responsibility and Sustainability Report (BRSR) Core’, the disclosure of jobs created
in smaller towns has been recalibrated for the reporting year and based on locations within India.

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The table below provides the jobs created within India for employees (permanent and other than permanent) and
permanent workers. The locations of the jobs created have been identified based on the location of the offices, project
sites’ offices and manufacturing locations.

Job creation in locations categorised as per RBI Classification FY 2024-25 FY 2023-24

System
Rural areas 10% 4%
Semi-urban areas 6% 2%
Urban areas 4% 4%
Metropolitan areas 80% 70%

The Company employs over 3,54,000 contractual workers annually on an average across its 700+ locations, engaging
contractors primarily under two categories: service contracts and manpower contracts. Refer to Principle 5, Essential
Indicator Q3(b) to understand the nature of challenges and approach for this disclosure.
The reported data below is based on the CLRA filings done by the Company and on the calendar year basis (Jan-Dec
2024) and provides the jobs created for other than permanent (contractual) workmen created within India. The locations
of the jobs created have been identified based on the location of the offices, project sites’ offices and manufacturing
locations.

Job creation in locations categorised as per RBI Classification CY 2024 FY 2023-24

System
Rural areas 18%
Semi-urban areas 18%
Not tracked and reported
Urban areas 15%
Metropolitan areas 49%

LEADERSHIP INDICATORS
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact
Assessments (Reference: Question 1 of Essential Indicators above):

Details of negative social impact identified Corrective action taken

No actions required to be taken by the Company

2. Provide the following information on CSR projects undertaken by your entity in designated aspirational
districts as identified by government bodies:

S. No. State Aspirational District Amount spent (In ¢)

1 Andhra Pradesh Visakhapatnam 1,80,33,567
2 Assam Dhubri 59,30,940
3 Jharkhand Hazaribagh 5,52,842
4 Jharkhand Ranchi 9,87,000
5 Odisha Balangir 3,02,924.6
6 Odisha Kalahandi 3,91,428
7 Punjab Moga 5,36,999.7
Total 2,67,35,701

3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers
comprising marginalized /vulnerable groups? (Yes/No). If NA, provide details.
The Company follows structured procurement practices that align with its commitment to quality, sustainability, and
ethical standards. The Company has a Code of Conduct for Suppliers, which emphasises fair working conditions,
environmental sustainability, adherence to human rights and ethical business practices. L&T also integrates policies

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like Sustainable Supply Chain Policy to promote responsible sourcing and reduce environmental impact. There is no
specific preferential procurement policy, but businesses have various processes that facilitate the following:
z Encourage small and medium enterprises (SMEs) in bid submission
z Promote social responsibility and encourage supply chain partners to act responsibly with the stakeholders,
especially local and vulnerable communities
Due to the nature of business and bulk material requirement, there are very limited options to procure from these
groups and are being sourced from large scale companies.
(b) From which marginalized /vulnerable groups do you procure?
We procure from groups such as person with disabilities, women self help group and others.
(c) What percentage of total procurement (by value) does it constitute?
The Company engages with marginalised and vulnerable groups, such as women-led Self-Help Groups (SHGs),
local farmers and small business owners, primarily for the supply of food to canteens at its manufacturing facilities.
However, the overall purchase value from these groups remains minimal compared to the Company’s total
procurement spend. This is largely attributable to the nature of the Company’s core operations, which require the
procurement of bulk industrial materials such as cement, steel, fuel, pipes, cables, and ready-mix concrete, along
with services such as logistics, IT, IT-enabled services (ITES), and manpower subcontracting. These requirements are
typically met by large and mid-sized enterprises due to scale, quality, and compliance demands.
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity
(in the current financial year), based on traditional knowledge:
S. No. Intellectual Property based on Owned/ Acquired Benefit shared (Yes Basis of calculating
traditional knowledge (Yes/No) / No) benefit share
The Company does not have any intellectual property owned, created, or acquired based on traditional knowledge during the year.

5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes
wherein usage of traditional knowledge is involved.
Name of authority Brief of the Case Corrective action taken
The Company does not have any intellectual property owned, created, or acquired based on traditional knowledge during the year.

6. Details of beneficiaries of CSR Projects:

% of beneficiaries
S. Persons benefitted
CSR Project from vulnerable and
No. from CSR Projects
marginalized groups

1 Construction Skills Training Institutes and other skilling programmes for 17,750 100%
women and youth

2 Enhancing educational infrastructure in schools 2,32,656 100%

3 Promoting STEM Education in schools and Improving quality of education 52,924 100%

4 Water conservation initiatives and Integrated Community Development 42,962 100%

Programme for Rural Areas

5 Environment conservation initiatives 5,43,889 100%

6 Community health initiatives 10,09,069 100%

Total 18,99,250

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Principle 9: Businesses should engage with and provide value to their consumers in a
responsible manner
ESSENTIAL INDICATORS
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
L&T operates predominantly in the B2B (business-to-business) sector. L&T provides a wide range of services and solutions
to various industries, including engineering, construction, manufacturing. L&T has established multiple channels to
receive and address consumer complaints and feedback.
z Communication: Customer complaints are received through email, transmittal letters, customer complaint registers
and even verbally directly by project teams or facility admins. The Company also has a toll-free number and e-mail ID
at [email protected] for collecting the customer inputs/feedback. Feedback from the customers is collected
through a structured feedback form on a periodic basis. Format to record the complaints/feedback as well as SOPs
to handle them are part of the Quality Management System. Inputs received from the customers are categorised
and forwarded to the relevant teams or departments, which take the necessary action to resolve the complaints and
respond to the customers. Each business unit maintains a record of complaints received and resolutions provided.
These are reviewed at regular intervals at different management levels, starting from project teams and up to
Business Head and Executive Committee level.
z Physical Offices: L&T maintains several offices across India where consumers can address their concerns in person or
via mail to the concerned department or person.
z L&T’s Investor Relations Cell: can be contacted at [email protected]
2. Turnover of products and/ services as a percentage of turnover from all products/service that carry
information about:

Particulars As a percentage to total turnover

Environmental and social parameters relevant to the product
Safe and responsible usage Not applicable
Recycling and/or safe disposal

The Company does not manufacture or sell consumer products. The products manufactured by the Company are
engineered-to-order equipment, modules, sub-systems etc. which are for process industries and other such sectors. All
relevant information e.g., operating parameters, maintenance process etc. are provided for these products.
3. Number of consumer complaints in respect of the following:

FY 2024-25 FY 2023-24
(Current Financial Year) (Previous Financial Year)
Pending
Particulars Received Pending Remarks Received Remarks
resolution
during the resolution at during the
at end of
year end of year year
year
Data privacy 0 0 – 0 0 –
Advertising 0 0 – 0 0 –
Cyber-security 0 0 – 0 0 –
Delivery of essential 0 0 – 0 0 –
services
Restrictive Trade Practices 0 0 – 0 0 –
Unfair Trade Practices 0 0 – 0 0 –
Other 0 0 – 0 0 –

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Sustainability Reporting

4. Details of instances of product recalls on account of safety issues:

Particulars Number Reasons for recall

Voluntary recalls The products manufactured by the Company are engineered-to-order equipment, modules, sub-
systems, which are for process industries and other such sectors. There were no product recalls
Forced recalls (voluntary or forced) made on ground of safety in FY 2024-25.

5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No). If
available, provide a web-link of the policy.
L&T demonstrates a strong commitment to cybersecurity and data privacy through comprehensive policies and strategic
initiatives:
z Data Privacy Policy: L&T’s Privacy Policy outlines the collection, use, and protection of personal information.
The policy emphasises the secure storage of personal data on password- and firewall-protected servers. It also
acknowledges the inherent risks of internet data transmission and advises users accordingly. Additionally, the policy
addresses the use of cookies and provides guidance on managing them.
z Cybersecurity Initiatives: L&T has partnered with PwC to enhance its cybersecurity infrastructure. This
collaboration led to the centralization of 24x7 security operations, addressing challenges such as a rapidly expanding
IT landscape and real-time threat identification. The initiative also focused on leveraging hyper-automation and
predictive analytics to bolster threat detection and response capabilities.
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of
essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls;
penalty / action taken by regulatory authorities on safety of products / services.
No cases/complaints received in above matters.
7. Provide the following information relating to data breaches:
a. Number of instances of data breaches along-with impact
b. Percentage of data breaches involving personally identifiable information of customers
c. Impact, if any, of the data breaches
There were no data breaches during the year.
LEADERSHIP INDICATORS
1. Channels / platforms where information on products and services of the entity can be accessed (provide web
link, if available).
L&T offers detailed information about its diverse products and services through various official channels:
z Corporate Website: The primary source for comprehensive details on L&T’s offerings is its official website at
https://www.larsentoubro.com. Here, users can explore the “Products and Services” section, which provides insights
into the Company’s extensive range of solutions across sectors such as infrastructure, hydrocarbon, power, process
industries, precision engineering and other industries.
z Division Websites: L&T’s various business divisions maintain dedicated websites that offer in-depth information on
their specific products and services:
– L&T Construction: as one of the largest construction organisations globally, L&T Construction’s website details
its capabilities in infrastructure and related sectors.
– Hydrocarbon: details out the capabilities in Offshore, Onshore EPC, Modular Fabrication, Asset Management,
Offshore Wind
– Heavy Engineering: showcases the capabilities in Process Plant, Nuclear Power Plant, Special Fabrication Unit
and others

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Overview Discussion and Analysis Report Reports Statements

– Other key businesses such as Rubber Processing Machinery, Construction & Mining Machinery, shipbuilding,
Precision Engineering and Systems, L&T-SuFin, L&T-EduTech, L&T-Cloudfiniti and more
– L&T Realty: Focused on real estate development, L&T Realty’s website offers insights into residential,
commercial, and retail projects across India.
z Annual Reports and Investor Presentations: L&T’s annual reports and investor presentations, accessible through
the ‘Investors’ section of the corporate website, provide detailed overviews of business performance, new projects,
and strategic initiatives across various sectors.
z Social Media Platforms: L&T maintains active profiles on platforms like LinkedIn, X (formerly Twitter), and YouTube,
where the Company shares business updates, project highlights, CSR and sustainability initiatives, information about
their products and services, to name a few. By utilising these channels, stakeholders can access detailed and up-to-
date information on L&T’s diverse products and services across its various business sectors.
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.
The Company does not operate in B2C space, and the products manufactured are engineered-to-order equipment,
modules, sub-systems which are for process industries and other such sectors. The Company engages with its clients/
customers on a regular basis to explain about its products, innovations, new technologies and techniques that are
implemented or proposed to be implemented to enhance product quality and features.
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.
The Company does not have any direct presence or role in provision of essential services. However, during execution
of projects and transportation of machinery/equipment, the clients and concerned public departments/authorities are
informed in advance through transmittal letters and their permissions are sought for road closure, traffic diversion,
isolation of utility supplies and so on.
4. Does the entity display product information on the product over and above what is mandated as per local
laws? (Yes/No/Not applicable)? Did your entity carry out any survey with regard to consumer satisfaction
relating to the major products / services of the entity, significant locations of operation of the entity or the
entity as a whole? (Yes/No)
The Company does not manufacture or sell products which are covered under such laws. L&T ensures that the
relevant information is provided, which may include detailed technical specifications, safety guidelines, environmental
considerations, quality certifications, and user instructions. For certain projects and solutions, especially in sectors like
infrastructure, power, and heavy engineering, L&T also shares environmental performance data, sustainability impacts,
and operation & maintenance insights with clients. These additional disclosures are aimed at enabling customers and
end-users to make informed decisions, enhance safe usage, and support transparency and trust in the Company’s product
and service delivery.
L&T regularly conducts customer satisfaction surveys across its key business verticals to gather insights on customer
experience, service quality, and product performance, which are ingrained in the Quality Management Systems. These
surveys are structured to assess customer feedback across major products and services and are conducted in significant
locations of operation, including India and international markets.
L&T’s customer feedback mechanisms include structured surveys, client review meetings, third-party assessments, and
digital platforms, which collectively help in understanding client expectations and areas for improvement. The feedback is
collected through a structured questionnaire based on relevant parameters and a 10-point Likert scale. Typically, feedback
is collected on a half-yearly or annual basis.
Insights gathered from these surveys are reviewed by senior leadership and integrated into continuous improvement
programmes across business units, ensuring alignment with our commitment to customer-centric excellence. Additionally,
specific business verticals have dedicated teams that engage with clients and key stakeholders to measure satisfaction
levels, address grievances, and enhance service delivery.

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 Reasonable Assurance Report

Independent Practitioner’s Reasonable Assurance Report on Identified

Sustainability Information In Larsen And Toubro Limited’s Business
Responsibility And Sustainability Report
To the Board of Directors
of LARSEN & TOUBRO LIMITED
1. We have undertaken to perform reasonable assurance engagement, for LARSEN AND TOUBRO LIMITED (the “Company”)
vide our engagement letter dated February 20, 2025 in respect of the agreed Sustainability Information listed below (the
“Identified Sustainability Information” or “BRSR Core indicators”) in accordance with the Criteria stated in paragraph
3 below. This Sustainability Information is included in the Business Responsibility and Sustainability Report (the “BRSR”
or the “Report”) of the Integrated Annual Report (the “IAR”) of the Company for the year ended March 31, 2025. This
engagement was conducted by our multidisciplinary team including assurance practitioners, environmental engineers and
specialists.
2. Identified Sustainability Information
Our scope of reasonable assurance consists of the BRSR Core indicators listed in the Appendix I to our report. The
reporting boundary of the Report is as disclosed in Question 13 of Section A: General Disclosure of the BRSR with
exceptions disclosed by way of note under respective questions of the BRSR, where applicable.
3. Criteria
The Criteria used by the Company to prepare the Identified Sustainability Information is as under:
z Regulation 34(2)(f) of the Securities and Exchange Board of India (the “SEBI”) (Listing Obligations and Disclosure
Requirements), Regulations, 2015 as amended;
z Business Responsibility and Sustainability Reporting Requirements for listed entities per Master Circular No. SEBI/HO/
CFD/PoD2/CIR/P/0155 dated November 11, 2024 (the “SEBI Master Circular”); SEBI Press Release PR No.36/2024
dated December 18, 2024;
z Industry Standards on Reporting of BRSR Core as per SEBI Circular SEBI/HO/CFD/CFD-PoD- 1/P/CIR/2024/177 dated
December 20, 2024; and
z SEBI Circular SEBI/HO/CFD/CFD - PoD-1/P/CIR/2025/42 dated March 28, 2025.
4. Management’s Responsibility
The Company’s management is responsible for selecting or establishing suitable criteria for preparing the Sustainability
Information including the reporting boundary of the Report, taking into account applicable laws and regulations, if any,
related to reporting on the Sustainability Information, identification of key aspects, engagement with stakeholders,
content, preparation and presentation of the Identified Sustainability
Information in accordance with the Criteria. This responsibility includes design, implementation and maintenance of
internal control relevant to the preparation of the Report and the measurement of Identified Sustainability Information,
which is free from material misstatement, whether due to fraud or error.
5. Inherent limitations
The absence of a significant body of established practice on which to draw to evaluate and measure non- financial
information allows for different, but acceptable, measures and measurement techniques and can affect comparability
between companies.
6. Our Independence and Quality Control
We have maintained our independence and confirm that we have met the requirements of the Code of Ethics issued by
the Institute of Chartered Accountants of India (the “ICAI”) and the and the SEBI Master and its clarifications thereto and
have the required competencies and experience to conduct this assurance engagement.

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We apply Standard on Quality Control (“SQC”) 1, “Quality Control for Firms that Perform Audits and Reviews of
Historical Financial Information, and Other Assurance and Related Services Engagements”, and accordingly maintain a
comprehensive system of quality control including documented policies and procedures regarding compliance with ethical
requirements, professional standards, and applicable legal and regulatory requirements.
7. Our Responsibility
Our responsibility is to express a reasonable assurance opinion on the Identified Sustainability Information listed in
Appendix I based on the procedures we have performed and evidence we have obtained.
We conducted our engagement in accordance with the Standard on Sustainability Assurance Engagements (SSAE) 3000,
“Assurance Engagements on Sustainability Information”, and Standard on Assurance Engagements (SAE) 3410 Assurance
Engagements on Greenhouse Gas Statements (together the “Standards”), both issued by the Sustainability Reporting
Standards Board (the “SRSB”) of the ICAI.
These Standards require that we plan and perform our engagement to obtain reasonable assurance about whether the
Identified Sustainability Information listed in Appendix I and included in the Report are prepared, in all material respects,
in accordance with the Criteria stated under paragraph 3 above.
As part of reasonable assurance engagement in accordance with the Standards, we exercise professional judgment and
maintain professional skepticism throughout the engagement.
8. Reasonable Assurance
A reasonable assurance engagement involves identifying and assessing the risks of material misstatement of the
Identified Sustainability Information whether due to fraud or error, responding to the assessed risks as necessary in the
circumstances.
The procedures we performed were based on our professional judgment and included inquiries, observation of processes
performed, inspection of documents, evaluating the appropriateness of quantification methods and reporting policies,
analytical procedures and agreeing or reconciling with underlying records.
Given the circumstances of the engagement, in performing the procedures listed above, we:
i. Obtained an understanding of the Identified Sustainability Information and related disclosures;
ii. Obtained an understanding of the assessment criteria and their suitability for the evaluation and/or measurements of
the Identified Sustainability Information;
iii. Made inquiries of Company’s Management, including sustainability team, compliance team, human resource team
amongst others and those with the responsibility for preparation of the Report;
iv. Obtained an understanding and performed an evaluation of the design of the key systems, processes and controls
for recording, processing and reporting on the Identified Sustainability Information at the corporate office and at
other project locations/offices on a sample basis. This included evaluating the design of those controls relevant to the
engagement and determining whether they have been implemented by performing procedures in addition to inquiry
of the personnel responsible for the Identified Sustainability Information;
v. Based on the above understanding and the risks that the Identified Sustainability Information may be materially
misstated, determined the nature, timing and extent of further procedures;
vi. Tested the key assumptions, emission factors and methodologies used for calculation of Greenhouse Gas (the
“GHG”) emissions;
vii. Tested the Company’s process for collating the sustainability information through agreeing or reconciling the
Identified Sustainability Information with the underlying records on a sample basis; and
viii. Tested the consolidation for project locations/offices on a sample basis and corporate office under the reporting
boundary for ensuring the completeness of data being reported.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our reasonable
assurance opinion.

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 Reasonable Assurance Report

9. Exclusions
Our assurance scope excludes the following and therefore we do not express an opinion on:
z Aspects of the Report and the data/information (qualitative or quantitative) other than the Identified Sustainability
Information; and
z The statements that describe expression of opinion, belief, aspiration, expectation, aim, or future intentions provided
by the Company.
10. Other information
The Company’s Management is responsible for the Other information. The Other information comprises the information
included within the BRSR, other than Identified Sustainability Information and our independent assurance report dated
May 22, 2025 thereon.
Our opinion on the Identified Sustainability Information does not cover the Other information and we do not express any
form of assurance thereon.
In connection with our assurance engagement of the Identified Sustainability Information, our responsibility is to read the
Other information and, in doing so, consider whether the Other information is materially inconsistent with the Identified
Sustainability Information or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this Other information,
we are required to report that fact. We have nothing to report in this regard.
11. Basis for Qualified Conclusion
i. As described in the Note to BRSR - Section C: Principle 6 “Business should respect and make efforts to respect
and restore the environment” - Essential Indicators 3 and 4 of the Report which pertains to details related to
water, the Company has redesigned its Standard Operating Procedures (the “SOPs”), by implementing a new data
management platform and has adopted a hybrid approach consisting of direct measurement through flowmeters
or through estimation where direct measurement is not possible. However, the Company’s redesigned SOPs are
not uniformly implemented across project sites in relation to use of appropriate estimation methods for water
withdrawal, wastewater generation and water discharge. In the absence of sufficient appropriate evidence to test the
completeness and accuracy of the disclosures under Essential Indicators 3 and 4 as at and for the year ended March
31, 2025, we were unable to determine whether any adjustments to the reported figures with respect to those
essential indicators were necessary or not as at and for the year ended March 31, 2025.
ii. As described in the Note to BRSR - Section C: Principle 6 “Business should respect and make efforts to respect
and restore the environment” - Essential Indicator 9 of the Report which pertains to details related to waste
management, the quantification of construction and demolition waste (the “C&D waste”) generated and its disposal
is complex due to heterogeneous composition, voluminous nature and due to lack of application of standardised
measurement methodology. Considering the complexity, the Company has used estimation methods for measuring
waste generation based on volume of activity or output at respective sites and waste generation per unit activity or
process. In the absence of sufficient appropriate evidence to test the completeness and accuracy of the disclosures
under the C&D waste as at and for the year ended March 31, 2025, we were unable to determine whether any
adjustments to the reported figures with respect to the C&D waste were necessary or not as at and for the year
ended March 31, 2025.
iii. As described in the Note to BRSR Section C Principle 5 “Businesses should respect and promote human rights”
– Essential Indicator 3(b) “Gross wages paid to females as % of total wages paid by the entity” and Principle 8
“Businesses should promote inclusive growth and equitable development” – Essential Indicator 5 “Job Creation in
smaller towns”, the Company has considered the wages paid to other-than-permanent workers based on filings
made under Contract Labour (Regulation and Abolition) Act (the “CLRA”) for the calendar year 2024. The data
collation process is largely manual and is not reconciling completely with the source documents (i.e. wage registers,
invoices etc.). In the absence of sufficient appropriate evidence to check the accuracy of the disclosures under “Gross
wages paid to females as % of total wages paid by the entity“ and “Job Creation in smaller towns” as at and for

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Overview Discussion and Analysis Report Reports Statements

the year ended March 31, 2025, we were unable to determine whether any adjustments to the reported figures
with respect to “Gross wages paid to females as % of total wages paid by the entity“ and “Job Creation in smaller
towns” were necessary or not as at and for the year ended March 31, 2025.
12. Qualified Reasonable Assurance Opinion
Except for the effect of the matter described in the Basis for Qualified Conclusion section of our report, the Identified
Sustainability information as mentioned in Annexure I is fairly presented, in all material respects, in accordance with
Criteria mentioned in paragraph 3 above.
13. Restriction on use
Our Reasonable Assurance report has been prepared and addressed to the Board of Directors of the Company at
the request of the Company solely, to assist the Company in reporting on Company’s sustainability performance and
activities. Accordingly, we accept no liability to anyone, other than the Company. Our Reasonable Assurance report
should not be used for any other purpose or by any person other than the addressees of our report. We neither accept
nor assume any duty of care or liability for any other purpose or to any other party to whom our report is shown or into
whose hands it may come without our prior consent in writing.
For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm’s Registration No. 117366W / W-100018)

Pratiq Shah
Partner Membership No. 111850
UDIN:25111850BNUHLR1326
Place: Mumbai
Date: May 22, 2025

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 Reasonable Assurance Report

APPENDIX I
Identified Sustainability Information subject to Reasonable Assurance

Sr. No Reporting Indicator number

Standard
Reference

Section C: Principle [P] Wise Performance Disclosures- Essential Indicators [E]

1 P-1 [E]-8 Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured).

2 P-1 [E]-9 Details of concentration of purchases and sales with trading houses, dealers, and related parties along-with
loans and advances and investments, with related parties.

3 P-3 [E]-1(c) Spending on measures towards well-being of employees and workers (including permanent and other than
permanent)

4 P-3 [E]-11 Details of safety related incidents:

- Loss Time Injury Frequency Rate (LTIFR) (per one million person hours worked) (employees and workers)
- Total recordable work related injuries (LTI) (employees and workers)
- Number of fatalities (employees and workers)
- High consequence work-related injury or ill-health (excluding fatalities) (employees and workers)

5 P-5 [E]-3(b) Gross wages paid to females as % of total wages paid by the entity.

6 P-5 [E]-7 Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013:
- Total Complaints on Sexual Harassment (POSH) reported
- Complaints on POSH as a % of female employees / workers
- Complaints on POSH upheld

7 P-6 [E]-1 Details of total energy consumption (in Joules or multiples) and energy intensity;
- Total Energy consumed
- Total energy consumed from renewable sources (% of energy consumed from renewable sources)
- Energy intensity per rupee of turnover (Total energy consumed / Revenue from operations)
- Energy intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP) (Total energy consumed /
Revenue from operations adjusted for PPP)

8 P-6 [E]-3 Disclosures related to water withdrawal and consumption:

- Water withdrawal by source (in kiloliters)
- Total volume of water withdrawal (in kiloliters)
- Total water consumption (in kiloliters)
- Water intensity per rupee of turnover (Total water consumed / Revenue from operations)
- Water intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP) (Total Water consumed /
Revenue from operations adjusted for PPP)

9 P-6 [E]-4 Water Discharge by destination and level of treatment (in kiloliters)

10 P-6 [E]-7 Details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) and its intensity:
- Total Scope 1 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available)
- Total Scope 2 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available)
- Total Scope 1 and Scope 2 emission intensity per rupee of turnover (Total Scope 1 and Scope 2 GHG
emissions / Revenue from operations)
- Total Scope 1 and Scope 2 emission intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP)
(Total Scope 1 and Scope 2 GHG emissions / Revenue from operations adjusted for PPP)

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Overview Discussion and Analysis Report Reports Statements

Sr. No Reporting Indicator number

Standard
Reference

Section C: Principle [P] Wise Performance Disclosures- Essential Indicators [E]

11 P-6 [E]-9 Details related to waste management by the entity:

- Total weight of waste generated (in metric tons)
- Waste intensity per rupee of turnover (Total waste generated / Revenue from operations)
- Waste intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP) (Total waste generated /
Revenue from operations adjusted for PPP)
- For each category of waste generated, total waste recovered through recycling, re-using or other recovery
operations (in metric tons)
- For each category of waste generated, total waste disposed by nature of disposal method (in metric tons)

12 P-8 [E]-4 Percentage of input material (inputs to total inputs by value) sourced from suppliers.
- Directly sourced from MSMEs/small producers
- Directly from within India

13 P-8 [E]-5 Job creation in smaller towns- wages paid to persons employed (including employees or workers employed on a
permanent or non-permanent / on contract basis), as % of total wage cost.

14 P-9 [E]-7 Information relating to data breaches:

- Number of instances of data breaches
- Percentage of data breaches involving personally identifiable information of customers
- Impact, if any, of the data breaches

355
 Notice

LARSEN & TOUBRO LIMITED

Regd. Office: L&T House, Ballard Estate, Mumbai 400 001.
CIN: L99999MH1946PLC004768
Email: [email protected] • Website: www.larsentoubro.com
Tel No: 022-67525656 • Fax No: 022-67525858

Notice RESOLVED FURTHER THAT Mr. Subramanian Sarma

in his capacity as the Deputy Managing Director &
President, be paid remuneration as may be fixed by
NOTICE IS HEREBY GIVEN THAT the Eightieth Annual
the Board, from time to time, as prescribed under the
General Meeting of LARSEN & TOUBRO LIMITED will be
Companies Act, 2013 and within the limits approved
held through VIDEO CONFERENCING OR OTHER AUDIO-
by the members as per the details given in the
VISUAL MEANS on Tuesday, June 17, 2025 at 3:00 P.M.
explanatory statement.”
IST to transact the following business:
Ordinary Business 7) Re-appointment of Mr. S. V. Desai (DIN: 07648203)
as a Whole-time Director.
1) To consider and adopt the audited standalone financial
statements of the Company for the year ended March To consider and, if thought fit, to pass the following as
31, 2025 and the Reports of the Board of Directors an ORDINARY RESOLUTION:
and Auditors’ thereon.
“RESOLVED THAT pursuant to the provisions
2) To consider and adopt the audited consolidated of Sections 196, 197, 203 and other applicable
financial statements of the Company for the year provisions, if any, of the Companies Act, 2013 (the
ended March 31, 2025 and the report of the Auditors’ “Act”), read with Schedule V of the Act and the
thereon. rules made thereunder and subject to such consents,
permissions and approvals as may be required in this
3) To declare a final Dividend of ¢ 34 per share of face
regard, Mr. S. V. Desai (DIN: 07648203) be and is
value of ¢ 2/- each for FY 2024-25.
hereby re-appointed as the Whole-time Director of
4) To appoint a Director in place of Mr. S. V. Desai (DIN: the Company with effect from July 11, 2025 upto and
07648203), who retires by rotation and being eligible, including July 4, 2030.
offers himself for re-appointment.
RESOLVED FURTHER THAT Mr. S. V. Desai in his
5) To appoint a Director in place of Mr. T. Madhava Das capacity as Whole-time Director, be paid remuneration
(DIN: 08586766), who retires by rotation and being as may be fixed by the Board, from time to time, as
eligible, offers himself for re-appointment. prescribed under the Companies Act, 2013 and within
the limits approved by the members as per the details
Special Business
given in the explanatory statement.”
6) Appointment of Mr. Subramanian Sarma (DIN:
00554221) as the Deputy Managing Director & 8) Re-appointment of Mr. T. Madhava Das (DIN:
President. 08586766) as a Whole-time Director.

To consider and, if thought fit, to pass the following as To consider and, if thought fit, to pass the following as
an ORDINARY RESOLUTION: an ORDINARY RESOLUTION:

“RESOLVED THAT pursuant to Sections 196, 197, “RESOLVED THAT pursuant to the provisions
203 and other applicable provisions, if any, of the of Sections 196, 197, 203 and other applicable
Companies Act, 2013 (the “Act”) read with Schedule provisions, if any, of the Companies Act, 2013 (the
V of the Act and the rules made thereunder and “Act”), read with Schedule V of the Act and the
subject to such consents, permissions and approvals rules made thereunder and subject to such consents,
as may be required in this regard, Mr. Subramanian permissions and approvals as may be required in this
Sarma (DIN: 00554221) be and is hereby appointed regard, Mr. T. Madhava Das (DIN: 08586766) be and
as the Deputy Managing Director & President of the is hereby re-appointed as the Whole-time Director of
Company with effect from April 2, 2025 upto and the Company with effect from July 11, 2025 upto and
including February 3, 2028. including July 10, 2030.

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RESOLVED FURTHER THAT Mr. T. Madhava Das in his to the Company for entering into and/or continuing to
capacity as Whole-time Director, be paid remuneration enter into contracts/transactions, with Larsen Toubro
as may be fixed by the Board, from time to time, as Arabia LLC, a subsidiary of the Company and Related
prescribed under the Companies Act, 2013 and within Party within the meaning of Section 2(76) of the Act
the limits approved by the members as per the details and Regulation 2(1)(zb) of the Listing Regulations,
given in the explanatory statement.” in the nature of a) sale, purchase, lease or supply of
goods, business assets or property or equipment;
9) Appointment of M/s S. N. Ananthasubramanian
b) availing or rendering of services; c) transfer or
& Co., Practicing Company Secretaries, as the
exchange of any resources, services or obligations
Secretarial Auditors and fix their remuneration.
to meet its business objectives/ requirements;
To consider and, if thought fit, to pass the following as d) providing parent company guarantees or letter of
an ORDINARY RESOLUTION: comfort or undertaking (“Related Party Transactions”),
aggregating upto an amount not exceeding ¢ 12,600
“RESOLVED THAT pursuant to the provisions of
crore on such material terms and conditions as
Section 204 of the Companies Act, 2013, and
detailed in the explanatory statement to this resolution
Regulation 24A of the SEBI (Listing Obligations and
and as may be decided by the Board of Directors of
Disclosure Requirements) Regulations, 2015, including
the Company (including any Committee thereof) as
any statutory modification(s) or re-enactment(s)
deemed fit, from time to time.
thereof for the time being in force, M/s. S. N.
Ananthasubramanian & Co. (SNACO), Practising RESOLVED FURTHER THAT the Board of Directors
Company Secretaries (Firm registration No. P1991 and/or the Audit Committee of the Company be and is
MH040400), be and is hereby appointed as the hereby authorised to delegate all or any of the powers
Secretarial Auditors of the Company, for a term of five conferred on it as they may deem fit and to do all
consecutive financial years commencing from April such acts and take all such steps as may be considered
1, 2025 till March 31, 2030, at such remuneration as necessary or expedient to give effect to the aforesaid
may be determined by the Board of Directors of the resolution.”
Company (including its Committee thereof as may be
11) Entering into material Related Party Transactions
authorised in this regard).
with L&T Metro Rail (Hyderabad) Limited.
RESOLVED FURTHER THAT the Board of Directors of
To consider and, if thought fit, to pass the following as
the Company (including any committee thereof), be
an ORDINARY RESOLUTION:
and are hereby authorised to decide and finalize the
terms and conditions of appointment, including the “RESOLVED THAT pursuant to the provisions of
remuneration of the Secretarial Auditors, from time Regulation 23(4) of the SEBI (Listing Obligations
to time, and to do all such acts, deeds, matters and and Disclosure Requirements) Regulations, 2015
things as may be considered necessary, desirable or (the “Listing Regulations”), applicable provisions
expedient to give effect to this resolution.” of the Companies Act, 2013 (the “Act”) and the
Rules made thereunder and other applicable laws
10) Entering into material related party transactions
including any amendments, modifications, variations
with Larsen Toubro Arabia LLC.
or re-enactments thereof, Related Party Transactions
To consider and, if thought fit, to pass the following as Policy of the Company and pursuant to the
an ORDINARY RESOLUTION: recommendations of the Audit Committee and the
Board of Directors of the Company, approval of the
“RESOLVED THAT pursuant to the provisions of
Members of the Company be and is hereby accorded
Regulation 23(4) of the SEBI (Listing Obligations
to the Company for entering into and/or continuing to
and Disclosure Requirements) Regulations, 2015
enter into contracts/transactions, with L&T Metro Rail
(the “Listing Regulations”), applicable provisions
(Hyderabad) Limited, a subsidiary of the Company
of the Companies Act, 2013 (the “Act”) and the
and Related Party within the meaning of Section
Rules made thereunder and other applicable laws
2(76) of the Act and Regulation 2(1)(zb) of the Listing
including any amendments, modifications, variations
Regulations, in the nature of a) sale, purchase, lease
or re-enactments thereof, Related Party Transactions
or supply of goods or business assets or property
Policy of the Company and pursuant to the
or equipment; b) availing or rendering of services;
recommendations of the Audit Committee and the
c) transfer of any resources, services or obligations to
Board of Directors of the Company, approval of the
meet the Company’s business objectives/ requirements;
Members of the Company be and is hereby accorded
d) providing parent company guarantees or letter of

357
 Notice

comfort or undertaking (“Related Party Transactions”), conferred on it as they may deem fit and to do all
aggregating upto an amount not exceeding ¢ 11,000 such acts and take all such steps as may be considered
crore on such material terms and conditions as necessary or expedient to give effect to the aforesaid
detailed in the explanatory statement to this resolution resolution.”
and on such terms and conditions as may be decided
13) Entering into material Related Party Transactions
by the Board of Directors of the Company (including
with L&T Modular Fabrication Yard LLC.
any Committee thereof) as deemed fit, from time to
time. To consider and, if thought fit, to pass the following as
an ORDINARY RESOLUTION:
RESOLVED FURTHER THAT the Board of Directors
and/or the Audit Committee of the Company be and is “RESOLVED THAT pursuant to the provisions of
hereby authorized to delegate all or any of the powers Regulation 23(4) of the SEBI (Listing Obligations and
conferred on it as they may deem fit and to do all Disclosure Requirements) Regulations, 2015 (the
such acts and take all such steps as may be considered “Listing Regulations”), the applicable provisions
necessary or expedient to give effect to the aforesaid of the Companies Act, 2013 (the “Act”) and the
resolution.” Rules made thereunder and other applicable laws
including any amendments, modifications, variations
12) Entering into material Related Party Transactions
or re-enactments thereof, Related Party Transactions
with L&T Technology Services Limited.
Policy of the Company and pursuant to the
To consider and, if thought fit, to pass the following as recommendations of the Audit Committee and the
an ORDINARY RESOLUTION: Board of Directors of the Company, approval of the
Members of the Company be and is hereby accorded
“RESOLVED THAT pursuant to the provisions of
to the Company for entering into and/or continuing to
Regulation 23(4) of the SEBI (Listing Obligations and
enter into contracts/transactions, with L&T Modular
Disclosure Requirements) Regulations, 2015 (the
Fabrication Yard LLC, a subsidiary of the Company
“Listing Regulations”), the applicable provisions
and Related Party within the meaning of Section
of the Companies Act, 2013 (the “Act”) and
2(76) of the Act and Regulation 2(1)(zb) of the Listing
the Rules made thereunder and other applicable
Regulations, in the nature of a) sale, purchase, lease
laws including any amendments, modifications,
or supply of goods or business assets or property or
variations or re-enactments thereof, Related Party
equipment; b) availing or rendering of services; c)
Transactions Policy of the Company and pursuant to
transfer of any resources, services or obligations to
the recommendations of the Audit Committee and
meet the Company’s business objectives/ requirements
the Board of Directors of the Company, approval
(“Related Party Transactions”), aggregating upto an
of the Members of the Company be and is hereby
amount not exceeding ¢ 5,500 crore on such material
accorded to the Company for entering into and/or
terms and conditions as detailed in the explanatory
continuing to enter into contracts/transactions, with
statement to this resolution and on such terms and
L&T Technology Services Limited, a subsidiary of
conditions as may be decided by the Board of Directors
the Company and Related Party within the meaning of
of the Company (including any Committee thereof) as
Section 2(76) of the Act and Regulation 2(1)(zb) of the
deemed fit, from time to time.
Listing Regulations, in the nature of a) sale, purchase,
lease or supply of goods or business assets or property RESOLVED FURTHER THAT the Board of Directors
or equipment; b) availing or rendering of services; and/or the Audit Committee of the Company be and is
c) transfer of any resources, services or obligations to hereby authorized to delegate all or any of the powers
meet the Company’s business objectives/requirements conferred on it as they may deem fit and to do all
(“Related Party Transactions”), aggregating upto an such acts and take all such steps as may be considered
amount not exceeding ¢ 3,000 crore on such material necessary or expedient to give effect to the aforesaid
terms and conditions as detailed in the explanatory resolution.”
statement to this resolution and on such terms and
14) Entering into material Related Party Transactions
conditions as may be decided by the Board of Directors
with LTIMindtree Limited.
of the Company (including any Committee thereof) as
deemed fit, from time to time. To consider and, if thought fit, to pass the following as
an ORDINARY RESOLUTION:
RESOLVED FURTHER THAT the Board of Directors
and/or the Audit Committee of the Company be and is “RESOLVED THAT pursuant to the provisions of
hereby authorized to delegate all or any of the powers Regulation 23(4) of the SEBI (Listing Obligations and

358 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Disclosure Requirements) Regulations, 2015 (the into contracts/arrangements/transactions with, Apollo

“Listing Regulations”), the applicable provisions of Hospitals Enterprise Limited, a ‘Related Party’ of
the Companies Act, 2013 (the “Act”) along with the Company within the meaning of Section 2(76)
the Rules made thereunder and other applicable of the Act and Regulation 2(1)(zb) of the Listing
laws including any amendments, modifications, Regulations, in the nature of a) sale, purchase, lease
variations or re-enactments thereof, Related Party or supply of goods or equipment including assets for
Transactions Policy of the Company and pursuant to buildings; b) procurement or rendering of services;
the recommendations of the Audit Committee and c) transfer of any resources, services or obligations to
the Board of Directors of the Company, approval meet the Company’s business objectives/requirements
of the Members of the Company be and is hereby (“Related Party Transactions”), aggregating upto an
accorded to the Company for entering into and/or amount not exceeding ¢ 2,400 crore on such material
continuing to enter into contracts/transactions, with terms and conditions as detailed in the explanatory
LTIMindtree Limited, a subsidiary of the Company statement to this resolution and on such terms and
and Related Party within the meaning of Section conditions as may be decided by the Board of Directors
2(76) of the Act and Regulation 2(1)(zb) of the Listing of the Company (including any Committee thereof) as
Regulations, in the nature of a) sale, purchase, lease deemed fit, from time to time.
or supply of goods or business assets or property
RESOLVED FURTHER THAT the Board of Directors
or equipment; b) availing or rendering of services;
and/or the Audit Committee of the Company be and is
c) transfer of any resources, services or obligations to
hereby authorised to delegate all or any of the powers
meet the Company’s business objectives/ requirements;
conferred on it as they may deem fit and take all such
d) availing inter corporate borrowings (“Related Party
steps as may be considered necessary or expedient to
Transactions”), aggregating upto an amount not
give effect to the aforesaid resolution.”
exceeding ¢ 1,500 crore on such material terms and
conditions as detailed in the explanatory statement 16) Ratification of remuneration payable to Cost
to this resolution and on such terms and conditions Auditors for FY 2025-26:
as may be decided by the Board of Directors of the
To consider and, if thought fit, to pass the following as
Company (including any Committee thereof) as
an ORDINARY RESOLUTION:
deemed fit, from time to time.
“RESOLVED THAT pursuant to Section 148 and other
RESOLVED FURTHER THAT the Board of Directors
applicable provisions, if any, of the Companies Act,
and/or the Audit Committee of the Company be and is
2013 and the Companies (Audit and Auditors) Rules,
hereby authorized to delegate all or any of the powers
2014, the Company hereby ratifies the remuneration
conferred on it as they may deem fit and to do all
of ¢ 19 lakhs plus applicable taxes and out of pocket
such acts and take all such steps as may be considered
expenses at actuals for travelling and boarding/
necessary or expedient to give effect to the aforesaid
lodging for the financial year ending March 31, 2026
resolution.”
to M/s R. Nanabhoy & Co. Cost Accountants (Regn.
15) Entering into material Related Party Transactions No. 000010), who are appointed as Cost Auditors to
with Apollo Hospitals Enterprise Limited: conduct the audit of cost records maintained by the
Company for the Financial Year 2025-26.”
To consider and, if thought fit, to pass the following as
an ORDINARY RESOLUTION: By Order of the Board
For LARSEN & TOUBRO LIMITED
“RESOLVED THAT pursuant to the provisions of
Regulation 23(4) of the SEBI (Listing Obligations and SUBRAMANIAN NARAYAN
Disclosure Requirements) Regulations, 2015 (the COMPANY SECRETARY &
“Listing Regulations”), the applicable provisions of COMPLIANCE OFFICER
the Companies Act, 2013 (the “Act”) along with M.NO – A16354
the Rules made thereunder and other applicable Mumbai, May 10, 2025
laws including any amendments, modifications,
variations or re-enactments thereof, Related Party Notes:
Transactions Policy of the Company and pursuant to [a] The Notice of Annual General Meeting was approved
the recommendations of the Audit Committee and by the Board of Directors at its meeting held on May 8,
the Board of Directors of the Company, approval 2025.
of the Members of the Company be and is hereby [b] The information required to be provided under the
accorded for entering into and/or continuing to enter SEBI (Listing Obligations and Disclosure Requirements)

359
 Notice

Regulations, 2015 (“Listing Regulations”) and the mandated that with effect from April 1, 2024,
Secretarial Standard-2 on General Meetings, regarding dividend to security holders who are holding securities
the Directors who are proposed to be appointed/ in physical form, shall be paid only through electronic
re-appointed and the related Explanatory Statement mode. Such payment shall be made only after the
pursuant to Section 102 of the Companies Act, 2013 shareholders furnish their PAN, contact details (postal
(“the Act”), in respect of Special Business are annexed address with PIN and mobile number), bank account
hereto. details and specimen signature (“KYC”) and choice
of Nomination. Further, relevant FAQs published by
[c] Meeting through VC/OAVM:
SEBI on its website can be viewed at the following
Ministry of Corporate Affairs (“MCA”) vide its Circular link: https://www.sebi.gov.in/sebi_data/faqfiles/sep-
No. 9/2024 dated September 19, 2024 (In continuation 2024/1727418250017.pdf
with the Circulars issued earlier in this regard) (“MCA
Circulars”) has allowed conducting Annual General Members holding shares in physical form are requested
Meeting (AGM) through Video Conferencing (VC) to furnish Form ISR-1, Form ISR-2 and SH-13 (available
or Other Audio-Visual Means (OAVM) without the on the Company’s website at https://investors.
physical presence of Members till September 30, 2025. larsentoubro.com/DownloadableForms.aspx# ) to
In compliance with the applicable provisions of the Act update KYC and choice of Nomination (in case the
and MCA Circulars, the 80th AGM of the Members same are not already updated), to KFin Technologies
will be held through VC/OAVM. Hence, Members can Limited (“KFintech”), Selenium Tower B, Plot Nos. 31 &
attend and participate in the AGM through VC/OAVM 32, Financial District, Nanakramguda, Serilingampally,
only. Since this AGM is being held through VC/OAVM Hyderabad - 500032, who are the Company’s Registrar
the physical attendance of members is dispensed with and Share Transfer Agents, so as to reach them
and no proxies would be accepted by the Company. latest by the Record Date i.e. Tuesday, June 3, 2025.
No proxy form has been sent alongwith this Notice. No Alternatively, members may send the documents by
attendance slip/route map has been sent along with email to KFintech at [email protected] or
this Notice as the meeting is held through VC/ OAVM. upload on their web-portal https://ris.kfintech.com,
Members who are shareholders as on Tuesday, June provided in both cases the documents furnished shall
10, 2025 (“Cut-off Date”) can join the AGM, 30 have digital signature of the holders. In respect of
minutes prior to the commencement of the AGM i.e. members holding shares in demat mode, the details as
at 2:30 P.M. and till the time of the conclusion of the furnished by the Depositories as on the Record Date
AGM by following the procedure mentioned in this will be considered by the Company. Hence, members
Notice. holding shares in demat mode are requested to update
their details with their Depository Participants at the
The attendance through VC/OAVM is restricted and earliest.
hence members will be allowed on first come first
served basis. However, as per the MCA Circulars, [e] TDS on Dividend:
attendance of Members holding more than 2% of the Dividend income is taxable in the hands of
shares of the Company, Institutional Investors as on shareholders and the Company is required to deduct
the Cut-off Date, Directors, Key Managerial Personnel Tax at Source (TDS) from dividend paid to shareholders
and Auditors will not be restricted on first come first at the prescribed rates. Also, please note that the TDS
served basis. Members attending the AGM through rate would vary depending on the residential status,
VC/OAVM will be counted for the purposes of Quorum category of the shareholder, compliant/ non-compliant
under Section 103 of the Act. status in terms of Section 206AB of the Income Tax
[d] Final Dividend for FY 2024-25: Act, 1961 and is subject to submission of all the
requisite declarations/documents to the Company.
The Board of Directors, at its meeting held on May 8,
2025, has recommended a Final Dividend of ¢ 34 per The Company will send a separate communication
share. The record date for the purpose of payment to the shareholders with the details of applicable tax
of final dividend is Tuesday, June 3, 2025. Final rates to different categories of shareholders and the
Dividend if approved by the Members at this AGM documents/details required to be submitted by the
will be directly credited to the bank accounts of the shareholders. These details would also be available
shareholders whose names appear, as at the Record on the website of the Company at https://investors.
Date, in the register of members or the beneficiary larsentoubro.com/listing-compliance-agm.aspx.
position data furnished by the Depositories.
Members are requested to provide the documents/
SEBI vide its Master Circular No. SEBI/HO/MIRSD/ details to KFintech within the time prescribed in the
POD-1/P/ CIR/2024/37 dated May 7, 2024, has communication being sent to the shareholders in

360 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

order to enable us to determine the appropriate rate enable the shareholders to receive electronic
at which tax has to be deducted at source under the copies of the Integrated Annual Report for FY
respective provisions of the Income-tax Act, 1961. 2024-25 and this Notice.
[f] Dispatch of AGM Notice and Integrated Annual b) Members holding shares in demat form
Report through electronic mode: may validate/update their email address and
other details with their respective Depository
In line with the MCA Circulars and SEBI Circular
Participants.
No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2024/133
dated October 3, 2024, this Notice along with the 2. Members who have already registered their
Integrated Annual Report for FY 2024-25 is being email addresses are requested to get their
sent by electronic mode to those Members whose email addresses validated with their Depository
email addresses are registered with the Depositories/ Participants/ KFintech to enable servicing
Depository Participants/ KFintech. Members may note of notices / documents / Annual Reports
that the Notice and Integrated Annual Report 2024-25 electronically to their email address.
will also be available on the Company’s website www.
[h] Important Information:
larsentoubro.com, websites of the Stock Exchanges
i.e. BSE Limited and National Stock Exchange of India 1. Members may note that as per SEBI Master
Limited at www.bseindia.com and www.nseindia.com Circular No. SEBI/HO/MIRSD/POD-1/P/CIR/ 2024/37
respectively and on the website of NSDL https://www. dated May 7, 2024, it is mandatory for all holders
evoting.nsdl.com. Hard copy of the full Integrated of physical securities in listed entities to update
Annual Report will be sent to shareholders upon their KYC and choice of Nomination with the
request. Registrar and Share Transfer Agent (‘RTA’), in
case they have not updated the same. As per the
Additionally, as per Regulation 36(1)(b) of the Listing
SEBI Circular, effective from April 1, 2024, RTA
Regulations a letter providing the weblink of the
i.e. KFintech will attend to all service requests of
Integrated Annual Report for FY 2024-25, will be
the shareholders with respect to transmission,
sent to those shareholder(s) who have not registered
dividend, etc., only after updating the above
their email address with the Company/ Depositories/
details in the records.
Depository Participants/ KFintech.
As per the aforesaid SEBI Circular, members
The Company will also be publishing an advertisement
holding securities in physical form may note
in newspapers containing the details about the AGM
that any future dividend payable against their
i.e., date and time of AGM, details for e-voting,
shareholding would be withheld if their KYC and
availability of notice of AGM at the Company’s
choice of Nomination are not updated with the
website, manner of registering the email IDs of those
RTA.
shareholders who have not registered their email
addresses, manner of providing mandate for dividends, For the purpose of updation of KYC and choice
and other matters as may be required. of Nomination, members are requested to send
the necessary forms (ISR-1, ISR-2 and SH-13)
[g] Procedure for registration of email address by
along with the necessary attachments mentioned
shareholders:
in the said Forms to KFintech, Selenium, Tower
1. Those Members who have not yet registered their B, Plot 31-32, Gachibowli, Financial District,
email address are requested to get their email Nanakramguda, Hyderabad - 500032.
addresses registered by following the procedure
Alternatively, members may send the
given below:
documents by email to KFintech at
a) Members holding shares in physical forms [email protected] or upload on their
are requested to furnish Form ISR-1, Form webportal https://ris.kfintech.com, provided in
ISR-2 and SH-13 (available on the Company’s both cases the documents furnished shall have
website at https://investors.larsentoubro. digital signature of the holders.
com/DownloadableForms.aspx) along with
2. Members may please note that SEBI vide its
the necessary attachments mentioned in the
Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/
said Forms to KFintech, Selenium, Tower B,
CIR/2022/8 dated January 25, 2022 has
Plot 31-32, Gachibowli, Financial District,
mandated listed companies to issue securities
Nanakramguda, Hyderabad - 500032.
in dematerialized form only while processing
Members may also email the duly filled
service requests viz. Issue of duplicate securities
forms to [email protected]. This will

361
 Notice

certificate; claim from unclaimed suspense Notice will be available electronically for inspection
account; renewal/ exchange of securities electronically by the members during evoting period
certificate; endorsement; sub-division/ splitting of and the AGM.
securities certificate; consolidation of securities All shareholders will be able to inspect all documents
certificates/folios; transmission and transposition. referred to in the Notice and the explanatory
Accordingly, Members are requested to make statement thereto electronically without any fee
service requests by submitting a duly filled and
from the date of circulation of this Notice up to
signed Form ISR – 4, the format of which is
the date of AGM. Members seeking to inspect
available on the Company’s website at https://
such documents may send an email request to
investors.larsentoubro.com/DownloadableForms.
[email protected]
aspx# and on the website of the KFintech at
https://ris.kfintech.com. It may be noted that any [j] Transfer of unclaimed dividend and shares to
service request can be processed only after the IEPF:
folio is KYC compliant. 1. Pursuant to Section 124 of the Companies Act,
2013 the unpaid dividends that are due for
3. SEBI on January 24, 2022 has amended
Listing Regulations and has mandated that transfer to the Investor Education and Protection
transfer of securities should be done in Fund (IEPF) are as follows:
dematerialized form only. In view of the same Dividend Date of For the Due for Dividend
and to eliminate all risks associated with No. Declaration year Transfer unclaimed
ended on as at
physical shares and to avail various benefits March 31,
of dematerialisation, Members are advised to 2025
dematerialize the shares held by them in physical (¢ Crore)
form. 89 23.08.2018 31.03.2018 28.09.2025 15.02
90 01.08.2019 31.03.2019 06.09.2026 15.94
4. SEBI has issued a circular dated March 19, 2025, 91 18.03.2020 31.03.2020 24.04.2027 14.74
titled “Harnessing DigiLocker as a Digital 92 13.08.2020 31.03.2020 18.09.2027 6.77
Public Infrastructure for Reducing Unclaimed 93 28.10.2020 31.03.2021 02.12.2027 13.58
Assets in the Indian Securities Market” to 94 05.08.2021 31.03.2021 11.09.2028 12.36
address the issue of unclaimed financial assets. 95 04.08.2022 31.03.2022 10.09.2029 14.02
This initiative enables investors to store and 96 25.07.2023 31.03.2024 30.08.2030 3.63
access information of their demat and mutual 97 09.08.2023 31.03.2023 14.09.2030 14.54
fund holdings through DigiLocker, a key Digital 98 04.07.2024 31.03.2024 10.08.2031 27.18
Public Infrastructure, benefiting investors and their Members who have not encashed their
families. dividend warrants pertaining to the aforesaid
years may approach the Company/its
Shareholders can also appoint Data Access Registrar, for obtaining payments thereof
Nominees within the DigiLocker application. atleast 20 days before they are due for
In case of an unfortunate event of demise of
transfer to the said fund.
shareholder, the nominees will be provided read-
only access to the DigiLocker account, ensuring 2. Adhering to the various requirements set out
that essential financial information is accessible to in the Investor Education and Protection Fund
legal heirs. Authority (Accounting, Audit, Transfer and
Refund) Rules, 2016, the Company has during
For details, you may refer the above mentioned
the financial year 2024-25 transferred to the IEPF
circular at https://www.sebi.gov.in/legal/circulars/
Authority, 17,72,523 equity shares in respect of
mar-2025/harnessing-digilocker-as-a-digital-
which dividend has remained unpaid or unclaimed
public-infrastructure-for-reducing-unclaimed-
for seven consecutive years or more as on the due
assets-in-the-indian-securities-market_92769.html
date of transfer. Details of shares transferred to
[i] Inspection of Documents: IEPF Authority are available on the website of the
The Register of Directors and Key Managerial Company and the same can be accessed through
Personnel and their shareholding maintained under the link: https://investors.larsentoubro.com/
Section 170 of the Companies Act, 2013, the Register shareholder-services.aspx. The said details have
of Contracts or Arrangements in which the directors also been uploaded on the website of the IEPF
are interested, maintained under Section 189 of the Authority and the same can be accessed through
Act, and the relevant documents referred to in the the link: www.iepf.gov.in.

362 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

[k] Investor Queries and Grievance Redressal: Members can participate in AGM through smart
phone/laptop. However, for better experience and
The Company has designated an exclusive e-mail id
smooth participation it is advisable to join the Meeting
viz. [email protected] to enable Investors to
using Google Chrome, with Laptops connected
register their grievances, if any.
through broadband. Further Members will be required
Members seeking any information with regard to to use Internet with a good speed to avoid any
the accounts or any matter to be placed at the disturbance during the meeting.
AGM, are requested to write to the Company on
Please note that participants connecting from Mobile
or before Tuesday, June 10, 2025 through email on
Devices or Tablets or through Laptop via Mobile
[email protected]. The same will be replied by
Hotspot may experience Audio/Video loss due to
the Company suitably.
fluctuation in their respective network. It is therefore
Members may note that in case of any dispute recommended to use stable Wi-Fi or LAN connection
against the Company and/or its Registrar and Share to avoid any disturbances.
Transfer Agent, as per SEBI Circular SEBI/HO/OIAE/
Members who would like to express their views or ask
OIAE_ IAD-3/P/CIR/2023/195 dated July 31, 2023,
questions during the AGM may register themselves as
members can file for Online Resolution of Dispute
speakers by sending a request from their registered
which harnesses online conciliation and arbitration for
email address mentioning their name, DP ID and
resolution of disputes arising in the Indian Securities
Client ID/folio number, PAN, mobile number to
Market. Members can use this mechanism only after
[email protected] on or before the
they have lodged their grievance with the Company
Cut-off Date i.e. Tuesday, June 10, 2025. Those
and SCORES and are not satisfied with the outcome of
Members who have registered themselves as a speaker
the redressal.
and receive a confirmation from the Company, will be
For more details, please see the following weblinks of allowed to express their views/ask questions during the
the Stock Exchanges: AGM. The Company reserves the right to restrict the
number of speakers depending on the availability of
BSE: https://bsecrs.bseindia.com/ecomplaint/
time for the AGM.
frmInvestorHome.aspx
[m] E-voting:
NSE: https://www.nseindia.com/complaints/
online-dispute-resolution The businesses as set out in the Notice may be
transacted through electronic voting system and the
[l] Instruction for attending the meeting through
Company will provide a facility for voting by electronic
VC/OAVM:
means. In compliance with the provisions of Section
Convenience of different persons positioned in 108 of the Companies Act, 2013 read with Rule 20
different time zones has been kept in mind before of the Companies (Management and Administration)
scheduling the time for this meeting. Rules, 2014, Secretarial Standards-2 on General
Meetings and Regulation 44 of the Listing Regulations,
The Company has appointed NSDL, to provide VC
the Company is pleased to offer the facility of
facility for conducting the AGM.
voting through electronic means. The said facility of
Members will be provided with a facility to attend casting the votes by the members using electronic
the AGM through VC/OAVM using the NSDL e-voting means (remote e-voting) will be provided by National
system. Members may follow the steps mentioned in Securities Depository Limited (“NSDL”).
this Notice for access to NSDL e-voting system. After
A person whose name is recorded in the register
successful login, you can see the link of VC/OAVM
of members or in the register of beneficial owners
placed under “Join General Meeting” menu against
maintained by the depositories as on the cut-off date
the Company name. You are requested to click on the
i.e. Tuesday, June 10, 2025, shall be entitled to avail
VC/OAVM link placed under “Join General Meeting”
the facility of remote e-voting or e-voting on the day
menu.
of the AGM. Persons who are not members as on the
Please note that the members who do not have cut-off date should treat this notice for information
the User ID and Password for e-voting or have purposes only.
forgotten their User ID and Password may retrieve the
The members who have cast their vote through remote
same by following the instructions mentioned in this
e-voting prior to the AGM may also attend the AGM
Notice.
but shall not be entitled to cast their vote again.

363
 Notice

The remote e-voting period commences on Individual shareholders holding securities in

Friday, June 13, 2025 at 9.00 A.M and ends on demat mode are allowed to vote through their
Monday, June 16, 2025 at 05.00 P.M. During this demat account maintained with Depositories and
period, members holding shares either in physical Depository Participants. Shareholders are advised
or dematerialised form, as on the cut-off date of to update their mobile number and email Id in
Tuesday, June 10, 2025 may cast their vote by their demat accounts in order to access e-voting
remote e-voting. The remote e-voting module shall be facility.
disabled by NSDL for voting thereafter.
Login method for Individual shareholders holding
Instructions for e-voting during the AGM: securities in demat mode is given below:
The e-voting window shall be activated upon
Type of Login Method
instructions of the Chairman during the AGM. shareholders
Only those shareholders, who are present in the AGM Individual 1. For OTP based login you can click on
and have not cast their vote on the resolutions through Shareholders https://eservices.nsdl.com/SecureWeb/
remote e-voting and are otherwise not barred from holding evoting/evotinglogin.jsp. You will have to
doing so, shall be eligible to vote through e-voting securities in enter your 8-digit DP ID,8-digit Client Id,
demat mode PAN No., Verification code and generate
system available during the AGM.
with NSDL. OTP. Enter the OTP received on registered
Member(s), whose names appear in the Register of email id/mobile number and click on
Members / list of Beneficial Owners as on Tuesday, login. After successful authentication, you
June 10, 2025 are entitled to vote on the resolutions. will be redirected to NSDL Depository site
wherein you can see e-Voting page. Click
Any person holding shares in physical form and
on company name or e-Voting service
non-individual shareholders, who acquire shares provider i.e. NSDL and you will be
of the Company and becomes a member of the redirected to e-Voting website of NSDL
Company after the notice is sent and continues to for casting your vote during the remote
hold shares as of the cut-off date i.e. Tuesday, June e-Voting period or joining virtual meeting
10, 2025, may obtain the login ID and password & voting during the meeting.
by sending a request at [email protected] or the 2. Existing IDeAS user can visit the
Company at [email protected] or follow the e-Services website of NSDL Viz.
steps mentioned in the Notice of the AGM under https://eservices.nsdl.com either on
“Access to NSDL e-voting system”. However, if you a Personal Computer or on a mobile.
are already registered with NSDL for remote e-voting, On the e-Services home page click on
then you can use your existing user ID and password the “Beneficial Owner” icon under
for casting your vote. If you forgot your password, “Login” which is available under ‘IDeAS’
you can reset your password by using “Forgot User section, this will prompt you to enter
your existing User ID and Password.
Details/Password” or “Physical User Reset Password”
After successful authentication, you will
option available on www.evoting.nsdl.com or call at
be able to see e-voting services under
022 4886 7000. Value added services. Click on “Access
Members are requested to follow the instructions to e-voting” under e-voting services
and you will be able to see e-voting page.
given in this notice to cast their votes through
Click on company name or e-voting
e-voting.
service provider i.e. NSDL and you will
The detailed steps on the process and manner for be re-directed to e-voting website of NSDL
remote e-voting/e-voting at the AGM and to access for casting your vote during the remote
the VC facility at the AGM are as follows: e-voting period or joining virtual meeting
& voting during the meeting.
Step 1: Access to NSDL e-voting system
3. If you are not registered for IDeAS
I. Login method for remote e-voting and joining e-Services, option to register is available
virtual meeting for Individual shareholders at https://eservices.nsdl.com. Select
holding securities in demat mode. “Register Online for IDeAS Portal”
or click at https://eservices.nsdl.com/
In terms of SEBI circular dated December 9, 2020 SecureWeb/IdeasDirectReg.jsp
on e-voting facility provided by Listed Companies,

364 Integrated Annual Report 2024-25

 and a Verification Code
as shown on the screen.
After successful
Corporate Management Integrated Statutory Financial
authentication, you will
Overview Discussion and Analysis Report Reports Statements
be redirected to NSDL
Depository site
Type of Loginwherein
Method you can see e- Type of Login Method
shareholders shareholders
voting page. Click on
4. Visit the e-voting website of NSDL. Open 3. If the user is not registered for Easi/
webcompany name
browser by typing or e-URL:
the following Easiest, option to register is available at
voting service provider
https://www.evoting.nsdl.com/ either CDSL website www.cdslindia.com and
oni.e. NSDL
a Personal and or
Computer you on awill
mobile. click on login & New System Myeasi Tab
Once
be redirected to system
the home page of e-voting e- and then click on registration option.
is launched, click on the icon “Login”
voting website of NSDL
which is available under ‘Shareholder/ 4. Alternatively, the user can directly access
for casting
Member’ section. A newyourscreenvote
will open. e-voting page by providing Demat Account
Youduring
will have tothe
enterremote
your User IDe- (i.e. Number and PAN No. from a e-voting
your sixteen digit demat account number link available on www.cdslindia.com
voting period or joining
hold with NSDL), Password/OTP and a home page. The system will authenticate
virtualCode meeting
Verification as shown on the & screen. the user by sending OTP on registered
voting
After during you
successful authentication, thewill Mobile & Email as recorded in the Demat
be redirected to NSDL Depository site
meeting.
wherein you can see e-voting page. Click
Account. After successful authentication,
4. onShareholders/Member
company name or e-voting service user will be able to see the e-voting
option where the evoting is in progress
s cani.e.also
provider NSDL anddownload
you will be
redirected and also able to directly access the system
NSDL Mobile of
to e-voting website AppNSDL
of all e-voting Service Providers.
for casting your vote during the remote
“NSDL
e-voting period or joiningSpeede”
virtual meeting Individual You can also login using the login credentials
facility
& voting bythescanning
during meeting. the Shareholders of your demat account through your
QR code mentioned
5. Shareholders/Members can also download (holding Depository Participant registered with NSDL/
NSDL
belowMobile App Speede”
“NSDLseamless
for securities CDSL for e-voting facility. upon logging in,
facility by scanning the QR code in demat you will be able to see e-voting option. Click
voting experience.
mentioned below for seamless voting mode) login on e-voting option, you will be redirected to
experience. through their NSDL/CDSL Depository site after successful
depository authentication, wherein you can see e-voting
participants feature. Click on company name or e-voting
service provider i.e. NSDL and you will be
redirected to e-voting website of NSDL for
casting your vote during the remote e-voting
period or joining virtual meeting & voting
during the meeting.
Individual 1. Users who have opted for CDSL Easi / Important note: Members who are unable to
Individual
Shareholders 1. Easiest
Users who
facility, have
can login opted
through their retrieve User ID / Password are advised to use
Sharehold
holding for CDSL
existing user id and Easi / Easiest
password. Option will
befacility, Forgot User ID and Forgot Password option
erssecurities in made available to can loginpage
reach e-voting
demat mode without any further authentication. The available at respective websites.
holding
with CDSL
through their existing
users to login Easi /Easiest are requested
securities to user idwebsite
visit CDSL and www.cdslindia.com
password. Helpdesk for Individual Shareholders holding
in demat andOption
click on loginwillicon &beNewmade
System securities in demat mode for any technical
Myeasi issues related to login through Depository i.e.
mode with available to reach e- my
Tab and then use your existing
easi username & password. NSDL and CDSL.
CDSL voting page without
2. After successful login the Easi / Easiest
user will be able to see the e-voting Login type Helpdesk details
option for eligible companies where Individual Shareholders Members facing any technical issue in
the evoting is in progress as per the holding securities in login can contact NSDL helpdesk by
information provided by company. On demat mode with sending a request at [email protected]
clicking the evoting option, the user NSDL or call at 022 - 4886 7000
will be able to see e-voting page of the
e-voting service provider for casting your Individual Shareholders Members facing any technical issue
vote during the remote e-voting period holding securities in in login can contact CDSL helpdesk
or joining virtual meeting & voting during demat mode with by sending a request at helpdesk.
the meeting. Additionally, there is also CDSL [email protected] or contact at
link provided to access the system of all toll free no. 1800 21 09911
e-voting Service Providers, so that the user
can visit the e-voting service providers’ II. Login method for e-voting for shareholders
website directly. other than Individual shareholders holding

365
 Notice

securities in demat mode and shareholders need to enter the ‘initial password’ and
holding securities in physical mode. the system will force you to change your
password.
1. Visit the e-voting website of NSDL. Open
web browser and type the following URL: c) How to retrieve your ‘initial password’?
https://www.evoting.nsdl.com/ either on a
i) If your e-mail ID is registered in
personal computer or on a mobile.
your demat account or with the
2. Once the home page of e-voting system is company, your ‘initial password’ is
launched, click on the icon “Login” which communicated to you on your e-mail
is available under “Shareholders / Member” ID. Trace the e-mail sent to you
section. from NSDL in your mailbox. Open
the e-mail and open the attachment
3. A new screen will open. You will have to
i.e. a .pdf file. Open the .pdf file.
enter your User ID, your Password / OTP and a
The password to open the .pdf file
Verification Code as shown on the screen.
is your 8-digit client ID for NSDL
Alternatively, if you are registered for NSDL account, last 8 digits of client ID for
e-services i.e. IDeAS, you can log-in at CDSL account or folio number for
https://eservices.nsdl.com/ with your existing shares held in physical form. The
IDeAS login. Once you log-in to NSDL .pdf file contains your ‘User ID’ and
e-services after using your log-in credentials, your ‘initial password’.
click on e-voting and you can proceed to Step
ii) If your email ID is not registered,
2 i.e. cast your vote electronically.
please follow steps mentioned
4. Your User ID details are given below: below in process for those
shareholders whose email ids are
Manner of holding Your User ID is: not registered.
shares i.e. Demat
(NSDL or CDSL) or 6. If you are unable to retrieve or have not
Physical
received the ‘initial password’ or have
For Members who 8 Character DP ID followed by 8
hold shares in demat Digit Client ID forgotten your password:
account with NSDL For example, if your DP ID is a) Click on “Forgot User Details /
IN300*** and Client ID is Password?” (If you are holding
12****** then your user ID is
IN300***12******
shares in your demat account with
For Members who 16 Digit Beneficiary ID
NSDL or CDSL) option available on
hold shares in demat www.evoting.nsdl.com.
For example, if your Beneficiary ID
account with CDSL is 12************** then your b) Click on “Physical User Reset
user ID is 12**************
Password?” (If you are holding shares
For Members holding EVEN Number followed by Folio
in physical mode) option available on
shares in Physical Form Number registered with the
company. www.evoting.nsdl.com.
For example, if EVEN is 123456 c) If you are still unable to get the password
and folio number is 001*** then
by aforesaid two options, you can send a
user ID is 123456001***
request at [email protected] mentioning
5. Password details for shareholders other than your demat account number / folio
individual shareholders are given below: number, your PAN, your name and your
registered address.
a) If you are already registered for e-voting,
then you can use your existing password d) Members can also use the one-time
to login and cast your vote. password (OTP) based login for casting
the votes on the e-voting system of
b) If you are using NSDL e-voting system
NSDL.
for the first time, you will need to
retrieve the ‘initial password’ which was 7. After entering your password, tick on Agree
communicated to you by NSDL. Once to “Terms and Conditions” by selecting on
you retrieve your ‘initial password’, you the check box.

366 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

8. Now, you will have to click on “Login” 4. A Member can opt for only one mode of voting
button. i.e. either through remote e-voting or at the
Meeting. If a Member has cast his vote by remote
9. After you click on the “Login” button, home
e-voting then he will not be eligible to vote at the
page of e-voting will open.
Meeting.
Step 2: Cast your vote electronically and join
5. Institutional shareholders (i.e. other than
General Meeting on NSDL e-voting system.
individuals, HUF, NRI, etc.) are required to send
1. After successful login at Step 1, you will be able scanned copy (PDF/JPG format) of the relevant
to see all the companies “EVEN” in which you Board Resolution/Authority letter etc., together
are holding shares and whose voting cycle and with attested specimen signature of the duly
General Meeting is in active status. authorized signatory(ies) who are authorized
2. Select “EVEN 133720” to cast your vote during to vote, to the Scrutinizer through e-mail to
the remote e-voting period and casting your vote [email protected], with a copy marked to
during the General Meeting. For joining virtual [email protected]. Institutional shareholders
meeting, you need to click on “VC/OAVM” link (i.e. other than individuals, HUF, NRI etc.) can
placed under “Join General Meeting”. also upload their Board Resolution / Power of
Attorney / Authority Letter etc. by clicking on
3. Now you are ready for e-voting as the Voting page “Upload Board Resolution / Authority Letter”
opens. displayed under “e-voting” tab in their login.
4. Cast your vote by selecting appropriate options Process for those shareholders whose email IDs
i.e. assent or dissent, verify / modify the number are not registered with the Depositories for
of shares for which you wish to cast your vote procuring user ID and password and registration
and click on “Submit” and also “Confirm” when of e mail IDs for e-voting for the resolutions set
prompted. out in this notice:
5. Upon confirmation, the message “Vote cast 1. In case shares are held in physical mode please
successfully” will be displayed. provide Folio No., Name of shareholder, scanned
copy of the share certificate (front and reverse),
6. You can also take the printout of the votes cast
PAN (self attested scanned copy of PAN card),
by you by clicking on the print option on the
AADHAR (self-attested scanned copy of Aadhar
confirmation page.
Card) by email to [email protected].
7. Once you confirm your vote on the resolution, you
2. In case shares are held in demat mode, please
will not be allowed to modify your vote.
provide DPID-CLID (16 digit DPID + CLID or 16
General Guidelines for shareholders digit beneficiary ID), Name, client master or copy
1. It is strongly recommended not to share your of Consolidated Account statement, PAN (self
password with any other person and take utmost attested scanned copy of PAN card), AADHAR
care to keep your password confidential. Login (self attested scanned copy of Aadhar Card) to
to the e-voting website will be disabled upon [email protected]. If you are an individual
five unsuccessful attempts. In such an event, you shareholder holding securities in demat mode,
will need to go through the “Forgot User Details/ you are requested to refer to the login method
Password?” or “Physical User Reset Password?” explained at point I above i.e. Login method for
option available on https://www.evoting.nsdl.com e-voting and joining virtual meeting for Individual
to reset the password. shareholders holding securities in demat mode.

2. In case of any queries relating to e-voting 3. Alternatively, shareholder/ members may send a
you may refer to the FAQs for shareholders request to [email protected] for procuring user
and e-voting user manual for shareholders id and password for e-voting by providing above
available at the download section of mentioned documents.
https://www.evoting.nsdl.com or call on 022 4886 4. In terms of SEBI circular dated December 9, 2020
7000 or send a request at [email protected]. on e-voting facility provided by Listed Companies,
3. Members who need assistance before or during Individual shareholders holding securities in
the AGM, can contact NSDL on [email protected] demat mode are allowed to vote through their
/or call at 022 4886 7000. demat account maintained with Depositories and

367
 Notice

Depository Participants. Shareholders are required the stock exchanges details of the voting results
to update their mobile number and email ID as required under Regulation 44(3) of the Listing
correctly in their demat account in order to access Regulations.
e-voting facility.
The results declared alongwith the Scrutinizer’s
The instructions for members for e-voting on the report, will be hosted on the website of the Company
day of the AGM are as under:- www.larsentoubro.com and on the website of NSDL
1. The procedure for e-voting on the day of the at https://evoting.nsdl.com and will be displayed on
AGM is same as the instructions mentioned above the Notice Board of the Company at its Registered
for remote e-voting. Office as well as Corporate Office immediately
after the declaration of the result by the Chairman
2. Only those Members/ shareholders, who will be or any person authorised by him in writing and
present in the AGM through VC/OAVM facility communicated to the Stock Exchanges.
and have not cast their vote on the resolutions
through remote e-voting and are otherwise not EXPLANATORY STATEMENT
barred from doing so, shall be eligible to vote As required by Section 102 of the Companies Act, 2013,
through e-voting system in the AGM. following Explanatory Statement sets out material facts
relating to the special business under item(s) 6 to 16 of the
3. Members who have voted through remote
accompanying Notice dated May 10, 2025.
e-voting will be eligible to attend the AGM.
However, they will not be eligible to vote at the Item No. 6
AGM. Appointment of Mr. Subramanian Sarma (DIN:
4. The contact details for any grievances connected 00554221) as Deputy Managing Director & President
with respect to the facility for e-voting on the day The Shareholders at the 75th Annual General Meeting
of the AGM shall be the same as mentioned for (AGM) held on August 13, 2020, approved appointment of
remote e-voting. Mr. Subramanian Sarma (DIN: 00554221) as a Whole-time
Director of the Company for a period of five years, with
[n] Live Webcast of the AGM: effect from August 19, 2020 upto and including August
Members will be able to view the live webcast of AGM 18, 2025.
provided by NSDL at https://www.evoting.nsdl.com
Basis the recommendation of the Nomination &
following the steps mentioned above for login to NSDL
Remuneration Committee, the Board at its meeting held on
e-voting system.
March 21, 2025, appointed Mr. Subramanian Sarma (DIN:
After successful login, you can see webcast link placed 00554221), as the Deputy Managing Director & President
under Join meeting menu against the Company name. of the Company with effect from April 2, 2025 upto and
You are requested to click on Webcast link- placed including February 3, 2028, subject to the approval of the
under “Join Meeting” menu. members in the Annual General Meeting.
[o] Information regarding Scrutinizer and declaration Mr. Sarma heads the Hydrocarbon Onshore & Offshore,
of Voting results: CarbonLite Solutions, Green & Clean Energy, Asset
The Company has appointed Mrs. Aparna Gadgil, Management & Offshore Wind Businesses of L&T.
Practicing Company Secretary, (Membership No. A graduate in Chemical Engineering, Mr. Sarma completed
A14713, COP No. 8430) or failing her Ms. Malati his master’s from IIT Mumbai. A seasoned professional with
Kumar (Membership No. A15508, COP No. 10980), over 40 years of experience, with 30 years being in the
to act as the Scrutinizer for conducting the voting Middle East. During his extensive career span, Mr. Sarma
and remote e-voting process in a fair and transparent has handled complete Oil & Gas value chain including
manner. Executive Management, Business Development, Project
Management and Process Engineering.
The scrutinizer will submit her report to the Chairman
after completion of the scrutiny. The result of the He is the recipient of the Distinguished Alumnus Award
voting on the resolutions at the meeting shall be 2021 from IIT Bombay for his contribution as a Business
announced by the Chairman or any other person Leader in Corporate World. He is also the recipient of the
authorized by him immediately after the results are CHEMTECH CEW, Business Leader of the Year 2017.
declared. Immediately prior to joining L&T, Mr. Sarma served as
Based on the report received from the Scrutinizer, Managing Director of Petrofac - Onshore Engineering &
the Company will submit within 2 working days to

368 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Construction, with complete responsibility for all of the The Companies Act, 2013 and Secretarial Standard – 2
Company’s onshore projects worldwide. on General Meetings requires that the appointment and
Initially, Mr. Sarma joined the Board of the Company as a remuneration of Managing Directors and Whole-time
Non-Executive Director and was the Chief Executive Officer Directors shall be subject to approval of the shareholders in
and Managing Director of erstwhile L&T Hydrocarbon a General Meeting. Accordingly, the resolution at Item No.
Engineering Limited (since merged with the Company) 6 in relation to appointment of Mr. Subramanian Sarma, as
effective August 19, 2015. the Deputy Managing Director & President is proposed for
approval of members by means of an ordinary resolution.
Under Mr. Sarma’s leadership, L&T’s Energy portfolio has
emerged as one of the leading EPC Contractor globally, by The agreement to be entered into with Mr. Sarma, will be
achieving record financial results and being ranked among open for inspection by members in the manner as specified
the top 3 EPC contractors in the Oil & Gas Sector (Middle in the Notice up to the date of the Annual General
East) for four consecutive years. He has been instrumental Meeting.
in transforming the Hydrocarbon and Energy business, The Board recommends the appointment and the terms of
driving innovation, operational excellence and global appointment thereof of Mr. Sarma as Deputy Managing
competitiveness. Considering his expertise and leadership Director & President of the Company for approval of the
and to leverage the same for Company’s performance, shareholders.
the Board approved the appointment of Mr. Sarma as the
Except Mr. Sarma and his relatives, being the appointee,
Deputy Managing Director & President of the Company.
none of the other Directors and Key Managerial Personnel
He has been a member of the Executive Committee of L&T
of the Company and their relatives are concerned or
since 2015.
interested, financially or otherwise, in the resolution set out
Mr. Sarma is on the Boards of L&T Electrolysers Limited, at Item No. 6 of the Notice.
L&T Valves Limited and L&T Energy Green Tech Limited.
Item No. 7
At the Annual General Meeting held on August 26, Re-appointment of Mr. S. V. Desai (DIN: 07648203) as
2016, the shareholders had fixed the maximum limits Whole-time Director
within which the Board was authorised to decide the
The shareholders at the 75th Annual General Meeting
remuneration of the Deputy Managing Director & President
(AGM) held on August 13, 2020, approved the
of the Company. Pursuant to this, the Board has fixed the
appointment of Mr. S. V. Desai (DIN: 07648203) as a
remuneration payable to Mr. Subramanian Sarma as the
Whole-time Director of the Company for a period of five
Deputy Managing Director & President.
years, with effect from July 11, 2020 upto and including
The Company would enter into an agreement with Mr. July 10, 2025.
Subramanian Sarma covering the following terms of
Basis the recommendation of the Nomination &
remuneration:
Remuneration Committee, the Board at its meeting
Salary: ¢ 20,00,000 (Rupees Twenty Lakh only) per month held on March 21, 2025, re-appointed Mr. S. V. Desai, as
in the scale of ¢ 16,25,000 - ¢ 1,25,000 – ¢ 22,50,000 with a Whole-time Director of the Company with effect from
the annual increment due on April 1 every year. July 11, 2025 upto and including July 4, 2030, subject
Commission: The commission will be paid as per the to the approval of the members in the Annual General
parameters fixed by the Nomination & Remuneration Meeting.
Committee and the Board of Directors within the overall Mr. S.V. Desai, a second rank holder in Civil Engineering
limits approved by the Shareholders of the Company. from Gulbarga University, Karnataka in 1984 and a
Perquisites: ¢ 18 lakh per annum excluding free furnished Post-Graduate [M Tech] from IIT Madras in 1986, started
accommodation or house rent in lieu thereof. The above his career with National Buildings Construction Corporation
perquisites will exclude value of stock option benefits, if Limited [NBCC] as a management trainee.
any, computed as per Income Tax Act/Rules, tax on which He was involved in Light Combat Aircraft [LCA], HAL and
will be borne by the Company. then four years at Male’ Rep. of Maldives for an Hospital
Others: Company’s contribution to retirement funds, project, funded by Govt. of India on deputation to Ministry
official use of car / driver and communication facilities for of External Affairs. Then he was selected and rostered in
Company’s business, as per rules of the Company. Common Wealth Secretariat, London (UK) and UN Centre
for Human Settlements (HABITAT), Nairobi, Kenya.
Disclosures as required under Secretarial Standard-2 on
General Meetings are provided as an Annexure to this Mr. Desai began his career in L&T in 1997 as a Construction
Notice. Manager. During initial period of his career, he developed

369
 Notice

expertise in Tendering & Contracts management and then any, computed as per Income Tax Act/Rules, tax on which
became the Head of Tender & Contracts of Buildings and will be borne by the Company.
Factories (B&F) IC for domestic and international projects. Others: Company’s contribution to retirement funds,
He made remarkable contribution, as Head of Procurement official use of car / driver and communication facilities for
& Contracts, in our prestigious Delhi International Company’s business, as per rules of the Company.
Airport Project, handling various National & International
stakeholders. Disclosures as required under Secretarial Standard-2 on
General Meetings are provided as an Annexure to this
Subsequently in 2012, from B&F-IC, he was moved to Notice.
Heavy Civil Infrastructure (HCI) IC and was responsible for
The Companies Act, 2013 and Secretarial Standard – 2 on
Metros & Defence businesses, and then took-over as the
General Meetings provides that the re-appointment and
Head of Heavy Civil Infrastructure IC in October 2015.
remuneration of Whole-time Directors shall be subject
In HCI IC, he has been handling many JVs, international
to approval of the shareholders in a General Meeting.
partners, Corporates, Government Departments and a wide
Accordingly, the resolution at Item No. 7 in relation to
variety of jobs in the field of Elevated and Underground
appointment of Mr. Desai, as a Whole-time Director is
Metros, Bridges, Tunnel, Hydro, Nuclear, Ports & Harbours
proposed for approval of members by means of an ordinary
and Defence infrastructure.
resolution.
Mr. Desai is known for his expertise in the areas of Bid-
The agreement to be entered into with Mr. Desai will be
estimation, negotiation and finalization of Mega Projects.
open for inspection by members in the manner as specified
In Heavy Civil, he was instrumental in bagging landmark
in the Notice up to the date of the Annual General
infrastructure projects like Riyadh Metro, Qatar Metro,
Meeting.
mega Defence infrastructure project. He has been a
member of the Executive Committee of L&T since 2020. The Board recommends the re-appointment and the terms
of appointment thereof of Mr. Desai as a Whole-time
Mr. Desai is on the Boards of L&T Himachal Hydropower
Director of the Company for approval of the shareholders.
Ltd., L&T Geostructure Private Limited and International
Seaport Dredging Pvt Ltd. He is also the member of Except Mr. S. V. Desai and his relatives, being the
the Supervisory Board of Riyadh & Doha metro project appointee, none of the other Directors and Key Managerial
consortiums. Personnel of the Company and their relatives are concerned
Considering his expertise and leadership, the Board, or interested, financially or otherwise, in the resolution set
approved re-appointment of Mr. Desai as a Whole-time out at Item No. 7 of the Notice.
Director of the Company. Item No. 8
At the Annual General Meeting held on August 26, Re-appointment of Mr. T. Madhava Das (DIN:
2016, the shareholders had fixed the maximum limits 08586766) as Whole-time Director
within which the Board was authorised to decide the The shareholders at the 75th Annual General Meeting
remuneration of Whole-time Directors of the Company. (AGM) held on August 13, 2020, approved the
Pursuant to this, the Board has fixed the remuneration appointment of Mr. T. Madhava Das (DIN: 08586766) as a
payable to Mr. S. V. Desai as a Whole-time Director. Whole-time Director of the Company for a period of five
The Company would enter into enter into an agreement years, with effect from July 11, 2020 upto and including
with Mr. Desai covering the following terms of July 10, 2025.
remuneration: Basis the recommendations of the Nomination &
Salary: ¢ 12,25,000 (Rupees Twelve Lakh Twenty Five Remuneration Committee, the Board of the Company
Thousand only) per month in the scale of ¢ 10,25,000 - at its Meeting held on March 21, 2025, re-appointed
¢ 1,00,000 – ¢ 17,25,000 with the annual increment due Mr. T. Madhava Das, as a Whole-time Director of
on April 1 every year. the Company for a term of 5 years with effect from
Commission: The commission will be paid as per the July 11, 2025 upto and including July 10, 2030, subject
parameters fixed by the Nomination & Remuneration to the approval of the members in the Annual General
Committee and the Board of Directors within the overall Meeting.
limits approved by the shareholders of the Company. Mr. T. Madhava Das, a graduate in Electrical Engineering
Perquisites: ¢ 12 lakh per annum excluding free furnished from Regional Engineering College (now NIT), Calicut,
accommodation or house rent in lieu thereof. The above joined L&T in 1985 as a Graduate Engineering Trainee
perquisites will exclude value of stock option benefits, if (GET). He later completed his Post Graduation from Xavier
Institute of Management, Bhubaneswar.

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 Corporate Management Integrated Statutory Financial
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During his career, he held various key positions in Electrical Others : Company’s contribution to retirement funds,
business of ECC such as Regional Projects Manager official use of car / driver and communication facilities for
(Hyderabad Region), Sector Projects Manager (UAE) and Company’s business, as per rules of the Company.
Chief - Business Initiatives & Contracts (Transmission Lines). Disclosures as required under Secretarial Standard-2 on
He was instrumental in expanding tower manufacturing General Meetings are provided as an Annexure to this
capacity by setting up a new plant in Pithampur and in Notice.
modernizing other manufacturing units. Subsequently, he The Companies Act, 2013 and Secretarial Standard – 2
headed Transmission Line Business in domestic and later on General Meetings provides that the re-appointment
moved to GCC as Head of International Cluster-I. and remuneration of Managing Directors and Whole-time
Mr. Madhava Das was elevated to the position of Head Directors shall be subject to approval of the shareholders in
- Power Transmission & Distribution (PT&D) IC in 2014. a General Meeting. Accordingly, the Resolution at Item No.
Under his leadership, the domestic Transmission Line EPC, 8 in relation to re-appointment of Mr. T. Madhava Das, as a
Tower Manufacturing, Tower Testing Services and the PT&D Whole-time Director is proposed for approval of members
business in UAE, Saudi Arabia, Oman and Kuwait have by means of an ordinary resolution.
grown significantly, besides moving to new geographies in The agreement to be entered into with Mr. Madhava Das
ASEAN and Africa. Das will be open for inspection by members in the manner
He has also successfully incubated Solar Business and as specified in the Notice up to the date of the Annual
steered it to grow to the current level, besides adding General Meeting.
microgrid and energy storage capabilities, making it one of The Board recommends the re-appointment and the terms
the largest Solar EPCs in the country. of appointment thereof of Mr. Das as Whole-time Director
He has been a member of the Executive Committee of L&T of the Company for approval of the shareholders.
since 2017. He is on the Boards of Larsen & Toubro (Oman) Except Mr. T. Madhava Das, being the appointee, none of
LLC, PT. Larsen & Toubro and Larsen & Toubro Saudi Arabia the other Directors and Key Managerial Personnel of the
LLC. He is currently the Co-Chairman of Confederation of Company and their relatives are concerned or interested,
Indian Industry (CII)’s Transmission Line Committee. financially or otherwise, in the resolution set out at Item
Considering his expertise and leadership, the Board of No. 8 of the Notice.
Directors, approved re-appointment of Mr. Madhava Das as Item No. 9
a Whole-time Director of the Company.
Appointment of M/s. S. N. ANANTHASUBRAMANIAN
At the Annual General Meeting held on August 26, & Co. as Secretarial Auditors and fix their
2016 the shareholders had fixed the maximum limits remuneration.
within which the Board was authorised to decide the
Pursuant to provisions of Section 204 of the Companies
remuneration of Whole-time Directors of the Company.
Act, 2013, and relevant rules thereunder and Regulation
Pursuant to this, the Board has fixed the remuneration
24A of the SEBI (Listing Obligations and Disclosure
payable to Mr. Madhava Das during his tenure as a Whole-
Requirements) Regulations, 2015 (the “Listing
time Director.
Regulations”), every listed company is required to annex
The Company would enter into an agreement with with its Board’s Report, a secretarial audit report, issued by
Mr. Madhava Das on the following terms of remuneration: a Practising Company Secretary.
Salary : ¢ 12,25,000 (Rupees Twelve Lakh Twenty Five Pursuant to the Listing Regulations, shareholders’ approval
Thousand only) per month in the scale of ¢ 10,25,000 - is required for appointment of Secretarial Auditors.
¢ 1,00,000 – ¢ 17,25,000 with the annual increment due Further, such Secretarial Auditor must be a peer reviewed
on April 1 every year. Company Secretary from Institute of Company Secretaries
Commission : The commission will be paid as per the of India (ICSI) and should not have incurred any of the
parameters fixed by the Nomination & Remuneration disqualifications as specified by SEBI.
Committee and the Board of Directors within the overall In light of the aforesaid, the Board of Directors of the
limits approved by the shareholders of the Company. Company, pursuant to the recommendations of the
Perquisites : ¢ 12 lakh per annum excluding free furnished Audit Committee, and after considering the experience,
accommodation or house rent in lieu thereof. The above market standing, efficiency of the audit teams and
perquisites will exclude value of Stock Option benefits, if independence, has recommended the appointment of M/s.
any, computed as per Income Tax Act/Rules, tax on which S.N. ANANTHASUBRAMANIAN & Co. (SNACO), a firm of
will be borne by the Company. Practising Company Secretaries, as the Secretarial Auditors

371
 Notice

of the Company for a term of five consecutive financial Material related party transactions with Larsen
years commencing from April 1, 2025 till March 31, 2030. Toubro Arabia LLC (LTA):
SNACO is a reputed firm of Company Secretaries based in LTA was incorporated to bid and execute projects in the
Thane, with over three decades of experience in corporate Kingdom of Saudi Arabia (KSA). The Company holds 75%
compliance and governance. The firm has conducted stake in LTA with the remaining 25% being held by a local
Secretarial Audits for leading listed and unlisted entities partner.
across sectors, adopting a principle-based and risk-oriented LTA has bid for certain large value contracts for
approach. Known for its thoroughness, regulatory acumen, engineering, procurement, construction and installation for
and professional integrity, SNACO remains a trusted name various new offshore facilities and integration with existing
in Secretarial Audit and corporate law compliance. installations in KSA. Generally, issuance of PCGs for
The fee proposed to be paid to SNACO for the secretarial execution of the awarded projects is a pre-condition. The
audit for the financial year ending March 31, 2026 and value of these PCGs is equivalent to the full value of the In
March 31, 2027, is ¢ 5,00,000/- (Rupees Five Lakh only) Kingdom (IK) portion of the contract. Such PCGs are to be
plus applicable taxes and out of pocket expenses. The issued upfront and would remain valid till completion of all
proposed fee is exclusive of costs for other permitted obligations under the contract.
services which could be availed by the Company from Considering the increasing localization requirements in the
SNACO. The fees for remaining tenure would be fixed by Middle East, it has become imperative for the Company to
the Board of Directors or any committees thereof of the bid for projects through its local subsidiaries. The Company
Company, from time to time. has in the past provided similar PCGs in favour of various
SNACO has given its consent to act as the Secretarial subsidiaries operating in the Middle East. The proposal
Auditors, confirmed that they hold a valid peer review requires prior approval of the shareholders under the
certificate issued by ICSI and that they are not disqualified Listing Regulations.
from being appointed as Secretarial Auditors. Based on the expected probability of winning the bid, the
Accordingly, the approval of the members is sought for the Company will be required to provide PCGs of value upto
above appointment by means of an ordinary resolution. ¢ 12,600 crore, in favour of LTA, from time to time, as
The Board recommends the aforesaid appointment for per the requirements of the customers with respect to the
approval of the members. projects.
None of the Directors and Key Managerial Personnel of the Further, the Company also proposes to enter into a
Company and their relatives are concerned or interested, transaction for the supply of fabricator materials to LTA.
financially or otherwise, in the resolution set out at Item 9 Additionally, the Company would also receive guarantee
of the Notice. income from LTA in relation to the Parent Company
Item Nos. 10 to 15 Guarantee (PCG) provided to LTA in previous years.
Material Related Party Transactions Accordingly, an approval of the shareholders is sought for
Pursuant to the provisions of Regulation 23(4) of the issuance of PCGs on behalf of LTA upto ¢ 12,600 crore.
Securities and Exchange Board of India (Listing Obligations The shareholders through a resolution passed in the
and Disclosure Requirements) Regulations, 2015 (the previous AGM held on July 4, 2024, approved issuance
“Listing Regulations”), material related party transactions of PCGs on behalf of LTA upto an amount not exceeding
requires approval of the shareholders through ordinary ¢ 12,500 crore. The said approval is valid till the date of the
resolution. ensuing Annual General Meeting.
As per the Listing Regulations, a Related Party The Company is seeking renewal of approval at this AGM
Transaction is considered ‘material’ if the transaction(s) to ensure continuity of business. This will enable LTA to
to be entered into individually or taken together with procure EPC contracts and benefit the group as a whole.
previous transactions during a financial year exceeds
Material related party transactions with L&T Metro
¢ 1,000 crore or 10% of the annual consolidated
Rail (Hyderabad) Limited (LTMRHL):
turnover of the Company as per the last audited
financial statements of the Company, whichever is lower. LTMRHL is a subsidiary of the Company formed for
Considering that 10% of consolidated turnover of the the development of Hyderabad Metro Rail Project. The
Company as on March 31, 2025 is ¢ 25,573.45 crore, the Project spans 69.20 Km across three elevated corridors in
materiality threshold for seeking shareholders’ approval is Hyderabad City. The Project has been developed on DBFOT
¢ 1,000 crore. (Design, Build, Finance, Operate and Transfer) basis under a
Public Private Partnership model.

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LTMRHL has raised debt in the form of Non-Convertible The proposed transactions, being operational and critical
Debentures and Commercial Papers to finance its project in nature, play a significant role in the Company’s business.
cost. LTMRHL is contemplating setting up bank borrowing Therefore, in order to secure continuity of operations, the
limits in case the market conditions are not favourable Company is proposing to seek approval of shareholders
for borrowings through Non-Convertible Debentures and for the potential transactions with the aforesaid related
Commercial Papers. These borrowings would be utilized parties.
to pay off the existing Non-Convertible Debentures and
The shareholders of the Company at the previous
Commercial Papers as per the respective maturities. In
AGM held on July 4, 2024, had approved a similar
case of borrowings from the Bank, the Company will be
proposal for entering/continuing to enter into material
required to issue Parent Company Guarantee(s) to LTMRHL.
related party transactions with these Related Parties except
Additionally, LTMRHL has availed facilities from banks. In L&T Technology Services Limited, which is valid till this
the eventuality LTMRHL is unable to immediately meet its AGM.
obligations under the terms of agreement with the banks,
The Company is seeking fresh/renewal of approval at this
the Company will be required to provide funding support
AGM to ensure continuity of business.
by way of an Inter Corporate Deposit (ICD) to LTMRHL.
Material related party transactions with Apollo
Further, the Company also proposes to avail/render services
Hospitals Enterprise Limited (AHEL).
from/to LTMRHL and also lease property (office premises)
to/from LTMRHL in the ordinary course of business. The Buildings & Factories (B&F) IC of the Company has
been awarded various projects by AHEL involving the
Accordingly, approval of the shareholders is sought for
construction of hospitals at multiple locations across
issuance of PCGs on behalf of LTMRHL and for the above
India. The B&F IC caters to the specialized needs of AHEL,
transactions with LTMRHL, in the ordinary course of
and the execution of these projects will contribute to the
business, for an amount not exceeding ¢ 11,000 crore.
Company’s revenue while optimizing the utilization of
The shareholders through a resolution passed in the business resources already created to serve customers,
previous AGM held on July 4, 2024, approved a proposal including AHEL. This, in turn, will contribute to enhanced
for entering into material related party transactions upto shareholder value creation. The contracts for these projects
an amount not exceeding ¢ 4,800 crore with LTMRHL. are awarded at arm’s length and are within the ordinary
The Company is seeking renewal of approval as well as course of the Company’s business. AHEL is a related party
approval for certain additional transactions at this AGM to as Ms. Preetha Reddy, Independent Director, is Executive
ensure continuity of business. Vice-Chairperson of AHEL and holds more than 2% stake
Material related party transactions with subsidiaries. in AHEL along with her relatives.
Given the nature and scope of the business, the Company Accordingly, the consent of the Shareholders is sought
works closely with its related parties (including subsidiaries) for the above transaction with AHEL, for an amount not
to achieve its business objectives and enters into various exceeding ¢ 2,400 crore.
operational transactions with its related parties, from time Company’s RPT Framework:
to time, in the ordinary course of business and on arm’s
length. The Company has in place a balanced and structured policy
and process for approval of Related Party Transactions
Amongst the transactions that Company enters into with (RPT) which is reviewed periodically. The Policy provides
its related parties, the estimated value of the contracts/ the details required to be provided to the Audit
arrangements/transactions with L&T Technology Services Committee for the purpose of review and approval for
Limited, L&T Modular Fabrication Yard LLC and LTIMindtree the proposed transactions. A justification for each related
Limited (“Related Parties”), are likely to exceed the party transaction is provided to the Audit Committee.
threshold of material Related Party Transactions. Additionally, an update on the actual related party
The Company has been undertaking transactions of similar transactions entered during every quarter is provided to the
nature in the past in the ordinary course of business and Audit Committee.
on arm’s length after obtaining requisite approvals of the
Any subsequent material modification in the proposed
Audit Committee of the Company. The maximum annual
transactions, as may be defined by the Audit Committee as
value of the proposed transactions with the aforesaid
a part of Company’s Policy on Related Party Transactions,
related parties is estimated on the basis of the Company’s
is placed before the shareholders for approval, in terms of
current transactions with them and the future business
Regulation 23(4) of the Listing Regulations.
prospects.

373
 Notice

The Audit Committee of the Company comprises Company is required to appoint a cost auditor to audit the
Independent Directors which helps in providing an objective cost records of the Company, for products and services,
judgement to all transactions proposed for approval. specified under Rules issued in pursuance to the above
section. On the recommendation of the Audit Committee,
SEBI vide its circular dated April 8, 2022 has clarified that a
the Board of Directors had approved the appointment of
related party transaction approved by the shareholders shall
M/s. R. Nanabhoy & Co., Cost Accountants (Regn. No.
be valid from one AGM till the next AGM of the Company
000010), as the Cost Auditors of the Company to conduct
or for a period of fifteen months, whichever is earlier.
audit of cost records maintained by the Company for the
The Directors recommend the resolutions set out in Item Financial Year 2025-26, at a remuneration of ¢ 19 lakhs
Nos. 10 to 15 for approval of the shareholders by means of plus applicable taxes and out of pocket expenses at actuals
ordinary resolutions. for travelling and boarding/lodging.
Ms. Preetha Reddy may be deemed to be interested in the M/s. R. Nanabhoy & Co., Cost Accountants, have furnished
resolution No.15 regarding the approval of material related certificates regarding their eligibility for appointment as
party transactions with AHEL. Subject to the foregoing, Cost Auditors of the Company. In accordance with the
none of the Directors and Key Managerial Personnel (KMP) provisions of Section 148 of the Act read with the Rules,
of the Company and their respective relatives are, in any the remuneration payable to the cost auditor has to be
way, concerned or interested, financially or otherwise, in ratified by the shareholders of the Company.
the resolutions set out at item Nos. 10 to 15, except to the
Accordingly, approval of the members is sought for the
extent of their shareholding in the Company/subsidiary and
aforesaid purpose.
directorship in the respective subsidiaries.
The Board recommends this resolution for approval of the
The members may note that as per the provisions of the
shareholders.
Listing Regulations, all related parties (whether such related
party is a party to the above-mentioned transactions or None of the Directors and Key Managerial Personnel of the
not), shall not vote to approve the resolutions set out at Company and their relatives are concerned or interested,
item Nos. 10 to 15. financially or otherwise, in the resolution set out at Item
No. 16, except to the extent of their shareholding in the
The details required to be placed before the members
Company.
pursuant to the Listing Regulations are annexed to this
Notice. By Order of the Board
For LARSEN & TOUBRO LIMITED
Item No. 16
Ratification of remuneration payable to Cost Auditors SUBRAMANIAN NARAYAN
for FY 2025-26. COMPANY SECRETARY &
COMPLIANCE OFFICER
In accordance with the provisions of Section 148 of the
M.NO – A16354
Companies Act, 2013 (“the Act”) and the Companies
(Audit and Auditors) Rules, 2014 (“the Rules”) the Mumbai, May 10, 2025

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ADDITIONAL DETAILS FOR RELATED PARTY TRANSACTIONS PURSUANT TO LISTING REGULATIONS

Sr. Particulars Resolution No. 10 Resolution No. 11 Resolution No. 12
No.
1 Name of the related Larsen Toubro Arabia LLC (LTA) – L&T Metro Rail (Hyderabad) Limited L&T Technology Services Limited
party, its relationship subsidiary company (75% stake held (LTMRHL) - subsidiary company (LTTS) – subsidiary company
with the Company by the Company) (99.99% stake held by the Company) (73.66% stake held by the
including nature of Company)
concern or interest
2 Name of Director(s) None Mr. S. N. Subrahmanyan, Chairman & Mr. S. N. Subrahmanyan,
or Key Managerial Managing Director of the Company is Chairman & Managing Director
Personnel who is Non-Executive Chairman of LTMRHL of the Company is Non-Executive
related, if any and Mr. R Shankar Raman, President, Chairman of LTTS.
Whole-time Director & CFO of the
Mr. Narayanan Kumar,
Company, is Non-Executive Director
of LTMRHL. Independent Director of the
Company is an Independent
Director of LTTS.
3 Type of proposed a) Providing Parent Company Guarantee or Letter of Comfort or Undertaking.*
transaction and amount b) Sale, purchase, lease or supply of goods, business assets or property or equipment in relation to the
projects.
c) Availing or rendering of services inter-alia covering IT and ITES, Engineering services, lease of facilities,
trademark fees and other infrastructure support.
d) Transfer or exchange of any resources, services or obligations to meet its business objectives/ requirements.
* Only for LTA and LTMRHL
The approval will be valid from this AGM till the next AGM or for a period of fifteen months, whichever is earlier
in accordance with the terms and conditions of the contract/agreement for the below mentioned amounts
Name of the Company LTA LTMHRL LTTS
Amount for which shareholders’ approval is sought (¢ crore) 12,600 11,000 3,000
4 Material terms and Parent Company Guarantee Parent Company Guarantee L&T Technology Services Limited
particulars of proposed The PCG to be issued by the The PCG will be provided on behalf (LTTS) operates from common
transaction Company on behalf of LTA serves of LTMRHL to serve as a financial campus(es) across the country,
as a guarantee for performance guarantee for securing the bank and the associated expenses are
of Engineering, Procurement, and borrowings to be availed by it. apportioned by the Company to
Construction (EPC) contracts to LTTS.
be entered into by the Company. The PCG will remain valid until the
maturity of the borrowings secured The multi-year contracts will
The PCG will remain valid until the primarily involve services
fulfilment of all obligations under under this guarantee.
related to installation, testing,
the relevant EPC contract, which is Other Transactions commissioning, and maintenance
normally anticipated to be completed
The Company will receive guarantee works for various projects being
within a period of 2 to 4 years from executed by different business
income from LTMRHL in respect of
the date of issuance. units of L&T, both in India and
the guarantee provided to them. In
Other Transactions addition, the Company shall also avail overseas as well as giving office
service from LTMRHL in relation to premises on lease.
The Hydrocarbon-Offshore business
proposes to enter into a transaction lease of facilities for its operations. Furthermore, the Company will
for the supply of fabricator materials charge trademark fees to LTTS in
to LTA. accordance with the agreement
between the Company and LTTS.
Additionally, the Company will
receive guarantee income from LTA
in relation to the Parent Company
Guarantee (PCG) provided to LTA in
the previous years.
5 Value of the proposed The monetary value of the The monetary value of the The monetary value of the
transaction transactions mentioned at point (3) transactions mentioned at point (3) transactions mentioned at point
above is estimated as below above is estimated as below (3) above is estimated as ¢ 3,000
• PCG - not exceeding ¢ 12,500 • PCG - not exceeding ¢ 10,900 crore.
crore. crore.
• Other Transactions – ¢ 100 crore. • Other Transactions – ¢ 100 crore.

375
 Notice

Sr. Particulars Resolution No. 10 Resolution No. 11 Resolution No. 12

No.
6 Justification as to As in previous years, the issuance LTTS possesses deep industrial
The issuance of the PCG is a critical
why the RPT is in the of PCG on behalf of LTA would component in enabling bank domain expertise and
interest of the listed be an obligation under the terms borrowings for LTMRHL. This will specialized skills in niche and
entity of the relevant contract. This will allow the subsidiary to effectively complex technology stacks.
further enable LTA’s ability to procure manage and operate its activities, LTTS enables companies to
contracts, thereby aligning the ultimately benefiting the group. accelerate their market entry
transaction with the best interests of The Company will charge a fee that through cutting-edge solutions
the Company. is consistent with the median of the in software-defined, electric,
Given that the proposal pertains bank guarantee rates, as approved autonomous, and connected
to providing a Parent Company by the Audit Committee for the mobility, leveraging innovation
Guarantee on behalf of LTA, relevant financial year in which the and engineering capabilities. LTTS
the question of valuation is not PCG is issued. Currently, this rate is is also an authorized supplier for
applicable. set at 0.35% per annum for financial various software and solution
providers, benefiting from bulk
The Company will charge a fee based guarantees.
purchases and providing service
on a rate that is consistent with This transaction is in the ordinary
support for such software
the median of the bank guarantee course of business, and is consistent
solutions. The Company is able
rates, as approved by the Audit with the past practices.
to leverage these benefits for its
Committee for the financial year in The Company being a diverse own business operations.
which the PCG is issued. Currently, conglomerate provides its
this rate stands at 0.30% per annum administrative support service to The Company will be charged
for performance guarantees. The a price that is comparable to
other identified group companies.
Company will receive this fee as a the pricing extended to other
Such transactions bring mutual
guarantee income. customers of LTTS.
benefits and synergies to the entire
This transaction is in the ordinary group, which would ultimately Regarding the leasing of office
course of business, as the Company prosper companies’ growth in the space to LTTS, the Company
and is consistent with the past identified segment. The Company benefits from timely and assured
practices for its overseas operations. provides administrative support payments, while LTTS is assured
services to LTMRHL and charges fee of superior construction quality
based on the rates as a percentage and high-quality services.
of sales. The rental charges to LTTS will be
aligned with market rates in the
respective area.
7 Percentage of the 4.93% of the Company’s 4.30% of the Company’s 1.17% of the Company’s
Company’s consolidated consolidated annual turnover for consolidated annual turnover for consolidated annual turnover for
turnover FY 2024-25. FY 2024-25. FY 2024-25.
8 A copy of the valuation Not Applicable Not Applicable Not Applicable
or other external party
report, if any such
report has been relied
upon
9 Any other information As the exact value of the contract(s) cannot be predicted at this stage, an enabling approval from the
relevant shareholders is being sought to proceed with these potential arrangements.

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ADDITIONAL DETAILS FOR RELATED PARTY TRANSACTIONS PURSUANT TO LISTING REGULATIONS

Sr. Particulars Resolution No. 13 Resolution No. 14 Resolution No. 15
No.
1 Name of the related L&T Modular Fabrication Yard LLC LTIMindtree Limited (LTIM) – Apollo Hospitals Enterprise
party, its relationship (LTMFY) – subsidiary (70% stake Subsidiary (68.57% stake held by Limited (AHEL) – Dr. Preetha
with the Company held by the Company) the Company) Reddy, Independent Director of
including nature of the Company is the Executive
concern or interest Vice-Chairperson of AHEL and
holds more than 2% stake in
AHEL along with other relatives.
2 Name of Director(s) None Mr. S. N. Subrahmanyan, Dr. Preetha Reddy, Independent
or Key Managerial Chairman & Managing Director Director of the Company is the
Personnel who is of the Company is Non-Executive Executive Vice-Chairperson of
related, if any Chairman in LTIM. Mr. R. Shankar AHEL.
Raman, President, Whole-time
Director & CFO of the Company
is Non-Executive Director of LTIM.
Mr. Sanjeev Aga, Independent
Director of the Company is also
Independent Director in LTIM.
3 Type of proposed a) Sale, purchase, lease or supply of goods, business assets or property or equipment in relation to the
transaction and projects.
amount b) Availing or rendering of services inter-alia covering IT and ITES, Engineering services, lease of facilities,
trademark fees and other infrastructure support.
c) Transfer or exchange of any resources, services or obligations to meet its business objectives/
requirements.
The approval will be valid from this AGM till the next AGM or for a period of fifteen months, whichever is
earlier in accordance with the terms and conditions of the contract/agreement for the below mentioned
amounts
Name of the Company LTMFY LTIM AHEL
Amount for which shareholders’ approval is sought (¢ crore) 5,500 1,500 2,400
4 Material terms Hydrocarbon-offshore business The multi-year contracts will The Buildings & Factories (B&F) IC
and particulars of proposes to enter into transaction primarily involve the provision proposes to enter into contracts
proposed transaction for rendering supply of fabrication of services related to the supply for the construction of hospital
material and related services to of various software and support buildings at various locations
LTMFY. services for projects being executed across India for AHEL.
by different business units of L&T, The duration of these contracts
both in India and overseas. will range from 1.5 years to 3
Additionally, the Company will years, depending on the specific
undertake the construction project requirements.
of commercial buildings and The Company shall also be
IT facilities for LTIM. LTIM availing health & medical services
also operates from common from AHEL at various locations
campus(es) across the country, across India.
with the associated expenses being
apportioned by the Company to
LTIM.
Furthermore, the Company will
charge trademark fees to LTIM in
accordance with the agreement
between the Company and LTIM.
5 Value of the The monetary value of the The monetary value of the The monetary value of the
proposed transaction transactions mentioned at point (3) transactions mentioned at point (3) transactions mentioned at point
above is estimated ¢ 5,500 crore. above is estimated ¢ 1,500 crore. (3) above is estimated ¢ 2,400
crore.

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 Notice

Sr. Particulars Resolution No. 13 Resolution No. 14 Resolution No. 15

No.
6 Justification as to The Energy Hydrocarbon Business LTIM is an authorized supplier The Buildings & Factories (B&F)
why the RPT is in the requires Customized Fabrication for various software products, IC of the Company has been
interest of the listed Services for EPC Contracts. benefiting from bulk purchase awarded various projects by
entity The Energy & Hydrocarbon advantages. Additionally, LTIM AHEL involving the construction
business of the Company bids for provides service support for of hospitals at multiple locations
various Engineering, Procurement, these software solutions, and across India. The B&F IC caters
and Construction (EPC) contracts, the Company is able to leverage to the specialized needs of
where customized fabrication these benefits to enhance its own AHEL, and the execution of
activities play a crucial role in the business operations. these projects will broaden
execution of such contracts. These In relation to the construction the Company’s revenue base
fabrication activities are typically of commercial buildings and IT while optimizing the utilization
carried out through LTMFY, which facilities for LTIM, the Company of business resources already
possesses the necessary technical stands to gain from increased created to serve customers,
expertise, facilities, and execution business opportunities and including AHEL. This, in turn,
capabilities. assured, timely payments. In will contribute to enhanced
shareholder value creation.
Most EPC projects require the use return, LTIM will benefit from
of customized fabricated structures the timely completion of the The contracts for these projects
as per the specific contract projects and superior quality of are awarded at arm’s length and
specifications. For projects within construction. are within the ordinary course of
India, the Company utilizes its own The contracts for these projects are the Company’s business.
fabrication facilities. For overseas awarded at arm’s length and are
projects, the Company generally within the ordinary course of the
leverages external fabrication Company’s business.
facilities to optimize logistics costs.
Availing fabrication services is
considered a routine activity in the
ordinary course of business. The
Company solicits quotations from
multiple parties for its fabrication
needs, and the final contract is
awarded based on factors such as
price, quality, and timelines. LTMFY
also provides quotations for these
contracts and is selected only if its
offer is competitive.
7 Percentage of 2.15% of the Company’s 0.59% of the Company’s 0.94% of the Company’s
the Company’s consolidated annual turnover for consolidated annual turnover for consolidated annual turnover for
consolidated FY 2024-25. FY 2024-25. FY 2024-25.
turnover
8 A copy of the Not Applicable Not Applicable Not Applicable
valuation or other
external party report,
if any, such report
has been relied upon
9 Any other As the exact value of the contract(s) cannot be predicted at this stage, an enabling approval from the
information relevant shareholders is being sought to proceed with these potential arrangements.

378 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

(ANNEXURE TO NOTICE DATED MAY 10, 2025)

DETAILS OF DIRECTORS SEEKING APPOINTMENT/RE-APPOINTMENT AT THE FORTHCOMING
ANNUAL GENERAL MEETING
[Pursuant to Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and
Secretarial Standard-2 on General Meetings]

Name of the Director Mr. Subramanian Sarma Mr. S. V. Desai Mr. T. Madhava Das
Date of Birth February 4, 1958 July 5, 1960 January 25, 1963
Date of Appointment on August 19, 2015 July 11, 2020 July 11, 2020
the Board
Qualifications Masters in Chemical Engineering Masters in Civil Engineering Bachelors in Engineering
Masters in Management
Expertise / Skills Leadership | Industry Knowledge Leadership | Industry Knowledge Leadership | Industry Knowledge
and Experience | Governance and and Experience | Governance and and Experience | Governance and
Compliance| Global Experience | Compliance| Global Experience Compliance| Global Experience
Industry Advocacy
Directorships held in other 1. L&T Valves Limited 1. L&T Himachal Hydropower None
public companies including 2. L&T Energy Green tech Limited
private companies which Limited 2. L&T Geostructure Private
are subsidiaries of public Limited
3. L&T Electrolysers Limited
companies (excluding
3. International Seaport
foreign companies)
Dredging Private Limited
Details of Listed entities None None None
from which he resigned
during the last three years.
Memberships/ Member: Member: Member:
Chairmanships of Board Risk Management CSR & Sustainability Stakeholders Relationship
committees across all Committee Committee Committee
companies
Larsen & Toubro Limited Larsen & Toubro Limited Larsen & Toubro Limited
Corporate Social Responsibility
Committee
L&T Geostructure Private Limited
Number of Meetings 6 out of 6 6 out of 6 6 out of 6
attended during FY 2024-25
Shareholding in the Please refer to page No. 406 of this Integrated Annual Report.
Company
Relationships between None None None
directors inter-se

379
 Notice

INFORMATION AT A GLANCE:
Sr. No. Particulars Details
1. Day, Date and Time of AGM Tuesday, June 17, 2025, 3:00 P.M.
2. Mode Video Conference (VC) or Other Audio Visual Means (OAVM)
3. Participation through VC/OAVM Members can login from 02.30 P.M. (IST) on the date of the AGM at www.evoting.nsdl.com.

4. Helpline Number for VC/OAVM NSDL Helpline No. 022 4886 7000
participation
5. Submission of Questions/ Queries Members seeking any information with regard to the accounts or any matter mentioned in the
before AGM AGM Notice, are requested to write to the Company on or before the cut-ff date i.e. Tuesday,
June 10, 2025 via email at [email protected]. The same will be replied by the Company
suitably.
6. Speaker registration before AGM Members may register themselves as a speaker by sending a request from their registered email
address mentioning their name, DP ID and Client ID/folio number, PAN, mobile number to
[email protected] on or before the Cut-off Date i.e. Tuesday, June 10, 2025.
7. Transcript Will be made available post AGM at www.larsentoubro.com
8. Dividend for FY 2024-25 Final Dividend of ¢ 34 per equity share of face value of ¢ 2 each
recommended by the Board
9. Record Date Tuesday, June 03, 2025
10. Dividend Payment Date On or before Saturday, June 21, 2025
11. Cut-off date for e-voting Tuesday, June 10, 2025
12. Remote e-voting start time and date Friday, June 13, 2025, 09.00 A.M
13. Remote e-voting end time and date Monday, June 16, 2025, 05.00 P.M
14. Remote e-voting website of NSDL Shares held in Demat mode with NSDL:
1. Shareholders registered for NSDL IDeAS facility: https://eservices.nsdl.com
2. Others: www.evoting.nsdl.com
Shares held in Demat mode with CDSL:
1. Shareholders who have opted for Easi facility of CDSL:
https://web.cdslindia.com/myeasitoken/home/login
2. Others: www.cdslindia.com
Logging in through Depositary Participants:
Members can also login using the login credentials of their demat account through your DP
registered with NSDL /CDSL for e-voting facility.
15. Name, address and contact details Registrar and Transfer Agent
of e-voting service provider and KFin Technologies Limited
registrar and transfer agent Selenium, Tower B, Plot 31-32, Gachibowli, Financial District, Nanakramguda,
Hyderabad - 500032.
Toll Free Number: 1800 3094 001
Email: [email protected]
Website: www.kfintech.com
E-voting Service Provider
National Securities Depositories Limited (NSDL)
C-31, Naman Chamber, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051
Tel No: 022 4886 7000
16. Email Registration and Contact Demat Shareholders:
Updation Process Contact respective Depository Participant
Physical Shareholders:
Please furnish Form ISR-1, Form ISR-2 and SH-13 (available on the Company’s website at https://
investors.larsentoubro.com/DownloadableForms.aspx) along with the necessary attachments
mentioned in the said Forms to KFintech, Selenium, Tower B, Plot 31-32, Gachibowli, Financial
District, Nanakramguda, Hyderabad - 500032.
Members may also email the duly filled forms to [email protected].

380 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Board’s Report
Dear Members,

Your Directors have pleasure in presenting the 80th Integrated Annual Report and Audited Financial Statements of Larsen &
Toubro Limited for the year ended March 31, 2025.
FINANCIAL RESULTS:
The Company’s financial performance for the year ended March 31, 2025 is summarized below:
v crore
Particulars 2024-25 2023-24
Profit before depreciation, exceptional items & Tax 15,062.00 12,653.15
Less: Depreciation, amortization, impairment, and obsolescence 1,963.02 1,753.17
Profit before exceptional items and tax 13,098.98 10,899.98
Add: Exceptional items 474.78 586.47
Profit before tax 13,573.76 11,486.45
Less: Provision for tax (including tax on exceptional items) 2,703.04 2,155.04
Net profit after tax 10,870.72 9,331.41
Add: Balance brought forward from the previous year 41,061.19 35,936.63
Less: Dividend paid for the previous year 3,849.57 3,373.56
Less: Special dividend paid – 843.39
Add/(Less): Gain/(Loss) on remeasurement of the net defined benefits plans (199.29) 10.10
Balance to be carried forward 47,883.05 41,061.19

The Company has not transferred any amount from profit and loss to general reserve during FY 2024-25.
PERFORMANCE OF THE COMPANY: by the Board. The Policy is uploaded on the Company’s
The total income, on standalone basis, for the financial year website at https://www.larsentoubro.com/corporate/
under review is ¢ 148,178.22 crore as against ¢ 131,563.06 about-lt-group/corporate-policies/.
crore for the previous financial year, registering an increase CAPITAL AND FINANCE:
of 12.63%. The Profit before exceptional items and tax is
During FY 2024-25, the Company allotted 5,23,546 equity
¢ 13,098.98 crore for the financial year under review as
shares of ¢ 2/- each upon exercise of vested stock options
against ¢ 10,899.98 crore for the previous financial year.
by the eligible employees under the Employee Stock Option
The profit after tax is ¢ 10,870.72 crore for the financial
Schemes.
year under review as against ¢ 9,331.41 crore for the
previous financial year, registering an increase of 16.50%. During FY 2024-25, the Company repaid Non-convertible
Debentures amounting to ¢ 4,950 crore as per the
DIVIDEND:
repayment schedule.
The Board recommends a final dividend of ¢ 34 per equity
share of ¢ 2/- each on the share capital aggregating to The Company has issued and allotted on a private
¢ 4,676 crore, with a payout ratio of 43.01%. The dividend placement basis, Unsecured, Rated, Listed, Redeemable,
is subject to approval of members at the ensuing Annual Non-convertible Debentures (NCDs) aggregating ¢ 5,500
General Meeting (AGM) and deduction of tax at source, crore during FY 2024-25. These NCDs are listed on the
as required under the law. The final dividend, if approved, Wholesale Debt Market segment of the National Stock
would be paid to members whose names appear in the Exchange of India Limited. The funds raised through
Register of Members as on the record date fixed for this issuance of NCDs were utilized as per the objects stated
purpose. in the General Information Document/ Key Information
Document of the respective NCDs. The Company has been
The dividend payment is based upon the parameters regular in making payments of principal and interest on the
mentioned in the Dividend Distribution Policy approved NCDs.

381
 Board’s
Report

The Company raised ¢ 25,385 crore by issue of Commercial com/corporate/about-lt-group/corporate-policies/. There is

Papers during FY 2024-25. As on March 31, 2025, the no material unlisted subsidiary of the Company.
outstanding Commercial Papers is ¢ 1,500 crore. The
During the year under review, the Company subscribed to
Commercial Papers are listed on the Wholesale Debt
/ acquired equity shares in various subsidiary / associate
Market segment of BSE Limited.
/ joint venture companies. The details of investments
The Company has not defaulted on payment of any dues / divestments in subsidiary / associate / joint venture
to the financial lenders. companies during the year are as under:

The Company’s borrowing programs have received the A) Shares subscribed/ acquired during the year:
highest credit ratings from CRISIL Ratings Limited, ICRA Name of the Type of No. of shares Value of
Limited, India Ratings and Research Private Limited. The Company Shares Investment
Company has also received ratings from global rating (¢ Crore)
agencies viz. S&P Global Ratings and Fitch Ratings. The L&T Equity 18,59,80,000 185.98
details of the same are given in Annexure ‘B’ – Report on Semiconductor
Preference 2,62,00,000 131.00
Technologies
Corporate Governance forming part of this Board Report Limited
and is also available on the website at https://investors.
L&T Energy 19,40,00,000 194.00
larsentoubro.com/upload/ListingCompliance/06.%20 Green Tech
Credit%20Rating.pdf Limited
L&T Finance 1,33,00,000 227.37
CAPITAL EXPENDITURE:
Limited
As at March 31, 2025, the gross value of property, plant (formerly
and equipment, investment property and other intangible L&T Finance Equity
Holdings
assets, including leased assets, are ¢ 23,579.79 crore and Limited)
the net value of property, plant and equipment, investment L&T Network 90,00,000 9.00
property and other intangible assets, including leased Services Private
assets, are ¢ 12,393.07 crore. Capital Expenditure during Limited
FY 2024-25 is ¢ 2,725.01 crore. L&T Special 147,31,60,000 Refer Note 1
Steels and
DEPOSITS: Preference 166,92,00,000 Refer Note 1
Heavy Forgings
Private Limited
During the year under review, the Company has not
accepted any public deposits falling within the ambit of Business Park 18,59,80,000 185.98
(Powai) Private
Section 73 of the Companies Act, 2013 and the Rules Limited
framed thereunder. The requisite return for FY 2023-24
Corporate Park 19,82,76,000 198.28
with respect to amount(s) not considered as deposits has (Powai) Private
been filed. The Company does not have any unclaimed Limited
Equity
deposits as of date. E2E Networks 29,79,579 1,079.27
Limited (Refer Note 2)
SUBSIDIARY / ASSOCIATE / JOINT VENTURE
Indian 1,25,00,000 12.50
COMPANIES:
Foundation
A statement containing salient features of the financial for Quality
statements of subsidiary / associate/ joint venture Management

companies and their contribution to the overall Total Investment 2,223.38

performance of the Company is furnished on page 723 to Note 1 - During the year, with a view to undertake
733 of this Integrated Annual Report. incremental investments to augment the breadth
of offerings of L&T Special Steels and Heavy Forgings
The Company has formulated a policy on identification
Private Limited (LTSSHF), your Company acquired
of material subsidiaries in accordance with Regulation
equity and preference shares held by Nuclear Power
16(1)(c) of the SEBI (Listing Obligations and Disclosure
Corporation of India Limited (NPCIL) and 100%
Requirements) Regulations, 2015 and the same is hosted of the secured loan interest in LTSSHF held by
on the Company’s website at https://www.larsentoubro. NPCIL for a total consideration of ¢ 170 crore and

382 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

terminated the joint venture agreement with NPCIL. involve a potential conflict of interest, the Company has
LTSSHF is presently a wholly owned subsidiary of the a defined Related Party Transactions Policy and guidelines
Company. and the Audit Committee of the Board periodically
Note 2 - During the year, your Company announced reviews and monitors the Related Party Transactions. All
a strategic partnership with E2E Networks (listed related party transactions entered into during FY 2024-25
on NSE), an ‘Indian Cloud and AI Cloud’ provider were in the ordinary course of business and at arm’s
to augment its datacenter solutions. The Company length. The Audit Committee has approved the related
acquired 15% of capital and invested ¢ 1,079.27 party transactions for FY 2024-25 and also approved
crore. The Company has acquired a further 1.1% stake the estimated related party transactions for FY 2025-26,
in April 2025 and will acquire the remaining equity in as required under the law. There were no Related Party
due course. The partnership enables your Company Transactions that have any conflict of interest.
to collaborate with E2E Networks to offer clients
seamless, scalable and secure cloud experiences. By The updated Related Party Transactions Policy has
combining the Company’s capabilities, your Company been hosted on the Company’s website at https://
is poised to deliver a cloud ecosystem designed for www.larsentoubro.com/corporate/about-lt-group/
businesses in India that want to drive growth, optimise corporate-policies/.
costs and unlock the full potential of AI and digital
transformation. In accordance with the provisions of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations,
B) Equity shares sold / transferred / reduced during 2015, following material related party transactions are
the year: placed before the members for approval at the ensuing
Scheme of Amalgamation of L&T Energy Annual General Meeting (AGM), by means of ordinary
Hydrocarbon Engineering Limited (LTEHE) and resolutions. These transactions are proposed to be entered
L&T Offshore Private Limited (LTOPL) with Larsen at arm’s length basis and are in ordinary course of business.
& Toubro Limited (“THE SCHEME”):
S. Name of the Nature of transactions Amount
In order to improve the synergies and optimize no. related party for which
administrative and operating costs, the Board of approval
Directors of the Company in its meeting held on is sought
(¢ Crore)
January 30, 2024, approved merger of LTEHE and
1. Larsen Toubro Providing Parent 12,600
LTOPL with the Company. During the year, the Scheme Arabia LLC Company Guarantees
was approved by the Hon’ble National Company Law (PCGs) and sale &
Tribunal, Mumbai Bench and Chennai Bench, and is purchase of goods
effective March 1, 2025. The appointed date of the 2. L&T Metro Rail Providing PCGs and 11,000
(Hyderabad) receiving guarantee
scheme was April 1, 2024. Further to the merger,
Limited income and availing
LTEHE and LTOPL cease to be the wholly owned lease facilities
subsidiary of the Company. 3. LTIMindtree • Sale, purchase, lease 1,500
Limited or supply of goods,
PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, assets or property or
4. L&T Technology 3,000
GUARANTEES GIVEN OR SECURITY PROVIDED BY THE Services Limited equipment;
COMPANY: 5. L&T Modular • Availing or rendering 5,500
Fabrication Yard of services;
The Company has disclosed the particulars of the loans
LLC • Transfer or exchange
given, investments made or guarantees given or security of any resources/
provided during the year, as required under Section services or obligation
186 of the Companies Act, 2013, Regulation 34(3) and to meet the Company’s
Schedule V of the SEBI (Listing Obligations and Disclosure business objectives/
requirements.
Requirements) Regulations, 2015 in Note 57 forming part
6. Apollo Hospitals Construction of Hospitals 2,400
of the financial statements. Enterprise Limited & availment of medical
and health services
PARTICULARS OF CONTRACTS OR ARRANGEMENTS
Total 36,000
WITH RELATED PARTIES:
The Board recommends the above material related party
The Board attaches highest importance to governance and
transactions for approval of members by means of ordinary
stakeholders’ confidence and trust. In line with the same
resolutions.
and to provide governance over transactions which could

383
 Board’s
Report

MATERIAL CHANGES AND COMMITMENTS AFFECTING the members at the ensuing AGM. The Board of Directors
THE FINANCIAL POSITION OF THE COMPANY, recommends the above appointments/re-appointments of
BETWEEN THE END OF THE FINANCIAL YEAR AND THE directors for approval of the members.
DATE OF THE REPORT:
The terms and conditions of appointment of the
There are no material changes and commitments affecting
Independent Directors are in compliance with the
the financial position of the Company between the end of
provisions of the Companies Act, 2013 and are placed on
the financial year and the date of this report.
the website of the Company https://investors.larsentoubro.
CONSERVATION OF ENERGY, TECHNOLOGY com/listing-compliance-disclosuresunderstatutes.aspx.
ABSORPTION, FOREIGN EXCHANGE EARNINGS AND
OUTGO: The Company has also disclosed on its website https://
investors.larsentoubro.com/listing-compliance-
Information as required to be given under section 134(3)
disclosuresunderstatutes.aspx details of the familiarization
(m) of the Companies Act, 2013 read with Rule 8(3) of the
programs for the Independent Directors.
Companies (Accounts) Rules, 2014 is provided in Annexure
‘A’ forming part of this Board Report. Mr. Sivaram Nair A, Company Secretary and Compliance
Officer, would be superannuating from the services of the
DETAILS OF CHANGES IN DIRECTORS AND KEY
Company with effect from May 9, 2025. The Board places
MANAGERIAL PERSONNEL:
on record its appreciation for the valuable contribution
Mr. Adil Zainulbhai ceased to be the Independent Director made by him during his tenure as Company Secretary
of the Company upon successful completion of his tenure and Compliance Officer of the Company. Pursuant to the
on May 28, 2024. Mr. Hemant Bhargava resigned as a recommendation of the Nomination and Remuneration
Director of the Company with effect from May 27, 2024, Committee, the Board at its meeting held on May 8, 2025,
pursuant to withdrawal of nomination by Life Insurance approved the appointment of Mr. Subramanian Narayan as
Corporation of India (LIC). The Board places on record its the Company Secretary and Compliance Officer effective
appreciation towards valuable contribution made by them May 10, 2025.
during their tenure as Directors of the Company.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:
Mr. Siddhartha Mohanty was appointed as Nominee
This information is furnished in Annexure ‘B’ - Report
Director of LIC with effect from May 28, 2024. His
on Corporate Governance forming part of this Report.
appointment was approved by the members at the last
Members are requested to refer to page No. 397 of this
Annual General Meeting (AGM).
Integrated Annual Report.
Pursuant to the recommendations of the Nomination &
BOARD COMMITTEES:
Remuneration Committee (NRC), the Board had in its
meeting held on March 21, 2025, approved the following, The Board has constituted an Audit Committee,
subject to the approval of the members at the ensuing Nomination and Remuneration Committee, Stakeholders
AGM: Relationship Committee and Board Risk Management
Committee in terms of the requirements of the Companies
• Appointment of Mr. Subramanian Sarma as Deputy
Act, 2013 read with the Rules made thereunder and
Managing Director & President of the Company with
Regulation 18, 19, 20 and 21, respectively, of the
effect from April 2, 2025 to February 3, 2028;
SEBI (Listing Obligations and Disclosure Requirements)
• Re-appointment of Mr. S. V. Desai as Whole-time Regulations, 2015. The details relating to the same
Director of the Company with effect from July 11,
are furnished in Annexure ‘B’ - Report on Corporate
2025 to July 4, 2030; and
Governance forming part of this Board Report. Members
• Re-appointment of Mr. T. Madhava Das as Whole-time are requested to refer to pages 400 to 407 of this
Director of the Company for a term of five years with Integrated Annual Report.
effect from July 11, 2025.
CSR & SUSTAINABILITY COMMITTEE:
Mr. S. V. Desai and Mr. T. Madhava Das retire by rotation at
The Company has in place a CSR & Sustainability (CSR)
the ensuing AGM and being eligible, offer themselves for
Committee in terms of the requirements of Section 135
re-appointment.
of the Companies Act, 2013 read with the rules made
Necessary resolutions in relation to the above appointment thereunder.
and re-appointment of directors have been placed before

384 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

The CSR policy is available on the Company’s website the Independent Directors confirming that he/she is
at https://www.larsentoubro.com/corporate/about-lt- not disqualified from being appointed/re-appointed/
group/corporate-policies/ and the initiatives taken by continue as an Independent Director as per the criteria
the Company on CSR activities during the financial laid down in Section 149(6) of the Companies Act, 2013
year is available on the Company’s website at https:// and Regulation 16(1)(b) of SEBI (Listing Obligations
investors.larsentoubro.com/listing-compliance- and Disclosure Requirements) Regulations, 2015. The
disclosuresunderstatutes.aspx same are also hosted on the website of the Company
https://investors.larsentoubro.com/listing-compliance-
A brief note regarding the Company’s initiatives with
disclosuresunderstatutes.aspx. The Independent Directors
respect to CSR and the composition of the CSR Committee
have complied with the Code for Independent Directors
is given in Annexure ‘B’ - Report on Corporate Governance
prescribed in Schedule IV to the Companies Act, 2013.
forming part of this Board Report. Please refer to pages
407 to 409 of this Integrated Annual Report. The Independent Directors of the Company have registered
themselves with the data bank maintained by Indian
The disclosures required to be given under Section 135
Institute of Corporate Affairs (IICA). In terms of Section
of the Companies Act, 2013 read with Rule 8(1) of the
150 of the Companies Act, 2013 read with Rule 6(4) of
Companies (Corporate Social Responsibility Policy) Rules,
the Companies (Appointment & Qualification of Directors)
2014 are given in Annexure ‘C’ forming part of this Board
Rules, 2014, all Independent Directors of the Company are
Report.
exempted from undertaking the online proficiency self-
The President, Whole-time Director & CFO of the Company assessment test conducted by the IICA.
has certified that CSR funds so disbursed for the projects
PERFORMANCE EVALUATION:
have been utilized for the purposes and in the manner as
approved by the Board. The Nomination and Remuneration Committee and the
Board have laid down the manner in which formal annual
COMPANY POLICY ON DIRECTORS’ APPOINTMENT evaluation of the performance of the Board, Committees,
AND REMUNERATION: Individual Directors and the Chairman & Managing
The NRC has formulated a policy on Directors’ appointment Director has to be made. All Directors responded through
and remuneration including recommendation of a structured questionnaire giving feedback about the
remuneration of the key managerial personnel and senior performance of the Board, its Committees, Individual
management personnel, and the criteria for determining Directors and the Chairman & Managing Director.
qualifications, positive attributes, and independence
As in the previous years, performance evaluation was
of a Director. Nomination and Remuneration Policy is
carried out through an external consultant, independent of
provided as Annexure ‘F’ forming part of this Board
management or the Company’s IT systems. This enables an
Report and also disclosed on the Company’s website at
unbiased feedback.
https://www.larsentoubro.com/corporate/about-lt-group/
corporate-policies/. The Board performance evaluation inputs, including areas
of improvement for the Directors, Board processes and
Your Company values each stakeholder and appreciates
related issues for enhanced Board effectiveness were
their unique differences. The Board Diversity Policy, aligned
discussed in the meetings of the Independent Directors,
with legal requirements, emphasizes inclusion of women
Nomination and Remuneration Committee and the Board
directors besides recognizing other forms of diversity,
of Directors held during May 2025.
including but not limited to gender, age, cultural and
educational background, ethnicity, professional experience, DISCLOSURE OF REMUNERATION:
skills and knowledge, networking, value addition and The details of remuneration as required to be disclosed
representation of stakeholders. The NRC has formulated a under the Companies Act, 2013 and the Rules made
separate policy on Board Diversity. thereunder, are given in Annexure ‘D’ forming part of this
DECLARATION OF INDEPENDENCE: Board Report.
The Company has received declaration of Independence The information in respect of employees of the Company
as stipulated under section 149(7) of the Companies Act, pursuant to Rules 5(2) and 5(3) of the Companies
2013 and Regulation 25(8) of SEBI (Listing Obligations (Appointment and Remuneration of Managerial Personnel)
and Disclosure Requirements) Regulations, 2015 from Rules, 2014, as amended from time to time, is provided

385
 Board’s
Report

in Annexure ‘G’ forming part of this report. In terms of DEPOSITORY SYSTEM:

section 136(1) of the Companies Act, 2013 and the rules As the members are aware, the Company’s shares
made thereunder, the Report and Accounts are being sent are compulsorily tradable in electronic form. As on
to the shareholders excluding the aforesaid Annexure. Any March 31, 2025, 99.31% of the Company’s total paid
member interested in obtaining a copy of the same may up capital representing 136,57,43,522 shares are in
write to the Company Secretary at the Registered Office dematerialized form.
of the Company. None of the employees listed in the said
Annexure is related to any Director of the Company. Pursuant to amendments in SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, requests
DIRECTORS’ RESPONSIBILITY STATEMENT: for effecting transfer of securities in physical form, shall
The Board of Directors of the Company confirms that: not be processed by the Company. In case of requests
a) In the preparation of Annual Accounts, the applicable for transmission, transposition, issue of duplicate share
accounting standards have been followed along with certificate, renewal/exchange of securities certificate,
proper explanation relating to material departures; endorsement, sub-division/split of securities certificate and
consolidation of securities certificates/folios, the Company
b) The Directors have selected such accounting policies
will issue a letter of confirmation, which needs to be
and applied them consistently and made judgements
submitted to Depository Participant(s) by the respective
and estimates that are reasonable and prudent so as to
shareholder to get credit of the securities in dematerialized
give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the form to his/her account. Shareholders desirous of availing
profit of the Company for that period; these services are requested to refer to the detailed
procedure hosted on the website at https://investors.
c) The Directors have taken proper and sufficient care larsentoubro.com/InvestorKit.aspx.
for the maintenance of adequate accounting records
in accordance with the provisions of the Companies In view of the numerous advantages offered by the
Act, 2013 for safeguarding the assets of the Company Depository system as well as to avoid frauds, members
and for preventing and detecting fraud and other holding shares in physical form are advised to avail of the
irregularities; facility of dematerialization from either of the Depositories.
d) The Directors have prepared the Annual Accounts on a The Company has availed a special contingency insurance
going concern basis; policy towards the risks arising out of the requirements
e) The Directors have laid down Internal Financial relating to issuance of duplicate securities and for the
Controls to be followed by the Company and such claims related to Investor Education and Protection Fund
Internal Financial Controls are adequate and operating (‘IEPF’), which is renewed every year.
efficiently;
TRANSFER TO INVESTOR EDUCATION AND
f) The Directors have devised proper systems to ensure PROTECTION FUND:
compliance with the provisions of all applicable laws
The Company regularly sends reminders to those whose
and that such systems were adequate and were
dividends are unclaimed, urging them to update the bank
operating effectively.
mandate details with Registrar and Transfer Agents (RTA)/
ADEQUACY OF INTERNAL FINANCIAL CONTROLS: Depository Participants/Company, to ensure timely credit
The Company has designed and implemented a process of Dividends by the Company. Additionally, efforts are
driven framework for Internal Financial Controls (“IFC”) also made in co-ordination with the RTA to locate the
within the meaning of the explanation to Section 134(5) shareholders who have not claimed their dues.
(e) of the Companies Act, 2013. For the year ended Despite efforts, ¢ 15.08 crore towards dividend and ¢ 0.72
March 31, 2025, the Board is of the view that the lakh towards bonus fractional entitlement remained
Company has sound IFC commensurate with the nature unclaimed for a period of seven years, which were
and size of its business operations and operating effectively transferred to Investor Education and Protection Fund (IEPF)
and there is no material weakness. The Company has a as required under Section 125 of the Companies Act, 2013
process in place to monitor the same and identify gaps, and the Rules made thereunder.
if any, and implement new and/or improved controls
wherever the effect of such gaps could have a material Cumulatively, the amount transferred to IEPF is ¢ 85.19
effect on the Company’s operations. crore as on March 31, 2025.

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In accordance with the provisions of Section 124(6) of Harassment of Women at Workplace (Prevention,
the Companies Act, 2013 and Rule 6(3)(a) of the Investor Prohibition & Redressal) Act, 2013 and Rules thereunder
Education and Protection Fund Authority (Accounting, (‘POSH Act & Rules’). The Policy is applicable to all L&T
Audit, Transfer and Refund) Rules, 2016 (‘IEPF Rules’), establishments located in India. The Policy has been widely
the Company has transferred 17,72,523 equity shares disseminated. The Company has constituted Internal
of ¢ 2 each (0.13% of paid-up shares) held by 14,847 Complaints Committees to ensure implementation and
shareholders (0.87% of total shareholders) to IEPF. The said compliance with the provisions of the Act and the Rules.
shares correspond to the dividend which had remained
This Policy encompasses the following objectives:
unclaimed for a period of seven consecutive years from
the financial year 2016-17. However, the members can • To define Sexual Harassment;
claim the said shares along with the dividend(s) by making • To lay down the guidelines for reporting acts of Sexual
an application to IEPF Authority in accordance with the Harassment at the workplace; and
procedure available on www.iepf.gov.in and on submission
• To provide the procedure for the resolution and
of such documents as prescribed under the IEPF Rules. The
redressal of complaints of Sexual Harassment.
detailed procedure for claiming shares/dividend transferred
to IEPF is made available on the Company’s website at The Policy is uploaded on the Company’s website at
https://investors.larsentoubro.com/Investor-FAQ.aspx. https://www.larsentoubro.com/corporate/about-lt-group/
corporate-policies/.
The Company sends specific communication in advance
to the concerned shareholders at their address registered There were 12 complaints received during FY 2024-25.
with the Company and also publishes notice in newspapers 11 complaints have been concluded as per provision of
providing the details of the shares due for transfer to POSH Act and Rules. The remaining complaint is under
enable them to take appropriate action. All corporate investigation. The complaints are redressed within the
benefits accruing on such shares viz. bonus shares, etc. timelines prescribed in POSH Act and Rules.
including dividend, except rights shares, shall be credited
OTHER DISCLOSURES:
to IEPF.
• ESOP Disclosures: There has been no change in the
Pursuant to Section 124 of the Companies Act, 2013 the Employee Stock Option Schemes (ESOP schemes)
unpaid and unclaimed dividends that are due for transfer during the current financial year.
to the IEPF are disclosed on page no. 362 of this Integrated
The disclosure relating to ESOPs required to be made
Annual Report. under the provisions of the Companies Act, 2013
Details of the Nodal Officer of the Company are displayed and the Rules made thereunder and the Securities
on the website at https://investors.larsentoubro.com/ and Exchange Board of India (Share Based Employee
Benefit and Sweat Equity) Regulations, 2021 (SBEB
shareholder-services.aspx.
Regulations) is provided on the website of the
COMPLIANCE WITH SECRETARIAL STANDARDS ON Company https://investors.larsentoubro.com/listing-
BOARD AND GENERAL MEETINGS: compliance-agm.aspx.
The Company has complied with Secretarial Standards A certificate obtained from the Secretarial Auditors,
issued by the Institute of Company Secretaries of India on confirming that the ESOP Schemes of the Company
Board and General Meetings. are in compliance with the SBEB Regulations and that
the Company has complied with the provisions of the
PROTECTION OF WOMEN AT WORKPLACE:
Companies Act, 2013 is also provided in Annexure ‘B’
The Company believes that the women employees should forming part of this Report.
have the opportunity to work in an environment free
from any conduct which can be considered as a Sexual • Corporate Governance: Pursuant to Regulation 34
read with Schedule V of the SEBI (Listing Obligations
Harassment. The Company is committed to treating every
and Disclosure Requirements) Regulations, 2015, a
employee with dignity and respect, fosters to create a
Report on Corporate Governance and a certificate
workplace which is safe and free from any act of Sexual
obtained from the Statutory Auditors confirming
Harassment. compliance with Corporate Governance requirements
The Company has a policy on ‘Protection of Women’s provided in the aforesaid Regulations, are provided in
Rights at Workplace’ as per the provisions of the Sexual Annexure ‘B’ forming part of this Report.

387
 Board’s
Report

• Business Responsibility and Sustainability Officer of the Company is the designated person
Reporting: As per Regulation 34 of the SEBI (Listing responsible for furnishing information and extending
Obligations and Disclosure Requirements) Regulations, cooperation to the ROC in respect of beneficial interest
2015, a separate section on Business Responsibility in the Company’s shares.
and Sustainability Reporting (BRSR) along with
• Reporting of fraud: The Auditors of the Company
reasonable assurance on BRSR forms a part of this
have not reported any instances of fraud committed
Integrated Annual Report. Please refer pages 298 to
during the FY 2024-25, against the Company by
355 of this Annual Report.
its officers or employees as specified under section
• Integrated Reporting: The Company is complying 143(12) of the Companies Act, 2013.
with the applicable requirements of the Integrated
VIGIL MECHANISM:
Reporting Framework. The Integrated Report tracks
the sustainability performance of the organization and The Company has a Whistle-blower Policy in place since
its interconnectedness with the financial performance, 2004 and aligns with the requirements of vigil mechanism
showcasing how the Company is adding value to its under the Companies Act, 2013 and Regulation 22 of
stakeholders. The Integrated Report forms a part of SEBI (Listing Obligations and Disclosure Requirements)
this Integrated Annual report. Regulations, 2015. This Policy provides for adequate
• Annual Return: As per the provisions of Section 92(3) safeguards against victimization of persons who complain
of the Companies Act, 2013, the Annual Return of under the mechanism and provides for direct access to the
the Company for the FY 2024-25 is available on our Chairperson of the Audit Committee. The Audit Committee
website https://investors.larsentoubro.com/listing- of the Company oversees the functioning of the Vigil
compliance-agm.aspx. Mechanism framework.
• Statutory Compliance: The Company has adequate The Whistle Blower Policy is available on the Company’s
systems and processes in place to comply with all website https://www.larsentoubro.com/corporate/
applicable laws and regulations including the CSR about-lt-group/corporate-policies/.
obligations, pays applicable taxes on time.
Also see pages 409 & 410 forming part of Annexure ‘B’ of
• MSME: The Company has registered itself on Trade
this Board Report.
Receivables Discounting System platform (TReDS)
through the service providers Receivables Exchange DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
of India Limited. The Company complies with the PASSED BY THE REGULATORS OR COURTS OR
requirement of submitting a half yearly return to the TRIBUNALS:
Ministry of Corporate Affairs within the prescribed During the year under review, there were no material
timelines. and significant orders passed by the regulators or courts
• Insolvency and Bankruptcy Code (IBC): There are or tribunals impacting the going concern status and the
no proceedings admitted against the Company under Company’s operations in future.
the Insolvency and Bankruptcy Code, 2016.
CONSOLIDATED FINANCIAL STATEMENTS:
• KYC registration for holders of physical shares: Your Directors are pleased to attach the Consolidated
All shareholders of the Company holding shares in
Financial Statements pursuant to section 129(3) of
physical form are requested to update their Mobile
the Companies Act, 2013 and Regulation 34 of the
number, PAN, Address, Email ID, Bank account
SEBI (Listing Obligations and Disclosure Requirements)
details (KYC details) and Nomination details with the
Company’s Registrar and Share Transfer Agent (RTA) at Regulations, 2015, prepared in accordance with the
the earliest, in case the same are not updated. provisions of the Companies Act, 2013 and the Indian
Accounting Standards (Ind AS).
The relevant forms for updating the KYC information
and Nomination details are provided on the website STATUTORY AUDITORS:
of the Company at https://investors.larsentoubro.com/ In accordance with provisions of Section 139 of the
DownloadableForms.aspx. Companies Act, 2013 and the Companies (Audit and
• Designated person for furnishing information and Auditors) Rules, 2014, M/s. Deloitte Haskins & Sells LLP
extending co-operation to Registrar of Companies (firm Registration Number 117366W/W-100018) will
(ROC) in respect of beneficial interest in shares of complete their term as Statutory Auditors of the Company
the Company: The Company Secretary & Compliance at the conclusion of the forthcoming AGM. The Board

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Overview Discussion and Analysis Report Reports Statements

places on record its appreciation for the services rendered The Secretarial Audit Report issued by M/s. S. N.
by M/s. Deloitte Haskins & Sells LLP as the Statutory Ananthasubramanian & Co., Company Secretaries, for
Auditors of the Company. FY 2024-25 is attached as Annexure ‘E’ forming part of
this Board Report. The Secretarial Audit Report does not
M/s. M S KA & Associates (Firm’s Registration Number
contain any qualification, reservation or disclaimer or
105047W) were appointed as Statutory Auditors for a term
adverse remark.
of 5 consecutive years from the conclusion of 79th AGM
till the conclusion of 84th AGM of the Company and they COST AUDITORS:
continue to hold office as the Statutory Auditors of the The provisions of section 148(1) of the Companies Act,
Company. 2013 are applicable to the Company and accordingly
The Auditors have confirmed that they have subjected the Company has maintained cost accounts and records
themselves to the peer review process of Institute of in respect of the applicable products for the year ended
Chartered Accountants of India (ICAI) and hold valid March 31, 2025.
certificate issued by the Peer Review Board of the ICAI. The Board, on the recommendation of the Audit
The Audit Committee reviews the independence and Committee, at its meeting held on May 8, 2025, has
objectivity of the Auditors and the effectiveness of the approved the appointment of M/s R. Nanabhoy & Co., Cost
Audit process. Accountants, as the Cost Auditors for the Company for the
financial year ending March 31, 2026, at a remuneration
SECRETARIAL AUDITORS: of ¢ 19 lakhs plus taxes and out of pocket expenses. They
Pursuant to the amended provisions of Regulation 24A of have confirmed their independent status and that they are
the SEBI (Listing Obligations and Disclosure Requirements) free from any disqualifications under section 141 of the
Regulations, 2015 and Section 204 of the Companies Act, Companies Act, 2013.
2013, read with Rule 9 of the Companies (Appointment
A proposal for ratification of remuneration of the
and Remuneration of Managerial Personnel) Rules, 2014,
Cost Auditor for the FY 2025-26 is placed before the
the Audit Committee and the Board of Directors have
Shareholders for approval in the ensuing AGM.
approved and recommended the appointment of M/s.
S. N. Ananthasubramanian & Co., Practicing Company The Report of the Cost Auditors for the financial year
Secretaries (Firm Registration Number: P1991MH040400) ended March 31, 2025 is under finalization and shall be
as the Secretarial Auditors of the Company for a term filed with the Ministry of Corporate Affairs within the
of 5 (Five) consecutive years from the FY 2025-26 till prescribed period.
FY 2029-30, subject to the approval of the Members at ACKNOWLEDGEMENT:
ensuing AGM.
The Directors take this opportunity to thank the Members,
Brief profile and other details of M/s. S. N. Customers, Supply Chain Partners, Employees, Financial
Ananthasubramanian & Co., Practicing Company Institutions, Banks, Central and State Government
Secretaries, are disclosed in the AGM Notice approved authorities, Regulatory Authorities, Stock Exchanges and
by the Board. They have given their consent to act as various other stakeholders for their continued co-operation
Secretarial Auditors of the Company and have confirmed and support to the Company. Your directors also record
their eligibility for the appointment. their appreciation for the continued co-operation and
support received from the Joint Venture Partners and
The Secretarial Auditors have confirmed that they have
Associates.
subjected themselves to the peer review process of Institute
of Company Secretaries of India (ICSI) and hold valid For and on behalf of the Board
certificate issued by the Peer Review Board of the ICSI.
S. N. SUBRAHMANYAN
AUDIT REPORTS:
Chairman & Managing Director
The Statutory Auditors’ report to the shareholders does (DIN: 02255382)
not contain any qualification, observation or comment or
adverse remark. Date : May 8, 2025
Place : Mumbai

389
 Annexure to
the Board’s Report

Annexure ‘A’ to the Board’s Report

Information as required to be given as per Section 134(3) (f) Variable frequency drives (VFD):
(m) of the Companies Act, 2013 read with Rule 8(3) of the Strategic implementation of Variable Frequency
Companies (Accounts) Rules, 2014. Drives (VFDs) across key equipment such as rolling
[A] CONSERVATION OF ENERGY: machines to improve furnace efficiency, leading
to optimized energy consumption and reduced
(i) Steps taken or impact on conservation of energy:
operational costs.
(a) Upgradation of Electrical Equipment:
Upgradation of rolling machines and Electric
Upgrading and modernizing of electrical
Overhead Traveling (EOT) Cranes with Variable
equipment and appliances to enhance energy
Voltage Frequency (VVF) drive technology which
efficiency, which includes converting and
has resulted in precise control and energy savings.
retrofitting ceiling fans, installation of energy
saving lights at the substations, replacing (g) Digital Fuel Monitoring Systems:
conventional Air Conditioner (AC) units with Installation of IoT fuel sensors in Plant &
inverter-type energy-efficient ACs and substituting Machinery (P&M) enabled precise tracking of
old motors with energy-efficient models. fuel consumption and idling hours, reducing fuel
(b) Use of LED lights: wastage and ensuring optimal equipment usage.
Usage of LED Lights at Bay areas and office areas Deployment of Radio Frequency Identification
as a replacement of conventional lighting systems (RFID) based fuel dispensing systems ensured
viz. Metal Halide (MH) lights, Compact Fluorescent accurate, automated tracking of fuel distribution,
Lamp (CFL) lights and High Wattage lights minimizing over-fueling and reducing overall fuel
complemented by adoption of energy efficient consumption.
fans with Variable Frequency Drives (VFD).
(h) Improvements in equipment efficiency and
(c) Motion sensors: energy savings:
Strategic Integration of light dependent resistor Streamlining welding operations by shifting
sensors and advanced motion sensors at project to inverter-based machines, thereby reducing
sites working and common areas to ensure emissions, and improving energy utilization.
adequate consumption of electricity.
Implementation of timer-based control for the
(d) Natural lighting integration: white fumes blower in Galvanizing Bay, optimizing
Installed translucent roofing panels and sheets its operation, ensuring it runs only during
in project sites to capitalize natural daylight as necessary periods, thus reducing overall electricity
energy resource to illuminate store areas and consumption.
sheds. (i) Fuel consumption reduction and conversion
(e) Process redesign: to electrically operated equipment:
Implementing strategic process redesigns to Converting equipment such as forklift,
enhance energy efficiency, including optimizing compactors, air compressors, dewatering pumps,
cutting machines to reduce LPG consumption spider lift, light masts, etc. into an electric-hybrid
and redesigning Electropneumatic CNC machine equipment, which resulted in reducing overall
operations for better energy conservation. Further, energy consumption.
maximizing the use of inverter-based power Adoption of Induction heating, coupled with
sources for ESSC Stations. smart metering, replaced gas preheating,
Deployment of mobile fuel-dispensing units significantly reduced energy consumption by
equipped with wheel and support systems providing precise and on-demand heating.
at operational sites, eliminating the need for Technological modifications in the burner system
individual equipment to travel to fuel stations and in Zinc recovery machine have enabled combining
thereby reducing overall fuel consumption. compressed biogas with LPG, improving energy
efficiency.

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Addition of fuel additives across various project (c) Alternate fuels:

sites, resulted in significant reduction in overall Blending of biofuel at 10% proportion to enhance
fuel consumption. energy efficiency across various project sites,
Replacement of diesel-driven air compressors with contributing to reduced fossil fuel consumption
electrical air compressors for blasting operations and promoting cleaner energy usage.
has lowered carbon emissions. Significant reduction in fuel consumption with the
(J) Recycling and Resource Optimization usage of additives across various projects sites of
Initiatives the Company.

Recycling of wood waste generated from cable Replacing Fossil fuel-based burners with Pallet
drums is being carried out, and the reclaimed burners at multiple project sites helped reduce
wood was used to fabricate safety signages, Greenhouse Gas emissions.
barricading, and trench crossing bridges,
Biogas plants and organic waste converters
contributing to efficient resource utilization and
installed in labour camps to generate energy from
waste reduction.
biodegradable waste.
Deployment of Bucket crushers to recycle
(d) Green energy:
excavated boulders and rocks on-site, minimized
the energy and emissions associated with Projects are continuously identified for adoption
transportation of materials and reducing the need of green tariffs, helping us in reducing scope 2
for virgin aggregates. This supports sustainable emissions.
construction practices and lowers embedded Power Purchase Agreement (PPA) was initiated
energy in concrete production. for the supply of 10,00,000 kWh per year
of renewable energy through solar, effective
Waterless automatic module cleaning systems
from April 2024, further strengthening the
have been adopted in international projects,
organization’s commitment to clean energy and
ensuring significant conservation of water
sustainability. Additionally, PPA were entered into
resources while maintaining module efficiency.
for rooftop solar installations, contributing to
(ii) Steps taken by the Company for utilizing usage of renewable energy and thereby resulting
alternate sources of energy: into cost savings.
(a) Renewable energy: (iii) Capital investment on energy conservation
Installation of rooftop solar power systems and equipment:
solar panels at office premises, various project z During FY 2024-25, Heavy Engineering business
sites and workmen habitats, contributing to clean of the Company has made a Capex investment of
energy generation and reduction in dependency ¢ 3 crore on energy conservation and renewable
on grid and Diesel Generator (DG) set electricity. energy.
Replacement of conventional light masts with z Precisions engineering and systems business
solar-powered alternatives lead to lower emissions has made capital investment of ¢ 0.54 crore
and energy costs across project sites. towards installation of Brushless Direct Current
(b) Wind energy: (BLDC) Fans, Inverter AC Installations and blower
procurement.
Wind energy has been utilized at various factories/
project sites of the Company, contributing to z Rubber Processing Machinery business of the
reducing reliance on traditional energy sources. Company has made investment of ¢ 6.02
crore in Research & Development of various
Power purchase agreement was initiated for
areas viz. Electrical Actuators, Automatic
Katupalli unit for the supply of 3,00,000 kWh
bead width adjustment, automatic unloader
of renewable wind energy per month, further
width adjustment, and turret-based systems,
enhancing the use of clean energy and supporting
enhancement in Heating Technologies.
the organization’s sustainability goals.
[B] TECHNOLOGY ABSORPTION:
Installation of micro wind turbines in one of the
metro projects to supplement power requirements (i) Efforts made towards technology absorption:
through wind energy. z Development of technology for Primary Transfer
Line Exchanger used in Cracker Furnace.

391
 Annexure to
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z Development of technology for Finger type Slug z Enhancement of in-house capabilities for
Catcher. specialized engineering analyses, including process
simulation, Computational Fluid Dynamics (CFD),
z Usage of advanced manufacturing simulation
transient thermal analysis, radiation and dispersion
technology for optimization of heat input
analysis, and advanced stress analysis using Finite
and distortion reduction through selection of
Element Method (FEM).
appropriate number of welding guns for site
repair. z Implementation of Gas Metal Arc Welding
- Regulated Metal Deposition (GMAW-RMD)
z Building capability for Transient fluid flow
Welding method allows precise control over
simulation with conjugate heat transfer (CHT) for
the arc characteristics, heat input, and metal
analyzing and predicting the dynamic behavior
deposition rates.
of fluid and thermal systems in engineering
applications. z Development of “Hybrid Tandem Tippler” used at
certain project sites, enabled efficient unloading
z Implementation of the Temperature Phased
both bottom discharge wagons and top open
Anaerobic Digestion (TPAD) system at a Sewage
wagons.
Treatment Plant (STP) in Chandigarh marks a
significant milestone as the first centralized sludge (ii) Benefits derived like product improvement,
treatment facility of its kind in India. The TPAD cost reduction, product development or import
system is designed to produce Class A biosolids, substitution:
ensuring the treated sludge is suitable for use as z Reduction in production cycle time, cost, and
bio-fertilizer. rework due to implementation of advanced
z Implementation of AI-based Unified Command manufacturing.
Control Centre (UCCC) for Unmanned Tubewell z Enhanced and refined on-site fabrication
Automation, utilizing VSAT communication across capabilities through continuous improvement
various rural locations. initiatives.
z The integration of AI/ML algorithms using z Implementation of TPAD (Temperature Phased
MATLAB and Python is being leveraged to Anaerobic Digestion) reduced carbon footprint
optimize plant operations for maximum energy due to higher clean energy generation (through
efficiency and sustainability. This advanced biogas).
technological approach ensures consistent
adherence to prescribed standards while enabling z UCCC leverages unmanned operations and
intelligent, data-driven decision-making for maintenance powered by AI tools, significantly
enhanced operational performance. reducing downtime and the need for manual
interventions.
z Modular formwork panels were deployed at
various project sites for RCC wall and column z Implementation of ozonated nanobubble
construction in bioreactors and other process technology in the existing process scheme has
structures. successfully achieved 3.5 ppm of ammonia
removal. This technology offers an efficient
z Root-cause analysis and corrective action in solution for removing ammonia (NH3-N) to
critical process equipment, addressing complex acceptable levels during seasonal spikes,
degradation mechanisms such as Methanol Stress without the need for major modifications to the
Corrosion Cracking, Hydrogen Embrittlement, existing process, thereby enhancing operational
Chloride Stress Corrosion Cracking, Sulphuric Acid effectiveness.
Corrosion, and Microbial Corrosion.
z Deployment of Modular formwork panels led
z Capability development in emerging areas such to substantial increase in labour productivity
as Sustainable Aviation Fuel (SAF) production and reduction in cycle time resulting in faster
(biomass gasification, Fischer-Tropsch synthesis) execution.
and energy-efficient storage of LNG/Hydrogen
through liquefaction. z Significant reduction in analysis turnaround time
and dependency on external consultants by
z Development of modular ammonia plant concepts strengthening in-house engineering capabilities,
aligned with energy transition goals. leading to cost savings.

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z Improved quality and reliability of engineering (iv) Expenditure incurred on Research & Development:
deliverables through adoption of advanced v crore
software tools, simulation techniques, and
Particulars 2024-25
compliance with latest standards.
Capital 3.17
z GMAW-RMD Welding method regulates the
metal transfer during welding and provides Recurring 173.75
greater consistency, reduced heat distortion, and Total 176.92
improved productivity compared to traditional
Total R&D expenditure as a percentage of total 0.12%
methods. turnover
(iii) Information regarding technology imported
[C] FOREIGN EXCHANGE EARNINGS AND OUTGO:
during the last 3 years:
v crore
Status of absorp-
Year of tion & reasons for Particulars 2024-25
Technology Imported
Import non-absorption, Foreign Exchange earned 25,879.49
if any
Foreign Exchange saved / deemed exports 3,704.98
Pressurized Heavy Water FY 2024-25 Partially absorbed
Reactors and Next-Gen Total 29,584.47
Reactors fueled by Advanced
Nuclear Fuel Technology. Foreign Exchange used 23,162.55

393
 Annexure to
the Board’s Report

Annexure ‘B’ to the Board’s Report

A. CORPORATE GOVERNANCE
Corporate Governance is a framework of principles, processes, and systems that governs corporates at large. It’s core
elements include independence, transparency, accountability, responsibility, compliance, ethics, values and trust. These
elements collectively enable an organization to operate efficiently and ethically, fostering the generation of long-term
wealth and value creation for all its stakeholders.
L&T firmly believes that sound Corporate Governance is essential for enhancing and maintaining stakeholder trust, and
consistently strives to align its performance goals with the governance principles. The Company has established systems
and procedures ensuring that the Board is well informed and is prepared to fulfill its responsibilities. This foundation
empowers the management to provide the strategic direction necessary for creating value for its stakeholders.
Historically, the Company has proactively adopted ethical and transparent standards, even before they were mandatory.
The Company’s commitment to build and sustain trust with shareholders, employees, customers, suppliers, and other
stakeholders, are ingrained in the principles of governance adopted by the Company.
B. COMPANY’S CORPORATE GOVERNANCE PHILOSOPHY
The Company’s essential character revolves around values based on transparency, integrity, professionalism and
accountability. At the highest level, the Company continuously endeavors to improve upon these aspects on an ongoing
basis and adopts innovative approaches for leveraging resources, converting opportunities into achievements through
proper empowerment and motivation, fostering a healthy growth and development of human resources to take the
Company forward.
The Company strives to adopt policies and practices that meet the highest ethical standards across all its business
functions. Commitment to good governance has a distinctive competitive advantage, enhances trust and creates
long-term sustainability. The Company has been guided by the belief that the strong relationship between culture and
strategy will consistently produce improved financial performance, better employee engagement, ethical behaviour and
stakeholder satisfaction.
C. THE GOVERNANCE STRUCTURE
The Company has four tiers of Corporate Governance structure, viz.:
(i) Strategic Supervision – by the Board of Directors comprising the Executive, Non-Executive and Independent
Directors.
(ii) Executive Management – by the Executive Committee (ECom) comprising the Chairman and Managing Director,
all Executive Directors and identified senior leaders.
(iii) Strategy & Operational Management – by the Independent Company Management Leadership Team of each
Independent Company (IC) (not legal entities) comprising representatives from the Company’s Board (wherever
applicable) and Senior Executives from the IC.
(iv) Operational Management – by the Business Unit (BU) Heads.
The four-tier governance structure, besides ensuring greater management accountability and credibility, facilitates
alignment with L&T overall strategy besides increased autonomy to the businesses, performance discipline and
development of business leaders.
D. ROLES OF VARIOUS CONSTITUENTS OF CORPORATE GOVERNANCE IN THE COMPANY
a. Board of Directors (the Board):
The Directors of the Company hold a fiduciary responsibility, entrusted with the oversight of management to ensure
their effectiveness and enhancement of stakeholders’ value. The Board, inter-alia, offers strategic guidance, evaluates
the performance of the group and approves management’s business objectives and plans.
b. Executive Committee (ECom):
The ECom serves as a pivotal entity for conducting comprehensive reviews of company-wide operations. It plays
a crucial role in enhancing the connections between the Independent Companies (ICs) and the Company’s Board.
Furthermore, ECom is instrumental in optimizing the synergies between various ICs. It also engages in thorough

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deliberations on strategic and tactical issues that span across the ICs and the Corporate level, ensuring a cohesive
approach to addressing cross-functional challenges. The agenda includes:
z Review of major order prospects (Standalone/ Group) / “Integrated offerings”;
z Review of consolidated financials including working capital, cash flow, capital structure, etc.;
z Review of Monthly / Quarterly / Yearly financial performance;
z Review of Revenue, Capital & Manpower Budget and performance thereagainst;
z Review and discuss strategic issues which impact the entire organization, viz.,
(i) International business expansion
(ii) Technology reviews and partnerships
(iii) IC synergies
(iv) HR Update/ Talent Management / Service contract extensions for senior management personnel / Leadership
development and succession planning
(v) Digital Transformation Projects
(vi) ESG Matters
(vii) Review of brand management
(viii) Risk Management
z Approval of Company policies;
z Strategic plans & investments and business portfolio reviews; and
z Sharing of best practices, etc.
c. The Chairman & Managing Director:
The Chairman & Managing Director (CMD) holds full accountability to the Board for the comprehensive aspects
of the Company’s operations. This includes spearheading business development initiatives, ensuring operational
excellence, achieving business results, and fostering leadership development. The CMD’s responsibilities extend to all
related areas necessary for the Company’s success and growth.
d. Executive Directors / Senior Management Personnel:
The Executive Directors, as integral members of the Board, alongside the Senior Management Personnel within the
Executive Committee, play a pivotal role in steering the strategic management of the Company’s businesses. They
operate within the direction and framework sanctioned by the Board, ensuring alignment with the organization’s
overarching objectives. Their responsibilities encompass management of both business and corporate functions,
which includes overseeing governance processes and enhancing the effectiveness of top management. This collective
leadership ensures that the Company’s strategic initiatives are executed efficiently and align with its long-term vision
and goals.
The profiles and expertise of all Executive Directors who are responsible for various businesses of the Company are
available on the Company’s website at https://larsentoubro.com/corporate/about-lt-group/leadership/.
Senior Management Personnel means all members of management one level below the Executive Directors including
the Company Secretary. Presently, persons in Senior Vice President grade and F&A heads of ICs reporting to

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Whole-time Directors are covered as Senior Management Personnel. During the year, the following officials of the
Company were elevated and covered under Senior Management, details of which are as under:

S. no. Name Designation With effect from

1. Mr. R. Govindan Senior Vice President - Corporate Finance & Enterprise Risk July 1, 2024
Management
2. Mr. Arun T Ramchandani Senior Vice President - Precision Engineering & Systems IC July 1, 2024
3. Mr. Anupam Kumar Senior Vice President – L&T and CEO & Managing Director – July 1, 2024
L&T Realty
4. Mr. Ganesan R Senior Vice President - L&T Construction September 1, 2024

Mr. M. V. Satish superannuated as Executive Director of the Company with effect from April 7, 2024.
e. Non-Executive Directors (NED) / Independent Directors:
The Non-Executive Directors and Independent Directors play an essential role in bringing balance to the Board’s
processes. Their independent judgment is crucial on a range of issues including strategy, performance, resource
allocation, standards of conduct and safety. Moreover, they contribute valuable insights and inputs that enhance the
Board’s decision-making capabilities.
The profiles and expertise of all Independent Directors/Non-executive Directors of the Company are available on the
Company’s website at https://larsentoubro.com/corporate/about-lt-group/leadership/.
f. Independent Companies:
The Company has a Hybrid Holdco Structure comprising ‘Independent Companies’ (ICs) (not legal entities).
Each IC is governed by an IC Management Leadership Team led by an Executive Director or Senior Executive. The IC
Management Leadership Team, inter alia, oversees:
z Implementation of Lakshya i.e. the Company’s strategic plan
z Leadership pipeline/ succession planning
z Revenue, capital and manpower budget
z Quarterly operational and financial performance of each BU and segment.
z Order prospects and order pipeline.
z ESG matters and Risk assessments, as necessary
z Resolution of critical issues faced by the IC.
E. BOARD OF DIRECTORS
a. Composition of the Board:
The Company’s policy is to have an appropriate mix of Executive, Non-Executive and Independent Directors. As on
March 31, 2025, the Board comprised the CMD, 5 Executive Directors, 1 Non-Executive Director (representing a
financial institution) and 8 Independent Directors, including one Woman Independent Director. The composition of
the Board, as on March 31, 2025, is in conformity with the provisions of the Companies Act, 2013 and Regulation
17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI LODR Regulations’).
Details of changes in composition of the Board forms part of Board Report.
b. Meetings of the Board:
The meetings of the Board are generally held at the Registered Office of the Company at L&T House, Ballard Estate,
Mumbai - 400 001, with formal schedule of the matters for its consideration and whenever necessary, the meetings
are also held at locations, where the Company operates. In case urgent business to be transacted, Board Meetings
are also held through video conferencing. During the year under review, 6 meetings of the Board were held on May
8, 2024, July 24, 2024, October 30, 2024, November 28, 2024, January 30, 2025 and March 21, 2025.

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The Independent Directors met on October 30, 2024, November 11, 2024, March 21, 2025 and May 7, 2025 to
discuss the matters of importance inter-alia covering performance evaluation of the Board as a whole, assess the
quality, quantity and timeliness of flow of information between the management and the Board.
The Company Secretary prepares the agenda and the explanatory notes, in consultation with the Chairman & MD
and circulates the same in advance to the Directors. Every Director can suggest inclusion of items on the agenda.
The Board meets at least once every quarter, inter alia, to review the quarterly results. Additional meetings are
held, whenever necessary. The meetings were conducted physically/through video conference during the year.
Presentations are made on business operations to the Board by Independent Companies/Business Units. Senior
management personnel are invited to provide additional inputs for the items being discussed by the Board of
Directors as and when necessary. The respective Chairperson of the Board Committees apprise the Board Members of
the important issues and discussions in the Committee Meetings. Minutes of Committee meetings are also circulated
to the Board.
The minutes of the proceedings of the meetings of the Board of Directors are approved and the draft minutes are
circulated to the directors for their perusal. Comments, if any, received from the Directors are also incorporated in
the minutes, in consultation with the Chairman & MD of the Board. The minutes are approved and entered in the
minutes book within 30 days of the Board meeting. Thereafter, the minutes are signed and dated by the Chairman of
the Board at the next meeting.
The following is the composition of the Board of Directors as on March 31, 2025 along with the attendance of the
directors at the meetings and at the last Annual General Meeting:

No. of Board
Meetings held Attendance at last
Name of Director Category Meetings
during the year AGM
attended
Mr. S. N. Subrahmanyan Chairman & MD 6 6 Yes
Mr. R. Shankar Raman ED & CFO 6 6 Yes
Mr. Subramanian Sarma DMD 6 6 Yes
Mr. S. V. Desai ED 6 6 Yes
Mr. T. Madhava Das ED 6 6 Yes
Mr. Anil V Parab ED 6 5 Yes
Mr. Adil Zainulbhai$ ID 1 1 NA
Mr. Sanjeev Aga ID 6 6 Yes
Mr. Hemant Bhargava# (refer Note 1) NED 1 1 NA
Mr. Narayanan Kumar ID 6 6 Yes
Ms. Preetha Reddy ID 6 6 Yes
Mr. Pramit Jhaveri ID 6 6 Yes
Mr. Rajnish Kumar ID 6 6 No
Mr. Jyoti Sagar ID 6 5 Yes
Mr. Ajay Tyagi ID 6 6 Yes
Mr. P. R. Ramesh ID 6 6 Yes
Mr. Siddhartha Mohanty* (refer Note 1) NED 5 3 Yes
Meetings held during the year are expressed as number of meetings eligible to attend.
$ Ceased as Independent Director of the Company w.e.f. May 28, 2024.
# Ceased as a Director of the Company w.e.f. May 27, 2024

* Appointed as a Director of the Company w.e.f. May 28, 2024.

Note 1: Representing equity interest of Life Insurance Corporation of India.
CMD - Chairman & Managing Director DMD - Deputy Managing Director ED - Executive Director
NED - Non-Executive Director ID - Independent Director ED & CFO - Executive Director and Chief Financial Officer

1. None of the above Directors are related inter-se.

2. None of the Directors hold the office of director in more than the permissible number of companies under the
Companies Act, 2013 or Regulation 17A of the SEBI LODR Regulations.

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As on March 31, 2025, the number of other directorships and the number of positions held as Member/Chairperson
of Committees of the Board of Directors along with the names of the listed entities (whose equity shares are listed)
wherein the Director holds directorships are as follows:

No. of other No. of Names of other Equity

No. of Committee
Name of Director company Committee listed entities where he/ Category of Directorship
Chairpersonships
Directorships Membership she holds Directorship
Mr. S. N. Subrahmanyan 6 – – LTIMindtree Limited Non- Executive - Chairman
L&T Technology Services Non- Executive - Chairman
Limited
L&T Finance Limited Non-Executive Chairman
Mr. R. Shankar Raman 5 3 – LTIMindtree Limited Non-Executive Director
L&T Finance Limited Non-Executive Director
Mr. Subramanian Sarma 3 – – None
Mr. S. V. Desai 3 – – None
Mr. T. Madhava Das – 1 – None
Mr. Anil V Parab 2 1 – None
Mr. Sanjeev Aga 2 1 – LTIMindtree Limited Independent Director
Vishal Mega Mart Limited Non-Executive Director
Mr. Narayanan Kumar 2 1 – L&T Technology Services Independent Director
Limited
Mrs. Preetha Reddy 8 2 – Apollo Hospitals Enterprise Executive Vice-Chairperson
Limited
IRM Energy Limited Independent Director
Mr. Pramit Jhaveri 2 2 – Bajaj Finance Limited Independent Director
Bajaj Finserv Limited Independent Director
Mr. Rajnish Kumar 3 2 2 Ambuja Cements Limited Independent Director
Hero Motocorp Limited Independent Director
Mr. Jyoti Sagar – – – None None
Mr. Ajay Tyagi 3 – 2 Hyundai Motor India Limited Independent Director
Mr. P. R. Ramesh 8 3 5 Nestle India Limited Independent Director
Crompton Greaves Consumer Independent Director
Electricals Limited
Tejas Networks Limited Independent Director
Cipla Limited Independent Director
ITC Hotels Limited Independent Director
Mr. Siddhartha Mohanty 5 1 – LIC of India CEO and Managing
Director
LIC Housing Finance Limited Nominee Director
ITC Limited Nominee Director

Notes:
1. Other Company Directorships includes directorships in all public limited companies and excludes private limited
companies, foreign companies and Section 8 companies.
2. The details of positions held as Member/Chairperson of Committees are disclosed as per Regulation 26 of the
SEBI LODR Regulations which includes only Stakeholders’ Relationship Committee and Audit Committee of
public companies.

c. Information to the Board:

The Board of Directors are provided information relating to the Company, which inter alia includes -
z Annual revenue budgets and capital expenditure plans
z Quarterly results and results of operations of ICs and business segments
z Financing plans of the Company
z Minutes of meetings of Board of Directors, Audit Committee, Nomination & Remuneration Committee,
Stakeholders’ Relationship Committee, Board Risk Management Committee and CSR & Sustainability Committee

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z Details of any joint venture, acquisitions of companies or collaboration agreement or sale of investments,
subsidiaries, assets and quarterly report on fatal or serious accidents or dangerous occurrences
z Any materially relevant default, if any, in financial obligations to and by the Company or substantial non-
payment for goods sold or services rendered, if any
z Any issue, which involves possible public or product liability claims of substantial nature, including any Judgment
or Order, if any, which may have strictures on the conduct of the Company
z Developments in respect of human resources/industrial relations
z Compliance or Non-compliance of any regulatory, statutory nature or listing requirements and investor service
such as non-payment of dividend, etc., if any
d. Post-meeting internal communication system:
The important decisions taken at the Board/Committee meetings are communicated to the concerned departments/
ICs promptly. An Action Taken Report is regularly presented to the Board.
e. Board Skill Matrix:
The matrix setting out the skills/expertise/competence of the Board of Directors, as identified by the Board of
Directors in the context of the Company’s businesses, is given below:

Sr. No Experience / Expertise / Attribute Comments

1 Leadership Ability to envision the future and prescribe a strategic goal for the Company, help the Company to
identify possible road maps, inspire and motivate the strategy, approach, processes and other such
key deliverables and mentor the leadership team to channelize its energy/efforts in appropriate
direction. Be a thought leader for the Company and be a role model in good governance and ethical
conduct of business, while encouraging the organization to maximize shareholder value. Should have
had hands on experience of leading an entity at the highest level of management practices.
2 Industry knowledge and experience Should possess domain knowledge in businesses in which the Group participates viz. Infrastructure,
Power, Heavy Engineering, Defence, Hydrocarbon, Financial Services, Information Technology and
Technology Services. Must have the ability to leverage the developments in the areas of engineering
and technology and other areas as appropriate for betterment of Company’s business.
3 Experience and Exposure in policy Should possess ability to develop professional relationship with the Policy makers and Regulators for
shaping and industry advocacy contributing to the shaping of Government policies in the areas of Company’s business.
4 Governance including legal Commitment, belief and experience in setting corporate governance practices to support the
compliance Company’s robust legal compliance systems and governance policies/practices.
5 Expertise/Experience in Finance & Ability to understand financial policies, accounting statements and disclosure practices and contribute
Accounts / Audit / Risk Management to the financial/risk management policies/ practices of the Company across its business lines and
areas geography of operations.
6 Global Experience / International Ability to have access and understand business models of global corporations, relate to the
Exposure developments with respect to leading global corporations and assist the Company to adapt to
the local environment, understand the geo political dynamics and its relations to the Company’s
strategies and business prospects and have a network of contacts in global corporations and industry
worldwide.

The mapping of the Skill Matrix for the Directors is as follows:

Skill Attribute
Expertise/
Experience and Experience in
Global
Industry Exposure in Governance Finance and
Sr. Experience /
Name of the Director Leadership knowledge and policy shaping including legal Accounts/
No International
experience and industry compliance Audit /Risk
Exposure
advocacy Management
areas
1. Mr. S. N. Subrahmanyan √ √ √ √ √ √
2. Mr. R. Shankar Raman √ √ √ √ √ X
3. Mr. Subramanian Sarma √ √ √ √ X √
4. Mr. S. V. Desai √ √ X √ X √

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Skill Attribute
Expertise/
Experience and Experience in
Global
Industry Exposure in Governance Finance and
Sr. Experience /
Name of the Director Leadership knowledge and policy shaping including legal Accounts/
No International
experience and industry compliance Audit /Risk
Exposure
advocacy Management
areas
5. Mr. T. Madhava Das √ √ X √ X √
6. Mr. Anil V Parab √ √ X √ X √
7. Mr. Sanjeev Aga √ X √ √ √ X
8. Mr. Narayanan Kumar √ √ √ √ √ X
9. Mrs. Preetha Reddy √ X √ √ X √
10. Mr. Pramit Jhaveri √ X X √ √ √
11. Mr. Rajnish Kumar √ X √ √ √ √
12. Mr. Jyoti Sagar √ X √ √ X √
13. Mr. Ajay Tyagi √ X √ √ √ √
14. Mr. P. R. Ramesh √ X √ √ √ √
15. Mr. Siddhartha Mohanty √ X √ √ √ √

Note: Absence of any skill does not necessarily mean that the Director does not possess the skill.
F. BOARD COMMITTEES z Recommending to the Board, the
The Board currently has 5 Committees: 1) Audit appointment, re-appointment, terms
Committee, 2) Nomination & Remuneration of appointment and, if required, the
Committee, 3) Stakeholders’ Relationship Committee, replacement or removal of the statutory
4) CSR & Sustainability Committee and 5) Board Risk auditor and the fixation of audit fees.
Management Committee. The terms of reference of
z Approval of payment to statutory
the Board Committees are in compliance with the
provisions of the Companies Act, 2013, SEBI LODR auditors for any other services rendered
Regulations and are also reviewed by the Board by the statutory auditors.
from time to time. The Board is responsible for z Discussion with statutory auditors, before
constituting, assigning and co-opting the members the audit commences, about the nature
of the Committees. The meetings of each Board and scope of audit as well as post-audit
Committee are convened by the Company Secretary
discussion to ascertain any area of
in consultation with the respective Committee
concern.
Chairperson. The role and composition of these
Committees including the number of meetings held z Reviewing, with the management, the
during the financial year and the related attendance annual financial statements and the audit
are provided in the subsequent paragraphs. report before submission to the Board for
1) Audit Committee approval, with particular reference to:

The Company constituted the Audit Committee in 1. Matters required to be included

1986, well before it was made mandatory by law. in the Directors’ Responsibility
Statement to be included in the
i) Terms of reference:
Board’s report in terms of sub-
The role of the Audit Committee includes the section (5) of section 134 of the
following: Companies Act, 2013
z Oversight of the Company’s financial 2. Changes, if any, in accounting
reporting process and the disclosure policies and practices and reasons
of its financial information to ensure for the same
that the financial statement is correct,
sufficient and credible. 3. Major accounting entries involving
estimates based on the exercise of
judgment by management

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4. Significant adjustments made in the to the depositors, debenture holders,

financial statements arising out of shareholders (in case of non-payment of
audit findings declared dividends) and creditors.
5. Compliance with listing and other z To review the functioning of the Whistle
legal requirements relating to Blower mechanism.
financial statements
z Approval of appointment of CFO (i.e.,
6. Disclosure of any related party the whole-time Finance Director or
transactions any other person heading the finance
function or discharging that function)
7. Modified opinion(s) in the draft audit
after assessing the qualifications,
report.
experience & background, etc. of the
z Reviewing, with the management, the candidate, if any.
quarterly financial statements before
z The recommendation for appointment,
submission to the Board for approval.
remuneration and terms of appointment
z Reviewing, with the management, of secretarial auditors of the Company.
the statement of uses / application of
z The recommendation for appointment,
funds raised through an issue (public
remuneration and terms of appointment
issue, rights issue, preferential issue,
of cost auditors of the Company.
etc.), the statement of funds utilized
for purposes other than those stated in z Review and monitor the auditor’s
the offer document/prospectus/notice independence and performance, and
and the report submitted by the agency effectiveness of audit process.
monitoring the utilisation of proceeds of
z Review the management discussion and
public or rights issue or preferential issue
analysis of financial condition and results
or Qualified Institutional Placement, and
of operations.
making appropriate recommendations to
the Board to take up steps in this matter, z Approval or any subsequent material
if any. modification and ratification of
transactions of the Company with related
z Reviewing, with the management,
parties.
performance of statutory and internal
auditors, and adequacy of the internal z Reviewing the utilization of loans and/
control systems. or advances from/investment in the
subsidiary companies exceeding Rupees
z Reviewing the adequacy of internal audit
100 crore or 10% of the asset size of the
function, if any, including the structure
subsidiary, whichever is lower, including
of the internal audit department, staffing
existing loans/ advances / investments.
and seniority of the official heading the
department, reporting structure coverage z Valuation of undertakings or assets of
and frequency of internal audit. the Company, wherever it is necessary.
z Discussion with internal auditors about z Evaluation of internal financial controls
any significant findings and follow up and risk management systems.
there on.
z Monitoring the end use of funds raised
z Reviewing the findings of any internal through public offers and related
investigations by the internal auditors matters.
into matters where there is suspected
z Carrying out any other function as is
fraud or irregularity or a failure of
mentioned in the terms of reference of
internal control systems of a material
the Audit Committee.
nature and reporting the matter to the
Board. z Consider and comment on rationale, cost
benefit and impact of Schemes involving
z To look into the reasons for
substantial defaults in the payment

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 Annexure to
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mergers, demerger, amalgamation etc on iv) Internal Audit:

the entity and its shareholders. The Company has an internal corporate audit
Apart from the quarterly meetings for team consisting of Chartered Accountants,
discussing the financial results, additional Certified Internal Auditors and Engineers
Audit Committee meetings are held wherein from various disciplines. Over a period, the
matters like Internal Audit findings, Internal Corporate Audit Services department (“CAS”)
Audit plan, Statutory Audit plan, treasury has acquired in-depth knowledge about
framework, material vendor complaints, the Company, its businesses, its systems &
Insider trading compliances, major litigations, procedures, the knowledge of which is now
related party transactions, cost audit, etc institutionalized. The Head of CAS reports to
are discussed. The Audit Committee also the Audit Committee. The staff of CAS are
reviews and approves the permitted non- rotated periodically to have a holistic view of
audit services proposed to be availed by the the entire operations and share the findings
Company or its subsidiaries from the statutory and good practices.
auditors. The CAS team while drawing out their Audit
ii) Composition: Plan for the year, also plans for some theme-
based audits to have in-depth and detailed
As on March 31, 2025, the Audit Committee
review of the theme selected, which is
comprised three Independent Directors.
incorporated in the overall audit programme
iii) Meetings: and also performs certain audits using
During the year ended March 31, 2025, 8 services of Guest Auditors. The Company
meetings of the Audit Committee were held being predominantly a project-oriented
on April 19, 2024, May 7, 2024, July 23, Company, CAS emphasizes a risk-based
2024, August 21, 2024, October 29, 2024, focus areas in project audits. It encourages its
November 21, 2024, January 29, 2025 and team members to obtain globally renowned
February 28, 2025. Certified Information Systems Auditor (CISA),
Certified Internal Auditor (CIA) and Certified
The attendance of Members at the Meetings Fraud Examiner (CFE) Certification, etc.,
was as follows: which will enhance the capabilities. Every
year, CAS reviews the Audit Universe which
No. of
No. of is an exhaustive list of businesses, functions,
meetings
Name Status Meetings activities and locations across the Company.
held during
Attended The yearly plan, details out the scope and
the year
coverage of audits proposed for the year
Mr. P. R. Ramesh Chairman 8 8
and it is ensured that, on an average, all
Mr. Sanjeev Aga Member 8 8
operations in the Audit Universe gets into an
Mr. Rajnish Kumar Member 8 8
audit coverage, at least once in 2 years.
Meetings held during the year are expressed as
number of meetings eligible to attend. The CAS team of the Company also covers
the internal audit of all ICs and unlisted
Majority of the members of the Audit subsidiary companies. An in-depth audit is
Committee are financially literate and have conducted by the team. The major deviations
accounting or related financial management are highlighted and discussed with the
expertise. concerned IC Leadership and / or subsidiary
The President, Whole-time Director & CFO company Board and key audit observations
and Head - Corporate Audit Services are are also placed before the Audit Committee
permanent invitees to the Meetings of the of the Company once in every quarter.
Audit Committee. The Company Secretary is Internal Audits of few subsidiaries and few
the Secretary to the Committee. other service functions have been outsourced
to external audit firms.

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2) Nomination & Remuneration Committee No. of

(NRC) meetings No. of
The Nomination & Remuneration Committee was Name Status held Meetings
during Attended
constituted in 1999 even before it was mandated the year
by law.
Mr. Pramit Jhaveri Member 5 5
i) Terms of reference: Ms. Preetha Reddy$ Member 4 4
Mr. S. N. Member 5 5
z Identify persons who are qualified to
Subrahmanyan
become directors and who may be
Meetings held during the year are expressed as
appointed in senior management in
number of meetings eligible to attend.
accordance with the criteria laid down by
the Committee; ^Ceased to be a member of the Committee w.e.f
May 28, 2024
z Recommend to the Board appointment *Appointed as Chairman of the Committee w.e.f
and removal of such persons or extension May 28, 2024
of term of Independent Directors; $ Appointed as a member of the Committee w.e.f
May 28, 2024
z Formulate criteria for determining
qualifications, positive attributes and iv) Board Membership Criteria:
independence of a director; The Committee, while screening, selecting
z Devise a policy on Board diversity; and recommending to the Board new
members, ensures objectivity, no conflict of
z Formulation of criteria for evaluation of interest, availability of diverse perspectives,
directors, Board, Chairman & MD and the business experience, legal, financial and other
Board Committees; expertise, integrity, leadership and managerial
z Carry out evaluation of the Board and qualities, practical wisdom, ability to read and
Directors; understand financial statements, commitment
to ethical standards and values of the
z Recommend to the Board a policy, Company.
relating to remuneration for the
Directors, Key Managerial Personnel While appointing/re-appointing any
(KMP) and senior management; Independent Director/Non- Executive Director
on the Board, the NRC considers the criteria
z Administration of Employee Stock Option as laid down in the Companies Act, 2013
Schemes (ESOS). and the SEBI LODR Regulations besides being
ii) Composition: guided by the Nomination and Remuneration
Policy.
As at March 31, 2025, the Committee
comprised 3 Independent Directors and the While evaluating the suitability of a director
Chairman & Managing Director. for re-appointment, besides the above
criteria, the NRC considers Board evaluation
iii) Meetings:
results, attendance and participation in and
During the year ended March 31, 2025, 5 contribution to the activities of the Board by
meetings of the Nomination & Remuneration the Director.
Committee were held on May 8, 2024, July
24, 2024, October 30, 2024, January 30, The Independent Directors satisfy and fulfill
2025 and March 21, 2025. The attendance of the criteria of independence as provided
Members at the meetings was as follows: under Section 149(6) of the Companies Act,
2013 and all the applicable provisions of the
No. of SEBI LODR Regulations.
meetings No. of
Name Status held Meetings Each Independent Director gives a certificate
during Attended confirming that they meet the “independence
the year criteria” as mentioned in Section 149(6) of
Mr. Adil Zainulbhai^ Chairman 1 1 the Companies Act, 2013 and SEBI LODR
Mr. Narayanan Chairman 5 5 Regulations.
Kumar*

403
 Annexure to
the Board’s Report

The Board has taken on record the of the NRC, approval of the Board and the
declaration and confirmation submitted by shareholders. The commission payable is
the Independent Directors and after assessing based on the overall performance of the
the veracity of the same, the Board is of the Company, performance of the business /
opinion that the Independent Directors fulfill function as well as qualitative factors. The
the conditions specified in the SEBI LODR commission is calculated with reference to
Regulations and are independent of the net profits of the Company in the financial
management. year subject to overall ceilings stipulated
under Section 197 of the Companies Act,
These certificates have been placed on the
2013.
website of the Company https://investors.
larsentoubro.com/listing-compliance- The Independent Directors / Non-Executive
disclosuresunderstatutes.aspx Directors are paid remuneration by way of
commission and sitting fees. The Company
The role, responsibilities and duties of pays sitting fees of ¢ 1,00,000/- per meeting
Independent Directors are set out in the of the Board and ¢ 75,000/- per meeting
letter of appointment issued to them. Copy for Audit Committee, Nomination &
of the draft letter of appointment issued Remuneration Committee and Board Risk
to Independent Directors is available on Management Committee and ¢ 50,000/- per
the Company’s website at https://investors. meeting for Stakeholders’ Relationship
larsentoubro.com/listing-compliance- Committee and CSR & Sustainability
disclosuresunderstatutes.aspx Committee, during the year. The commission
v) Remuneration Policy: is paid in accordance with the provisions of
Section 197 of the Companies Act, 2013.
The remuneration of Board members is
determined by several key factors, including The commission to the Independent
the Company’s size, its global presence, and Directors / Non-Executive Directors is
its overall economic and financial standing. distributed broadly on the basis of their
Industry trends and compensation packages attendance, contribution at the Board, the
offered by peer companies also play a critical Committee meetings and Chairmanship of
role in shaping the remuneration framework. Committees.
The compensation structure is designed In the case of nominees of Financial
to reflect each Board member’s individual Institutions, the commission is paid to the
performance and accountability, ensuring Financial Institutions.
that their contributions are appropriately As required by the provisions of Regulation
recognized and rewarded. 46 of the SEBI LODR Regulations, the criteria
For Executive Directors, the level of for payment to Independent Directors /
compensation is carefully calibrated to Non-Executive Directors is made available on
be competitive, aligning with prevailing the investor page of our corporate website
industry standards. This approach ensures https://investors.larsentoubro.com/listing-
that the Company can attract and retain compliance-disclosuresunderstatutes.aspx
top-tier talent, fostering a leadership team vi) Performance Evaluation Criteria for
that is well-equipped to guide the Company Independent Directors:
towards achieving its strategic objectives. The performance evaluation questionnaire
The remuneration policy thus serves as a covers qualitative/ subjective criteria with
vital component in the Company’s strategy respect to the board structure, culture,
to maintain a strong governance framework, board processes and selection, effectiveness
driving both organizational growth and of the Board and Committees, strategic
shareholder value. decision making, functioning of the Board
The Company pays remuneration to Executive and Committees, Committee composition,
Directors by way of salary, perquisites and information availability, remuneration
retirement benefits (fixed components) framework, succession planning, adequate
and commission (variable component), participation, assessment of their
stock options based on recommendation independence etc. It also contains specific

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criteria for evaluating the CMD and individual viii) Details of remuneration paid / payable
Directors. An external consultant is engaged to Directors for the year ended March 31,
to receive the responses of the Directors and 2025:
consolidate/analyze the responses. (a) Executive Directors:
The Chairman of the NRC discusses the The details of remuneration paid /
performance evaluation results with the CMD payable to the Executive Directors for FY
and Executive Directors and the CMD of the 2024-25 is as follows:
Company interacts with all the Non-Executive
Directors and Independent Directors. v crore
Perquisites Perquisites
Key suggestions made by the Directors as part Retirement
Names Salary other than related to Commission Total
of the Board evaluation exercise of FY 2023- Benefits
ESOP ESOP*
24 included board processes and related Mr. S. N. 3.96 2.53 15.88 12.30 41.58 76.25
issues for enhanced board effectiveness. The Subrahmanyan
Company has taken necessary actions on the Mr. R. Shankar 2.40 1.61 – 7.60 25.73 37.33
suggestions given by the Board members viz. Raman
Board visits were arranged at major sites of Mr. M. V. Satish$ 0.04 0.66 – 30.63 0.18 31.50
the Company during FY 2024-25, strategic Mr. Subramanian 2.19 1.30 12.05 6.63 22.37 44.55
sessions were part of board meetings Sarma
held in October 2024 & March 2025 and Mr. S. V. Desai 1.35 0.94 4.54 4.22 14.29 25.34
presentation was made on listed subsidiary Mr. T. Madhava Das 1.35 0.89 – 5.08 17.45 24.77
activities. Mr. Anil V Parab 1.14 0.55 – 3.16 10.55 15.40
$ Ceased to be Whole-time Director with effect from

Members are also requested to refer to page April 7, 2024.
No. 385 of the Board Report.
* Represents perquisite value related to ESOPs exercised
during the year in respect of stock options granted over
vii) Training & Succession Planning: the past several years by the Company and includes tax on
The Company places significant emphasis ESOPs borne by the Company wherever applicable.
on the continuous growth of its workforce. z Notice period for termination of
It is committed to developing internal talent appointment of Chairman & Managing
and capable leaders. To achieve this, the Director, DMD and other Whole-time
Company has established robust processes Directors is six months on either side.
for creating and sustaining a leadership and
z No severance pay is payable on
talent pipeline through Development Centres
termination of appointment.
(DC), its Leadership Development initiatives,
and Talent Review Process. The process for z Details of Options granted under
identifying and nurturing high-potential Employee Stock Option Schemes are
employees through DC is designed to assess provided on the website of the Company
and groom future business leaders and https://investors.larsentoubro.com/listing-
the Technology Leadership Program (TLP) compliance-agm.aspx#.
focuses on employees in specialized technical
(b) Non-Executive Directors:
domains such as engineering design,
construction methods, plant & machinery, The details of remuneration paid /
precast and formwork. In FY 2024-25, over payable to the Non-Executive Directors
1,500 employees were assessed through DC, for FY 2024-25 is as follows:
and Individual Development Plan (IDP) were v crore
prepared to map their personalized growth Sitting Sitting
Fees for Fees for
journeys. Names
Board Committee
Commission Total
Meeting Meetings
The Nomination & Remuneration Committee
Mr. Adil Zainulbhai^ 0.01 0.008 0.11 0.128
discusses matters relating to succession
planning of Directors and senior officials of Mr. Sanjeev Aga 0.06 0.075 0.62 0.755
the Company. Mr. Narayanan Kumar 0.06 0.038 0.59 0.688
Mr. Hemant Bhargava# 0.01 – 0.05 0.060
For more details on training and succession
Mrs. Preetha Reddy 0.06 0.030 0.43 0.520
planning, please refer to the Human Capital
section of the Integrated Report. Mr. Pramit Jhaveri 0.06 0.045 0.49 0.595

405
 Annexure to
the Board’s Report

v crore z Review of the various measures and

Sitting Sitting initiatives taken by the Company for
Fees for Fees for reducing the quantum of unclaimed
Names Commission Total
Board Committee
Meeting Meetings dividends and ensuring timely receipt
Mr. Rajnish Kumar 0.06 0.070 0.59 0.720 of dividend warrants/annual reports/
Mr. Jyoti Sagar 0.05 0.015 0.33 0.395 statutory notices by the shareholders of
Mr. Ajay Tyagi 0.06 0.020 0.45 0.530 the Company.
Mr. P. R. Ramesh 0.06 0.060 0.79 0.910
Mr. Siddhartha z Review of Investor Relation activities.
Mohanty@ 0.02 0.005 0.12 0.145 z Resolving grievances of debenture
# Ceased to be a Director of the Company w.e.f May 27,
 holders related to creation of charge,
2024. Payable to the Institution he represents.
payment of interest/principal,
^ Ceased to be a Director of the Company w.e.f May 28, maintenance of security cover & any
2024.
@ Appointed as a Director of the Company w.e.f May
other covenants.

28, 2024. Remuneration is payable to the Institution he ii) Composition:
represents.
As on March 31, 2025, the Stakeholders’
Details of shares of the Company held by the
Relationship Committee comprised 3
Directors and Key Managerial Personnel, as
members including 1 Independent Director,
on March 31, 2025, are as follows:
1 Non-Executive Director and 1 Executive
Name No. of Shares Shareholding Director.
Percentage
Mr. S. N. Subrahmanyan 3,00,584 0.02 iii) Meetings:
Mr. R. Shankar Raman 2,96,616 0.02
During the year ended March 31, 2025, 2
Mr. Subramanian Sarma 2,09,053 0.02
Mr. S. V. Desai 35,810 – meetings of the Stakeholders’ Relationship
Mr. T. Madhava Das 16,265 – Committee were held on August 26, 2024
Mr. Anil V. Parab 1,11,040 0.01 and December 3, 2024.
Mr. Sanjeev Aga – –
Mr. Narayanan Kumar 1,500 – The attendance of Members at the Meetings
Mrs. Preetha Reddy 180 – was as follows:
Mr. Pramit Jhaveri 20,550 –
Mr. Rajnish Kumar 100 – No. of
Mr. Jyoti Sagar 100 – meetings No. of
Mr. Ajay Tyagi 100 – Name Status eligible to Meetings
Mr. P. R. Ramesh 100 – attend during Attended
Mr. Siddhartha Mohanty – – the year
Mr. Sivaram Nair A 10,384 – Mr. Narayanan Kumar# Chairman – –
3) Stakeholders’ Relationship Committee: Mr. Rajnish Kumar@ Chairman 2 2
i) Terms of reference: Mr. Hemant Bhargava# Member – –
Mr. Siddhartha Member 2 1
The terms of reference of the Stakeholders’
Mohanty^
Relationship Committee are as follows:
Mr. T Madhava Das Member 2 2
z Resolving the grievances of the security
# Ceased as a member of the Committee w.e.f May 27, 2024
holders of the Company including
@ Appointed as a member and Chairman of the Committee w.e.f
complaints related to transfer/ May 28, 2024
transmission of shares, non-receipt of ^ Appointed as a member of the Committee w.e.f May 28, 2024
annual report, non-receipt of declared
Company Secretary is the Compliance Officer
dividends, issue of new/duplicate
of the Company.
certificates, general meetings etc.
iv) Number of Requests / Complaints:
z Review of measures taken for effective
exercise of voting rights by shareholders. The Company has redressed the investor
grievances in a timely manner except for
z Review of adherence to the service cases constrained by disputes or legal
standards adopted by the Company in impediments.
respect of various services being rendered
by the Registrar & Share Transfer Agent.

406 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

During the year, the Company / its Registrar z Evaluate risks related to cyber security.
received the following complaints from
The Committee periodically reviews the risk
SEBI / Stock Exchanges and queries from
status to ensure that executive management
shareholders, which were resolved within the
mitigates the risks by means of a properly
time frames laid down by SEBI.
designed framework.
Opening
Particulars
Balance
Received Resolved Pending* The Company also has an Apex Risk
Complaints: Management Committee, comprising of
SEBI / Stock 1 187 179 9 Executive Directors, which reviews the
Exchange operational risks including client quality,
Shareholders 4 179 183 - manpower availability, logistic and other
Shareholder Queries: aspects which impact the Company and the
Dividend 5 10,081 9,902 184 Group.
Related
Transmission/ 100 4,880 4,904 76 ii) Composition:
Others
As on March 31, 2025, the Board Risk
Demat / 3 1,333 1,325 11
Remat Management Committee comprised 3
* Investor complaints / queries shown outstanding as on March 31, members including 2 Independent Directors
2025 have been subsequently resolved to the complete satisfaction and 1 Executive Director.
of the investors. The Company repeatedly sends reminders to
shareholders regarding unclaimed shares and dividends. This results iii) Meetings:
in an increase in the number of queries received.
During the year ended March 31, 2025, 2
Pursuant to the amendments in SEBI
meetings of the Board Risk Management
LODR Regulations, transfer of securities
Committee were held on April 10, 2024
in physical form are not being processed
and October 19, 2024. The attendance of
by the Company. Further, all requests for
Members at the Meetings was as follows:
transmission, transposition, issue of duplicate
share certificate, claim from unclaimed No. of
suspense account, renewal/exchange of meetings
securities certificate, endorsement, sub- No. of
eligible
division/splitting of securities certificate and Name Status Meetings
to attend
consolidation of securities certificates/folios Attended
during the
are being processed only in demat form. In year
such cases the Company issues a letter of
Mr. Adil Zainulbhai@ Chairman 1 –
confirmation, which needs to be submitted to
Depository Participant to get credit of these Mr. Sanjeev Aga$ Chairman 2 2
securities in dematerialized form. Mr. Pramit Jhaveri# Member 1 1

4) Board Risk Management Committee: Mr. Subramanian Member 2 2

Sarma
i) Terms of reference:
@ Ceased as a member and Chairman of the
The terms of reference of the Board Risk Committee w.e.f May 28, 2024
Management Committee are as follows: $ Appointed as Chairman of the Committee w.e.f
May 29, 2024
z Review of the existing Risk Management
Policy, framework and processes, # Appointed as a member of the Committee w.e.f
May 29, 2024
Risk Management Structure and Risk
Mitigation Systems. Broadly, the key 5) CSR & Sustainability Committee:
risks will cover strategic risks of the i) Terms of reference:
group at the domestic and international The CSR & Sustainability (CSR) Committee
level including sectoral developments, has also been entrusted with the task of
risk related to market, financial, reviewing the sustainability initiatives of the
geographical, political and reputational Company. The CSR Committee also reviews
issues, Environment, Social and the Business Responsibility and Sustainability
Governance (ESG) risks, etc. Report of the Company.

407
 Annexure to
the Board’s Report

The terms of reference of the Committee are No. of

as follows: meetings No. of
Name Status eligible to Meetings
A. Corporate Social Responsibility:
attend during Attended
i. Formulate and recommend to
the year
the Board a Corporate Social Mr. S. V. Desai Member 4 4
Responsibility Policy and suggest any Mr. Jyoti Sagar Member 4 3
changes thereto.
iv) CSR Activities & Impact Assessment:
ii. Provide guidance for the
The Company builds meaningful social impact
development of annual CSR Action
while pursuing progress and driving inclusive
Plan.
growth. By aligning business goals with
iii. Recommend the CSR annual budget societal needs, the Company contributes to
to the Board for approval. social change, fostering growth and well-
being across India.
iv. Monitor the implementation of the
CSR Action Plan of the Company The Company’s CSR programmes are well-
from time to time; and entrenched, focusing on areas that align
with the global and national matrices of
v. Identify and recommend to the
development: Water & Sanitation, Health,
Board the CSR projects that will
Education and Skill Building.
qualify to be ongoing projects.
The Company is leveraging its countrywide
B. Sustainability:
presence to reduce disparities through
i. Formulate and recommend to the interventions in Water & Sanitation,
Board a Sustainability Policy and Health, Education and Skill Building. Close
suggest any changes thereto. interactions with the local community
ii. Provide guidance for the members have enabled the Company to
development of the long-term identify and address their most pressing needs
Sustainability Plan; and and the social interventions for community
development have been specifically aligned.
iii. Monitor the implementation of the
Sustainability Plan of the Company The Company has carried out CSR programs
from time to time. in the following areas based on the need
assessment:
ii) Composition:
z Water & Sanitation: For the availability
As on March 31, 2025, the CSR Committee
of safe drinking water and proper
comprised 4 members being 2 Independent
sanitation facilities.
Directors and 2 Executive Directors.
z Education: To improve access to
iii) Meetings:
education (increased enrollment in pre‐
During the year ended March 31, 2025, 4 school, children attending neighborhood
meetings of the CSR Committee were held on schools), improving quality of learning
May 27, 2024, August 16, 2024, December (better school infrastructure, better
2, 2024 and March 7, 2025. teaching‐learning process) and learning
The attendance of Members at the Meetings STEM (Science Technology Engineering
was as follows: and Math) subjects with fun and hands
on experiments.
No. of
z Health: Improvement in access to quality
meetings No. of
health care (expanding infrastructure
Name Status eligible to Meetings
of health centres, increased number of
attend during Attended
people availing quality health care).
the year
Mr. Ajay Tyagi Chairman 4 4 z Skill development: Enhancing
Mr. R. Shankar Member 4 4 employability of youth (enhancing
Raman

408 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

training capacity, improved infrastructure audit, risk management framework, operations of

of skill development centres). subsidiaries and associates, etc.
All CSR projects have defined goals and Independent Directors have the freedom to
milestones which are tracked as per the interact with the Company’s Management.
periodicity defined for the project. The Interactions happen during Board/Committee
progress is compared with the baseline data meetings, when senior company personnel are
that is gathered before the commencement asked to make presentations about performance
of the project. This is carried out through of their Independent Company (IC)/Business Unit,
an onsite evaluation as well as the reports to the Board.
generated from the project. The indirect
As part of the appointment letter issued to
impact that accrued are also factored and
Independent Directors, the Company has stated
documented in the monthly reporting
that it will facilitate attending seminars/programs/
process. These are subsequently vetted /
conferences designed to train directors to enhance
measured during the external Social Audit or
their role as an Independent Director.
Impact Assessment. The Social Audit/ Impact
Assessment report is discussed during the This information is also available on the website of
CSR Committee meetings and it forms a part the Company https://investors.larsentoubro.com/
of Annexure C to this Board Report. listing-compliance-disclosuresunderstatutes.aspx
The detailed disclosures of CSR spending b) Policy for determination of materiality of
during the year have been given in Annexure events or information
‘C’ forming part of this Board Report. Please The Company has a policy for determination
refer to Pages 425 to 428 of this Integrated of materiality of events or information for
Annual Report. disclosure to the stock exchanges. The policy
G. OTHER INFORMATION has clearly defined guidelines and materiality
thresholds in accordance with provisions of law
a) Directors’ Familiarization Program:
for determination of materiality certain events
The Directors of the Company are updated or transaction or information with respect to
on changes/developments in the domestic/ the Company, its Subsidiaries and Associate
global markets and industry scenario through Companies. The Company has also implemented
presentations made at Board, Committee a software application to assist its employees to
meetings and interactions with senior company report potential material event/information to
personnel. The directors are also updated about authorised key managerial personnel. The Policy
changes in statutes/legislations and economic is available on the Company’s website at https://
environment, and on matters significantly www.larsentoubro.com/corporate/about-lt-group/
affecting the Company, to enable them to take corporate-policies/.
well informed and timely decisions. The Board
meetings are also held in locations where the c) Vigil Mechanism / Whistle Blower Policy:
Company has operations to apprise the directors The Company has a Whistle Blower Policy in place
about its operations. since April 2004. The said policy was modified in
line with the requirements of the Vigil Mechanism
The internal newsletters of the Company, the
under the Companies Act, 2013 and subsequently
press releases, etc. are circulated to all the
in 2018 to include reporting of instances of
directors so that they are updated about the
leakage of unpublished price sensitive information
operations of the Company.
as per SEBI (PIT) Amendment Regulations 2018.
Presentations are made regularly to the Board / The Company has a Whistle Blower Investigation
NRC / AC / BRMC/ CSR / SRC where Directors Committee (WBIC) to manage complaints from
get an opportunity to interact with senior “Identified” Whistle Blowers. In addition, WBIC
managers. Minutes of these committees are considers “Anonymous” complaints which in
also circulated to the Board. Presentations, inter their judgement are serious in nature and require
alia, cover business strategies, management investigation. The WBIC has five members viz.
structure, HR policy, management development Chief Financial Officer, Company Secretary,
and succession planning, quarterly and annual Head-Corporate HR, Chief Internal Auditor
results, budgets, treasury policy, review of internal and a senior Finance & Accounts person from

409
 Annexure to
the Board’s Report

business. The WBIC is responsible for end-to-end which is presented and discussed at the Audit
management of the investigations, from the time Committee Meeting. During the year, no person
of receipt of complaints to bringing them to a has been declined access to the Audit Committee,
logical conclusion, keeping in mind the interest of wherever desired.
the Company. Suitable actions are taken against
The Company has a zero-tolerance policy towards
employees, wherever investigation confirms the
breach of Code of Conduct and to this extent, the
allegations.
Company has built a robust framework around
Employees are encouraged to report any acts of the Whistle Blower mechanism to actively address
unacceptable behaviour inconsistent with the all complaints received.
Company’s Code of Conduct, having an adverse
The Company also has a separate Whistle Blower
effect on the Company’s financials/image and
Policy for its vendors and channel partners. This
instances of sharing of unpublished price sensitive
policy provides all stakeholders an opportunity
information. An employee can report any such
to report genuine concerns about unethical
conduct in oral or written form. Whistle-blowers
behaviour, improper practices, misconduct, any
are assured by the Management of full protection
violation of legal or regulatory requirements,
from any kind of harassment, retaliation,
actual or suspected fraud without fear of
victimization, or unfair treatment.
punishment or unfair treatment. The details
Complaints under the Whistle Blower Policy are of the same are available on the Company’s
received by the Corporate Audit Services of the website https://larsentoubro.com/corporate/
Company from various sources. The Chief Internal about-lt-group/corporate-policies/.
Auditor reviews the same and after screening the
d) Statutory Auditors:
complaint, decides on the further course of action
which will include requesting the complainant to For FY 2024-25, the total fees paid by the
provide further details, internal investigation by Company and its subsidiaries, on a consolidated
the CAS department, investigation by external basis, to Deloitte Haskins & Sells LLP and M S K A
agencies, wherever necessary, opportunity to the & Associates, Statutory Auditors and all entities
defendant to present his/her case, etc. Based on in the network firm/network entity of which the
the findings of the investigation, the Corporate statutory auditors are a part thereof for all the
Audit Services takes the approval of WBIC for the services provided by them is ¢ 11.95 crore and
action recommended by them to be taken. ¢ 2.74 crore respectively.

The WBIC is appraised periodically on the e) Code of Conduct:

complaints received, current status, actions The Company has laid down a Code of Conduct
contemplated and closure of the cases. The for all Board members and senior management
WBIC reviews the complaints and their progress. personnel. The Code of Conduct is available
Queries by the WBIC members are immediately on the website of the Company https://www.
attended to by CAS and the implementation of larsentoubro.com/corporate/about-lt-group/
the recommended actions are undertaken by the corporate-policies/. The declaration of the CMD is
respective HR/Accounts Departments. given below:
The policy provides for adequate safeguards
To the Shareholders of Larsen & Toubro Limited
against victimisation of persons who avail the
Sub: Compliance with Code of Conduct
same and provides for direct access to the
Chairperson of the Audit Committee. The I hereby declare that all the Board Members and Senior
Management Personnel have affirmed compliance with
Audit Committee of the Company oversees the
the Code of Conduct for Board Members and Senior
implementation of the Whistle-Blower Policy. Management.
The Audit Committee is periodically briefed about S. N. Subrahmanyan
the various cases received, the status of the Chairman & Managing Director
investigation, findings and action taken, if any and
Date: May 8, 2025
a comprehensive update is provided semi-annually Place: Mumbai

410 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

f) General Body Meetings: Mr. S. N. Ananthasubramanian, Practising

The last three Annual General Meetings of the Company Secretary, (M. No: FCS 4206, COP
Company were held as under: No. 1774) and failing him, Ms. Aparna Gadgil,
Financial Practising Company Secretary (M. No: ACS
Date Venue Time
Year 14713, COP No. 8430), was appointed as
2023-2024 July 4, 2024 Meeting was held 3:00 p.m. Scrutinizer for conducting the Postal Ballot in a
through Video
fair and transparent manner. The detailed voting
Conferencing/ Other
Audio-Visual Means procedure mentioned in the postal ballot notice(s),
2022-2023 August 9, Birla Matushri 3.00 p.m. the scrutiniser’s report and the voting results are
2023 Sabhagar, 19, Marine available on the website of the Company.
Lines, Mumbai – 400
020 and virtually at h) Disclosures:
www.evoting.nsdl.com
1. During the year, there were no transactions
2021-2022 August 4, Meeting was held 3:30 p.m.
2022 through Video of material nature with the Directors or the
Conferencing/ Other Management or relatives or the subsidiaries
Audio-Visual Means that had potential conflict with the interests
The following special resolutions were passed by of the Company.
the members during the past 3 Annual General
Meetings: 2. Details of all related party transactions form
a part of the accounts as required under IND
Annual General Meeting held on July 4, 2024:
AS 24 and the same are given in Note No. 47
To amend the Articles of Association of the
forming part of the financial statements.
Company by deleting Article 107 pertaining to
qualification shares. 3. The Company has followed all relevant
Annual General Meeting held on August 9, 2023: Accounting Standards notified by the
None Companies (Indian Accounting Standards)
Rules, 2015 while preparing the Financial
Annual General Meeting held on August 4,
Statements.
2022:
To approve raising of capital through QIP’s by issue 4. The Company makes presentations to
of shares / convertible debentures / securities upto Institutional Investors and Equity Analysts on
an amount of USD 600 million or ¢ 4,500 crore, the Company’s performance on a quarterly
whichever is higher. basis. These presentations are provided to the
Stock Exchanges and also available on our
g) Resolution(s) passed through Postal Ballot:
website https://investors.larsentoubro.com/
There was a Postal Ballot conducted by the Analyst-Presentation-Archives.aspx
Company during FY 2025, wherein all the
resolutions were passed with requisite majority of 5. There were no instances of non-compliance,
votes. Details of the Resolutions passed through penalties, strictures imposed on the Company
postal ballot during FY 2025 are given below. by the Stock Exchanges on any matter related
to the capital markets, during the last three
Postal Date of Voting Pattern years except as mentioned below:
Description of Ballot publication
the resolution Notice of voting Votes in Votes
National Stock Exchange of India Limited and
date results favour against
BSE Limited vide their notices dated April
Approval of 96.44% 3.56% 15, 2024, levied a fine of ¢ 10,000 each for
material Related
delayed submission of intimation of Board
Party Transaction(s)
with L&T-MHI meeting held on March 26, 2024 where the
Power Boilers proposal of fund raising was approved. The
Private Limited Company has paid the said fine.
January March 10,
Approval of 30, 2025 2025 75.33% 24.67%
material Related 6. The policies for determining material
Party Transaction(s) subsidiaries and transactions are available
with L&T-MHI on the Company’s website https://www.
Power Turbine larsentoubro.com/corporate/about-lt-group/
Generators Private
corporate-policies/.
Limited

411
 Annexure to
the Board’s Report

7. Details of risk management including News Releases Official news releases that carry
foreign exchange risk, commodity price risk material information as per the
and hedging activities form a part of the Company’s policy for determination
Management Discussion & Analysis. Please of materiality of events or
information, are sent to stock
refer to pages 30 to 34 of this Integrated exchanges as well as displayed
Annual Report. on the Company’s website:
www.larsentoubro.com.
8. As required under the provisions of SEBI
LODR Regulations, a certificate confirming Website The Company’s corporate website
www.larsentoubro.com provides
that none of the Directors on the Board comprehensive information about
have been debarred or disqualified by the its portfolio of businesses. Section
Securities and Exchange Board of India or on “Investors” serves to inform and
Ministry of Corporate Affairs or any such service the Shareholders allowing
them to access information at
statutory authority, obtained from M/s S. their convenience. The quarterly
N. Ananthasubramanian & Co., Company shareholding pattern of the
Secretaries, is a part of this report. Company is available on the website
of the Company as well as the
9. Details in relation to the Sexual Harassment of stock exchanges. The entire Annual
Women at Workplace (Prevention, Prohibition Report including Accounts of the
Company and subsidiaries are
and Redressal) Act, 2013 form a part of the available in downloadable formats.
Board’s Report. Please refer to page 387 of
Filing with Stock Information to Stock Exchanges
this Integrated Annual Report.
Exchanges is now being also filed online on
10. The Company has not provided any loans NEAPS for NSE, BSE Online for
BSE and RNS for London Stock
or advances in the nature of loans to firms/ Exchange.
companies in which directors are interested.
Annual Report Annual Report is circulated to all
11. The Company has not entered into any and Annual the members and all others like
General Meeting auditors, equity analysts, etc.
agreements with its related parties, directors,
To enable a larger participation
key managerial personnel, employees, of shareholders for the Annual
employees of the subsidiary or associate General Meeting, the Company
company or with a third party, solely or has provided Webcast facility at its
jointly, which, either directly or indirectly or last three Annual General Meetings
in co-ordination with NSDL/
potentially or whose purpose and effect is KFin Technologies. This year the
to, impact the management or control of the Company will be conducting the
Company or impose any restriction or create Annual General Meeting through
any liability upon the Company. Audio Visual Means, as permitted
by Ministry of Corporate Affairs.
i) Means of communication: The Annual Report is e-mailed to all
members who have registered their
Financial Results Quarterly & Annual Results are email ids with the Company and
and other published in prominent daily to those shareholders who request
Communications newspapers viz. The Financial for the same. The Annual Report
Express, Business Hindu Line & would also be made available on
Loksatta. The results are also the website of the Company. The
posted on the Company’s website: Chairman & MD suitably responds
www.larsentoubro.com. to the queries raised by the
shareholders during the AGM.
Advertisements relating to IEPF,
A letter containing the weblink of
E-Voting, AGM related compliances,
the Integrated Annual Report for
etc. are published in The Financial
FY 2024-25, will be sent to those
Express, The Indian Express &
shareholders whose email addresses
Loksatta.
are not registered.

412 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

SEBI Complaints Investor complaints are processed Investor Education and Protection Fund Authority
Redress System at SEBI in a centralized web-based (Accounting, Audit, Transfer and Refund) Rules,
(SCORES)/ complaints redress system. The 2016 (‘IEPF Rules’), the Company has transferred to
Online Dispute salient features of this system IEPF equity shares on which dividend has remained
Resolution (ODR) are centralised database of all
Portal: complaints, online upload of Action unclaimed for a period of seven consecutive years upto
Taken Reports (ATRs) by concerned the financial year 2016-17. The details are given in the
companies and online viewing Board Report. Please refer to Page 386 & 387 of this
by investors of actions taken on Integrated Annual Report.
the complaints and their current
status. The Company submits ATR All corporate benefits on such shares viz. dividends,
on timely basis with respect to the
bonus shares, etc. shall be transferred in accordance
complaints received from SCORES.
with the provisions of IEPF Rules read with Section
In case any investor is still not
124(6) of the Companies Act, 2013. The eligible
satisfied with the outcome of the
resolution, they can initiate dispute shareholders are requested to note the same and make
resolution through the ODR Portal. an application to IEPF Authority in accordance with the
The ODR Portal has the necessary procedure available on www.iepf.gov.in and submit
features and facilities to, inter such documents as prescribed under the IEPF Rules
alia, enrol the investor to file the to claim these shares. Mr. Sivaram Nair A, Company
complaint/dispute. Your Company Secretary & Compliance Officer, has been appointed as
has done necessary enrolment
the Nodal officer of the Company.
on the ODR Portal of the stock
exchanges.
I. GENERAL SHAREHOLDER INFORMATION
Management This forms a part of the Annual
Discussion & Report which is mailed to the a) Annual General Meeting:
Analysis shareholders of the Company.
The Annual General Meeting of the Company
Presentations The schedule of analyst /
has been convened on Tuesday, June 17, 2025,
made to institutional investor meets and
Institutional presentations made to them on a at 3:00 pm (IST) through Video Conferencing
Investors and quarterly basis are informed to the (“VC”)/Other Audio-Visual Means (“OAVM”).
Analysts Stock Exchanges and also displayed Members can attend the AGM virtually through
on the Company’s website. The www.evoting.nsdl.com.
audio recordings and transcripts of
these meetings are also uploaded b) Financial calendar:
on the Company’s website and
weblink for the same is intimated 1. Annual Results of May 8, 2025
to the Exchanges. 2024-25

j) Investor FAQs 2. Mailing of Annual Last week of May 2025

Reports
FAQs regarding rights and benefits entitled to
3. Annual General June 17, 2025
Shareholders are available on the Company’s
Meeting
website at https://investors.larsentoubro.com/
4. First Quarter Results During the last week of
Investor-FAQ.aspx
July 2025*
H. UNCLAIMED SHARES 5. Payment of Dividend On or before June 21,
The Company does not have any unclaimed shares 2025*
lying with it from any public issue. However certain 6. Second Quarter During last week of
shares resulting out of the bonus shares issued by results October 2025*
the Company are unclaimed by the shareholders. As 7. Third Quarter results During last week of
required under Regulation 39(4) of the SEBI LODR January 2026*
Regulations, the Company has already sent reminders * Tentative
to the shareholders to claim these shares. These shares
are released upon requests received from the eligible c) Record Date:
shareholders after due verification. The Record date to determine the members
In accordance with the provisions of the Section 124(6) entitled to the dividend for FY 2025 is Tuesday,
of the Companies Act, 2013 and Rule 6(3)(a) of the June 3, 2025.

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d) Listing of equity shares / shares underlying Month L&T BSE Price (v) BSE SENSEX
GDRs on Stock Exchanges:
Month Month
The shares of the Company are listed on BSE High Low High Low
Close Close
Limited (BSE) and the National Stock Exchange of
October 3,724.00 3,262.95 3,624.40 84,648.40 79,137.98 79,389.06
India Limited (NSE).
November 3,759.95 3,452.95 3,725.90 80,569.73 76,802.73 79,802.79
GDRs are listed on Luxembourg Stock Exchange
and admitted for trading on London Stock December 3,963.00 3,552.35 3,608.00 82,317.74 77,560.79 78,139.01
Exchange. 2025
e) Listing Fees to Stock Exchanges: January 3,724.00 3,396.05 3,567.20 80,072.99 75,267.59 77,500.57
The Listing fees for the FY 2025-26 to BSE & NSE February 3,628.80 3,141.30 3,164.75 78,735.41 73,141.27 73,198.10
have been paid in April 2025. The fees to London
March 3,528.00 3,153.65 3,491.00 78,741.69 72,633.54 77,414.92
Stock Exchange and Luxembourg Stock Exchange
have been paid in February 2025.
Month L&T NSE Price (v) NIFTY
f) Custodial Fees to Depositories:
Month Month
High Low High Low
The fees to National Securities Depository Limited Close Close
has been paid in May 2025. The fees to Central 2024
Depository Services (India) Limited (CDSL) shall be
paid on the receipt of invoice. April 3,860.00 3,472.40 3,594.30 22,783.35 21,777.65 22,604.85
May 3,744.80 3,225.20 3,669.30 23,110.80 21,821.05 22,530.70
g) Stock Code / Symbol:
June 3,919.90 3,175.05 3,548.45 24,174.00 21,281.45 24,010.60
The Company’s equity shares / GDRs are listed on
the following Stock Exchanges and admitted for July 3,822.00 3,460.00 3,815.00 24,999.75 23,992.70 24,951.15
trading in London Stock Exchange: August 3,838.95 3,511.50 3,704.65 25,268.35 23,893.70 25,235.90

BSE Limited (BSE) : Scrip Code - 500510 September 3,838.80 3,516.40 3,675.55 26,277.35 24,753.15 25,810.85
National Stock Exchange of : Scrip Code - LT October 3,724.00 3,262.55 3,622.30 25,907.60 24,073.90 24,205.35
India Limited (NSE)
November 3,761.00 3,452.45 3,724.80 24,537.60 23,263.15 24,131.10
ISIN : INE018A01030
Reuters RIC : LART.BO December 3,963.50 3,550.00 3,607.65 24,857.75 23,460.45 23,644.80
Luxembourg Exchange Stock : 005428157 2025
Code
January 3,724.10 3,395.00 3,567.40 24,226.70 22,786.90 23,508.40
London Exchange Stock : LTOD
Code February 3,629.20 3,141.00 3,163.85 23,807.30 22,104.85 22,124.70

The Company’s shares constitute a part of BSE March 3,528.00 3,153.05 3,492.30 23,869.60 21,964.60 23,519.35
30 Index of the BSE as well as NIFTY Index of the
i) Registrar and Share Transfer Agents (RTA):
NSE.
KFin Technologies Limited
h) Stock market data for the FY 2024-25: Unit: Larsen & Toubro Limited
Selenium Building, Tower-B, Plot No 31 & 32,
Month L&T BSE Price (v) BSE SENSEX
Financial District, Nanakramguda, Serilingampally,
Month Month Hyderabad, Rangareddy, Telangana - 500 032.
High Low High Low
Close Close
j) Share Transfer System:
2024
Pursuant to SEBI notification dated January 24,
April 3,859.65 3,474.00 3,594.15 75,124.28 71,816.46 74,482.78 2022, requests for effecting transfer of securities
May 3,745.00 3,225.80 3,667.40 76,009.68 71,866.01 73,961.31 in physical form, shall not be processed by the
June 3,948.60 3,175.50 3,549.40 79,671.58 70,234.43 79,032.73
Company. The share related information is
available online.
July 3,819.90 3,461.00 3,812.55 81,908.43 78,971.79 81,741.34
Physical shares received for dematerialization are
August 3,838.00 3,401.05 3,703.10 82,637.03 78,295.86 82,365.77
processed and completed within a period of 21
September 3,837.95 3,518.00 3,675.50 85,978.25 80,895.05 84,299.78 days from the date of receipt.

414 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

k) Distribution of Shareholding as on March 31, o) Listing of Debt Securities:

2025: The redeemable Non-Convertible debentures
Shareholders Shareholding issued by the Company are listed on the
No. of Shares
Number % Number % Wholesale Debt Market (WDM) of National Stock
upto 500 16,12,377 94.49 9,18,61,589 6.68 Exchange of India Limited.
501 – 1000 46,233 2.71 3,36,89,237 2.45
p) Listing of Commercial Paper:
1001 – 2000 25,575 1.50 3,57,47,323 2.60
2001 – 3000 8,618 0.50 2,10,79,423 1.53 The Commercial Papers issued by the Company
3001 – 4000 3,741 0.22 1,29,45,944 0.94 are listed on Wholesale Debt Market Segment of
4001 – 5000 2,345 0.14 1,05,47,366 0.77 BSE Limited.
5001 – 10000 4,039 0.24 2,79,83,597 2.04
q) Debenture Trustees (for privately placed
10001 and 3,336 0.20 114,13,37,686 82.99
debentures):
above
TOTAL 17,06,264 100.00 137,51,92,165 100.00 IDBI Trusteeship Services Limited
Universal Insurance Building,
l) Categories of Shareholders is as under: Ground Floor, Sir P. M. Road,
31.03.2025 31.03.2024 Fort, Mumbai – 400001
Category No. of No. of
% % r) Credit Rating:
Shares Shares
Financial Institutions 21,24,90,650 15.45 18,41,59,970 13.40 The Company has obtained rating from CRISIL
Foreign Institutional 26,91,74,120 19.57 33,02,78,309 24.02 Ratings Limited, ICRA Limited and India Ratings
Investors and Research Private Limited during FY 2024-25.
Shares underlying GDRs 1,56,44,404 1.14 1,88,37,260 1.37 There has been no revision in credit ratings during
Mutual Funds 27,11,21,158 19.72 24,20,78,635 17.61 FY 2024-25. The ratings given by these agencies
Bodies Corporate & 9,85,23,938 7.16 9,48,47,826 6.90 are as follows:
Qualified Institutional
Rating
Buyers Type of Instrument Rating
Agency
Directors & Relatives 10,89,114 0.08 10,80,537 0.08
L&T Employees Trust 19,48,87,516 14.17 19,48,87,516 14.18 CRISIL Limited Non-Convertible ‘CRISIL AAA/Stable’
Debentures
Others 31,22,61,265 22.71 30,84,98,566 22.44
TOTAL 1,37,51,92,165 100.00 1,37,46,68,619 100.00 Bank Loan Facilities ‘CRISIL AAA/Stable’

m) Dematerialization of shares & Liquidity: Commercial Paper ‘CRISIL A1+’

The Company’s shares are required to be ICRA Limited Non-Convertible ‘[ICRA] AAA
compulsorily traded in the Stock Exchanges in Debentures Programme (stable)’
dematerialized form. The number of shares held Commercial Paper ‘[ICRA] A1+’
in dematerialized and physical mode as on March
India Ratings Non-Convertible ‘IND AAA/ Stable’
31, 2025 is as under:
and Research Debentures
% of Private Limited
total Commercial Papers ‘IND A1+’
Particulars No. of shares
capital
issued Further, Fitch Ratings on July 2, 2024 has assigned
“BBB+ with stable outlook” Long-Term Foreign
Held in dematerialized form in NSDL 128,48,31,483 93.43
and Local-Currency Issuer Default Ratings (IDRs)
Held in dematerialized form in CDSL 8,09,12,039 5.88 to the Company. S&P Global Ratings vide its letter
Physical 94,48,643 0.69 dated May 8, 2024 has assigned “BBB+ with
Total 137,51,92,165 100.00 stable outlook” long-term issuer credit rating to
the Company.
n) Outstanding GDRs / ADRs / Warrants or any
Convertible Instruments, conversion date and s) Plant Locations:
likely impact on equity: The L&T Group’s facilities for design, engineering,
As on March 31, 2025, 1,56,44,404 GDRs were manufacture, modular fabrication and production
outstanding. These GDRs are backed up by are based at multiple locations within India
underlying equity shares which are part of the including, Bengaluru, Chennai, Coimbatore,
existing paid-up capital. Faridabad, Hazira (Surat), Kattupalli (near

415
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Chennai), Kanchipuram, Mumbai, Pithampur, buy and sell shares of the Company are prohibited
Puducherry, Rajpura, Kansbahal (Rourkela), from executing contra-trades during the next six
Talegaon, Vadodara and Visakhapatnam. L&T’s months following the prior transactions.
international manufacturing footprint covers
The Company has a policy for acting against
Oman, Saudi Arabia and USA. The L&T Group
Directors and employees who violate the SEBI PIT
also has an extensive network of offices in India
Regulations/Code. Pursuant to the amendments
and around the globe. See page No. 18 of this
of the SEBI (Prohibition of Insider Trading)
Integrated Annual Report for details of the plant
Amendment Regulations, 2024, the Company
locations.
has suitably modified the provisions of the Code
t) Address for correspondence: which are effective from 12th March 2025.
Larsen & Toubro Limited, Mr. Sivaram Nair A, Company Secretary has been
L&T House, Ballard Estate, designated as the Compliance Officer.
Mumbai - 400 001.
Tel. No. (022) 6752 5656, The Company has appointed Mr. P. Ramakrishnan,
Fax No. (022) 6752 5858 Executive Vice President (Corporate Accounts,
Taxation & Investor Relations), as Chief
Shareholder correspondence may be directed
Investor Relations Officer. The Company also
to the Company’s Registrar and Share Transfer
formulated Code of Practices and Procedures
Agent, whose address is given below:
for Fair Disclosure of Unpublished Price Sensitive
KFin Technologies Limited Information which is available on Company’s
Unit: Larsen & Toubro Ltd Website https://www.larsentoubro.com/corporate/
Selenium Building, Tower-B, Plot No 31 & 32, about-lt-group/corporate-policies/.
Financial District, Nanakramguda,
w) Stakeholders Engagement:
Serilingampally, Hyderabad, Rangareddy,
Telangana, India - 500 032. The Company recognizes that its stakeholders
Toll Free Number: 1800 3094 001 form a vast and heterogeneous community. Our
Email: [email protected] customers, shareholders, employees, suppliers,
Website: www.kfintech.com community, etc. have been guideposts of our
decision-making process. The Company engages
KFin Technologies Limited with its identified stakeholders on an ongoing
Unit: Larsen & Toubro Ltd basis through business level engagements and
6/8 Ground Floor, Crossley House, structured stakeholder engagement programs.
Near Bombay Stock Exchange, The Company maintains its focus on delivering
Next Union Bank, Fort, Mumbai. value to all its stakeholders, especially the
Pin code: 400 001 disadvantaged communities.
Phone: 022-46052082
The Company has a dedicated Corporate Brand
u) Investor Grievances: Management & Communications department
The Company has designated an exclusive e-mail which facilitates an on-going dialogue between
id viz. [email protected] to enable the Company and its stakeholders. The
investors to register their complaints, if any. communication channels include:

v) Securities Dealing Code: z For external stakeholders - Stakeholder

engagement sessions, client satisfaction
The objective of the Securities Dealing Code
surveys, shareholder satisfaction assessment,
(‘Code’) is to prevent purchase and / or sale
analyst / investors meet, periodic
of shares of the Company by an Insider based
feedback mechanism, general meeting for
on unpublished price sensitive information.
shareholders, online service and dedicated
Under this Code, Designated Persons (Directors,
e-mail service for grievances, corporate
Advisors, Officers and other concerned employees
website, etc.
/ persons) are prevented from dealing in the
Company’s shares during the closure of Trading z For internal stakeholders – Employee
Window. To deal in securities beyond specified satisfaction surveys, employee engagement
limit, permission of Compliance Officer is also surveys for improvement in employee
required. Directors and designated employees who engagement processes, circulars and

416 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

messages from management, corporate Company. The Company has designed in-house
social initiatives, welfare initiatives for training workshops on Corporate Governance
employees and their families, online news with the help of an external faculty covering
bulletins for conveying topical developments, basics of Corporate Governance as well as internal
large bouquet of print and online in-house policies and compliances under Code of Conduct,
magazines, helpdesk facility, etc. Whistle Blower Policy, Sexual Harassment of
Each of the businesses have their internal Women at Workplace (Prevention, Prohibition &
mechanisms to address the grievances of its Redressal) Act, 2013, SEBI (Prohibition of Insider
stakeholders. In addition, at the corporate level, Trading) Regulations, 2015, etc.
there are committees which can be approached The Company has established a scalable,
if the stakeholders are not satisfied with the multi-featured and externally integrated digital
functioning of such internal mechanisms. As part learning platform called ATLNext. It offers a
of the vigil mechanism, the Whistle Blower Policy gamut of online courses including competency
provides access to the Chairperson of the Audit courses, behavioural courses, and business-specific
Committee. The Whistle Blower Policy for Vendors technical courses. ALTNext also provides for a
& Channel Partners is displayed on the website course on Governance where employees can learn
of the Company https://www.larsentoubro.com/ about Governance practices and give a self-
corporate/about-lt-group/corporate-policies/. assessment test after completion of the course.
For more information regarding the initiatives The Company has created a batch of trainers
undertaken by the Company to engage with across businesses who in turn conduct training /
its stakeholders please refer to the Relationship awareness sessions within their business regularly.
Capital section of the Integrated Report and
disclosures given under Principle 4 of the Business z) Anti-bribery and Anti-corruption policy:
Responsibility and Sustainability Report. The Company has adopted the Anti-Bribery and
Anti-Corruption (ABAC) Policy which acts as a
x) Supplier/Contractor management:
guiding framework for ensuring compliance with
The Company strives to foster responsible various legislations and standards of behaviour
behaviour in the supply chain in accordance with to which the Company and all its officials
the highest standards of ethics and integrity, must adhere to. This Policy is applicable to all
respect for the law, human and labour rights, employees of the Company working at all levels
and environmental protection. Various initiatives and is widely disseminated across the Company.
undertaken by the Company in this regard are The Policy is also available on the Company’s
given below: website at https://www.larsentoubro.com/
z Mandatory signing of Code of Conduct corporate/about-lt-group/corporate-policies/.
as a part of vendor onboarding process, aa) ISO 9001:2015 Certification:
laying down minimum requirements for ESG
The Company’s Secretarial Department which
compliance.
provides secretarial services and investor services
z Evaluation of key suppliers on ESG for the Company and its Subsidiaries and
parameters. Associate Companies is ISO 9001:2015 certified.
z Conducting awareness programmes for bb) Audit as per SEBI requirements:
vendors and suppliers. As stipulated by SEBI, M/s. S. N.
For more information regarding supplier/ Ananthasubramanian & Co., Company Secretaries,
contractor management please refer to Secretarial Auditors of the Company carries out
Relationship Capital section of the Integrated Reconciliation of Share Capital Audit to reconcile
Report. the total admitted capital with National Securities
Depository Limited (NSDL) and Central Depository
y) Awareness Sessions / Workshops on Services (India) Limited (CDSL) with the total
Governance practices: issued and listed capital. This audit is carried out
Employees across the Company as well as the every quarter and the report thereon is submitted
group are being sensitized about the various to the Stock Exchanges. The Audit has provided
policies and governance practices of the a reconciliation of total Listed and Paid-up capital

417
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is in agreement with the aggregate of the total The Company also engages external consultants
number of shares in dematerialized form and in to prepare as well as review compliance checklists
physical form. for the new geographies and update the existing
checklist(s) of compliances. Compliance tasks are
The Secretarial Department of the Company at
mapped on iCompliance portal to process owners
Mumbai is manned by competent and experienced
who update the status with supporting evidence.
professionals. The Company has a system
Identified key stakeholders across functions ensure
to review and audit its secretarial and other
and confirm compliance with the provisions of all
statutory compliances by competent professionals.
applicable laws on a regular basis.
Appropriate actions are taken to continuously
improve the quality of compliance. ee) Group Governance Policy:
cc) Secretarial Audit: SEBI vide its circular dated May 10, 2018, has
introduced the concept of Group Governance
Pursuant to the provisions of Section 204(1)
Unit. The circular expects listed companies to
of the Companies Act , 2013 and Regulation
monitor their governance through a Governance
24A of SEBI LODR Regulations, M/s. S. N.
Committee and establishment of a strong and
Ananthasubramanian & Co., Company Secretaries,
effective group governance policy.
conducts the secretarial audit of the compliance of
applicable statutory provisions and the adherence “Corporate Governance” in the Company and its
of good corporate practices by the Company. subsidiaries broadly includes strategic supervision
by the Board and its Committees, compliance of
Pursuant to the SEBI circular no. CIR/CFD/
Code of Conduct, Statutory Compliance including
CMD1/27/2019 dated February 8, 2019 and as
compliance of Companies Act / applicable SEBI
per the NSE and BSE circulars dated March 16,
Regulations, avoiding conflict of interest, Risk
2023, the Company has obtained an annual
Management, Internal Controls and Audit.
secretarial compliance report from M/s. S. N.
Ananthasubramanian & Co., Company Secretaries The Company has three listed entities ( the
and shall submit the same to the Stock Exchanges “Listed Subsidiaries”) within the group. Each
within the prescribed timelines. of the Listed Subsidiaries have their own Board
and Board Committees in compliance with the
dd) Statutory Compliance System:
Companies Act, 2013 and SEBI LODR Regulations.
The Company has in place system to ensure The oversight of their subsidiaries is as per
compliance with applicable laws, rules and Companies Act, 2013 and SEBI LODR Regulations.
regulations. These comprise of Central and The Board Report and its annexures of the Listed
State Acts / Rules where the Company carries on Subsidiaries contains various disclosures dealing
business. The list of applicable laws is reviewed with subsidiary companies.
by an External Consultant along with the Legal &
Finance & Accounts functions of each Business. All the Listed Subsidiaries have atleast one
Executive Director of the Company and L&T
Each IC / Business head certifies compliance of Technology Services Limited and LTIMindtree
all applicable laws by the IC on a quarterly basis. Limited have one Independent Director of the
Based on these confirmations, the Company Company on its Board. Any financial assistance
Secretary gives a compliance certificate to the to the above companies or purchase/sale by the
Board of Directors. The Company verifies the Company of their shares, is dealt with by the
compliances through a random review of the Company’s Board.
process / system / documentation with the
Business / Corporate function. These Listed Subsidiaries publish their
Independent Auditor’s certificate on Corporate
The Company has a web-based portal known Governance, Secretarial Audit Report of Practising
as “iCompliance portal”, which enables to Company Secretary and CEO/CFO’s certificate for
monitor the regulatory compliance performance, internal controls for financial reporting.
remediation plans for non-conformities. This
portal also helps to maintain updated list of The Company has entered into brand/trademark
applicable laws and compliance checklist(s) which licensing agreement with its equity listed
are monitored & tracked through the portal. subsidiaries and fees are charged based on
turnover/profits/assets.

418 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Responsibility of the Company’s corporate team an audit of the compliance of applicable statutory
in the areas of statutory compliance (including provisions and governance practices.
corporate laws), Risk Management, Internal
The Company’s Code of Conduct (Code) is
Controls and Internal Audit, covers all unlisted
required to be adhered by all unlisted group
subsidiaries. The Listed Subsidiaries have their
companies covering employees, directors,
own teams to carry out these functions.
suppliers, contractors, etc. In addition to
The ICs have separate internal teams to this, the subsidiaries also have their own vigil
oversee their legal and compliance functions. mechanism, if they meet the thresholds given in
All Subsidiary Companies associated with the the Companies Act. The Audit Committee/Board
respective ICs are reviewed by their respective IC of these companies monitor this mechanism. The
leadership. Vigil Mechanism Framework to report breach of
code is a structured process, which encourages
The subsidiary companies also function
and facilitates all covered, to report without
independently and have separate Boards which
fear, wrongdoings or any unethical or improper
consists of representatives of the Company,
practice which may adversely impact the image,
who are senior executives of the Company,
credibility and/or the financials of the company,
representatives of Joint Venture partners,
through an appropriate forum.
representative of the Company’s Board as well
as Independent Directors as required by law. As The Secretarial Department of the Company
per law, these companies, wherever required, has qualified Company Secretaries (CS) with
also have Audit Committee, Nomination & experience in the field of compliance and law.
Remuneration Committee, CSR Committee, It consists of fulltime professionals dedicated to
Stakeholders’ Relationship Committee and Risk performing corporate secretarial and subsidiary
Management Committee. governance duties. Qualified CS in secretarial
department monitor the compliance related
Certain unlisted subsidiaries have Executive
to subsidiaries under Companies Act / Rules
Directors of the Company on their Board. The
made thereunder. The Company’s Secretarial
subsidiary companies’ performance is reviewed
Department develops a broad Governance policy
by the Company’s Board periodically (included
for the Company and its group of subsidiaries.
in quarterly results presented to the Company’s
Board). F&A heads of some of the subsidiary The Company’s Secretarial Department is involved
companies functionally report to select senior in all major corporate actions of the subsidiaries
finance officers of the Company. like raising of capital, restructuring, major
financial assistance to subsidiaries etc.
Thus, the overall functioning of these Subsidiary
companies is monitored by the Group directly or Appropriate disclosures related to subsidiaries
through their respective IC’s. are made in Financial Statements / Directors’
Report of the Company as well as its subsidiaries
A voluntary Secretarial Audit is conducted for all
as per Companies Act, 2013 / applicable SEBI
subsidiary companies, including foreign companies
Regulations and applicable Accounting Standards.
and companies which are not covered under the
All companies are subject to Statutory Audit and
purview of Companies Act, 2013. Thus, there is
applicable Secretarial Audit.

419
 Annexure to
the Board’s Report

Independent Auditor’s Certificate on Corporate Governance

TO THE MEMBERS OF Guidance Note on Certification of Corporate
LARSEN & TOUBRO LIMITED Governance issued by the Institute of the Chartered
Accountants of India (the ”ICAI”), the Standards
INDEPENDENT AUDITOR’S CERTIFICATE ON on Auditing specified under Section 143(10) of the
CORPORATE GOVERNANCE Companies Act 2013, in so far as applicable for the
1. This certificate is issued in accordance with the terms purpose of this certificate and as per the Guidance
of our engagement letter dated September 30, 2024. Note on Reports or Certificates for Special Purposes
issued by the ICAI which requires that we comply with
2. We, Deloitte Haskins & Sells LLP, Chartered the ethical requirements of the Code of Ethics issued
Accountants, the Statutory Auditors of Larsen & by the ICAI.
Toubro Limited (the “Company”), have examined the
compliance of conditions of Corporate Governance by 7. We have complied with the relevant applicable
the Company, for the year ended on March 31, 2025, requirements of the Standard on Quality Control (SQC)
as stipulated in regulations 17 to 27 and clauses (b) to 1, Quality Control for Firms that Perform Audits and
(i) of regulation 46(2) and Para C and D of Schedule Reviews of Historical Financial Information, and Other
V of the SEBI (Listing Obligations and Disclosure Assurance and Related Services Engagements.
Requirements) Regulations, 2015, as amended from
time to time (the “Listing Regulations”). Opinion
8. Based on our examination of the relevant records
Management’s Responsibility and according to the information and explanations
3. The compliance of conditions of Corporate provided to us and the representations provided by
Governance is the responsibility of the Management. the Management, we certify that the Company has
This responsibility includes the design, implementation complied with the conditions of Corporate Governance
and maintenance of internal control and procedures as stipulated in regulations 17 to 27 and clauses (b) to
to ensure the compliance with the conditions of (i) of regulation 46(2) and Para C and D of Schedule
the Corporate Governance stipulated in Listing V of the Listing Regulations during the year ended
Regulations. March 31, 2025.

Auditor’s Responsibility 9. We state that such compliance is neither an assurance

as to the future viability of the Company nor the
4. Our responsibility is limited to examining the
efficiency or effectiveness with which the Management
procedures and implementation thereof, adopted
has conducted the affairs of the Company.
by the Company for ensuring compliance with the
conditions of the Corporate Governance. It is neither For DELOITTE HASKINS & SELLS LLP
an audit nor an expression of opinion on the financial Chartered Accountants
statements of the Company. (Firm’s Registration No. 117366W/W-100018)
5. We have examined the books of account and other
relevant records and documents maintained by the Terence Lewis
Company for the purposes of providing reasonable Partner
assurance on the compliance with Corporate (Membership No. 107502)
Governance requirements by the Company. UDIN: 25107502BMIBCQ9553

6. We have carried out an examination of the relevant Place: Mumbai

records of the Company in accordance with the Date: May 8, 2025

420 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Secretarial Auditor’s Certificate in respect of the Implementation of

Employee Stock Option Schemes of the Company
[Pursuant to Regulation 13 of the Securities Exchange Board of India (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021]

To, SEBI (Share Based Employee Benefits and Sweat Equity)

The Members, Regulations, 2021 and the ICSI Auditing Standards,
Larsen & Toubro Limited issued by the Institute of Companies Secretaries of
CIN: L99999MH1946PLC004768 India.
L&T House, Ballard Estate,
VERIFICATION
Mumbai - 400001
6. We have verified the following:
BACKGROUND
(a) the Schemes;
1. This Certificate is issued in accordance with the terms
of our engagement dated June 27, 2024. (b) the Resolutions;
2. We, Secretarial Auditor of Larsen & Toubro Limited (c) Note on Accounting Treatment followed by the
(“the Company”), pursuant to Regulation 13 of Company.
the Securities Exchange Board of India (Share Based
CERTIFICATION
Employee Benefits and Sweat Equity) Regulations,
2021 (“the Regulations”) are required to certify that, 7. Based on our verification of the records and
for the Financial Year ended March 31, 2025, the documents maintained by the Company as aforesaid
Employees Stock Option Schemes, Larsen & Toubro and according to the information, explanations and
Limited Employee Stock Ownership Scheme – 2003 written representations provided to us, we certify
and Larsen & Toubro Limited Employee Stock Option that the Company has complied with the applicable
Scheme – 2006 (collectively referred to as “the provisions of the Regulations and the Resolutions in
Schemes”) have been implemented in accordance implementing the Schemes during the year ended
with the Regulations and in accordance with the March 31, 2025.
Special Resolutions passed at the General Meetings RESTRICTION ON USE
held on August 26, 1999, August 22, 2003 and
8. This Certificate is addressed to and provided to the
August 25, 2006, respectively (the “Resolutions”)
Members of the Company solely for the purpose of
MANAGEMENT RESPONSIBILITY compliances with Regulation 13 of the Regulations.
3. It is the responsibility of the Management of the This Certificate should not be circulated, copied, used
Company to implement the Schemes including / referred to for any other purpose, without our prior
designing, maintaining records and devising proper written consent. Accordingly, we do not accept or
systems to ensure compliance with the provisions of all assume any liability or any duty of care of for any
applicable laws and regulations and to ensure that the other purpose or to any other party to whom it is
systems are adequate and operate effectively. shown or into whose hands it may come without our
prior consent in writing.
AUDITOR’S RESPONSIBILITY
For S. N. ANANTHASUBRAMANIAN & Co.
4. It is our responsibility to certify whether the Company
Company Secretaries
has complied with the applicable provisions of the
ICSI Unique Code: P1991MH040400
Regulations and the Resolutions, during the year
Peer Review Cert. No.: 5218/2023
ended March 31, 2025, in implementing the Schemes
on the basis of information compiled or collated by the S. N. Ananthasubramanian
Management and the accounting and other relevant Founding Partner
supporting records and documents provided to us for FCS: 4206 | COP No.: 1774
our examination. ICSI UDIN: F004206G000295068
5. We have conducted our examination and obtained Date: May 8, 2025
the explanations in accordance with Referencer on Place: Thane

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Certificate of Non-Disqualification of Directors

[Pursuant to Regulation 34(3) and Schedule V Para C Clause (10) (i) of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015]
To,
The Members of
Larsen & Toubro Limited
L&T House, Ballard Estate,
Mumbai - 400001
We have examined the following documents:
i) Declaration of non-disqualification as required under Section 164 of the Companies Act, 2013 (‘the Act’);
ii) Disclosure of concern or interest as required under Section 184 of the Act; (hereinafter referred to as ‘relevant
documents’)
as submitted by the Directors of Larsen & Toubro Limited (‘the Company’) bearing CIN: L99999MH1946PLC004768
and having its registered office at L&T House, Ballard Estate, Mumbai - 400001, to the Board of Directors of the Company
(‘the Board’) for the Financial Year 2024-25 and Financial Year 2025-26 and relevant registers, records, forms and
returns maintained by the Company and as made available to us for the purpose of issuing this Certificate in accordance
with Regulation 34(3) read with Schedule V Para C Clause 10(i) of SEBI (Listing Obligations and Disclosure Requirements )
Regulations, 2015. We have considered non-disqualification to include non-debarment by Regulatory / Statutory Authorities.
It is the responsibility of Directors to submit relevant documents with complete and accurate information in accordance with
the provisions of the Act.
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management
of the Company. Our responsibility is to express an opinion based on our verification.
Based on our examination as aforesaid and such other verifications carried out by us as deemed necessary and adequate
(including Director Identification Number (DIN) status at the portal www.mca.gov.in), in our opinion and to the best of
our information and knowledge and according to the explanations provided by the Company, its officers and authorized
representatives, we hereby certify that during the Financial Year ended March 31, 2025, none of the Directors on the Board
of the Company, as listed hereunder, have been debarred or disqualified from being appointed or continuing as Directors of
Companies by Securities and Exchange Board of India/ Ministry of Corporate Affairs or any such statutory authority.

Director
Sr.
Name of Director Identification Date of Appointment Date of Cessation
No.
Number (DIN)
1) Mr. Sekharipuram Narayanan Subrahmanyan 02255382 01-07-2011 –
2) Mr. Ramamurthi Shankar Raman 00019798 01-10-2011 –
3) Mr. Maddur Venkata Rao Satish 06393156 29-01-2016 07-04-2024
4) Mr. Subramanian Sarma 00554221 19-08-2015 –
5) Mr. Sudhindra Vasantrao Desai 07648203 11-07-2020 –
6) Mr. Tharayil Madhava Das 08586766 11-07-2020 –
7) Mr. Anil Vithal Parab 06913351 05-08-2022 –
8) Mr. Adil Siraj Zainulbhai 06646490 30-05-2014 28-05-2024
9) Mr. Sanjeev Aga 00022065 25-05-2016 –
10) Mr. Narayanan Kumar 00007848 27-05-2016 –
11) Mr. Hemant Bhargava 01922717 28-05-2018 27-05-2024
12) Mrs. Preetha Reddy 00001871 01-03-2021 –
13) Mr. Pramit Jhaveri 00186137 01-04-2022 –

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Director
Sr.
Name of Director Identification Date of Appointment Date of Cessation
No.
Number (DIN)
14) Mr. Rajnish Kumar 05328267 10-05-2023 –
15) Mr. Jyoti Sagar 00060455 10-05-2023 –
16) Mr. Ajay Tyagi 00187429 31-10-2023 –
17) Mr. P.R. Ramesh 01915274 31-10-2023 –
18) Mr. Siddhartha Mohanty 08058830 28-05-2024 -

This Certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with
which the management has conducted the affairs of the Company.
This Certificate has been issued at the request of the Company to make disclosure in its Corporate Governance Report for the
Financial Year ended March 31, 2025.

For S. N. ANANTHASUBRAMANIAN & Co.

Company Secretaries
ICSI Unique Code P1991MH040400
Peer Review Cert. No. 5218/2023

S. N. Ananthasubramanian
Founding Partner
FCS: 4206 | COP No. : 1774
ICSI UDIN: F004206G000295035
Date : May 8, 2025
Place : Thane

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To
The Board of Directors of
Larsen & Toubro Limited
Dear Sirs,
Sub: CEO / CFO Certificate
[Issued in accordance with provisions of Regulation 17(8) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015]
We have reviewed the consolidated financial statements, read with the consolidated cash flow statement of Larsen & Toubro
Limited for the year ended March 31, 2025 and that to the best of our knowledge and belief, we state that;
1. (i) these statements do not contain any materially untrue statement or omit any material fact or contain statements that
may be misleading;
(ii) these statements present a true and fair view of the Company’s affairs and are in compliance with current accounting
standards, applicable laws and regulations.
2. There are no transactions entered into by the Company during the year which are fraudulent, illegal or in violation of the
Company’s code of conduct.
3. We accept responsibility for establishing and maintaining internal controls for financial reporting. We have evaluated
the effectiveness of internal control systems of the Company pertaining to financial reporting and have disclosed to the
Auditors and the Audit Committee, deficiencies, if any, in the design or operation of such internal controls of which we
are aware and steps taken or proposed to be taken for rectifying these deficiencies.
4. We have indicated to the Auditors and the Audit Committee:
(i) that there were no significant changes in internal controls over financial reporting during the year;
(ii) that there were no significant changes in accounting policies made during the year; and
(iii) that there were no instances of significant fraud of which we have become aware.

Yours sincerely,

R. Shankar Raman S. N. Subrahmanyan

President, Whole-time Chairman &
Director & CFO Managing Director
DIN: 00019798 DIN: 02255382
Date: May 8, 2025
Place: Mumbai

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Annexure ‘C’ to the Board’s Report

ANNUAL REPORT ON CSR ACTIVITIES FOR FINANCIAL YEAR ENDED MARCH 31, 2025
1. Brief outline on CSR Policy of the Company
L&T strives to promote initiatives that enhance the quality of life for communities to achieve inclusive growth through
empowerment and work towards social equity. CSR at L&T has been working towards social and economic development
of communities across the country. The Company has a well-entrenched CSR program that contributes to inclusive
growth and accelerating development through interventions in Water & Sanitation, Health, Education and Skill
Development.
The Company’s CSR Policy details mechanisms for undertaking various programs in accordance with Section 135 of the
Companies Act, 2013 (the Act) for the benefit of the community.
The Company’s primary focus is on ‘Building India’s Social Infrastructure’ as part of its CSR programme including,
amongst others, the following:
z Water & Sanitation – includes but not limited to watershed development - access to water, promoting rainwater
harvesting, soil and moisture conservation, enhancing ground water levels by facilitating setting up of community-
based institutions such as village development committees, Self-help groups, farmer groups and community
management of water resources for improving conditions related to sanitation, health, education, and livelihoods of
communities through an integrated approach.
z Education - includes but not limited to education infrastructure support to educational Institutions, educational
programs and nurturing talent at various levels. Promoting learning enhancement amongst children, both in schools
and in communities through interventions in pre-school education, innovative teaching methodology and training
teachers in schools, providing interesting “teaching learning material”, with special focus on Science, Technology
Engineering and Maths (STEM) subjects.
This is achieved through support to Balwadis and Anganwadis, strengthening the in-school interventions and
providing after school study classes in the community. A renewed focus on kindling curiosity and scientific temper
amongst students through experiential learning is deployed through the STEM programme which also focuses on
training teachers to deploy imaginative pedagogy in the classroom.
z Health - includes but not limited to community health centres, mobile medical vans, dialysis centres, general and
specialized health camps and outreach programs, support to HIV / AIDS and Tuberculosis control programs. A
renewed impetus was provided to improve health awareness and promote health seeking behaviour in communities.
z Skill Development - includes but not limited to vocational training such as skill building, computer training, women
empowerment, support to ITI’s, support to specially abled (infrastructure support & vocational training), Construction
Skills Training Centres and providing employability skills to women and youth.
In line with the ‘Skill India Mission’, initiatives such as digitization of curriculum, deploying hands-on-teaching
learning methodology and providing platform skills training to Master Trainers through the Skill Training Institute
provided an impetus to the skilling ecosystem within the Country.
Governance, Technology and Innovation are the Key enabling factor across these verticals.

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2. Composition of CSR & Sustainability Committee.

The CSR & Sustainability Committee of the Board comprised of:

Sl Designation /Nature of Number of meetings of CSR

Name of Director Number of meetings attended
No. Directorship Committee held during FY25
1 Mr. Ajay Tyagi Chairman (Independent Director) 4 4
2 Mr. R. Shankar Raman Member (Whole-time Director) 4 4
3 Mr. S. V. Desai Member (Whole-time Director) 4 4
4 Mr. Jyoti Sagar Member (Independent Director) 4 3
Company Secretary & Compliance Officer of the Company, acts as the Secretary of the Committee.
3. Web-link where Composition of CSR committee, CSR Policy and CSR Annual Action Plan for FY 2024-25
approved by the Board are disclosed on the website of the Company.
The composition of CSR & Sustainability Committee, CSR Policy Framework and CSR Annual Action Plan for FY 2024-25
approved by the Board are available in the Corporate Governance section on the website of the Company and can be
viewed through the following links:
z Composition of CSR Committee - https://investors.larsentoubro.com/governance-architecture.aspx
z CSR Policy - https://www.larsentoubro.com/corporate/about-lt-group/corporate-policies/
z CSR FY 2024-25 Annual Action Plan - https://investors.larsentoubro.com/listing-compliance-disclosuresunderstatutes.
aspx
4. Executive summary along with web-link(s) of Impact Assessment of CSR Projects carried out in pursuance of
sub-rule (3) of rule 8, if applicable.
27 CSR Projects which were implemented in FY2022-23, qualified for impact assessment in FY 2024-25. Accordingly, the
assessment of the aforesaid projects were carried out by Thinkthrough Consulting during FY 2024-25.
The Impact Assessment reports are made available on the website of the Company at https://investors.larsentoubro.com/
listing-compliance-agm.aspx
An executive summary of the key findings from Thinkthrough Consulting is provided below:
The assessment was conducted using a mixed-methods approach, incorporating both quantitative and qualitative data
to ensure a well-rounded understanding of program performance. The evaluation was guided by the Development
Assistance Committee (DAC) criteria developed by the Organisation for Economic Co-operation and Development
(OECD), focusing on five key dimensions: relevance, effectiveness, efficiency impact and sustainability. This framework
allowed for a systematic evaluation of L&T’s initiatives, measuring their alignment with community needs, implementation
outcomes, long-term benefits, and potential for enduring change.
In terms of relevance, the programs demonstrate strong alignment with national priorities and multiple Sustainable
Development Goals (SDGs), including SDG 1 (No Poverty), SDG 3 (Good Health and Well-being), SDG 4 (Quality
Education), SDG 6 (Clean Water and Sanitation), SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry,
Innovation and Infrastructure), SDG 10 (Reduced Inequalities), SDG 11 (Sustainable Cities and Communities), and SDG
12 (Responsible Consumption and Production). The initiatives address pressing community needs while supporting
government schemes and the broader development agenda.
In terms of effectiveness, the programs have been effective in enhancing inclusive access to essential services.
This includes accessible healthcare, education, skills training, improved sanitation and hygiene and strengthened
infrastructure. These interventions have contributed to holistic community development by ensuring that key social
determinants of well-being are improved through systematic implementation and community engagement.
The projects have positively impacted approximately 5.5 lakh people across key areas of livelihood, education, healthcare,
and sustainability. Around 16,000 individuals received vocational training in construction and other trades, significantly
improving incomes, with many now earning up to ¢ 20,000 per month. Educational initiatives reached nearly 64,000
students, enhancing learning outcomes through improved infrastructure, STEM exposure, and teaching support. In
healthcare, 4.5 lakh people gained access to essential services. Additionally, over 10,000 individuals benefited from soil
& water conservation, sanitation, and health interventions, resulting in a 75% increase in farmers cultivating both Kharif
and Rabi seasons, demonstrating enhanced food security and sustainable agricultural practices.

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The projects exhibit efficiency. All the projects were able to meet their targets well within the stipulated time frame. The
robust processes set to implement projects led to greater efficiency. By and large the projects were able to achieve targets
in the funds allocated for each of the projects. No financial spill over was observed. The projects were implemented
by skilled and experienced teams. Meticulous planning in terms of team structures lead to projects being implemented
efficiently.
The interventions had a tangible and positive impact on the lives of participants and their communities. Beneficiaries
have experienced improved quality of life through better livelihood opportunities, increased income and savings, and
greater access to education, healthcare, and knowledge for sustainable living. Additionally, improved health and hygiene
practices have led to a reduction in diseases and related issues, further enhancing community well-being and resilience.
In terms of sustainability, the participatory approach adopted across programs has empowered local communities to
take ownership of initiatives. This local involvement has created a multiplier effect, with positive practices being shared
and replicated across neighbouring communities, laying the foundation for long-term sustainability.
Relevance to community and policy priorities, effective implementation, meaningful impact, and sustainable design
form the backbone of successful CSR programming. The initiatives have not only improved immediate outcomes for
beneficiaries but have also catalysed broader societal development and positive change.

¢ Crore
5. a) Average net profit of the Company as per sub-section (5) of section 135 for the previous three financial 8,230.61
years.
b) Two percent of average net profit of the Company as per sub-section (5) of section 135 [2% of (a)]. 164.61
c) Surplus arising out of the CSR Projects or programs or activities of the previous financial years. –
d) Amount required to be set-off from the excess spend of previous financial years, during the financial 12.66
year 2024-25, if any.
e) Total CSR obligation for the financial year 2024-25 [(b)+(c)-(d)]. 151.95
¢ Crore
6. a) Amount spent on CSR Projects (other than Ongoing Project) 155.45
b) Amount spent in Administrative Overheads 7.77
c) Amount spent on Impact Assessment, if applicable 0.43
d) Total amount spent for the Financial Year 2024-25 [(a)+(b)+(c)]. 163.65
e) CSR amount spent or unspent for the Financial Year 2024-25:
Amount Unspent (in ¢ crore)
Total Amount
Spent for the Total Amount transferred to Unspent
Amount transferred to any fund specified under Schedule
Financial Year CSR Account as per sub-section (6) of
VII as per second proviso to sub-section (5) of section 135
2024-25 section 135
(in ¢ crore)
Amount Date of transfer Name of the Fund Amount Date of transfer
163.65 NIL NIL

f) Excess amount for set-off, if any:

Sl. No Particulars Amount (in ¢ crore)
(1) (2) (3)
(i) Two percent of average net profit of the Company as per sub-section (5) of section 135 164.61
(ii) Total amount spent for the Financial Year 2024-25 @ 176.31
(iii) Excess amount spent for the Financial Year 2024-25 [(ii)-(i)] 11.70
(iv) Surplus arising out of the CSR projects or programs or activities of the previous Financial Nil
Years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 11.70
@ this includes ¢ 12.66 crore excess CSR amount spent during FY 2023-24 and adjusted against the required CSR spend for FY 2024-25.

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7. Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years:
Amount Balance Amount transferred to a
Fund as specified under Amount
transferred to Amount in
Amt. Spent Schedule VII as per second remaining to
Preceding Unspent CSR Unspent CSR
Sl. in the proviso to Sub- section (5) be spent in Deficiency,
Financial Account under Account under
No. Financial of Section 135, if any succeeding if any
Year(s) Sub- section (6) Sub- section (6)
Year (in ¢) Financial Years
of Section 135 of Section 135 Amount Date of (in ¢ crore)
(in ¢ crore) (in ¢ crore) (in ¢ crore) Transfer
1 FY 2021-22
2 FY 2022-23 NOT APPLICABLE
3 FY 2023-24

8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount
spent in the Financial Year:
YES     NO
If Yes, enter the number of capital assets created/ acquired: 1,339
Details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount spent
in the Financial Year:
Details of capital assets created or acquired through Corporate Social Responsibility amount is available on the Company’s
website https://investors.larsentoubro.com/listing-compliance-agm.aspx.
9. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as per sub-
section (5) of section 135.
NOT APPLICABLE

For Larsen & Toubro Limited

S. N. Subrahmanyan Ajay Tyagi

Chairman & Managing Director Chairman - CSR & Sustainability Committee
DIN: 02255382 DIN: 00187429

Date : May 8, 2025

Place : Mumbai

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Annexure ‘D’ to the Board’s Report

A. Ratio of the remuneration of each director to the median remuneration of the employees of the Company
for FY 2024-25, the percentage increase in remuneration of each Director & Key Managerial Personnel (KMP)
during FY 2024-25 and comparison of the remuneration of each of the Director/KMP against the performance
of the Company:
v crore
Ratio of remuneration of Percentage
Total
Name of the Director/KMP Designation director to the median increase in
Remuneration
remuneration ** Remuneration
Mr. S. N. Subrahmanyan Chairman & Managing Director 76.25 714.16 49.36
Mr. R. Shankar Raman President, Whole-time Director & 37.33 349.69 17.93
CFO
Mr. M. V. Satish$ Whole-time Director & Senior 31.50 – –
Executive Vice President (Buildings)
Mr. Subramanian Sarma Deputy Managing Director & 44.55 417.27 20.29
President
Mr. S. V. Desai Whole-time Director & Sr. Executive 25.34 237.39 31.88
Vice President (Civil Infrastructure)
Mr. T. Madhava Das Whole-time Director & Sr. Executive 24.77 231.97 32.23
Vice President (Utilities)
Mr. Anil V Parab Whole-Time Director & Sr. Executive 15.40 144.19 22.96
Vice President (Heavy Engineering
& L&T Valves)
Mr. Adil Zainulbhai@ Independent Director 0.13 7.55 –
Mr. Sanjeev Aga Independent Director 0.75 7.02 43.43
Mr. Narayanan Kumar Independent Director 0.68 6.41 29.54
Mr. Hemant Bhargava*# Nominee of Life Insurance 0.06 3.65 –
Corporation of India (LIC)
Mrs. Preetha Reddy Independent Director 0.52 4.87 139.63
Mr. Pramit Jhaveri Independent Director 0.59 5.54 60.56
Mr. Jyoti Sagar Independent Director 0.40 3.73 83.41++
Mr. Rajnish Kumar Independent Director 0.72 6.78 233.64++
Mr. Ajay Tyagi Independent Director 0.53 4.93 303.99++
Mr. P. R. Ramesh Independent Director 0.91 8.49 595.85++
Mr. Siddhartha Mohanty^# Nominee of LIC 0.14 1.55 –
Mr. Sivaram Nair A Company Secretary & Compliance 1.87 17.53 9.01
Officer
$ Ceased to be a Whole-time Director w.e.f April 7, 2024 on account of superannuation.
@ Ceased to be Independent Director w.e.f May 28, 2024 on account of completion of tenure.
* Ceased to be Nominee Director of LIC w.e.f May 27, 2024 on account of withdrawal of nomination by LIC.
^ Appointed as Nominee Director of LIC w.e.f May 28, 2024.
# Remuneration has been paid to the institution the director represents.
– Details not given as the Director was there for the part of the year.
** Ratio of remuneration of director to the median remuneration is calculated on pro-rata basis for those directors who served for only part of

FY 2024-25.
++ Impact of full year remuneration of new director/KMP appointed during FY 2023-24.

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B. Percentage increase in the median remuneration comparison with the percentile increase in
of all employees in FY 2024-25: the managerial remuneration and justification
The median remuneration of employees of the thereof and point out if there are any exceptional
Company during the financial year was ¢ 10.68 lakh. circumstances for increase in managerial
In the financial year, there was an increase of 11.73% remuneration:
in the median remuneration of employees. Average percentage increase made in the salaries of
employees other than the managerial personnel for
C. Number of permanent employees on the rolls of
the year 2024-25 was 8.15% whereas there is an
the Company as on March 31, 2025:
increase in the managerial remuneration by 21.81%.
There were 58,244 permanent employees on the rolls
of the Company as on March 31, 2025. E. Affirmation that the remuneration is as per the
remuneration policy of the Company:
D. Average percentile increase made in the salaries
It is hereby affirmed that the remuneration paid is as
of the employees other than the managerial
per the Remuneration Policy for Directors, KMP and
personnel in the last financial year and its
other Employees.

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Annexure ‘E’ to the Board’s Report

Form No. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2025
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014]

To, b. The Securities and Exchange Board of India

The Members, (Prohibition of Insider Trading) Regulations, 2015;
Larsen & Toubro Limited c. The Securities and Exchange Board of India
CIN: L99999MH1946PLC004768 (Issue of Capital and Disclosure Requirements)
L&T House, Ballard Estate, Regulations, 2018 - Not Applicable as there
Mumbai – 400001 was no reportable event during the financial
We have conducted the Secretarial Audit of the compliance year under review;
of applicable statutory provisions and the adherence to d. The Securities and Exchange Board of India (Share
good corporate practices by Larsen & Toubro Limited Based Employee Benefits and Sweat Equity)
(hereinafter called ‘the Company’). Secretarial Audit was Regulations, 2021;
conducted in a manner that provided us a reasonable
basis for evaluating the corporate conducts / statutory e. The Securities and Exchange Board of India
compliances and expressing our opinion thereon. (Registrars to an Issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act
Based on our verification of the Company’s books, papers, and dealing with client - Not Applicable as the
minute books, forms and returns filed and other records Company is not registered as Registrar to
maintained by the Company and also the information Issue and Share Transfer Agent during the
provided by the Company, its officers, agents and financial year under review;
authorized representatives during the conduct of secretarial
audit, we hereby report that in our opinion, the Company f. The Securities and Exchange Board of India
has, during the audit period covering the financial year (Delisting of Equity Shares) Regulations, 2021
ended on March 31, 2025, complied with the statutory - Not Applicable as the Company has not
provisions listed hereunder and also that the Company delisted/ proposed to delist its equity shares
has proper Board-processes and compliance-mechanism from any Stock Exchange during the financial
in place to the extent, in the manner and subject to the year under review;
reporting made hereinafter. g. The Securities and Exchange Board of India
We have examined the books, papers, minute books, forms (Buyback of Securities) Regulations, 2018 - Not
and returns filed and other records maintained by the Applicable as there was no reportable event
Company for the financial year ended on March 31, 2025 during the financial year under review;
according to the provisions of: h. The Securities and Exchange Board of India
i. The Companies Act, 2013 (the Act) and the rules made (Issue and Listing of Non-Convertible Securities)
thereunder; Regulations, 2021;
ii. The Securities Contracts (Regulation) Act, 1956 i. The Securities and Exchange Board of India
(‘SCRA’) and the rules made thereunder; (Listing Obligations and Disclosure Requirements),
Regulations, 2015.
iii. The Depositories Act, 1996 and the Regulations and
Bye-laws framed thereunder; vi. The Company has informed that there are no laws
which are specifically applicable to the Company.
iv. Foreign Exchange Management Act, 1999 and the
rules and regulations made thereunder to the extent of We have also examined compliance with the applicable
Foreign Direct Investment, Overseas Direct Investment provisions of the following:
and External Commercial Borrowings; (i) Secretarial Standards with regard to Meetings of Board
v. The following Regulations and Guidelines prescribed of Directors (SS-1) and General Meetings (SS-2) issued
under the Securities and Exchange Board of India Act, by The Institute of Company Secretaries of India;
1992 (‘SEBI Act’):
(ii) Listing Agreements entered into by the Company with
a. The Securities and Exchange Board of India
BSE Limited and National Stock Exchange of India
(Substantial Acquisition of Shares and Takeovers)
Regulations, 2011; Limited.

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During the period under review the Company has complied z raised ¢ 5,500 crore by a) issue and allotment of
with the provisions of the Act, Rules, Regulations, 1,50,000 Non-Convertible Debentures of ¢ 1 lakh
Guidelines, Standards, etc. each aggregating to ¢ 1,500 crore on December 5,
We further report that: 2024 and b) issue and allotment of 4,00,000 Non-
z The Board of Directors of the Company is duly Convertible Debentures of ¢ 1 lakh each aggregating
constituted with proper balance of Executive Directors, to ¢ 4000 Crore on January 22, 2025.
Non-Executive Directors including Independent z The Board at its meeting held on January 30, 2024
Directors and a Woman Director. The changes in the had approved Merger of L&T Energy Hydrocarbon
composition of the Board of Directors which took Engineering Limited and L&T Offshore Private Limited,
place during the period under review were carried out wholly owned subsidiaries, with the Company. The
in compliance with the provisions of the Act; said merger has been approved by the necessary
z Adequate notice is given to all Directors of the statutory and regulatory authorities including National
schedule of the Board and Committee Meetings and Company Law Tribunal (NCLT). The necessary filings
Agenda & detailed notes on agenda were sent at with the statutory and regulatory authorities has been
least seven days in advance except where consent of completed and March 1, 2025 is the effective date of
directors was received for circulation of the Agenda the said Merger.
and notes on Agenda at a shorter notice and there z The Company has entered into an Investment
exists a system for seeking and obtaining further Agreement on November 5, 2024 for acquisition of
information and clarifications on the agenda items upto 21% stake in E2E Networks Limited (E2E), a listed
before the meeting for meaningful participation at the Company. The Company has completed acquisition
meeting; of 15% stake in E2E via preferential allotment on
z All decisions of Board and Committee meetings were December 4, 2024. The Company has acquired
carried unanimously. additional 1.1% stake in E2E from the secondary
market in tranches from April 22, 2025 to April 29,
We further report that based on review of compliance 2025. The purchase of entire stake will be completed
mechanism established by the Company and on the basis in the month of May 2025.
of the Compliance Certificate(s) issued by the Company
Secretary and taken on record by the Board of Directors This Report is to be read with our letter of even date which
at their meeting(s), we are of the opinion that there are is annexed as Annexure A and forms an integral part of this
adequate systems and processes in place in the Company report.
which is commensurate with the size and operations of
the Company to monitor and ensure compliance with For S. N. ANANTHASUBRAMANIAN & Co.
applicable laws, rules, regulations and guidelines. Company Secretaries
We further report that during the audit period the ICSI Unique Code: P1991MH040400
following events have occurred which had a major bearing Peer Review Cert. No.: 5218/2023
on the Company’s affairs in pursuance of the above
referred laws, rules, regulations, guidelines, standards etc: S. N. Ananthasubramanian
The Company has: Founding Partner
FCS: 4206 | COP No.: 1774
z redeemed Non-Convertible Debentures of ¢ 1,450
ICSI UDIN: F004206G000294980
crore on May 6, 2024, ¢ 1,000 crore on June 10, 2024,
¢ 1,000 crore on September 9, 2024 and ¢ 1,500 crore Date: May 8, 2025
on December 9, 2024, respectively on their due dates; Place: Thane

432 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Annexure – A 5 Wherever required, we have obtained reasonable

assurance whether the statements prepared,
To, documents or Records, in relation to Secretarial
The Members, Audit, maintained by the Company, are free from
Larsen & Toubro Limited misstatement.
CIN: L99999MH1946PLC004768
6 Wherever required, we have obtained the
L&T House, Ballard Estate,
Management’s representation about the compliance of
Mumbai – 400001.
laws, rules and regulations and happening of events,
Our Secretarial Audit Report for the Financial Year ended etc.
March 31, 2025, of even date is to be read along with this
letter. Disclaimer
Management’s Responsibility 7 The Secretarial Audit Report is neither an assurance
1 It is the responsibility of the management of the as to the future viability of the Company nor of the
Company to maintain secretarial records, devise proper efficacy or effectiveness with which the management
systems to ensure compliance with the provisions of all has conducted the affairs of the Company.
applicable laws and regulations and to ensure that the 8 We have not verified the correctness and
systems are adequate and operate effectively. appropriateness of financial records and books of
Auditor’s Responsibility accounts of the Company.
2 Our responsibility is to express an opinion on these
secretarial records, standards and procedures For S. N. ANANTHASUBRAMANIAN & Co.
followed by the Company with respect to secretarial Company Secretaries
compliances. ICSI Unique Code: P1991MH040400
Peer Review Cert. No.: 5218/2023
3 We have conducted the Audit as per the applicable
Auditing Standards issued by the Institute of Company
Secretaries of India. S. N. Ananthasubramanian
Founding Partner
4 We believe that audit evidence and information FCS: 4206 | COP No.: 1774
obtained from the Company’s management is ICSI UDIN: F004206G000294980
adequate and appropriate for us to provide a basis for Date: May 8, 2025
our opinion. Place: Thane

433
 Annexure to
the Board’s Report

Annexure ‘F’ to the Board’s Report

NOMINATION & REMUNERATION POLICY 2.3. Directors mean Directors of the Company.
(As per Companies Act, 2013) 2.4. Executive Directors means the Executive Chairman,
The Board of Directors of Larsen & Toubro Limited if any, Chief Executive Officer and Managing Director,
(“the Company”) had constituted the “Nomination and Deputy Managing Director, if any, and Whole-time
Remuneration Committee” which is in compliance with Directors.
the requirements of the Companies Act, 2013 (“Act”)
2.5. Key Managerial Personnel means
and SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“LODR”). z Chief Executive Officer or the Managing Director
or the Manager;
1. OBJECTIVE:
The Nomination and Remuneration Committee and this z Whole-time directors;
Policy shall be in compliance with Section 178 of the Act z Chief Financial Officer;
read along with the applicable rules thereto and Regulation
19 of LODR. The Key Objectives of the Committee would z Company Secretary;
be: z Senior Management Personnel designated as such
z To identify persons who are qualified to become by the Board; and
directors and who may be appointed in senior z Such other officer as may be prescribed.
management in accordance with the criteria laid
down, recommend to the Board their appointment 2.6. Senior Management Personnel means all members
and removal and shall specify the manner for effective of management one level below the Executive
evaluation of performance of Board, its Committees Directors including the Chief Financial Officer and
and individual directors to be carried out by the Board Company Secretary. Presently, persons in Sr. Vice
or the Nomination & Remuneration Committee or President grade and F&A heads of Independent
by an Independent External Agency and review its Companies reporting to Whole-time Directors will be
implementation and compliance; covered as Senior Management Personnel.

z To formulate the criteria for determining qualifications, 3. ROLE OF COMMITTEE:

positive attributes and independence of a director 3.1. Matters to be dealt with, perused and
and recommend to the Board a policy, relating to recommended to the Board by the Nomination
the remuneration for the directors, key managerial and Remuneration Committee
personnel and other employees; The Committee shall:
z To ensure that level and composition of remuneration z Formulate the criteria for determining
is reasonable and sufficient to attract, retain and qualifications, positive attributes and
motivate directors of the quality required to run the independence of a Director.
company successfully;
z Identify persons who are qualified to become
z Relationship of remuneration to performance is clear Director and persons who may be appointed in
and meets appropriate performance benchmarks; Key Managerial and Senior Management positions
z Remuneration to directors, key managerial personnel in accordance with the criteria laid down in this
and senior management involves a balance between policy.
fixed and incentive pay reflecting short and long- term z Recommend to the Board, appointment and
performance objectives appropriate to the working of removal of Director, KMP and Senior Management
the Company and its goals; Personnel.
z Devising a policy on Board diversity; 3.2. Policy for appointment and removal of Director,
2. DEFINITIONS: KMP and Senior Management
2.1. Act means the Companies Act, 2013 or Companies 3.2.1. Appointment criteria and qualifications:
Act, 1956 as may be applicable and Rules framed a) The Committee shall identify and ascertain the
thereunder, as amended from time to time. integrity, qualification, expertise and experience
2.2. Board means Board of Directors of the Company.

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of the person for appointment as Director and Company in any other capacity, either directly
recommend to the Board his/her appointment. or indirectly.
Appointment and Remuneration of KMP or Senior - At the time of appointment of Independent
Management Personnel is in accordance with Director, it should be ensured that number of
the HR Policy of the Company. The Company’s Boards on which such Independent Director
policy is committed to acquire, develop and retain serves is restricted to seven listed companies
a pool of high caliber talent, establish systems as an Independent Director and three listed
and practises for maintaining transparency, companies as an Independent Director in
fairness and equity and provides for payment case such person is serving as a Whole-time
of competitive pay packages matching industry Director of a listed company or such other
standards. number as may be prescribed under the Act.
b) A person should possess adequate qualification, c) Maximum Number of Directorships:
expertise and experience for the position he / she - A person shall not be appointed as a
is considered for appointment. The Committee Director in case he is a Director in more than
has discretion to decide whether qualification, eight listed companies after April 1, 2019
expertise and experience possessed by a person is and seven listed companies after April 1,
sufficient / satisfactory for the concerned position. 2020. For the purpose of this clause listed
c) The Company shall not appoint or continue the companies would mean only those companies
employment of any person as Director who has whose equity shares are listed.
attained the retirement age fixed by the Board or 3.2.3. Evaluation:
as approved by the Shareholders pursuant to the
The Committee shall by itself or through the Board or
requirement of the Act/LODR.
an independent external agency carry out evaluation
3.2.2. Term / Tenure: of performance of the Board/Committee(s), Individual
a) Executive Directors: Directors and Chairman at regular interval (yearly) and
review implementation and compliance.
The Company shall appoint or re-appoint any
person as its Executive Director for a term not The Company may disclose in the Annual Report:
exceeding five years at a time. No re-appointment
a. Observation of the Board Evaluation for the year
shall be made earlier than one year before the
under review
expiry of term.
b. Previous years observations and actions taken
b) Independent Director:
- An Independent Director shall hold office for c. Proposed actions based on current year’s
a term up to five consecutive years on the observations
Board of the Company and will be eligible 3.2.4. Removal:
for re-appointment on passing of a special
Due to reasons for any disqualification mentioned
resolution by the Company and disclosure of
in the Act or under any other applicable Act, rules
such appointment in the Board’s report. The
and regulations thereunder, the Committee may
rationale for such re-appointment shall also
recommend, to the Board with reasons recorded
be provided in the Notice to shareholders
in writing, removal of a Director, KMP or Senior
proposing such re-appointment.
Management Personnel subject to the provisions and
- No Independent Director shall hold office for compliance of the said Act, rules and regulations.
more than two consecutive terms, but such
3.2.5. Retirement:
Independent Director shall be eligible for
appointment after expiry of three years of The Director, KMP and Senior Management Personnel
ceasing to become an Independent Director. shall retire as per the applicable provisions of the Act
Provided that an Independent Director shall or the prevailing policy of the Company, as applicable.
not, during the said period of three years, The Board/Committee will have the discretion to retain
be appointed in or be associated with the the Director, KMP, Senior Management Personnel in
the same position/ remuneration or otherwise even

435
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after attaining the retirement age, for the benefit of employer’s contribution to P.F., pension scheme,
the Company. medical expenses, club fees etc. shall be decided
and approved by the Board/ the Person authorized
3.3. Policy relating to the Remuneration of Executive
by the Board on the recommendation of the
Director, KMP and Senior Management Personnel
Committee and approved by the shareholders and
3.3.1. General: Central Government, wherever required.
a) The remuneration / compensation / commission
b) Minimum Remuneration:
etc. to the Executive Directors will be determined
by the Committee and recommended to the Board If, in any financial year, the Company has no
for approval. The remuneration / compensation / profits or its profits are inadequate, the Company
commission etc. shall be subject to the approval shall pay remuneration to its Executive Directors
of the shareholders of the Company and Central in accordance with the provisions of Schedule
Government, wherever required. V of the Act and if it is not able to comply with
such provisions, with the previous approval of the
b) The remuneration and commission to be paid to Central Government.
the Executive Directors shall be in accordance with
the percentage / limits / conditions laid down in c) Provisions for excess remuneration:
the Articles of Association of the Company and as If any Chairman/Managing Director/Whole-time
per the provisions of the Act. Directors draws or receives, directly or indirectly by
way of remuneration any such sums in excess of
c) Increments to the existing remuneration/
the limits prescribed under the Act or without the
compensation structure may be recommended
prior sanction of the Central Government, where
by the Committee to the Board which should be
required, he / she shall refund such sums to the
within the limits approved by the shareholders in
Company and until such sum is refunded, hold it
the case of Executive Directors.
in trust for the Company. The Company shall not
d) Where any insurance is taken by the Company waive recovery of such sum refundable to it unless
on behalf of its Executive Directors, Chief permitted by the Central Government.
Executive Officer, Chief Financial Officer, the
d) Stock Options in Subsidiary Companies:
Company Secretary and any other employees
for indemnifying them against any liability, the Executive Directors may be granted stock options
premium paid on such insurance shall not be in subsidiary companies as per their Schemes
treated as part of the remuneration payable to and after taking necessary approvals. Perquisites
any such personnel. Provided that if such person may be added to the remuneration of concerned
is proved to be guilty, the premium paid on directors and considered in the limits applicable to
such insurance shall be treated as part of the the Company.
remuneration. 3.3.3. Remuneration to Non-Executive / Independent
e) Remuneration of other KMP or Senior Director:
Management Personnel, in any form, shall be as a) Remuneration / Commission:
per the policy of the Company based on the grade The remuneration / commission shall be fixed as
structure in the Company. per the limits and conditions mentioned in the
3.3.2. Remuneration to Executive Directors / KMP and Articles of Association of the Company and the
Senior Management Personnel: Act.
a) Fixed pay: b) Sitting Fees:
The Executive Directors/ KMP and Senior The Non-Executive / Independent Director may
Management Personnel shall be eligible for receive remuneration by way of fees for attending
a monthly remuneration as may be approved meetings of Board or Committee thereof. Provided
by the Board on the recommendation of the that the amount of such fees shall not exceed
Committee or policy of the Company. In case of Rupees One Lac per meeting of the Board or
remuneration to Directors, the breakup of the Committee or such amount as may be prescribed
pay scale and quantum of perquisites including, by the Central Government from time to time.

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c) Commission: 7. COMMITTEE MEMBERS’ INTERESTS:

Commission may be paid within the monetary 7.1 A member of the Committee is not entitled to be
limit approved by shareholders, subject to present/participate in discussion when his or her own
the limit not exceeding 1% of the profits of remuneration is discussed at a meeting or when his or
the Company computed as per the applicable her performance is being evaluated.
provisions of the Act. The Board of Directors will
7.2 The Committee may invite such executives, as it
fix the Commission payable to Directors on the
considers appropriate, to be present at the meetings of
basis of number of Board/Committee meetings
the Committee.
attended during the year and Chairmanships of
Committees. 8. SECRETARY:
d) Stock Options: The Company Secretary of the Company shall act as
Secretary of the Committee.
An Independent Director shall not be entitled
to any stock option of the Company. Non- 9. VOTING:
Executive Directors are eligible for stock options Matters arising for determination at Committee meetings
in accordance with Schemes formulated by the shall be decided by a majority of votes of Members present
Company. Nominee Directors are not entitled to and voting and any such decision shall for all purposes be
stock options as per their respective nomination deemed a decision of the Committee.
letters received by the Company.
10. NOMINATION DUTIES:
4. MEMBERSHIP:
The duties of the Committee in relation to nomination
4.1 The Committee shall consist of a minimum 3 non- matters include:
executive directors, half of them being independent.
10.1 Ensuring that on appointment to the Board,
4.2 Minimum two (2) members or one-third of the Non-Executive Directors receive a formal letter of
members whichever is greater including atleast one appointment in accordance with the Guidelines
Independent Director shall constitute a quorum for the provided under the Act;
Committee meeting.
10.2 Determining the appropriate size, diversity and
4.3 Membership of the Committee shall be disclosed in composition of the Board;
the Annual Report.
10.3 Setting a formal and transparent procedure for
4.4 Term of the Committee shall be continued unless selecting new Directors for appointment to the Board;
terminated by the Board of Directors.
10.4 Developing a succession plan for the Board and Senior
5. CHAIRPERSON: Management and regularly reviewing the plan;
5.1 Chairperson of the Committee shall be an Independent
10.5 Evaluating the performance of the Board members
Director.
and Senior Management in the context of the
5.2 Chairperson of the Company may be appointed Company’s performance from business and compliance
as a member of the Committee but shall not be a perspective;
Chairman of the Committee.
10.6 Making recommendations to the Board concerning
5.3 In the absence of the Chairperson, the members of the any matters relating to the continuation in office of
Committee present at the meeting shall choose one any Director at any time including the suspension or
amongst them to act as Chairperson. termination of service of an Executive Director as an
employee of the Company subject to the provision of
5.4 Chairman of the Nomination and Remuneration
the law and their service contract;
Committee meeting could be present at the Annual
General Meeting or may nominate some other 10.7 Delegating any of its powers to one or more of its
member to answer the shareholders’ queries. members or the Secretary of the Committee;
6. FREQUENCY OF MEETINGS: 10.8 Recommend any necessary changes to the Board; and
The meeting of the Committee shall be held atleast once in 10.9 Considering any other matters, as may be requested
a year and at such regular intervals as may be required. by the Board.

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11. REMUNERATION DUTIES: 11.4 To consider any other matters as may be requested by
The duties of the Committee in relation to remuneration the Board.
matters include: 11.5 To review professional indemnity and liability insurance
11.1 To consider and determine the Remuneration Policy, for Directors and senior management.
based on the performance and also bearing in mind 12. MINUTES OF NOMINATION AND REMUNERATION
that the remuneration is reasonable and sufficient COMMITTEE MEETING:
to attract retain and motivate members of the Board
Proceedings of all meetings must be minuted and signed
and such other factors as the Committee shall deem
by the Chairman of the Committee at the subsequent
appropriate and all elements of the remuneration of
meeting. Minutes of the Committee meetings will be
the members of the Board.
tabled at the subsequent Board and Committee meeting.
11.2 To ensure the remuneration maintains a balance
13. REVIEW & AMENDMENT:
between fixed and incentive pay reflecting short and
long term performance objectives appropriate to the The Policy shall be reviewed as and when required
working of the Company. to ensure that it meets the objectives of the relevant
legislation and remains effective. The Executive Committee
11.3 To delegate any of its powers to one or more of its has the right to change/amend the policy as may be
members or the Secretary of the Committee. expedient taking into account the law for the time being in
force.

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Standalone Financial Statements
 Independent
Auditor’s Report

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF LARSEN & TOUBRO LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of Larsen & Toubro Limited (the “Company”), which comprise the
Balance Sheet as at March 31, 2025, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash
Flows and the Statement of Changes in Equity for the year ended on that date, and notes to the financial statements, including material
accounting policies and other explanatory information which includes 31 joint operations accounted on proportionate basis.
In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of reports
of the other auditors on separate financial statements of joint operations referred to in the ’Other Matters’ section below, the aforesaid
standalone financial statements give the information required by the Companies Act, 2013 (the “Act”) in the manner so required and give a
true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with Companies (Indian
Accounting Standards) Rules, 2015, as amended (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs
of the Company as at March 31, 2025, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended
on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (“SA”s) specified under
section 143(10) of the Act. Our responsibilities under those Standards are further described in the “Auditor’s Responsibility for the Audit
of the Standalone Financial Statements” section of our report. We are independent of the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of
the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us
and the audit evidence obtained by other auditors in terms of their reports referred to in the ’Other Matters’ section below is sufficient and
appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial
statements for the year ended March 31, 2025. These matters were addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined
the matters described below to be the key audit matters to be communicated in our report.

Revenue recognition – accounting for construction contracts

Key audit matter There are significant accounting judgements in estimating revenue to be recognised on contracts with customers,
Description including estimation of costs to complete. The Company recognises revenue on the basis of stage of completion in
proportion of the contract costs incurred at balance sheet date, relative to the total estimated costs of the contract
at completion. The recognition of revenue is therefore dependent on estimates in relation to total estimated costs
of each such contract.
Significant judgements are involved in determining the expected losses, when such losses become probable based
on the expected total contract cost. Cost contingencies are included in these estimates to take into account specific
risks of uncertainties or disputed claims against the Company, arising within each contract. These contingencies
are reviewed by the Company’s Management on a regular basis throughout the life of the contract and adjusted
where appropriate. The revenue on contracts may also include variable consideration (change orders and claims).
Variable consideration is recognised when the recovery of such consideration is highly probable based on company’s
contractual rights and /or a legal assessment.
Refer to Note No. [1](II)(e) and 31 to the Standalone Financial Statements.
Principal Audit Our audit procedures related to the
Procedures (1) identification of distinct performance obligations,
(2) evaluation of the process for estimation of costs to complete,
(3) evaluation of implications of change orders on costs estimates of costs to complete and revenue and
(4) evaluation of any variable consideration, included the following, amongst others:
We tested the design, implementation and operating effectiveness of internal financial controls relating to the:
(a) evaluation of performance obligations and identification of those that are distinct.
(b) estimation of costs to complete each of the performance obligations including the cost contingencies in
respect thereof, as work progresses and the impact thereon as a consequence of change orders.
(c) the impact of change orders on the transaction price of the related contracts; and
(d) evaluation of the impact of variable consideration on the transaction price.

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Revenue recognition – accounting for construction contracts

We selected a sample of contracts with customers and performed the following procedures:
a. Obtained and read contract documents for each selection, change orders, and other documents that were part
of the agreement.
b. Identified significant terms and deliverables in the contract to assess management’s conclusions regarding the
(i) identification of distinct performance obligations.
(ii) changes to costs to complete as work progresses and as a consequence of change orders.
(iii) the impact of change orders on the transaction price; and
(iv) the evaluation of the adjustment to the transaction price on account of variable consideration.
c. Compared costs incurred with Company’s estimates of costs incurred to date to identify significant variations
and evaluated whether those variations have been considered appropriately in estimating the remaining costs
to complete the contract.
d. Tested the estimate for consistency with the status of delivery of milestones and customer acceptance to
identify possible delays in achieving milestones, which require changes in estimated costs or efforts to
complete the remaining performance obligation.
We read and verified the presentation and disclosure in the financial statements are in accordance with applicable
accounting standards.

Measurement of contract assets in respect of overdue milestones and receivables in respect of overdue invoices.
Key audit matter The Company, in its contract with customers, promises to transfer distinct services to its customers, which may
description be rendered in the form of engineering, procurement, and construction (“EPC”) services through design-build
contracts, and other forms of construction contracts. The recognition of revenue is based on contractual terms,
which could be based on agreed unit price or lump-sum revenue arrangements. At each reporting date, revenue
is accrued for costs incurred against work performed that may not have been invoiced. Identifying whether the
Company’s performance has resulted in a service that would be billable and collectable where the works carried
out have not been acknowledged by customers as of the reporting date, including in the case of certain Defence
contracts, where the audit evidences of customer contracts, work carried out and cost incurred are restricted due
to confidentiality arrangements and secrecy commitments made to the Ministry of Defence under the Official
Secrets Act, 1923, involves a significant judgement. Assessing the recoverability of contract assets related to
overdue milestones and amounts overdue against invoices raised which have remained unsettled for a significantly
long period after the end of the contractual credit period and the recognition of provision for expected credit loss
thereon, involves a significant judgment.
Refer to Note Nos. [1](II)(e), [1](II)(m), 11 and 16 to the Standalone Financial Statements.
Principal Audit Our audit procedures related to the
Procedures (1) evaluation of evidence supporting the execution of work;
(2) evaluation of recoverability of the overdue amounts including the impact on the expected credit loss
allowance; and
(3) assessment of adjusting events after the reporting date i.e. March 31, 2025, and the date when the financial
statements are approved by the Company’s Board of Directors, included the following, amongst others:
• We tested the design, implementation and operating effectiveness of internal financial controls relating
to the :
(a) gathering and evaluation of evidence supporting the execution of work.
(b) evaluation of recoverability of the overdue amounts including the impact on the expected credit loss
allowance; and
(c) assessment of adjusting events after the reporting date i.e. March 31, 2025, and the date when the
financial statements are approved by the Company’s Board of Directors and the impact thereof on
the carrying amount of the related contract assets, measurement of contract assets in respect of
overdue milestones and receivables in respect of overdue invoices.
• We selected a sample of contracts for testing contract asset balances and overdue trade receivables and
evaluated the basis for management’s conclusions regarding the:
(1) evidence supporting the execution of work for which the contract assets were recognised.
(2) reasons for the delays in recovery of invoices and the basis on which recoverability of the contract
assets was assessed;
(3) impact on the allowance for expected credit losses; and
(4) adjusting events after the reporting date i.e. March 31, 2025, and the date when the financial
statements are approved by the Company’s Board of Directors and the impact thereof on the
carrying amount of the related contract assets.

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Measurement of contract assets in respect of overdue milestones and receivables in respect of overdue invoices.
• In respect of the sample contracts, we compared previous estimates relating to billing of contract assets
and recoverability of overdue trade receivable with actual billing and collections during the year.
• In case of certain Defence contracts, (a) performed alternative procedures over progressive billing
and collections from customer and (b) obtained specific management representation and also direct
confirmation from the customer with respect to confidentiality restrictions.
• Read and tested the presentation and disclosure in the financial statements are in accordance with
applicable accounting standards.

Impairment of Investment in a Subsidiary

Key audit matter As at March 31, 2025, the Company held investment with a carrying amount of ¢ 7,412.99 crore (excluding
description investment of ¢ 973.73 crore in debentures) in L&T Metro Rail (Hyderabad) Limited, a wholly owned subsidiary.
This investment is carried at cost less impairment in the Company’s Standalone Financial Statements. Consequent
to accumulation of losses incurred by the subsidiary, the Company’s management has tested this investment for
impairment in accordance with Ind AS 36 by comparing its recoverable amount with it carrying amount as at March
31, 2025. The recoverable amount of the investment in the subsidiary is assessed based on future discounted cash
flows of the subsidiary, over the entire concession period.
We considered this as a key audit matter due to significant judgement involved in estimating future cash flows of
the subsidiary and in determining the discount rate to be used. Changes in inputs and assumptions could impact
the results of the impairment assessment.
Refer to Note Nos. [1](II)(m) and 5 to the Standalone Financial Statements
Principal Audit Our audit procedures related to forecasts of future traffic, revenue, free cash flows generated, selection of the
Procedures method for estimating recoverable value and discount rate for the entity, included the following:
• We tested the effectiveness of controls over forecasts of future traffic, revenue, free cash flows and selection
of the discount rate.
• We evaluated the reasons for variation between the management’s previous estimate of traffic, revenue and
cash flow forecasts and obtained our understanding of the manner in which revised forecasts were obtained.
• With the assistance of our valuation specialists who have necessary skill and knowledge, we evaluated the
reasonableness of the methodology and assumptions used by testing the source information underlying the
determination of the such assumptions and mathematical accuracy of the calculations; and
• We performed sensitivity analysis of the discount rate to assess the extent of change in discount rate that
would be required for the investment to be impaired.
Information Other than the Financial Statements and Auditor’s Report Thereon (‘other information’)
• The Company’s Management and Board of Directors are responsible for the other information. The other information comprises the
information included in the Management Discussion and Analysis, Board’s Report including annexures to Board’s Report, Business
Responsibility & Sustainability Report, Corporate Governance and Shareholder’s Information, but does not include the standalone
financial statements and our auditor’s report thereon.

• Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.

• In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.
• If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Board of Directors for the Standalone Financial Statements
The Company’s Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the
preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including
other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally
accepted in India, including Ind AS specified under section 133 of the Act. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone
financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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In preparing the standalone financial statements, Management and Board of Directors are responsible for assessing the Company’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless the Board of Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Company’s Management and Board of Directors is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We
also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in
the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has
adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such
controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made
by the Management and Board of Directors.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether
the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial statements of the Company and its joint operations to express an
opinion on the standalone financial statements. We are responsible for the direction, supervision and performance of the audit of the
financial statements of such entities included in the standalone financial statements of which we are the independent auditors. For
the other entities included in the standalone financial statements, which have been audited by the other auditors, such other auditors
remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our
audit opinion.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the
audit of the standalone financial statements of the year ended March 31, 2025 and are therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.

Other Matters
• We did not audit the financial information of 29 joint operations included in the standalone financial statements of the Company whose
financial statements/financial information reflect total assets of ¢ 3,836.02 crore as at 31st March 2025 and total revenue of ¢ 3438.75
crore and net cash flows of 132.99 crore for the year ended on that date, as considered in the standalone financial statements. The

443
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financial information of these joint operations have been audited by the other auditors whose reports have been furnished to us, and
our opinion in so far as it relates to the amounts and disclosures included in respect of these joint operations and our report in terms
of subsection (3) of Section 143 of the Act, in so far as it relates to the aforesaid joint operations, is based solely on the report of such
other auditors.

• The standalone audited financial statements for the year ended March 31, 2024 , included in the accompanying standalone financial
statements were audited by Deloitte Haskins & Sells LLP, one of the joint auditors of the Company, whose report dated May 8, 2024
expressed an unmodified opinion on those standalone audited financial statements.

Our opinion on the standalone financial statements and our report on Other Legal and Regulatory Requirements below are not modified in
respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit and on the consideration of the reports of the other auditors on the
separate financial information of the joint operations, referred to in the ‘Other Matters’ section above we report, to the extent applicable
that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary
for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company and its joint operations which are
companies incorporated in India so far as it appears from our examination of those books and the reports of the other auditors.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Cash Flows and
Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31st March 2025 taken on record by the Company’s
Board of Directors, none of the directors is disqualified as on 31st March 2025 from being appointed as a director in terms of
Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company
and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of the Company’s internal financial controls with reference to standalone
financial statements.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16)
of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act
read with Schedule V of the Act and the rules thereunder.
h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to
us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements -
Refer Note 29 to the standalone financial statements;
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable
losses, if any, on long-term contracts, including derivative contracts;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by
the Company;
iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned
or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in
any other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded
in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.
(b) The Management has represented, that, to the best of its knowledge and belief, no funds have been received by the
Company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding,
whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

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(c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule
11(e) contain any material misstatement;

v. The amount of dividend is in accordance with Section 123 of the Act.

(a) The final dividend proposed in the previous year, declared and paid by the Company during the year is in accordance with
section 123 of the Act, as applicable.

(b) As stated in note 17 to the standalone financial statements, the Board of Directors of the Company has proposed final
dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. Such
dividend proposed is in accordance with section 123 of the Act, to the extent it applies to payment of dividend.

vi. Based on our examination, which included test checks, the Company has used accounting software(s) for maintaining its
books of account for the financial year ended March 31, 2025 which have the feature of recording audit trail (edit log) facility
and the same has operated throughout the year for all relevant transactions recorded in the software systems. Further, during
the course of our audit we did not come across any instance of the audit trail feature being tampered with and the audit trail
has been preserved by the Company as per the statutory requirements for record retention.

2. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government in terms of Section
143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent
applicable.

For M S K A & Associates For Deloitte Haskins & Sells LLP

Chartered Accountants Chartered Accountants
(Firm’s Regn. No -105047W) (Firm’s Regn. No -117366W/W - 100018)

Vishal Vilas Divadkar Rupen K Bhatt

Partner Partner
(Membership No. 118247) (Membership No. 046930)
UDIN 25118247BMOXWL8842 UDIN 25046930BMODQU8516

Place: Mumbai Place: Mumbai

Date: May 8, 2025 Date: May 8, 2025

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ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1(f) under “Report on Other Legal and Regulatory Requirements” section of our report of even date)

Report on the Internal Financial Controls with reference to Standalone Financial Statements under Clause (i) of Sub-section 3 of
Section 143 of the Companies Act, 2013 (the “Act”)
We have audited the internal financial controls with reference to standalone financial statements of Larsen and Toubro Limited (the
"Company”) as of March 31, 2025 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year
ended on that date which includes internal financial controls with reference to standalone financial statements of one of the Company’s 31
joint operations which is a company incorporated in India.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls with reference to standalone financial
statements based on the internal control with reference to standalone financial statements criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India (“ICAI”). These responsibilities include the design, implementation and maintenance
of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including
adherence to respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditor’s Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls with reference to Standalone Financial Statements of
the Company and its joint operations company incorporated in India, based on our audit. We conducted our audit in accordance with the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the ICAI and the Standards
on Auditing (“SA”s) prescribed under Section 143(10) of the Companies Act, 2013 (the “Act”), to the extent applicable to an audit of
internal financial controls with reference to Standalone Financial Statements. Those Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls
with reference to Standalone Financial Statements was established and maintained and if such controls operated effectively in all material
respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to
Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to Standalone
Financial Statements included obtaining an understanding of internal financial controls with reference to Standalone Financial Statements,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained, and the audit evidence obtained by the other auditor of the joint operation which is a
company incorporated in India, in terms of their reports referred to in the “Other Matters” paragraph below, is sufficient and appropriate to
provide a basis for our audit opinion on the Company’s internal financial controls with reference to Standalone Financial Statements.

Meaning of Internal Financial Controls with reference to Standalone Financial Statements

A company's internal financial control with reference to Standalone Financial Statements is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles. A company's internal financial control with reference to Standalone Financial Statements includes
those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures
of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that
could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to Standalone Financial Statements
Because of the inherent limitations of internal financial controls with reference to Standalone Financial Statements, including the possibility of
collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also,
projections of any evaluation of the internal financial controls with reference to Standalone Financial Statements to future periods are subject
to the risk that the internal financial control with reference to Standalone Financial Statements may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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Opinion
In our opinion, to the best of our information and according to the explanations given to us and based on the consideration of the reports
of the other auditors on internal financial controls with reference to Standalone Financial Statements of the joint operation referred to in
the Other Matters paragraph below, the Company has, in all material respects, an adequate internal financial controls with reference to
Standalone Financial Statements and such internal financial controls with reference to Standalone Financial Statements were operating
effectively as at March 31, 2025, based on the criteria for internal financial control with reference to Standalone Financial Statements
established by the respective Company considering the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Other Matters
Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with
reference to Standalone Financial Statements insofar as it relates to one joint operation which is a company incorporated in India, is based on
the corresponding report of the other auditor of such company incorporated in India.

Our opinion is not modified in respect of this matter.

For M S K A & Associates For Deloitte Haskins & Sells LLP

Chartered Accountants Chartered Accountants
(Firm’s Regn. No -105047W) (Firm’s Regn. No -117366W/W - 100018)

Vishal Vilas Divadkar Rupen K Bhatt

Partner Partner
(Membership No. 118247) (Membership No. 046930)
UDIN:25118247BMOXWL8842 UDIN 25046930BMODQU8516

Place: Mumbai Place: Mumbai

Date: May 8, 2025 Date: May 8, 2025

447
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ANNEXURE “B” TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of Larsen &
Toubro Limited of even date)

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us
in the normal course of audit and to the best of our knowledge and belief, we state that:
(i) In respect of the Company’s property, plant and equipment and intangible assets:

(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of property,
plant and equipment, capital work-in progress, investment properties and relevant details of right-of-use assets.

(B) The Company has maintained proper records showing full particulars of intangible assets.

(b) The Company has a program of physical verification of its property, plant and equipment and investment properties so to cover
all the items in a phased manner over a period of 3 years which, in our opinion, is reasonable having regard to the size of the
Company and the nature of its assets. Pursuant to the program, certain assets were due for verification during the year and were
physically verified by the Management during the year. No material discrepancies were noticed on such verification.

(c) With respect to immovable properties (other than properties where the Company is the lessee and the lease agreements are duly
executed in favour of the Company) disclosed in the financial statements as a part of property, plant and equipment, capital
work-in progress and investment property and based on the examination of the registered sale deed / transfer deed / conveyance
deed provided to us, we report that, the title deeds of such immovable properties are held in the name of the Company as at the
balance sheet date, except for the following:

R crore
Carrying
Gross Whether Reason for not being
value in the Period held
carrying promoter, held in name of
financial – indicate
Description of value as director Company
statements Held in name of range,
property at March or their
as at March where Also indicate if in
31, 2025 relative or
31, 2025 appropriate dispute
(¢ crore) employee
(¢ crore)
Freehold Land – 1.01 1.01 1. Magan Kuber * No 13 years Land acquired from
Hazira West 2. Kashiben Patel (Since 2012) farmers through
3. Ishwar Prema Government Acquisition
Route. The formalities
are pending from the
authorities side.
* Irrevocable Power of Attorney given to L&T by the owners, possession is with L&T

(d) The Company has not revalued any of its property, plant and equipment (including Right of Use assets) and intangible assets during
the year.

(e) No proceedings have been initiated or is pending against the company as at March 31, 2025 for holding any benami property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(ii) In respect of the Company’s inventories:

(a) The inventories except for goods in transit, were physically verified during the year by the Management at reasonable intervals. In
case of real estate inventory wherein, having regard to the nature of inventory, the physical verification by way of verification of title
deeds, site visits by the Management and certification to the extent of work completion by competent persons, are at reasonable
intervals. In our opinion, the coverage and procedure of such verification by the Management is appropriate having regard to the
size of the Company and the nature of its operations. In respect of goods in transit, the goods have been received subsequent
to the year end. No discrepancies of 10% or more in the aggregate for each class of inventories were noticed on such physical
verification of inventories when compared with books of account.
(b) The Company has been sanctioned working capital limits in excess of ¢ 5 crores, in aggregate, at points of time during the year,
from banks or financial institutions on the basis of security of current assets. In our opinion, the quarterly returns filed by the
Company with such banks or financial institutions are in agreement with the unaudited books of account of the Company of the
respective quarters and no material discrepancies have been observed.

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(iii) The Company has made investments in, provided guarantee and granted loans, secured or unsecured, to companies or any other parties
during the year, in respect of which:

(a) The Company has provided loans during the year and details of which are given below:

R crore
Particulars Loans Guarantees Security
Aggregate amount granted / provided during the year:
Subsidiaries# 1517.67 2374.00 NIL
Joint Venture NIL NIL NIL
Associates NIL NIL NIL
Others NIL NIL NIL
Balance Outstanding as at balance sheet date in respect of
above cases*
Subsidiaries 1858.51 NIL NIL
Joint Venture NIL NIL NIL
Associates NIL NIL NIL
Others NIL NIL NIL
* The amounts reported are at gross amounts (including interest accrued), without considering provisions made and includes investments
made in debt instruments issued by subsidiaries.

#Includes acquisition of loan from JV partner aggregating to ¢ 170 cr.

The Company has not provided any advances in the nature of loans to any other entity during the year.
(b) The investments made, guarantees provided and the terms and conditions of the grant of all the above-mentioned loans and
guarantees provided, during the year are, in our opinion, prima facie, not prejudicial to the Company’s interest.

(c) In respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been stipulated
and the repayments of principal amounts and receipts of interest are regular as per stipulation, except for the following:

Name of the entity Nature Amount Due Date Extent of Delay Remarks, if any
in ¢ crore
L&T Special Steel & Principal on Working 1730.38 June 30, 2022 1006 days Principal on Working Capital
Heavy Forgings Pvt. Ltd. Capital and Project and Project Funding Loan
Funding Loan remains outstanding as on
March 31, 2025
L&T Special Steel & Interest on Working 168.05 June 30, 2022 1006 days Interest on Working Capital
Heavy Forgings Pvt. Ltd. Capital and Project and Project Funding Loan
Funding Loan remains outstanding as on
March 31, 2025
L&T Special Steel & Principal on Working 102.00 Sep 30, 2022 914 days Principal on Working Capital
Heavy Forgings Pvt. Ltd. Capital and Project Sep 30, 2023 549 days and Project Funding Loan
Funding Loan Sep 30, 2024 183 days remains outstanding as on
March 31, 2025
Refer to Note No. 63(a)(i) to the Standalone Financial Statements.
(d) In respect of following loans granted by the Company, which have been overdue for more than 90 days at the balance sheet date,
as explained to us, the Management has taken reasonable steps for recovery of the principal and interest.

R crore

No. of Principal amount Interest

Total overdue Remarks, if any
cases. overdue overdue
1. 1,730.38 457.76 2,188.14 Principal and Interest on Working Capital and Project
Funding Loan remains outstanding as on March 31, 2025
2. 102.00 – 102.00 Principal on Working Capital and Project Funding Loan
remains outstanding as on March 31, 2025

Refer to Note No. 63(a)(i) to the Standalone Financial Statements.

449
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(e) During the year loans aggregating to ¢ 182.06 crore fell due from certain parties have been renewed. The details of such loans that
fell due and were renewed during the year are stated below:

R crore
Aggregate amount of Percentage of the aggregate to the total
Name of the Party
existing loans renewed. loans or advances granted during the year
L&T Sapura Shipping Private Limited (Shareholder’s 182.06 12.00%
Loan) due on December 31, 2024 and further
extended upto December 31, 2026.(USD
21,260,000)
Refer to Note No. 63(a)(ii) to the Standalone Financial Statements.
(f) The Company has not granted any loans either repayable on demand or without specifying any terms or period of repayment
during the year. Hence, reporting under clause (iii)(f) is not applicable.

(iv) The Company has complied with the provisions of Sections 185 and 186 of the Act, to the extent applicable, in respect of grant of loans,
making investments and providing guarantees and securities during the year, as applicable.

(v) The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence, reporting under clause (v) of the Order
is not applicable.

(vi) The maintenance of cost records has been specified by the Central Government under section 148(1) of the Act. We have broadly
reviewed the cost records maintained during the year by the Company pursuant to the Companies (Cost Records and Audit) Rules,
2014, as amended and prescribed by the Central Government under sub-section (1) of Section 148 of the Act, and are of the opinion
that, prima facie, the prescribed cost records have been made and maintained by the company. We have, however, not made a detailed
examination of the cost records with a view to determine whether they are accurate or complete.

(vii) In respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees’ State
Insurance, Income-tax, Goods and Service Tax, Sales Tax, duty of Custom, duty of Excise, Value Added Tax, cess and other material
statutory dues applicable to it to the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance, Income-tax, Goods and
Service Tax, Sales Tax, duty of Custom, duty of Excise, Value Added Tax, cess and other material statutory dues in arrears as at
March 31, 2025 for a period of more than six months from the date they became payable.

(c) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2025 on account of
disputes are given below:

R crore
Name of Statute Nature of Dues Forum where Dispute is Period to which Amount Amount
Pending amount relates Involved Unpaid
Goods and Services Tax Dispute of questions of law, Classification Appellate authority 2017-18 to 2020-21, 237.89 225.43
Act, 2017 dispute, Tax levied on goods-in-transit, 2022-24
labour charges & disallowance of input tax
credit on deemed export sales

Disallowance of input tax credits, Mismatch Commissioner (Appeals) 2017-18 to 2022-23 1,952.77 1,902.04
of Return, GST rate dispute and other
matters
Disallowance of input tax credits, credits Assistant Joint Commissioner/ 2017-18 to 2020-21 502.17 474.95
claimed in Tran-1, Mismatch of Return, GST Assistant Commissioner/
rate dispute, ineligible credit of educational Deputy Commissioner/ Joint
cess and other matters Commissioner
Disallowance of input tax credits, High Court 2017-18 to 2019-20 1,276.86 1,238.58
classification dispute related to place of
supply and cross charge
The Central Excise Dispute regarding questions of law, Supreme Court of India 1999-2000 10.80 –
Act, 1944, Service Tax classification dispute, Rate disputes and
under Finance Act, other matters
1994 and Customs
Act, 1962

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R crore
Name of Statute Nature of Dues Forum where Dispute is Period to which Amount Amount
Pending amount relates Involved Unpaid
The Central Excise Dispute regarding question of law, High Court 2014-15 to 2017-18 139.36 102.79
Act, 1944, Service Tax Disallowance of CENVAT credit, short
under Finance Act, payment of service tax, Valuation
1994 and Customs disputes, dispute regarding classification
Act, 1962 of services/goods, disallowances of excise
duty exemption, Non-Maintenance of
Separate Books of Accounts, Export rebate
disallowance, and other matters.
Dispute regarding question of law, CESTAT/ Department 2002-03 to 2020-21 420.06 381.59
Disallowance of CENVAT credit, short and 2024-25
payment of service tax, Valuation
disputes, dispute regarding classification
of services/goods, disallowances of excise
duty exemption, Non-Maintenance of
Separate Books of Accounts, Export rebate
disallowance, Service Tax for CSR Disallowed
and other matters.
Dispute regarding question of law, Additional Commissioner Appeal, 2006-07, 2009-10, 5.52 3.45
Disallowance of CENVAT credit, short Appellate DC, Commissioner 2013-14 to 2017-18
payment of service tax, Valuation Appeals, Deputy Commissioner and 2021-22
disputes, dispute regarding classification Appeals
of services/goods, disallowances of excise
duty exemption, Non-Maintenance of
Separate Books of Accounts, Export rebate
disallowance, and other matters.
Dispute regarding valuation disputes Tribunal 2007-08 to 2010-11 161.61 134.61
Differential Custom Duty DGFT 2016-17, 2021-22 1.05 0.79
The Central Sales Tax Dispute regarding questions of law, Supreme Court 2006-07 to 2017-18 720.57 699.56
Act, Entry tax, Local Classification dispute, Tax levied on goods-
Sales Tax Act and in-transit, labour charges & disallowance
Works Contract Tax Act of input tax credit on deemed export sales,
Taxability of sub- contractor turnover and
non- submission of forms
Dispute regarding questions of law, High Court 1986-87 to 1989-90, 530.91 511.94
classification dispute, sales in transit, high 1994-95, 1999-20 to
sea sales, non-submission of C forms & E1 2016-17
forms, disallowance of ITC, valuation of
goods, Non submission of Forms, inter-state
sale turnover, Rate of tax of declared
goods, Labour & service charges disallowed,
Disallowance of exemptions claimed for
imports & Sales in transit, Road permit issue
and other matter
Disallowance of exemptions claimed for CESTAT/Department 2004-05 to 2016-17 107.29 79.12
imports & Sales in transit, labour & service
charges disallowed and other matters
Dispute regarding questions of law, sales Tribunal 1994-95 to 1995-96, 623.18 515.63
in transit, high sea sales, non-submission 1999-20 to 2017-18
of C forms & E1 forms, disallowance of
ITC, valuation of goods, non submission of
Forms, classification disputes, inter-state
sale turnover, Rate of tax of declared
goods, Labour & service charges disallowed,
Disallowance of exemptions claimed for
imports & Sales in transit, Road permit issue
and other matter

451
 Independent
Auditor’s Report

R crore
Name of Statute Nature of Dues Forum where Dispute is Period to which Amount Amount
Pending amount relates Involved Unpaid
The Central Sales Tax Dispute regarding questions of law, sales Joint commissioner Appeals/ 1993-94 to 2017-18 2,266.63 2,107.57
Act, Entry tax, Local in transit, high sea sales, non-submission Additional Commissioner
Sales Tax Act and of C forms & E1 forms, disallowance of Appeals/ Deputy Commissioner
Works Contract Tax Act ITC, valuation of goods, non submission of Appeals/Assistant Commissioner
Forms, classification disputes, inter-state Appeals/ Commissioner Appeals/
sale turnover, Rate of tax of declared Appellate DC
goods, Labour & service charges disallowed,
Disallowance of exemptions claimed for
imports & Sales in transit, Sale mismatch &
levy of tax on import of goods through Way
bill, Road permit issue and other matter
Dispute regarding question of law, Assistant Commissioner/ 1989-90,1997-98 to 316.51 246.76
Disallowance of CENVAT credit, short Deputy Commissioner/ 1999-2000, 2001-02,
payment of service tax, Valuation Additional Commissioner/ Joint 2003-04 to 2017-18
disputes, dispute regarding classification Commissioner/ Commissioner/
of services/goods, disallowances of excise Assessing Officer
duty exemption, Non-Maintenance of
Separate Books of Accounts, Export rebate
disallowance, sales in transit, high sea sales,
non-submission of C forms & E1 forms,
disallowance of ITC, valuation of goods, and
other matters
Income Tax Act, 1961 Demands arising out of Regular Assessment/ Income Tax Appellate Tribunal 2003-04, 2004-05, 944.53 250.04
Reassessment (ITAT) 2007-08 to 2012-13
and 2019-20
Demands arising out of Regular Assessment/ CIT(A) 2011-12, 2014-15, 3,117.31 2,407.74
Reassessment 2015-16 to 2021-22
Demand arising out of order under section
201(1)/201(1A) of the Income Tax Act
(viii) There were no transactions relating to previously unrecorded income that were surrendered or disclosed as income in the tax assessments
under the Income Tax Act, 1961 (43 of 1961) during the year.

(ix) In respect of borrowings:

(a) In our opinion, during the year, the Company has not defaulted in the repayment of loans or other borrowings or in the payment of
interest thereon to any lender during the year.

(b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority.

(c) The Company has not taken any term loan during the year and there are no unutilized term loans at the beginning of the year and
hence, reporting under clause (ix)(c) of the Order is not applicable.

(d) On an overall examination of the financial statements of the Company, funds raised on short-term basis have, prima facie, not been
used during the year for long-term purposes by the Company.

(e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or
person on account of or to meet the obligations of its subsidiaries or associates. or joint ventures.

(f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries or joint ventures or associate
companies.

(x) In respect of issue of securities:

(a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the
year and hence reporting under clause (x)(a) of the Order is not applicable.

(b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures
(fully or partly or optionally) and hence, reporting under paragraph (x)(b) of the Order is not applicable to the Company.

452 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

(xi) In respect of fraud:

(a) No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of
Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report.

(c) We have taken into consideration, the whistle blower complaints received by the company during the year and upto the date of this
report and provided to us, when performing our audit.

(xii) The Company is not a Nidhi Company. Therefore, reporting under clause 3(xii) of the Order is not applicable.

(xiii) In our opinion, the Company is in compliance with Section 177 and 188 of the Act, where applicable, for all transactions with the
related parties undertaken during the year and the details of such related party transactions have been disclosed in the standalone
financial statements as required by the applicable accounting standards.

(xiv) In respect of internal audit:

(a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its business.
(b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year and till date, in
determining the nature, timing and extent of our audit procedures.

(xv) In our opinion, during the year the Company has not entered any non-cash transactions with its Directors or persons connected to its
Directors and hence provisions of section 192 of the Act are not applicable.

(xvi) (a) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under
clause (xvi)(a), (b) and (c) of the Order is not applicable.
(b) The Group does not have any Core Investment Company (CIC) as part of the group and accordingly reporting under clause 3(xvi)(d)
of the Order is not applicable.

(xvii) The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors of the Company during the year.

(xix) On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other
information accompanying the financial statements and our knowledge of the Board of Directors and Management plans and based on
our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any
material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at
the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that
this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date
of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from
the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) The Company has fully spent the required amount towards Corporate Social Responsibility (CSR) and there are no unspent CSR amount
for the year requiring a transfer to a Fund specified in Schedule VII to the Companies Act or special account in compliance with the
provision of sub-section (6) of section 135 of the said Act. Accordingly, reporting under clause (xx) of the Order is not applicable for the
year.

For M S K A & Associates For Deloitte Haskins & Sells LLP

Chartered Accountants Chartered Accountants
(Firm‘s Registration No. 105047W) (Firm‘s Registration No.117366W/W-100018)

Vishal Vilas Divadkar Rupen K. Bhatt

Partner Partner
(Membership No. 118247) (Membership No. 046930)
UDIN: 25118247BMOXWL8842 UDIN: 25046930BMODQU8516

Place: Mumbai Place: Mumbai

Date: May 8, 2025 Date: May 8, 2025

453
 Standalone
Balance Sheet

Standalone Balance Sheet as at March 31, 2025

v crore
Particulars Note As at 31-3-2025 As at 31-3-2024
ASSETS:
Non-current assets
Property, plant and equipment 2 9155.12 9207.41
Capital work-in-progress 2 1117.33 1397.04
Investment property 3 741.34 567.93
Investment Property under construction 3 565.82 593.33
Goodwill 4 121.86 121.86
Other Intangible assets 4 107.95 152.42
Intangible assets under development 4 21.76 26.63
Right-of-use assets 54(b) 561.89 475.61
Financial assets:
Investments 5 32853.88 30649.26
Loans 6 726.67 579.06
Other financial assets 7 976.02 596.84
34556.57 31825.16
Deferred tax assets (net) 44(d) 1544.69 1594.48
Current tax assets (net) 3511.16 3264.38
Other non-current assets 8 1838.30 1417.84
Sub-total - Non-current assets 53843.79 50644.09
Current assets
Inventories 9 3398.77 3520.97
Financials assets
Investments 10 24788.29 16813.34
Trade receivables 11 38330.18 36960.51
Cash and cash equivalents 12 3583.55 3940.99
Other bank balances 13 763.06 829.98
Loans 14 635.02 63.04
Other financial assets 15 3775.12 4259.79
71875.23 62867.65
Other current assets 16 57141.13 57553.44
Sub-total - Current assets 132415.12 123942.06
Group(s) of assets classified as held for sale 39 157.44 1177.91
TOTAL ASSETS 186416.35 175764.06

454 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Standalone Balance Sheet as at March 31, 2025 (contd.)

v crore
Particulars Note As at 31-3-2025 As at 31-3-2024
EQUITY AND LIABILITIES:
Equity
Equity share capital 17 275.04 274.93
Other equity 18 71620.80 64241.17
Total equity 71895.84 64516.10
Liabilities
Non- current liabilities
Financial liabilities
Borrowings 19 9286.00 11931.14
Lease liabilities 198.19 112.25
Other financial liabilities 20 143.07 75.81
9627.26 12119.20
Provisions 21 765.72 703.43
Other non-current liabilities 22 18.47 22.67
Sub-total - Non-current liabilities 10411.45 12845.30
Current liabilities
Financial liabilities:
Borrowings 23 3743.58 4864.65
Current maturities of long-term borrowings 24 8905.30 5744.68
Lease liabilities 162.18 158.89
Trade payables: 25
Due to micro enterprises and small enterprises 1170.16 873.17
Due to others 37625.83 39868.09
Other financial liabilities 26 3450.20 4097.83
55057.25 55607.31
Other current liabilities 27 44764.13 39287.68
Provisions 28 2398.23 2202.05
Current tax liabilities (net) 1889.45 1305.62
Sub-total - Current liabilities 104109.06 98402.66
TOTAL LIABILITIES 114520.51 111247.96
TOTAL EQUITY AND LIABILITIES 186416.35 175764.06
CONTINGENT LIABILITIES 29
COMMITMENTS (capital and others) 30
NOTES FORMING PART OF THE FINANCIAL STATEMENTS 1 to 64

In terms of our report attached For and on behalf of the Board of Directors of Larsen & Toubro Limited
For M S K A & ASSOCIATES For DELOITTE HASKINS & SELLS LLP
Chartered Accountants Chartered Accountants S. N. SUBRAHMANYAN R. SHANKAR RAMAN
Firm’s Registration No. 105047W Firm’s Registration No.117366W/W-100018 Chairman & Managing Director President, Whole-time Director &
by the hand of by the hand of (DIN 02255382) Chief Financial Officer
(DIN 00019798)
VISHAL VILAS DIVADKAR RUPEN K. BHATT
Partner Partner P. R. RAMESH SIVARAM NAIR A
Membership No. 118247 Membership No. 046930 Independent Director Company Secretary & Compliance Officer
(DIN 01915274) Membership No. FCS3939

Mumbai, May 8, 2025

455
 Standalone Statement of
Profit and Loss

Standalone Statement of Profit and Loss for the year ended March 31, 2025
v crore
Particulars Note 2024-25 2023-24
INCOME:
Revenue from operations 31 142509.01 126233.36
Other income (net) 32 5669.21 5329.70
Total Income 148178.22 131563.06
EXPENSES:
Manufacturing ,construction and operating expenses 33
Cost of raw materials and components consumed 15219.90 11621.48
Construction materials consumed 45457.97 43031.68
Purchase of stock-in-trade 1409.90 1078.54
Stores, spares and loose tools consumed 3060.70 3613.78
Sub-contracting charges 35741.21 30814.82
Changes in inventories of finished goods, stock-in-trade and work-in-progress 1089.23 411.83
Other manufacturing, construction and operating expenses 14676.41 13442.55
116655.32 104014.68
Employee benefits expense 34 10380.08 9040.16
Sales, administration and other expenses 35 3885.36 3449.24
Finance costs 36 2195.46 2405.83
Depreciation, amortisation, impairment and obsolescence 37 1963.02 1753.17
Total Expenses 135079.24 120663.08
Profit before exceptional items and tax 13098.98 10899.98
Exceptional items before tax (net) [gain/(loss)] 474.78 586.47
Tax expense on exceptional items:
Current tax 44(a) – 20.83
Deferred tax 44(a) – 117.65
Total tax expense on exceptional items – 138.48
Exceptional items (net of tax) 474.78 447.99
Profit before tax 13573.76 11347.97
Tax expenses:
Current tax 44(a) 2849.97 2207.96
Deferred tax 44(a) (146.93) (191.40)
Total tax expense 2703.04 2016.56
Net profit after tax 10870.72 9331.41
Other comprehensive income
A Items that will not be reclassified to Profit or Loss:
Gain/(loss) on remeasurement of the defined benefits plan (266.31) 13.61
Income tax (expenses)/income on remeasurments of the defined benefits plan 67.02 (3.51)
(199.29) 10.10
Carried forward - Other comprehensive income (199.29) 10.10

456 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Standalone Statement of Profit and Loss for the year ended March 31, 2025 (contd.)
v crore
Particulars Note 2024-25 2023-24
Brought forward - Other comprehensive income (199.29) 10.10
B Items that will be reclassified to Profit or Loss:
Debt instruments through Other comprehensive income 264.26 171.92
Income tax (expenses)/income on debt instruments through Other
comprehensive income (60.46) (39.34)
203.80 132.58
Exchange differences in translating the financial statements of foreign
operations (15.57) (6.93)
Income tax (expenses)/income on exchange differences in translating the
financial statements of foreign operations 3.92 1.74
(11.65) (5.19)
Effective portion of gains/(losses) on hedging instruments in a cash flow
hedge 164.92 (234.42)
Income tax (expenses)/income on effective portion of gains/(losses) on
hedging instruments in a cash flow hedge (41.56) 50.26
123.36 (184.16)
Cost of hedging reserve 191.13 0.12
Income tax (expenses)/income on cost of hedging reserve (48.10) (0.03)
143.03 0.09
Other comprehensive income for the year (net of tax) 259.25 (46.58)
Total comprehensive income for the year 11129.97 9284.83
Earnings per share (EPS) of ¢ 2 each:
Basic earnings per equity share (¢) 49 79.06 67.14
Diluted earnings per equity share (¢) 49 79.00 67.08
Face value per equity share (¢) 2.00 2.00
NOTES FORMING PART OF THE FINANCIAL STATEMENTS 1 to 64

In terms of our report attached For and on behalf of the Board of Directors of Larsen & Toubro Limited
For M S K A & ASSOCIATES For DELOITTE HASKINS & SELLS LLP
Chartered Accountants Chartered Accountants S. N. SUBRAHMANYAN R. SHANKAR RAMAN
Firm’s Registration No. 105047W Firm’s Registration No.117366W/W-100018 Chairman & Managing Director President, Whole-time Director &
by the hand of by the hand of (DIN 02255382) Chief Financial Officer
(DIN 00019798)
VISHAL VILAS DIVADKAR RUPEN K. BHATT
Partner Partner P. R. RAMESH SIVARAM NAIR A
Membership No. 118247 Membership No. 046930 Independent Director Company Secretary & Compliance Officer
(DIN 01915274) Membership No. FCS3939

Mumbai, May 8, 2025

457
 Standalone Statement of
changes in Equity

Standalone Statement of Changes in Equity for the year ended March 31, 2025
A. Equity share capital
2024-25 2023-24
Particulars Number of Number of
v crore v crore
shares shares
Issued, subscribed and fully paid up equity share outstanding at the beginning of the year 1,374,668,619 274.93 1,405,482,190 281.10
Add: Shares issued on exercise of employee stock options during the year 523,546 0.11 436,429 0.08
Less: Shares extinguished on buy-back – – 31,250,000 6.25
Issued, subscribed and fully paid up equity shares outstanding at the end of the year 1,375,192,165 275.04 1,374,668,619 274.93

B. Other equity
v crore
Reserves and surplus Items of Other comprehensive income
Debt
Capital Capital Employee Debenture Foreign instruments Total other
Particulars Capital reserve on redemption Securities share General Retained currency Hedging through equity
reserve business reserve premium options redemption
reserve reserve earnings translation reserve Other
combination (net) reserve comprehen-
sive income
Balance as at 1-4-2023 10.84 (25.77) 260.00 8770.19 74.62 20.42 26201.60 35863.32 (21.47) 224.01 (130.91) 71246.85
Change on account of business combination – – – – – – – 73.31 – – – 73.31
Restated balance at 1-4-2023 10.84 (25.77) 260.00 8770.19 74.62 20.42 26201.60 35936.63 (21.47) 224.01 (130.91) 71320.16
Profit for the year (a) – – – – – – – 9331.41 – – – 9331.41
Other comprehensive income (b) – – – – – – – 10.10 (5.19) (184.07) 132.58 (46.58)
Total comprehensive income for the year (a+b) – – – – – – – 9341.51 (5.19) (184.07) 132.58 9284.83
Buy-back of equity shares – – – (8770.19) – – (1223.56) – – – – (9993.75)
Tax on buyback of equity shares – – – – – – (2253.33) – – – – (2253.33)
Expenses for buyback of equity shares (net of tax) – – – – – – (26.55) – – – – (26.55)
Amount transferred to capital redemption reserve upon
buyback – – 6.25 – – – (6.25) – – – – –
Issue of equity shares on exercise of employee share
options – – – 9.56 – – – – – – – 9.56
Transfer on account of exercise of employee share options – – – 41.00 (41.00) – – – – – – –
Transfer to non- financial assets/liability – – – – – – – – – 22.27 – 22.27
Transfer from/to general reserve/retained earnings during
the year – – – – (2.86) (20.42) 23.28 – – – – –
Employee share options (net) – – – – 94.93 – – – – – – 94.93
Special dividend paid during the year – – – – – – – (843.39) – – – (843.39)
Dividend paid for previous year – – – – – – – (3373.56) – – – (3373.56)
Balance as at 31-3-2024 10.84 (25.77) 266.25 50.56 125.69 – 22715.19 41061.19 (26.66) 62.21 1.67 64241.17

458 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Standalone Statement of Changes in Equity for the year ended March 31, 2025 (contd.)
v crore
Reserves and surplus Items of Other comprehensive income
Debt
Capital Capital Employee Debenture Foreign instruments Total other
Particulars Capital reserve on redemption Securities share General Retained currency Hedging through equity
reserve business reserve premium options redemption
reserve reserve earnings translation reserve Other
combination (net) reserve comprehen-
sive income
Balance as at 1-4-2024 10.84 (25.77) 266.25 50.56 125.69 – 22715.19 41061.19 (26.66) 62.21 1.67 64241.17
Profit for the period (c) – – – – – – – 10870.72 – – – 10870.72
Other comprehensive income (d) – – – – – – – (199.29) (11.65) 266.39 203.80 259.25
Total comprehensive income for the period (c+d) – – – – – – – 10671.43 (11.65) 266.39 203.80 11129.97
Amount transferred to capital redemption reserve upon
buyback – – – – – – – – – – – –
Issue of equity shares on exercise of employee share
options – – – 9.22 – – – – – – – 9.22
Transfer on account of exercise of employee share options – – – 78.65 (78.65) – – – – – – –
Transfer to non- financial assets/liability – – – – – – – – – 1.89 – 1.89
Transfer from/to general reserve/retained earnings during
the period – – – – (2.06) – 2.06 – – – – –
Employee share options (net) – – – – 88.12 – – – – – – 88.11
Special dividend paid during the period – – – – – – – – – – – –
Dividend paid for previous year – – – – – – – (3849.57) – – – (3849.57)
Balance as at 31-3-2025 10.84 (25.77) 266.25 138.43 133.10 – 22717.25 47883.05 (38.31) 330.49 205.47 71620.80

In terms of our report attached For and on behalf of the Board of Directors of Larsen & Toubro Limited
For M S K A & ASSOCIATES For DELOITTE HASKINS & SELLS LLP
Chartered Accountants Chartered Accountants S. N. SUBRAHMANYAN R. SHANKAR RAMAN
Firm’s Registration No. 105047W Firm’s Registration No.117366W/W-100018 Chairman & Managing Director President, Whole-time Director &
by the hand of by the hand of (DIN 02255382) Chief Financial Officer
(DIN 00019798)
VISHAL VILAS DIVADKAR RUPEN K. BHATT
Partner Partner P. R. RAMESH SIVARAM NAIR A
Membership No. 118247 Membership No. 046930 Independent Director Company Secretary & Compliance Officer
(DIN 01915274) Membership No. FCS3939

Mumbai, May 8, 2025

459
 Standalone Statement of
Cash Flows

Standalone Statement of Cash Flows for the year ended March 31, 2025
v crore
Particulars 2024-25 2023-24
A. Cash flow from operating activities:
Profit before tax (excluding exceptional items) 13098.98 10899.98
Adjustments for: –
Dividend received (2977.27) (2655.67)
Depreciation, amortisation, impairment and obsolescence (net) 1963.02 1753.17
Exchange difference on items grouped under financing/investing activities 8.47 (43.23)
Effect of exchange rate changes on cash and cash equivalents 7.82 (2.06)
Interest expense 2195.46 2405.83
Interest income (1368.61) (1648.20)
(Profit)/loss on sale of Property, plant and equipment, Investment property and Intangible assets (net) (407.70) (58.68)
(Profit)/loss on sale of investments (net) (including fair valuation) (457.20) (284.78)
Provision on loans given to subsidiary – (70.24)
Employee stock option-discount forming part of employee benefits expense 83.83 91.56
Other adjustments 16.09 0.42
Operating profit before working capital changes 12162.89 10388.10
Adjustments for:
(Increase)/decrease in trade and other receivables (672.00) (5401.41)
(Increase)/decrease in inventories 132.99 (74.95)
Increase/(decrease) in trade payables and customer advances 3495.43 6030.91
Cash (used in)/generated from operations 15119.31 10942.65
Direct taxes (paid) [net] (2395.33) (2645.18)
Net cash (used in)/from operating activities 12723.98 8297.47
B. Cash flow from investing activities:
Purchase of Property, plant and equipment, Investment property and Intangible assets (2725.01) (2920.14)
Sale of Property, plant and equipment, Investment property and Intangible assets 685.17 94.59
Investment in subsidiaries, associates and joint venture companies (2215.31) (3719.66)
Divestment of stake in subsidiary companies, associates and joint venture companies (net) 1065.37 186.67
Sale of non-current investments – 34.23
(Purchase)/sale of current investments (net) (7306.59) 4757.26
Change in other bank balances and cash not availabe for immediate use 148.11 (146.31)
Long term deposits/Loans (given) - subsidiaries, associates, joint venture companies and third parties (111.48) (110.21)
Long term deposits/loans repaid - subsidiaries, associates, joint venture companies and third parties 4.51 2499.27
Short term deposits/loans (given)/repaid (net) - subsidiaries, associates, joint venture companies and third (134.46) 192.71
parties
Net proceeds from transfer of business undertaking – 800.00
Interest received 1260.14 2034.17
Dividend received from subsidiaries and joint venture companies 2957.73 2649.30
Dividend received from other investments 19.54 6.37
Net cash (used in)/from investing activities (6352.28) 6358.25

460 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Standalone Statement of Cash Flows for the year ended March 31, 2025 (contd.)
v crore
Particulars 2024-25 2023-24
C. Cash flow from financing activities:
Proceeds from fresh issue of share capital (including share application money)[net] 9.32 9.65
Proceeds from non-current borrowings 5500.00 7450.00
Repayment of non-current borrowings (4950.00) (4845.00)
(Repayments)/proceeds from other borrowings (net) (1120.48) 1676.96
Settlement of derivative contracts related to borrowings 50.24 49.65
Interest paid on Lease Liability (23.30) (17.56)
Principal repayment on Lease Liability (136.03) (98.70)
Dividends paid (3849.57) (4216.95)
Buy-back of equity shares – (10000.00)
Tax on buy-back of equity shares – (2253.33)
Expenses for buy-back of equity shares (net of tax) – (26.55)
Interest paid (including cash flows from interest rate swaps) (2205.34) (2250.23)
Net cash (used in)/from financing activities (6725.16) (14522.06)
Net (decrease)/increase in cash and cash equivalents (A + B + C) (353.46) 133.66
Cash and cash equivalents at beginning of the year 3940.99 3803.99
Effect of exchange rate changes on cash and cash equivalents (3.98) 3.34
Effects of exchange rate changes on cash and cash equivalents 61.03 62.99
Cash and cash equivalents at end of the year 3583.55 3940.99

Notes:
1 Statement of Cash Flows has been prepared under the Indirect Method as set out in the Indian Accounting Standard (Ind AS) 7 “Statement of Cash
Flows” as specified in the Companies (Indian Accounting Standards) Rules, 2015.
2 Property, plant and equipment, Investment property and Intangible assets are adjusted for movement of (a) Capital work-in-progress for Property,
plant and equipment and Investment property and (b) Intangible assets under development during the year.

In terms of our report attached For and on behalf of the Board of Directors of Larsen & Toubro Limited
For M S K A & ASSOCIATES For DELOITTE HASKINS & SELLS LLP
Chartered Accountants Chartered Accountants S. N. SUBRAHMANYAN R. SHANKAR RAMAN
Firm’s Registration No. 105047W Firm’s Registration No.117366W/W-100018 Chairman & Managing Director President, Whole-time Director &
by the hand of by the hand of (DIN 02255382) Chief Financial Officer
(DIN 00019798)
VISHAL VILAS DIVADKAR RUPEN K. BHATT
Partner Partner P. R. RAMESH SIVARAM NAIR A
Membership No. 118247 Membership No. 046930 Independent Director Company Secretary & Compliance Officer
(DIN 01915274) Membership No. FCS3939

Mumbai, May 8, 2025

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Notes forming part of the Standalone Financial Statements

NOTE [1](i)
Company overview:
Larsen & Toubro Limited (“the Company”) is a public limited company incorporated and domiciled in India and has its registered office at L&T
House , Ballard Estate, Mumbai – 400001. The Company’s share is listed on National Stock Exchange of India Limited (NSE) and BSE Limited.
The Company is an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services. It operates in over 50 countries
worldwide. A strong, customer-focused approach and the constant quest for top-class quality have enabled the Company to attain and
sustain leadership in its major lines of business for over eight decades.

The Company is engaged in core, high impact sectors of the economy and its integrated capabilities span the entire spectrum of ‘design to
delivery’. Every aspect of Company’s businesses is characterised by professionalism and high standards of corporate governance. Sustainability
is embedded into its long-term strategy for growth.

The Company’s manufacturing footprint extends across eight countries in addition to India. The Company has several international offices and
a supply chain that extends around the globe.

NOTE [1](ii)
Material Accounting Policy Information
(a) Statement of compliance
The Company’s financial statements have been prepared in accordance with the provisions of the Companies Act, 2013 and the Indian
Accounting Standards (“Ind AS”) notified under the Companies (Indian Accounting Standards) Rules, 2015 and amendments thereto
issued by Ministry of Corporate Affairs under section 133 of the Companies Act, 2013. In addition, the guidance notes/announcements
issued by the Institute of Chartered Accountants of India (ICAI) are also applied except where compliance with other statutory
promulgations require a different treatment. These financials statements have been approved for issue by the Board of Directors at its
meeting held on May 8, 2025.

(b) Basis of accounting and measurement

The Company maintains its accounts on accrual basis following historical cost convention, except for certain assets and liabilities that are
measured at fair value in accordance with Ind AS.

Fair value measurements are categorised as below based on the degree to which the inputs to the fair value measurements are
observable and the significance of the inputs to the fair value measurement in its entirety:

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at
measurement date;

• Level 2 inputs are inputs, other than quoted prices included in level 1, that are observable for the assets or liabilities, either directly
or indirectly; and

• Level 3 inputs are unobservable inputs for the valuation of assets or liabilities.

Above levels of fair value hierarchy are applied consistently and generally, there are no transfers between the levels of the fair value
hierarchy unless the circumstances change warranting such transfer.

(c) Presentation of financial statements

The Balance Sheet, the Statement of Profit and Loss and the Statement of Changes in Equity are prepared and presented in the format
prescribed in the Schedule III to the Companies Act, 2013 (the Act). The Statement of Cash Flows has been prepared and presented in
accordance with Ind AS 7 “Statement of Cash Flows”. The disclosures with respect to items in the Balance Sheet and Statement of Profit
and Loss, as prescribed in the Schedule III to the Act, are presented by way of notes forming part of the financial statements along with
the other notes required to be disclosed under Ind AS and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
as amended.

Amounts in the financial statements are presented in Indian Rupee in crore [1 crore = 10 million] rounded off to two decimal places as
permitted by Schedule III to the Act. Per share data are presented in Indian Rupee up to two decimals places.

(d) Operating cycle for current and non-current classification

Operating cycle for the business activities of the Company covers the duration of the specific project or contract or product line or
service including the defect liability period wherever applicable and extends up to the realisation of receivables (including retention
monies) within the agreed credit period normally applicable to the respective lines of business.

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Notes forming part of the Standalone Financial Statements (contd.)

NOTE [1](ii)
Material Accounting Policy Information (contd.)
(e) Revenue recognition
Revenue from contracts with customers is recognised when a performance obligation is satisfied by transfer of promised goods or
services to a customer.

For performance obligation satisfied over time, the revenue recognition is done using input method by measuring the progress towards
complete satisfaction of performance obligation. The progress is measured in terms of a proportion of actual cost incurred to-date,
to the total estimated cost attributable to the performance obligation as it best depicts the transfer of control that occurs as costs are
incurred.

The Company transfers control of a good or service over time and therefore satisfies a performance obligation and recognises revenue
over a period of time if one of the following criteria is met:
(a) the customer simultaneously consumes the benefit of the Company’s performance or

(b) the customer controls the asset as it is being created/ enhanced by the Company’s performance or

(c) there is no alternative use of the asset and the Company has either explicit or implicit right of payment considering legal
precedents,
In all other cases, performance obligation is considered as satisfied at a point in time.

The revenue is recognised to the extent of transaction price allocated to the performance obligation satisfied. Transaction price is the
amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer
excluding amounts collected on behalf of a third party. The Company includes variable consideration as part of transaction price when
there is a basis to reasonably estimate the amount of the variable consideration and when it is probable that a significant reversal of
cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is resolved. Variable
consideration is estimated using the expected value method or most likely amount as appropriate in a given circumstance. Payment
terms agreed with a customer are as per business practice and the financing component, if significant, is separated from the transaction
price and accounted as interest income.
Costs to obtain a contract which are incurred regardless of whether the contract was obtained are charged-off in profit or loss
immediately in the period in which such costs are incurred. Incremental costs of obtaining a contract, if any, and costs incurred to fulfil
a contract are amortised over the period of execution of the contract in proportion to the progress measured in terms of a proportion of
actual cost incurred to-date, to the total estimated cost attributable to the performance obligation.
Significant judgments are used in:

a. Determining the revenue to be recognised in case of performance obligation satisfied over a period of time; revenue recognition is
done by measuring the progress towards complete satisfaction of performance obligation.
b. Determining the expected losses, which are recognised in the period in which such losses become probable based on the expected
total contract cost as at the reporting date.

c. Determining the method to be applied to arrive at the variable consideration including variations and claims requiring an
adjustment to the transaction price. Variable consideration is recognised when the recovery of such consideration is highly
probable.

(i) Revenue from operations

Revenue includes adjustments made towards liquidated damages and variation wherever applicable. Escalation and other claims,
which are not ascertainable/acknowledged by customers are not taken into account.

A. Revenue from sale of manufactured and traded goods including contracts for supply/commissioning of complex plant and
equipment is recognised as follows:

Revenue is recognised when the control of the same is transferred to the customer and it is probable that the Company will
collect the consideration to which it is entitled for the exchanged goods. Revenue from commissioning of complex plant and
equipment is recognised either ‘over time’ or ‘in time’ based on an assessment of the transfer of control as per the terms of
the contract.

B. Revenue from construction/project related activity is recognised as follows:

• Cost plus contracts: Revenue from cost plus contracts is recognised over time and is determined with reference to the
extent performance obligations have been satisfied. The amount of transaction price allocated to the performance

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Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [1](ii)
Material Accounting Policy Information (contd.)
obligations satisfied represents the recoverable costs incurred during the period plus the margin as agreed with the
customer.

• Fixed price contracts: Contract revenue is recognised over time to the extent of performance obligation satisfied and
control is transferred to the customer. Contract revenue is recognised at allocable transaction price which represents
the cost of work performed on the contract plus proportionate margin, using the percentage of completion method.
Percentage of completion is the proportion of cost of work performed to-date, to the total estimated contract costs. With
respect to contracts, where the outcome of the performance obligation can not be reasonably measured, but the costs
incurred towards satisfaction of performance obligation are expected to be recovered, the revenue is recognised only to
the extent of costs incurred.

For contracts where the aggregate of contract cost incurred to date plus recognised profits (or minus recognised losses as
the case may be) exceeds the progress billing, the surplus is shown as contract asset and termed as “Unbilled revenue”.
For contracts where progress billing exceeds the aggregate of contract costs incurred to-date plus recognised profits (or
minus recognised losses, as the case may be), the surplus is shown as contract liability and termed as “Excess of billing over
revenue”. Amounts received before the related work is performed are disclosed in the Balance Sheet as contract liability and
termed as “Advances from customer”. The amounts billed on customer for work performed and are unconditionally due for
payment i.e. only passage of time is required before payment falls due, are disclosed in the Balance Sheet as trade receivables.
The amount of retention money held by the customers pending completion of performance milestone is disclosed as part of
contract asset and is reclassified as trade receivables when it becomes due for payment.

The Company recognises impairment loss (termed as provision for expected credit loss in the financial statements) on account
of credit risk in respect of a contract asset using expected credit loss model on similar basis as applicable to trade receivables.

C. Revenue from property development activities is recognised when performance obligation is satisfied, customer obtains control
of the property transferred and a reasonable expectation of collection of the sale consideration from the customer exists.

D. Revenue from rendering of services is recognised over time as the customer receives the benefit of the Company’s performance
and the Company has an enforceable right to payment for services transferred.

E. Revenue from contracts for rendering of engineering design services and other services which are directly related to the
construction of an asset is recognised on the same basis as stated in (B) above.

F. Commission income is recognised as the terms of the contract are fulfilled.

G. Course fees/subscription income is recognised over time as per the course/subscription duration and agreed terms.

H. Other operational revenue represents income earned from the activities incidental to the business and is recognised when the
performance obligation is satisfied and right to receive the income is established as per the terms of the contract.

(ii) Other income

A . Interest income on investments and loans is accrued on a time basis by reference to the principal outstanding and the
effective interest rate including interest on investments classified as fair value through profit or loss or fair value through other
comprehensive income. Interest receivable on customer dues is recognised as income in the Statement of Profit and Loss on
accrual basis provided there is no uncertainty of realisation.

B. Dividend income is accounted in the period in which the right to receive the same is established.

C . Government grants, which are revenue in nature and are towards compensation for the qualifying costs incurred by the
Company, are recognised as other income/reduced from underlying expenses in profit or loss in the period in which such
costs are incurred. Government grants related to an asset are reduced from the cost of an asset until the asset is ready to use
and the grant post that is presented as deferred income. Subsequently the grant is recognised as income in profit or loss on a
systematic basis over the expected useful life of the related asset. Government grant receivable in the form of duty credit scrips
is recognised as other income in the Statement of Profit and Loss in the period in which the export is done or the application is
made to the government authorities and to the extent there is no uncertainty towards its receipt.

D. Other items of income are accounted as and when the right to receive such income arises and it is probable that the economic
benefits will flow to the Company and the amount of income can be measured reliably.

(f) Exceptional items

An item of income or expense which by its size, type or incidence requires disclosure in order to improve an understanding of the
performance of the Company is treated as an exceptional item and disclosed as such in the financial statements.

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Notes forming part of the Standalone Financial Statements (contd.)

NOTE [1](ii)
Material Accounting Policy Information (contd.)
(g) Property, plant and equipment (PPE)
PPE is recognised when it is probable that future economic benefits associated with the item will flow to the Company and the cost of
the item can be measured reliably. PPE is stated at original cost net of tax/duty credits availed, if any, less accumulated depreciation and
cumulative impairment, if any. All directly attributable costs related to the acquisition of PPE and borrowing costs in case of qualifying
assets are capitalised in accordance with the Company’s accounting policy.

Own manufactured PPE is capitalised at cost including an appropriate share of overheads. All direct cost that are specifically attributable
to construction or acquisition of PPE or bringing the PPE to working condition are allocated and capitalised as a part of the cost of the
PPE.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable
that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably.
PPE not ready for the intended use on the date of the Balance Sheet are disclosed as “capital work-in-progress”. (Also refer to the
policies on leases, borrowing costs, impairment of assets and foreign currency transactions below).
Depreciation is recognised using straight-line method so as to write off the cost of the assets (other than freehold land and capital
work-in-progress) less their residual values over their useful lives specified in Schedule II to the Companies Act, 2013, or in the case of
assets where the useful life was determined by technical evaluation, over the useful life so determined.
Depreciation charge for impaired assets is adjusted in future periods in such a manner that the revised carrying amount of the asset is
allocated over its remaining useful life.
Depreciation method is reviewed at each financial year end to reflect the expected pattern of consumption of the future economic
benefits embodied in the asset. The estimated useful life and residual values are also reviewed at each financial year end and the effect
of any change in the estimates of useful life/residual value is accounted on prospective basis.
Where cost of a part of the asset (“asset component”) is significant to total cost of the asset and useful life of that part is different
from the useful life of the remaining asset then useful life of that significant part is determined separately and such asset component is
depreciated over its separate useful life.
Depreciation on additions to/deductions from, owned assets is calculated pro rata to the period of use.

PPE is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on
derecognition is recognised in the Statement of Profit and Loss in the same period.

(h) Investment property

Properties, including those under construction, held to earn rentals and/or capital appreciation are classified as investment property and
are measured and reported at cost, including transaction costs and borrowing cost capitalised for qualifying assets, in accordance with
the Company’s accounting policy. Policies with respect to depreciation, useful life and derecognition are followed on the same basis as
stated for Property, Plant and Equipment vide Note 1(ii)(g) above.

(i) Intangible assets

Intangible assets are recognised when it is probable that the future economic benefits that are attributable to the asset will flow to the
Company and the cost of the asset can be measured reliably. Intangible assets are stated at original cost net of tax/duty credits availed, if
any, less accumulated amortisation and cumulative impairment. All directly attributable costs and other administrative and other general
overhead expenses that are specifically attributable to acquisition of intangible assets are allocated and capitalised as a part of the cost
of the intangible assets.

Research and development expenditure on new products:

(i) Expenditure on research is expensed under respective heads of account in the period in which it is incurred.

(ii) Development expenditure on new products is capitalised as intangible asset, if all of the following can be demonstrated:

A. the technical feasibility of completing the intangible asset so that it will be available for use or sale;

B. the Company has intention to complete the intangible asset and use or sell it;

C. the Company has ability to use or sell the intangible asset;

D. the manner in which the probable future economic benefits will be generated including the existence of a market for output
of the intangible asset or intangible asset itself or if it is to be used internally, the usefulness of intangible assets;

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Notes forming part of the Standalone Financial Statements (contd.)

NOTE [1](ii)
Material Accounting Policy Information (contd.)
E. the availability of adequate technical, financial and other resources to complete the development and to use or sell the
intangible asset; and

F. the Company has ability to reliably measure the expenditure attributable to the intangible asset during its development.
Development expenditure that does not meet the above criteria is expensed in the period in which it is incurred.

Intangible assets not ready for the intended use on the date of the Balance Sheet are disclosed as “intangible assets under
development”.

Intangible assets are amortised on straight-line basis over the estimated useful life. The method of amortisation and useful life are
reviewed at the end of each financial year and the effect of any changes in the estimate being accounted for on a prospective basis.
Amortisation on impaired assets is provided by adjusting the amortisation charge in the remaining periods so as to allocate the
asset’s revised carrying amount over its remaining useful life.

(j) Impairment of assets

As at the end of each financial year, the carrying amounts of PPE, investment property, intangible assets and investments in subsidiary,
associate and joint venture companies are reviewed to determine whether there is any indication that those assets have suffered an
impairment loss. If such indication exists, PPE, investment property, intangible assets and investments in subsidiary, associate and joint
venture companies are tested for impairment so as to determine the impairment loss, if any. Goodwill is tested for impairment each year.
Impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. Recoverable amount is determined:

(i) in the case of an individual asset, at the higher of the fair value less costs of disposal and the value-in-use; and

(ii) in the case of a cash generating unit (the smallest identifiable group of assets that generates independent cash flows), at the higher
of the cash generating unit’s fair value less costs of disposal and the value-in-use.
(The amount of value-in-use is determined as the present value of estimated future cash flows from the continuing use of an asset,
which may vary based on the future performance of the Company and from its disposal at the end of its useful life. For this purpose, the
discount rate (post-tax) is determined based on the weighted average cost of capital of the company suitably adjusted for risks specified
to the estimated cash flows of the asset).
If recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, such deficit is recognised
immediately in the Statement of Profit and Loss as impairment loss and the carrying amount of the asset (or cash generating unit) is
reduced to its recoverable amount.
When an impairment loss recognised earlier is subject to full or partial reversal, the carrying amount of the asset (or cash generating
unit), except impairment loss allocated to goodwill, is increased to the revised estimate of its recoverable amount, such that the
increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss is recognised
for the asset (or cash generating unit) in prior years. A reversal of an impairment loss (other than impairment loss allocated to goodwill)
is recognised immediately in the Statement of Profit and Loss.

(k) Employee Benefits

(i) Short term employee benefits:
Employee benefits such as salaries, wages, short term compensated absences, bonus, ex-gratia and performance-linked rewards
falling due wholly within twelve months of rendering the service are classified as short-term employee benefits and are expensed in
the period in which the employee renders the service.

(ii) Post-employment benefits:

A. Defined contribution plans: The Company’s superannuation scheme, state governed provident fund scheme, employee state
insurance scheme and employee pension scheme are defined contribution plans. The contribution paid/payable under the
schemes is recognised during the period in which the employee renders the service.

B. Defined benefit plans: The employees’ gratuity fund schemes and employee provident fund schemes managed by board of
trustees established by the Company, the post-retirement medical care plan and the company pension plan represent defined
benefit plans. The present value of the obligation under defined benefit plans is determined based on actuarial valuation using
the Projected Unit Credit Method.

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Notes forming part of the Standalone Financial Statements (contd.)

NOTE [1](ii)
Material Accounting Policy Information (contd.)
The obligation towards defined benefit plans is measured at the present value of the estimated future cash flows using a discount
rate based on the market yield on government securities of a maturity period equivalent to the weighted average maturity profile of
the defined benefit obligations at the Balance Sheet date.

Re-measurement, comprising actuarial gains and losses, the return on plan assets (excluding amounts included in net interest
on the net defined benefit liability or asset) and any change in the effect of asset ceiling (if applicable) is recognised in other
comprehensive income and is reflected in retained earnings and the same is not eligible to be reclassified to profit or loss.

Defined benefit costs comprising current service cost, past service cost and gains or losses on settlements are recognised in the
Statement of Profit and Loss as employee benefits expense. Interest cost implicit in defined benefit employee cost is recognised in
the Statement of Profit and Loss under finance costs. Gains or losses on settlement of any defined benefit plan are recognised when
the settlement occurs. Past service cost is recognised as expense at the earlier of the plan amendment or curtailment and when the
Company recognises related restructuring costs or termination benefits.
In case of funded plans, the fair value of the plan assets is reduced from the gross obligation under the defined benefit plans to
recognise the obligation on a net basis.
(iii) Other long-term employee benefits:
The obligation recognised in respect of other long-term benefits is measured at present value of estimated future cash flows
expected to be made by the Company and is recognised in a similar manner as in the case of defined benefit plans vide (ii)(B)
above.
Long-term employee benefit costs comprising current service cost and gains or losses on curtailments and settlements,
re-measurements including actuarial gains and losses are recognised in the Statement of Profit and Loss as employee benefits
expenses. Interest cost implicit in long-term employee benefit cost is recognised in the Statement of Profit and Loss under finance
costs.
(iv) Termination benefits:
Termination benefits such as compensation under employee separation schemes are recognised as expense when the Company’s
offer of the termination benefit can no longer be withdrawn or when the Company recognises the related restructuring costs
whichever is earlier.

(l) Leases
Assets taken on lease are accounted as right-of-use assets and the corresponding lease liability is recognised at the lease commencement
date.

Initially the right-of-use asset is measured at cost which comprises the initial amount of the lease liability adjusted for any lease payments
made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the
underlying asset or to restore the underlying asset or the site on which it is located, as reduced by any lease incentives received.

The lease liability is initially measured at the present value of the lease payments, discounted using the Company’s incremental borrowing
rate. It is remeasured when there is a change in future lease payments arising from a change in an index or a rate, or a change in the
estimate of the guaranteed residual value, or a change in the assessment of purchase, extension or termination option. When the lease
liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in
profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The right-of-use asset is measured by applying cost model i.e. right-of-use asset at cost less accumulated depreciation and cumulative
impairment, if any. The right-of-use asset is depreciated using the straight-line method from the commencement date to the end of the
lease term or useful life of the underlying asset whichever is earlier. Carrying amount of lease liability is increased by interest on lease
liability and reduced by lease payments made.

Lease payments associated with following leases are recognised as expense on straight-line basis:

(i) Low value leases; and

(ii) Leases which are short-term.

Assets given on lease are classified either as operating lease or as finance lease. A lease is classified as a finance lease if it transfers
substantially all the risks and rewards incidental to ownership of an underlying asset. Asset held under finance lease is initially recognised
in balance sheet and presented as a receivable at an amount equal to the net investment in the lease. Finance income is recognised over

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Notes forming part of the Standalone Financial Statements (contd.)

NOTE [1](ii)
Material Accounting Policy Information (contd.)
the lease term, based on a pattern reflecting a constant periodic rate of return on Company’s net investment in the lease. A lease which
is not classified as a finance lease is an operating lease.

The Company recognises lease payments in case of assets given on operating leases as income on a straight-line basis. The Company
presents underlying assets subject to operating lease in its balance sheet under the respective class of asset.

In case of sale and leaseback transactions, the Company first considers whether the initial transfer of the underlying asset to the buyer-
lessor is a sale by applying the requirements of Ind AS 115. If the transfer qualifies as a sale and the transaction is at market terms, the
Company effectively derecognises the asset, recognises a ROU asset (and lease liability) and recognises in Statement of Profit and Loss,
the gain or loss relating to the buyer-lessor’s rights in the underlying asset.(Also refer to policy on Property, Plant and Equipment vide
Note 1(ii)(g), above).

(m) Financial instruments

Financial assets and/or financial liabilities are recognised when the Company becomes party to a contract embodying the related financial
instruments. All financial assets, financial liabilities and financial guarantee contracts are initially measured at fair value except for
trade receivables not containing a significant financing component are initially measured at transaction price. Transaction costs that are
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair
value through profit or loss) are added to or deducted from as the case may be, the fair value of such financial assets or liabilities, on
initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through
profit or loss are recognised in profit or loss.
In case of funding to subsidiary companies in the form of interest free or concession loans and preference shares, the excess of the
actual amount of the funding over initially measured fair value is accounted as an equity investment.
A financial asset and a financial liability is offset and presented on net basis in the balance sheet when there is a current legally
enforceable right to set-off the recognised amounts and it is intended to either settle on net basis or to realise the asset and settle the
liability simultaneously.
(i) Financial assets:

A. All recognised financial assets are subsequently measured in their entirety either at amortised cost or at fair value as follows:

1. Investments in debt instruments that are designated as fair value through profit or loss (FVTPL) - at fair value. Debt
instruments at FVTPL is a residual category for debt instruments, if any, and all changes are recognised in profit or loss.
2. Investments in debt instruments that meet the following conditions are subsequently measured at amortised cost (unless
the same designated as fair value through profit or loss):
• The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows;
and

• The contractual terms of instrument give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
3. Investment in debt instruments that meet the following conditions are subsequently measured at fair value through other
comprehensive income [FVTOCI] (unless the same are designated as fair value through profit or loss)

• The asset is held within a business model whose objective is achieved both by collecting contractual cash flows and
selling financial assets; and

• The contractual terms of instrument give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.

4. Investment in equity instruments issued by subsidiary, associate and joint venture companies are measured at cost less
impairment.

5. Investment in preference shares of the subsidiary companies are treated as equity instruments if the same are convertible
into equity shares or are redeemable out of the proceeds of equity instruments issued for the purpose of redemption of
such investments. Investment in preference shares not meeting the aforesaid conditions are classified as debt instruments
at FVTPL.

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Notes forming part of the Standalone Financial Statements (contd.)

NOTE [1](ii)
Material Accounting Policy Information (contd.)
6. Investments in equity instruments issued by other than subsidiaries are classified as at FVTPL, unless the related
instruments are not held for trading and the Company irrevocably elects on initial recognition to present subsequent
changes in fair value in Other Comprehensive Income.

7. Trade receivables, security deposits, cash and cash equivalents, employee and other advances – at amortised cost.

B. For financial assets that are measured at FVTOCI, income by way of interest and dividend, provision for impairment and
exchange difference, if any, (on debt instrument) are recognised in profit or loss and changes in fair value (other than on
account of above income or expense) are recognised in other comprehensive income and accumulated in other equity. On
disposal of debt instruments at FVTOCI, the cumulative gain or loss previously accumulated in other equity is reclassified
to profit or loss. In case of equity instruments at FVTOCI, such cumulative gain or loss is not reclassified to profit or loss on
disposal of investments.
C. A financial asset is primarily derecognised when:

1. the right to receive cash flows from the asset has expired, or

2. the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a pass-through arrangement; and (a) the
Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred
nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
On derecognition of a financial asset in its entirety, the difference between the carrying amount at the date of derecognition
and the consideration received is recognised in profit or loss.
D. Impairment of financial assets: For trade receivable, the Company applies the simplified approach of Ind AS 109, which
requires measurement of loss allowance at an amount equal to lifetime expected credit losses. Impairment loss on trade
receivables is recognised using expected credit loss model, which involves use of a provision matrix constructed on the basis
of historical credit loss experience as permitted under Ind AS 109 and is adjusted for forward looking information. Impairment
loss on investments is recognised when the carrying amount exceeds its recoverable amount. For all other financial assets,
expected credit losses are recognised based on the difference between the contractual cashflows and all the expected cash
flows, discounted at the original effective interest rate. ECLs are measured at an amount equal to 12-month expected credit
losses or at an amount equal to lifetime expected credit losses if the credit risk on the financial asset has increased significantly
since initial recognition.
(ii) Financial liabilities:

A. Financial liabilities, including derivatives and embedded derivatives, which are designated for measurement at FVTPL are
subsequently measured at fair value. Financial guarantee contracts are subsequently measured at the amount of impairment
loss allowance or the amount recognised at inception net of cumulative amortisation, whichever is higher. All other financial
liabilities including loans and borrowings are measured at amortised cost using Effective Interest Rate (EIR) method.

B. A financial liability is derecognised when the related obligation expires or is discharged or cancelled.

(iii) The Company designates certain hedging instruments, such as derivatives, embedded derivatives and in respect of foreign currency
risk, certain non-derivatives, as either fair value hedges, cash flow hedges or hedges of net investments in foreign operations.
Hedges of foreign exchange risk on firm commitments are accounted as cash flow hedges.

A. Fair value hedges: Changes in fair value of the designated portion of derivatives that qualify as fair value hedges are
recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are
attributable to the hedged risk.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no
longer qualifies for hedge accounting.

B. Cash flow hedges: In case of forward contracts the forward element/foreign currency basis spread and the spot element are
separated and only the change in the value of the spot element is designated as hedging instrument. In case of options the
intrinsic value and time value are separated and only the change in intrinsic value is designated as hedging instrument.

Accounting of spot element/intrinsic value of options: The changes in the fair value of hedge instruments that are designated and
qualify as cash flow hedges is recognised in other comprehensive income and accumulated in equity as ‘hedging reserve’. Amounts
previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods
when the hedged item affects profit or loss, in the same head as the hedged item.

469
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [1](ii)
Material Accounting Policy Information (contd.)
Accounting of forward element/foreign currency basis spread/time value of options: The changes in fair value are recognised in
other comprehensive income and accumulated in equity as “cost of hedging reserve”. For a transaction related hedged item, the
amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the
same head as the hedged item. For a time related hedged item, the time value on the date on which the hedged item affects
profit or loss are reclassified to profit or loss as a reclassification adjustment on a straight-line basis over the period of the hedging
instrument.

The cash flow hedges are allocated to the forecast transactions on gross exposure basis. Where the hedged forecast transaction
results in the recognition of a non-financial asset, such gains/losses are transferred from hedge reserve (but not as reclassification
adjustment) and included in the initial measurement cost of the non-financial asset.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer
qualifies for hedge accounting. Any gain or loss recognised in other comprehensive income and accumulated in equity at that
time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast
transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised in profit or loss.
(iv) Compound financial instruments issued by the Company which can be converted into fixed number of equity shares at the option
of the holders irrespective of changes in the fair value of the instrument are accounted by recognising the liability and the equity
components separately. The liability component is initially recognised at the fair value of a comparable liability that does not have
an equity conversion option. The equity component is initially recognised at the difference between the fair value of the compound
financial instrument as a whole and the fair value of the liability component. The directly attributable transaction costs are allocated
to the liability and the equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the
liability component of the compound financial instrument is measured at amortised cost using the effective interest method. The
equity component of a compound financial instrument is not remeasured subsequently.

(n) Inventories
Inventories are valued after providing for obsolescence, as under:

(i) Raw materials, components, construction materials, stores, spares and loose tools at lower of weighted average cost or net
realisable value. However, these items are considered to be realisable at cost if the finished products in which they will be used, are
expected to be sold at or above cost.
(ii) Manufacturing work-in-progress at lower of weighted average cost including related overheads or net realisable value. In some
cases, manufacturing work-in-progress are valued at lower of specifically identifiable cost or net realisable value. In the case of
qualifying assets, cost also includes applicable borrowing costs vide policy relating to borrowing costs.
(iii) Finished goods and stock-in-trade (in respect of goods acquired for trading) at lower of weighted average cost or net realisable
value. Cost includes costs of purchases, costs of conversion and other costs incurred in bringing the inventories to their present
location. Taxes which are subsequently recoverable from taxation authorities are not included in the cost.
(iv) Completed property/work-in-progress (including land) in respect of property development activity at lower of specifically identifiable
cost or net realisable value.

Assessment of net realisable value is made at each reporting period end and when the circumstances that previously caused inventories
to be written-down below cost no longer exist or when there is clear evidence of an increase in net realisable value because of changed
economic circumstances, the write-down, if any, in the past period is reversed to the extent of the original amount written-down so that
the resultant carrying amount is the lower of the cost and the revised net realisable value.

(o) Cash and bank balances

Cash and bank balances include fixed deposits, margin money deposits, earmarked balances with banks and other bank balances which
have restrictions on repatriation. Short-term and liquid investments being subject to more than insignificant risk of change in value, are
not included as part of cash and cash equivalents.

(p) Securities premium

(i) Securities premium includes:

A. The difference between the face value of the equity shares and the consideration received in respect of shares issued.

B. The fair value of the stock options which are treated as expense, if any, in respect of shares allotted pursuant to Stock Options
Scheme.

(ii) The issue expenses of securities which qualify as equity instruments are written off against securities premium.

470 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [1](ii)
Material Accounting Policy Information (contd.)
(q) Borrowing Costs
Borrowing costs include finance costs calculated using the effective interest method, finance charges in respect of assets acquired on
lease and exchange differences arising on foreign currency borrowings to the extent they are regarded as an adjustment to finance costs.
In cases where hedging instruments are acquired for protection against exchange rate risk related to borrowings and are accounted
as hedging a time-period related hedge item, the borrowing costs also include the amortisation of premium element of the forward
contract and foreign currency basis spread as applicable, over the period of the hedging instrument.

Borrowing costs net of any investment income from the temporary investment of related borrowings that are attributable to the
acquisition, construction or production of a qualifying asset are capitalised/inventorised as part of cost of such asset till such time the
asset is ready for its intended use or sale. A qualifying asset is an asset that necessarily requires a substantial period of time to get ready
for its intended use or sale. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

(r) Share-based payment arrangements

The stock options granted to employees in terms of the Company’s Stock Options Schemes, are measured at the fair value of the options
at the grant date. The fair value of the options is treated as discount and accounted as employee compensation cost over the vesting
period on a straight-line basis. The amount recognised as expense in each year is arrived at based on the number of grants expected to
vest. If a grant lapses after the vesting period, the cumulative discount recognised as expense in respect of such grant is transferred to
the general reserve within equity.
The fair value of the stock options granted to employees of the Company by the Company’s subsidiaries is accounted as employee
compensation cost over the vesting period and where such fair value is not recovered by the subsidiaries, the same is treated as dividend
declared by them. The share- based payment equivalent to the fair value as on the date of grant of employee stock options granted to
key managerial personnel is disclosed as a related party transaction in the year of grant.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share.

(s) Foreign currencies

(i) The functional currency and presentation currency of the Company is Indian Rupee.

(ii) Transactions in currencies other than the Company’s functional currency are recorded on initial recognition using actual exchange
rate or a rate that approximates with it at the transaction date. At each Balance Sheet date, foreign currency monetary items are
reported at the closing spot rate. Non-monetary items that are measured in terms of historical cost in foreign currency are not
translated. Exchange differences that arise on settlement of monetary items or on reporting of monetary items at each Balance
Sheet date at the closing spot rate are recognised in the Statement of Profit and Loss in the period in which they arise except for:
A. exchange differences on foreign currency borrowings relating to assets under construction for future productive use, are
included in the cost of those assets when such exchange differences are regarded as an adjustment to finance costs on those
foreign currency borrowings; and

B. exchange differences on transactions entered to hedge certain foreign currency risks.

(iii) exchange rate as of the date on which the non-monetary asset or non-monetary liability is recognised on payment or receipt of
advance consideration is used for initial recognition of related asset, expense or income.

(iv) Financial statements of foreign operations whose functional currency is different than Indian Rupees are translated into Indian
Rupees as follows:

A. assets and liabilities for each Balance Sheet presented are translated at the closing rate at the date of that Balance Sheet;

B. income and expenses for each income statement are translated at average exchange rate for the reporting period; and

C. all resulting exchange differences are recognised in other comprehensive income and accumulated in equity as foreign currency
translation reserve for subsequent reclassification to profit or loss on disposal of such foreign operations.

(t) Accounting and reporting of information for Operating Segments

Operating segments are those components of the business whose operating results are regularly reviewed by the chief operating decision
making body in the Company to make decisions for performance assessment and resource allocation.

The reporting of segment information is the same as provided to the management for the purpose of the performance assessment and
resource allocation to the segments.

471
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [1](ii)
Material Accounting Policy Information (contd.)
Segment accounting policies are in line with the accounting policies of the Company. In addition, the following specific accounting
policies have been followed for segment reporting:

i) Segment revenue includes sales and other operational revenue directly identifiable with/allocable to the segment including inter
segment revenue.

ii) Expenses that are directly identifiable with/allocable to segments are considered for determining the segment result.

iii) Most of the common costs are allocated to segments mainly on the basis of the respective segment revenue estimated at the
beginning of the reporting period.

iv) Income not allocable to segments is included in “Unallocable corporate income net of expenditure”.

v) Segment result represents profit before interest and tax and includes margins on inter-segment capital jobs, which are reduced in
arriving at the profit before tax of the Company.

vi) Segment result includes the finance costs incurred on interest bearing advances with corresponding credit included in “Unallocable
corporate income net of expenditure”.

vii) Segment results are not adjusted for any exceptional item.

viii) Segment assets and liabilities include those directly identifiable with the respective segments. Unallocable corporate assets and
liabilities represent the assets and liabilities that relate to the Company as a whole.

ix) Segment non-cash expenses forming part of segment expenses also includes the fair value of the employee stock options which is
accounted as employee compensation cost [Note 1(ii)(r) above] and is allocated to the segment.

x) Segment revenue resulting from transactions with other business segments is accounted on the basis of transfer price which are
either determined to yield a desired margin or agreed on a negotiated basis.

(u) Taxes on income

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the
provisions of the Income Tax Act,1961 and using estimates and judgments based on the expected outcome of assessments/appeals and
the relevant rulings in the areas of allowances and disallowances. The computation reflects the effect of uncertainty for each item of
allowance and disallowance as appropriate either by i. expected value method which sums the probability-weighted amounts in a range
of possible outcomes or ii. the most likely amount in a range of possible outcomes.

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Company’s financial
statements and the corresponding tax bases used in computation of taxable profit and quantified using the tax rates as per laws enacted
or substantively enacted as on the Balance Sheet date.

Deferred tax liabilities are generally recognised for all taxable temporary differences including the temporary differences associated with
investments in subsidiaries and associates, and interests in joint ventures, except where the Company is able to control the reversal of
the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets are generally recognised for all taxable temporary differences to the extent that is probable that taxable profits will be
available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at
the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to
allow all or part of the asset to be recovered.

Transaction or event which is recognised outside profit or loss, either in other comprehensive income or in equity, is recorded along with
the tax as applicable.

(v) Interests in joint operations

The Company as a joint operator recognises in relation to its interest in a joint operation, its share of the assets/liabilities held/ incurred
jointly with the other parties of the joint arrangement. Revenue is recognised for its share of revenue from the sale of output by the joint
operation. Expenses are recognised for its share of expenses incurred jointly with other parties as part of the joint arrangement.

Interests in joint operations are included in the segments to which they relate.

472 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [1](ii)
Material Accounting Policy Information (contd.)
(w) Provisions, contingent liabilities and contingent assets
Provisions are recognised only when:

(i) the Company has a present obligation (legal or constructive) as a result of a past event; and

(ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and

(iii) a reliable estimate can be made of the amount of the obligation.

Provision is measured using the cash flows estimated to settle the present obligation and when the effect of time value of money
is material, the carrying amount of the provision is the present value of those cash flows. Reimbursement expected in respect of
expenditure required to settle a provision is recognised only when it is virtually certain that the reimbursement will be received.

Contingent liability is disclosed in case of:

(i) a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the entity; or

(ii) a present obligation arising from past events where:

• it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or

• the amount of the obligation cannot be measured with sufficient reliability.

Contingent assets are disclosed where an inflow of economic benefits is probable.

Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

Where the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under
such contract, the present obligation under the contract is recognised and measured as a provision for onerous contract/foreseeable
losses.

(x) Commitments
Commitments are future liabilities for contractual expenditure, classified and disclosed as follows:

(i) estimated amount of contracts remaining to be executed on capital account and not provided for;

(ii) uncalled liability on shares and other investments partly paid;

(iii) funding related commitment to subsidiary, associate and joint venture companies; and

(iv) other non-cancellable commitments, if any, to the extent they are considered material and relevant in the opinion of management.

Other commitments related to sales/procurements made in the normal course of business are not disclosed to avoid excessive details.
(y) Discontinued operations and non-current assets held for sale
Discontinued operation is a component of the Company that has been disposed of or classified as held for sale and represents a major
line of business.

Non-current assets and disposal groups are classified as held for sale if their carrying amount is intended to be recovered principally
through a sale (rather than through continuing use) when the asset (or disposal group) is available for immediate sale in its present
condition subject only to terms that are usual and customary for sale of such asset (or disposal group) and the sale is highly probable and
is expected to qualify for recognition as a completed sale within one year from the date of classification.

Non-current assets and disposal groups classified as held for sale are measured at lower of their carrying amount and fair value less costs
to sell.

473
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [1](ii)
Material Accounting Policy Information (contd.)
(z) Statement of Cash Flows
Statement of Cash Flows is prepared segregating the cash flows into operating, investing and financing activities. Cash flow from
operating activities is reported using indirect method, adjusting the profit before tax excluding exceptional items for the effects of:

(i) changes during the period in inventories and operating receivables and payables;

(ii) non-cash items such as depreciation, provisions, unrealised foreign currency gains and losses; and

(iii) all other items for which the cash effects are investing or financing cash flows.

Cash and cash equivalents (including bank balances) shown in the Statement of Cash Flows exclude items which are not available for
general use as at the date of Balance Sheet.

(aa) Earnings per share

Basic earnings per share is computed using the net profit or loss after tax and weighted average number of shares outstanding during
the year.
Diluted earnings per share is computed using the net profit or loss after tax and weighted average number of equity and potential equity
shares outstanding during the year, except where the result would be anti-dilutive.

(ab) Key sources of estimation

The preparation of financial statements in conformity with Ind AS requires that the management of the Company makes estimates and
assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and liabilities and
the disclosures relating to contingent liabilities as of the date of the financial statements. The estimates and underlying assumptions
made by management are explained under respective policies. Revisions to accounting estimates include useful lives of property,
plant and equipment & intangible assets, allowance for expected credit loss, future obligations in respect of retirement benefit plans,
expected cost of completion of contracts, provision for rectification costs, fair value/recoverable amount measurement, tax provisions etc.
Difference, if any, between the actual results and estimates is recognised in the period in which the results are known.

474 Integrated Annual Report 2024-25

 Notes forming part of the Standalone Financial Statements (contd.)
NOTE [2]
Property, Plant and Equipment & Capital work-in-progress
v crore
Cost/valuation Depreciation Impairment Book value
Foreign Foreign
Class of assets As at Classified as As at Up to Classified as Up to Up to As at
Additions Transfer* currency Deductions For the year Transfer* currency Deductions
1-4-2024 Held for Sale 31-3-2025 31-3-2024 Held for Sale 31-3-2025 31-3-2025 31-3-2025
fluctuation fluctuation
Land
Freehold 523.71 15.07 22.34 – – 10.99 550.13 – – – – – – – – 550.13
leasehold 143.14 – – – – – 143.14 14.36 1.59 – – – – 15.95 – 127.19
Sub-total 666.85 15.07 22.34 – – 10.99 693.27 14.36 1.59 – – – – 15.95 – 677.32
Buildings 3585.53 319.33 (14.54) 0.31 22.98 1.38 3866.27 868.87 120.21 (8.12) 0.31 4.37 0.86 976.04 87.35 2802.88
Plant & equipment
Owned 10792.07 1222.84 (2.88) 1.02 37.14 126.48 11849.43 6108.67 1379.10 (0.60) 1.01 18.70 114.70 7354.78 13.26 4481.43
Leased out 11.66 – (0.32) – – – 11.34 11.66 – (0.32) – – – 11.34 – –
Sub-total 10803.73 1222.84 (3.20) 1.02 37.14 126.48 11860.77 6120.33 1379.10 (0.92) 1.01 18.70 114.70 7366.12 13.26 4481.43
Computers 683.38 73.73 (0.02) 0.08 – 39.49 717.68 520.59 70.76 – 0.11 – 39.35 552.11 – 165.57
Office equipment 332.57 32.37 0.06 0.28 0.42 12.65 352.21 264.76 33.13 0.06 0.28 0.24 12.55 285.44 – 66.77
Furniture and fixtures 167.02 13.72 (0.01) 0.08 0.23 10.36 170.22 124.84 11.97 (0.01) 0.09 0.02 10.17 126.70 0.06 43.46
Vehicles 266.93 26.39 0.02 0.27 – 30.52 263.09 164.15 26.40 – 0.27 – 23.63 167.19 – 95.90
Overview
Corporate

Other assets
Ships 323.51 17.98 – – – – 341.49 113.43 20.95 – – – – 134.38 – 207.11
Dredged Channel 679.69 – – – – – 679.69 325.91 29.54 – – – – 355.45 – –
Breakwater structures 226.00 – – – – – 226.00 46.47 5.01 – – – – 51.48 – 174.52
Aircraft 195.22 – – – – – 195.22 68.82 10.48 – – – – 79.30 – 115.92
Leasehold Improvements 12.81 – – – 12.81 – – 2.63 2.13 – – 4.76 – – – –
Sub-total 1437.23 17.98 – – 12.81 – 1442.40 557.26 68.11 – – 4.76 – 620.61 – 821.79
Total 17943.24 1721.43 4.65 2.04 73.58 231.87 19365.91 8635.16 1711.27 (8.99) 2.07 28.09 201.30 10110.12 100.67 9155.12
Management

Add: Capital
work-in-progress 1397.04 840.71 (0.27) – – 1120.15 1117.33 – – – – – – – – 1117.33
10272.45

* Transfer within property, plant and equipment and Transfer (to) / from investment property/inventories
Discussion and Analysis
Report
Integrated
Reports
Statutory
Financial

475
Statements
 Notes forming part of the Standalone Financial Statements (contd.)

476
NOTE [2]
Property, Plant and Equipment & Capital work-in-progress (contd.)

v crore
Cost/Valuation Depreciation Impairment Book value
Foreign Foreign
Class of assets As at Business As at Up to For the Business Up to Up to As at
Additions Transfer* currency Deductions Transfer* currency Deductions
1-4-2023 Combination 31-3-2024 31-3-2023 year Combination 31-3-2024 31-3-2024 31-3-2024
fluctuation fluctuation
Land
Freehold 556.11 0.71 – (33.10) – 0.01 523.71 – – – – – – – – 523.71
leasehold 143.95 0.00 – (0.81) – 0.00 143.14 12.86 1.59 – (0.09) 14.36 – 128.78
Sub-total 700.06 0.71 – (33.91) – 0.01 666.85 12.86 1.59 – (0.09) – – 14.36 – 652.49
Buildings 3335.56 252.95 – 1.18 0.20 4.36 3585.53 762.25 108.39 – 0.62 0.20 2.59 868.87 87.35 2629.31
Plant & equipment
Owned 9194.36 1789.09 0.02 – 0.63 192.03 10792.07 5040.61 1228.24 0.02 – 0.62 160.82 6108.67 13.26 4670.14
Leased out 162.72 – – – – 151.06 11.66 162.55 – – – – 150.89 11.66 – –
Sub-total 9357.08 1789.09 0.02 – 0.63 343.09 10803.73 5203.16 1228.24 0.02 – 0.62 311.71 6120.33 13.26 4670.14
Computers 595.30 87.13 24.51 – 0.03 23.59 683.38 458.99 63.86 20.36 – 0.03 22.65 520.59 – 162.79
Office equipment 309.12 30.29 1.06 – 0.15 8.04 332.58 239.44 31.81 0.98 – 0.15 7.62 264.76 – 67.82
Furniture and fixtures 160.73 10.36 0.13 – 0.02 4.22 167.02 114.54 13.15 0.12 – 0.02 2.99 124.84 0.06 42.12
Vehicles 259.46 31.28 0.25 – 0.12 24.19 266.92 155.87 27.37 0.25 – 0.12 19.46 164.15 – 102.77
Other assets
Ships 286.37 37.14 – – – – 323.51 92.12 21.31 – – – – 113.43 – 210.08
Dredged Channel 679.69 – – – – – 679.69 296.37 29.54 – – – – 325.91 – 353.78
Breakwater structures 226.00 – – – – – 226.00 41.46 5.01 – – – – 46.47 – 179.53
Aircraft 195.22 – – – – – 195.22 58.34 10.48 – – – – 68.82 126.40
Leasehold Improvements 4.75 8.06 – – – – 12.81 0.62 2.01 – – – – 2.63 – 10.18
Sub-total 1392.03 45.20 – – – – 1437.23 488.91 68.35 – – – – 557.26 – 557.26
Total 16109.34 2247.01 25.97 (32.73) 1.15 407.50 17943.24 7436.02 1542.76 21.73 0.53 1.14 367.02 8635.16 100.67 9207.41
Add: Capital work-in-progress 1938.38 1718.38 – (593.33) – 1666.39 1397.04 – – – – – – – – 1397.04
10604.45

* Transfer within property, plant and equipment and Transfer (to) / from investment property/inventories
Notes forming part of the
Standalone Financial Statements

Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [2]
Property, Plant and Equipment & Capital work-in-progress (contd.)
a) Additions during the year and capital work-in-progress include ¢ 55.23 crore (previous year ¢ 52.30 Crore) being borrowing cost
capitalised in accordance with Accounting Standard (Ind AS) 23 on "Borrowing Costs".

b) The rate used to determine the amount of borrowing costs eligible for capitalisation is 7.30% (previous year: 7.29%).

c) Owned assets given on operating lease have been presented separately under respective class of assets as “Leased out” pursuant to Ind
AS 116 “Leases”.

d) Out of its leasehold land at Hazira, the Company has given certain portion of land for the use to its joint venture company and the lease
deed is under execution.

e) Depreciation is provided based on useful life supported by the technical evaluation considering business specific usage, the consumption
pattern of the assets and the past performance of similar assets.
a. Estimated useful life of the following assets is in line with useful life prescribed in schedule II of the Companies Act, 2013:

Minimum useful life Maximum useful life

Sr. No. Asset class
(in years) (in years)
1. Buildings 3 60
2. Plant and equipment 8 15
3. Computer 3 6
4. Office equipment 4 5
5. Furniture & fixture 10 10
6. Vehicles 8 10
7. Ships 14 14

b. Estimated useful life of following assets is different than useful life as prescribed in schedule II of the Companies Act, 2013.

Useful life as per Useful life adopted (in years)

Sr. No. Category of assets Sub-category of assets
Schedule II (in years)
1. Aircrafts – 20 18
2. Vehicles Motor cars 8 7
A Assets used in Heavy Engineering Business (Hi-Tech Manufacturing segment):

Useful life as per

Sr. Useful life adopted
Category of assets Sub-category of assets Schedule II (in
No. (in years)
years)
1. Plant & equipment Boring/Rolling/Drilling/Milling machines 15 10-30
Modular furnace 15 5-15
Other furnaces 15 5-30
Horizontal autoclaves 15 10-30
Load bearing structures 15 50
Flushing facility 15 3
Cranes 15 10-30
2. Roads Carpeted roads-other than RCC 5 5-15

477
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [2]
Property, Plant and Equipment & Capital work-in-progress (contd.)
B. Assets used in Shipbuilding Business: (a part of Precision Engineering System under the Hi-Tech Manufacturing segment):

Revised useful life

Useful life as per adopted based on
Asset category
Schedule II (in years) technical evaluation
(in years)
(1) Breakwater structures
(a) Breakwater, Rock bund & Finger Jetties 30* 50
(2) Dredged channel
(a) Ship lift structures, Control system, Chiller units, 15* 20
Condition monitoring system, Ship position system,
Ship transfer system, other ship lift related items.
(b) Land berth and piled platforms 30* 40
(c) Tower cranes 15 25
(3) Plant and equipment
(a) Rails 15 20
(b) Diesel generator 15 12
(c) Air-Conditioner & refrigeration equipment 15 12
(4) Buildings
(a) Production shops 30 50
(b) Internal roads 5 15
(5) Vehicles - Motor cars 8 7

*Represents license period as per agreement executed with the Tamil Nadu Maritime Board, renewable on expiry.
C. Assets used in Precision Engineering System (a part of Hi-Tech Manufacturing segment):

Sr. Useful life as per Useful life adopted

Category of assets Sub-category of assets
No. Schedule II (in years) (in years)
1. Buildings Factory buildings 30 2 – 60 *
Non-Factory buildings 3 – 60 2 – 60 *
2. Plant & Equipment General 8 - 15 5 – 30
Electrical installation 10 2 – 20 *
3. Office Equipment 4–5 4 – 10
4. Furniture & Fixture 10 10 – 20
5. Vehicles Motor cars (Including Electrical 8 7-14
vehicle and bicycles)

* Assets which are project specific are depreciated over the project tenure.

478 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [2]
Property, Plant and Equipment & Capital work-in-progress (contd.)
D. Assets used in Infrastructure business:

Useful life as
Sr. Useful life adopted (in
Category of assets Sub-category of assets per Schedule II
No. years)
(in years)
1. Office equipment Assets deployed at project site 5 3
2. Air conditioning and Assets deployed at project site 15 3
refrigeration equipment
3. Canteen equipment Assets deployed at project site 15 3
4. Laboratory equipment Assets deployed at project site 10 3
5. Photographic equipment Assets deployed at project site 15 3
6. Computers Assets deployed at project site 3–6 3
In addition to above:

1. Plant and equipment which are project specific and deployed at project sites, with useful life of 15 years as per Schedule
II, are depreciated over the project duration of 2-4 years.
2. Any asset purchased for project site with acquisition value less than ¢ 50000 for above 6 categories of asset, full cost is
depreciated in the same financial year.
E. Assets used in Hydrocarbon business (a part of Energy segment):

Useful life as per

Useful life adopted
Category Sub class Schedule II (in
(in years)
years)
Buildings Office building 60
5-60
Housing colony 50
Ships 20 15-25
Software Specialized software 6 2-6
Plant and equipment Crane 250 Tonnes 12 20
Jetty construction 12 30
Land development 12 30
Minor Plant & Machinery 12 2-15
Tunnelling and transmission line
10 2-15
Equipments
Cranes < 100 tons & Heavy lift
15 2-15
Equipment
Road making equipment, Crushing
15 2-15
Equipment
Piling, welding and pipeline
15 2-15
Equipment
Earth-moving equipment 15 2-15
Computers Laptop/Deskop 3
3-6
Servers & Storage & Network switches & Routers 6
Office equipments Fax/Printers/Scanner (MFD), Desktop inkjet/
LaserJet printers, Switches audio video & 4 3-6
Projectors=
Other office equipments 5 3-6
Water cooler 5 3-6
Assets deployed at project sites 5 3-6

479
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [2]
Property, Plant and Equipment & Capital work-in-progress (contd.)
Useful life as per
Useful life adopted
Category Sub class Schedule II (in
(in years)
years)
Air-condition and Assets deployed at office
Refrigeration 12 3-12
Assets deployed at project sites
Canteen equipments Assets deployed at office
8 8
Assets deployed at project sites
Photographic equipments Assets deployed at office
15 3
Assets deployed at project sites
Laboratory equipments Assets deployed at office
15 8-12
Assets deployed at project sites
Electrical installations HT/LT ELECTRIC SUB-STATION IN MFF II 10 6-22
Others 10 3-6
Furniture and Fixtures Assets deployed at office 10 2-10
Vehicles Buses & Trucks 8 5-10
Cars 7 5-10
Jeeps 7 5-10
Motorcycles 10 5-10
(i) Assets with acquisition value less than ¢ 5000/- is depreciated fully in the financial year of acquisition

(ii) P&M & Office equipment at project sites costing below ¢ 50000/- is depreciated fully in the financial year of acquisition.

f) Carrying value of Property, plant and equipment hypothecated as collateral for certain borrowings and / or commitments as at March 31,
2025 - NIL (as at March 31, 2024: NIL)

g) Ageing of Capital work-in-progress

v crore

As at 31-3-2025 As at 31-3-2024
Particulars Less than More than Less than More than
1-2 years 2-3 years Total 1-2 years 2-3 years Total
1 year 3 years 1 year 3 years
Projects in Progress 719.54 247.22 49.83 100.74 1117.33 854.54 467.43 66.05 9.02 1397.04
As on the date of the balance sheet, there are no projects whose completion is overdue or has exceeded the cost, based on approved
plan.

h) Title deeds of Immovable Properties not held in name of the Company.

Gross Whether title

Carrying value
carrying deed holder
in the financial Property Reason for not
Description of value as at Title deeds held in is a promoter,
statements as at held since being held in name
property March 31, name of director or
March 31, 2025 which date of Company
2025 their relative or
(¢ crore)
(¢ crore) employee
Freehold Land- 1.01 1.01 Heirs of Magan No 13 years Land acquired from
Hazira West Prema and Magan (Since 2012) farmers through
Kuber* Government
Acquisition Route.
The formalities are
pending from the
authorities side.

* Irrevocable Power of Attorney given to L&T by the owners, possession is with the Company.

480 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [3]
Investment Property
v crore
Cost Depreciation Book Value
Class of assets Classified Classified
As at As at As at For the As at As at
Additions Transfer* as Held for Deductions Transfer* as Held for Deductions
1-4-2024 31-3-2025 31-3-2024 period 31-3-2025 31-3-2025
Sale Sale
Land 198.26 1.22 (22.33) 0.22 – 176.93 0.10 0.01 – – – 0.11 176.82
Buildings 483.54 302.57 17.80 117.91 0.46 685.54 113.77 21.80 8.18 22.28 0.45 121.02 564.52
Total 681.80 303.79 (4.53) 118.13 0.46 862.47 113.87 21.81 8.18 22.28 0.45 121.13 741.34
Add: Investment Property under
construction 593.33 419.31 – 16.10 430.72 565.82 – – – – – – 565.82
1307.16

* Transfer (to)/from Property plant & equipment / Inventory

v crore
Cost Depreciation Book Value
Class of assets Classified Classified
As at As at As at For the As at As at
Additions Transfer* as Held for Deductions Transfer* as Held for Deductions
1-4-2023 31-3-2024 31-3-2023 period 31-3-2024 31-3-2024
Sale Sale
Land 181.79 – 16.47 – – 198.26 – 0.01 0.09 – – 0.10 198.16
Buildings 483.93 0.87 (1.18) – 0.08 483.54 97.15 17.26 (0.62) – 0.02 113.77 369.77
Total 665.72 0.87 15.29 – 0.08 681.80 97.15 17.27 (0.53) – 0.02 113.87 567.93
Add: Investment Property under
construction – 144.20 593.33 144.20 – 593.33 – – – – – – 593.33
1161.26

* Transfer (to)/from Property plant & equipment / Inventory

(a) Depreciation is provided based on useful life supported by the technical evaluation considering business specific usage, the consumption
pattern of the assets and the past performance of similar assets:

Sr. No Class of assets Minimum useful life (in years) Maximum useful life (in years)
1. Buildings 3 60

(b) Disclosure pursuant to Ind AS 40 “Investment Property”

(i) Amount recognised in the Statement of Profit and Loss for investment property:
v crore

Sr. No. Particulars 2024-25 2023-24

1 Rental income derived from investment property 159.49 136.68
2 Direct operating expenses pertaining from investment property that generated rental
income 40.89 36.33

481
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [3]
Investment Property (contd.)
(ii) Details with respect to fair valuation of Investment property:
v crore
Particulars 2024-25 2023-24
Fair valuation by:
(i) independent registered valuers[1] 3140.77 2788.12
(ii) independent unregistered valuers[1] 17.38 75.00
(iii) internal architectural department 1832.72 2181.94
Total fair value 4990.87 5045.06
[1] Independent valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules,2017
Note: Above valuation is based on government rates, market research, market trend and comparable values as considered appropriate.

(iii) Ageing of Investment Property under construction

v crore

As at 31-3-2025 As at 31-3-2024
Particulars Less than More than Less than More than
1-2 years 2-3 years Total 1-2 years 2-3 years Total
1 year 3 years 1 year 3 years
Projects in Progress 275.73 166.85 87.62 35.62 565.82 356.91 170.82 32.83 32.77 593.33

As on the date of the balance sheet, there are no projects whose completion is overdue or has exceeded the cost, based on
approved plan.

NOTE [4]
Goodwill
v crore

Cost Impairment Book value

Class of assets As at Business As at As at
1-4-2024 combination 31-03-2025 31-03-2025
Goodwill [1]
121.86 – – 121.86

Cost Impairment Book value

Class of assets As at Business As at As at
1-4-2023 combination 31-03-2024 31-03-2024
Goodwill [1]
47.29 74.57 – 121.86
[1]
The above goodwill is attributed to Energy Hydrocarbon business (a part of Energy project segment)

Other Intangible assets & Intangible assets under development

v crore
Cost Amortisation Book Value
Class of assets As at As at Up to Up to As at
Additions Deductions For the year Deductions
1-4-2024 31-3-2025 31-3-2024 31-3-2025 31-3-2025
Intangible assets
Specialised software 315.20 20.32 3.65 331.87 265.68 19.53 3.64 281.57 50.30
Technical know-how 135.53 – – 135.53 108.72 24.08 132.80 2.73
New Product Design and Development 6.26 – – 6.26 6.26 – 6.26 –
Platforms and Courses 134.40 12.81 1.85 145.36 58.31 33.35 1.22 90.44 54.92
Sub-Total 591.39 33.13 5.50 619.02 438.97 76.96 4.86 511.07 107.95
Add: Intangible assets under development 26.63 17.27 22.14 21.76 – – – – 21.76
129.71

* Transfer within other intangible assets

482 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [4]
Other Intangible assets & Intangible assets under development (contd.)
v crore
Cost Amortisation Book Value
Class of assets As at Business As at Up to For the Business Up to As at
Additions Deductions Deductions
1-4-2023 Combination 31-3-2024 31-3-2023 period Combination 31-3-2024 31-3-2024
Intangible assets
Specialised software 282.38 21.37 11.45 – 315.20 236.99 17.33 11.36 – 265.68 49.52
Technical know-how 99.85 35.68 – – 135.53 88.04 20.68 – – 108.72 26.81
New Product Design and 6.26 – – – 6.26 6.26 – – – 6.26 –
Development
Platforms and Courses 116.86 17.54 – – 134.40 27.25 31.06 – – 58.31 76.09
Sub-Total 505.35 74.59 11.45 – 591.39 358.54 69.07 11.36 – 438.97 152.42
Add: Intangible assets under 16.39 42.92 – 32.68 26.63 – – – – – 26.63
development
179.05

* Transfer within other intangible assets

(a) Additions during the year
v crore

FY 2024-25 FY 2023-24
Class of assets Internal Acquired Internal Acquired
Total Total
development - external development - external
Specialised Software – 20.32 20.32 – 21.37 21.37
Technical know-how – – – – 35.68 35.68
Platforms and Courses 12.07 0.74 12.81 16.22 1.32 17.54
Total 12.07 21.06 33.13 16.22 58.37 74.59

(b) Depreciation is provided based on useful life supported by the technical evaluation considering business specific usage, the consumption
pattern of the assets and the past performance of similar assets:

Sr. No Class of assets Minimum useful life (in years) Maximum useful life (in years)
1. Specialised Software 2 8
2. Technical know-how 5 8
3. Platforms and Courses 3 4

(c) Ageing of Capital work-in-progress

v crore

As at 31-3-2025 As at 31-3-2024
Particulars Less than More than Less than More than
1-2 years 2-3 years Total 1-2 years 2-3 years Total
1 year 3 years 1 year 3 years
Projects in Progress 15.29 5.67 0.80 – 21.76 21.66 4.97 – – 26.63

As on the date of the balance sheet, there are no projects whose completion is overdue or has exceeded the cost, based on approved
plan.

483
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [5]
Non-current Assets: Financial Assets - Investments

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Investment in:
(a) Subsidiary companies 31064.57 29942.08
(b) Associate companies 1084.72 4.42
(c) Joint venture companies 607.15 605.92
(d) Other companies 97.44 96.84
32853.88 30649.26

Details of Non-current Assets: Financial Assets - Investments

Number of units
Particulars Face value As at As at As at
per unit 31-3-2025 31-3-2025 31-3-2024
v v crore v crore
Investments in:
(a) Subsidiary companies:
(i) Investments in fully paid equity instruments:
LTIMindtree Limited (quoted) 1 20,31,69,279 9,675.98 9,675.98
L&T Technology Services Limited (quoted) 2 7,79,86,899 805.25 805.25
L&T Finance Limited (quoted) 10 1,65,25,30,125 6,146.42 5,918.65
L&T Metro Rail (Hyderabad) Limited 10 7,41,29,99,999 7,412.99 7,412.99
L&T Power Development Limited 10 2,28,96,63,205 2,289.66 2,289.66
L&T Realty Properties Limited (formerly known as L&T Seawoods Limited) 10 1,40,39,79,846 1,394.91 1,394.91
L&T Realty Developers Limited 10 16,71,60,700 107.72 107.72
L&T Valves Limited 100 18,00,000 161.23 161.23
Bhilai Power Supply Company Limited 10 49,950 0.05 0.05
Hi-Tech Rock Products & Aggregates Limited 10 2,65,50,000 26.55 26.55
L&T Aviation Services Private Limited 10 4,56,00,000 45.60 45.60
L&T Capital Company Limited 10 50,000 0.05 0.05
L&T Hydrocarbon Saudi Company LLC [¢ 130.39 (previous year: ¢ 130.39)] SAR 1000 1,000 0.00 0.00
L&T Energy Green Tech Limited 10 24,50,51,164 245.05 51.05
L&T Electromech LLC [¢ 171.70 (previous year: ¢ 171.70)] OMR 1 2,10,000 0.00 0.00
L&T Heavy Engineering LLC [¢ 183.89 (previous year: ¢ 183.89] OMR 1 39,65,500 0.00 0.00
L&T Modular Fabrication Yard LLC [¢ 171.70 (previous year: ¢ 171.70)] OMR 1 20,19,230 0.00 0.00
L&T Kuwait Construction General Contracting Company WLL [¢ 66.04 (previous year:
¢ 66.04)] KWD 1000 980 0.00 0.00
Larsen Toubro Arabia LLC SAR 1000 7,500 11.08 11.08
L&T Geostructure Private Limited 10 2,47,50,000 318.50 318.50
L&T Construction Equipment Limited 10 19,91,42,091 22.27 22.27
Larsen & Toubro Saudi Arabia LLC SAR 1000 625 1.05 1.05
L&T Network Services Private Limited 10 1,80,00,000 18.00 9.00
PT Larsen & Toubro IDR 1000000 25,700 16.46 16.46
Corporate Park (Powai) Private Limited 10 20,03,26,000 200.33 2.05
Business Park (Powai) Private Limited 10 18,80,30,000 188.03 2.05
L&T Global Holdings Limited USD 100 80,000 53.16 53.16
L&T Semiconductor Technologies Limited 10 18,60,30,000 186.03 9.55
L&T Offshore Private Limited (formerly known as L&T Sapura Offshore Private Limited) [2] 10 – 0.01
L&T Special Steels & Heavy Forgings Private Limited [Net of provision ¢ 419.28 crore
(previous year provision ¢ 419.28 crore)] [1] 10 56,66,00,000 – –
29,326.37 28334.88

484 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [5]
Details of Non-current Assets: Financial Assets - Investments (contd.)
Number of units
Particulars Face value As at As at As at
per unit 31-3-2025 31-3-2025 31-3-2024
v v crore v crore
(ii) Preference share considered equity as per terms:
L&T Realty Properties Limited (formerly known as L&T Seawoods Limited)-10% Non-
cumulative, optionally convertible redeemable preference shares, March 30, 2027 2 82,60,00,000 826.00 826.00
L&T Realty Properties Limited (formerly known as L&T Seawoods Limited)-10% Non-
cumulative, optionally convertible redeemable preference shares, May 12, 2027 2 4,80,00,000 48.00 48.00
L&T Realty Properties Limited (formerly known as L&T Seawoods Limited)-10% Non-
cumulative, optionally convertible redeemable preference shares, July 14, 2027 2 4,22,50,000 42.25 42.25
L&T Realty Properties Limited (formerly known as L&T Seawoods Limited)-10% Non-
cumulative, optionally convertible redeemable preference shares, September 3, 2027 2 4,20,00,000 42.00 42.00
L&T Realty Developers Limited - 12% Non-cumulative optionally convertible redeemable
at par preference shares, May 26, 2025 10 64,83,00,000 648.30 648.30
L&T Semiconductor Technologies Limited - 7.5% Non-cumulative optionally convertible
redeemable at par preference shares, August 20, 2044 10 2,62,00,000 131.00 –
L&T Special Steels & Heavy Forgings Private Limited - 6% Cumulative, non-convertible
redeemable at par preference shares, December 8, 2035 [Net of provision
¢ 78.33 crore] [1] 10 21,00,00,000 – –
L&T Special Steels & Heavy Forgings Private Limited - 6% Cumulative, non-convertible
redeemable at par preference shares, December 8, 2036 [Net of provision
¢ 97.91 crore] [1] 10 24,00,00,000 – –
L&T Special Steels & Heavy Forgings Private Limited - 6% Cumulative, non-convertible
redeemable at par preference shares, December 8, 2037 [Net of provision
¢ 84.41 crore] [1] 10 19,20,00,000 – –
1737.55 1606.55
(iii) Other deemed equity investment:
L&T Aviation Services Private Limited 0.65 0.65
0.65 0.65
(iv) Preference shares considered as fair value of debt portion:
L&T Special Steels & Heavy Forgings Private Limited - 6% Cumulative, non-convertible
redeemable at par preference shares, December 8, 2035 [Net of provision
¢ 77.77 crore] [1] 10 21,00,00,000 – –
L&T Special Steels & Heavy Forgings Private Limited - 6% Cumulative, non-convertible
redeemable at par preference shares, December 8, 2036 [Net of provision
¢ 79.12 crore] [1] 10 24,00,00,000 – –
L&T Special Steels & Heavy Forgings Private Limited - 6% Cumulative, non-convertible
redeemable at par preference shares, December 8, 2037 [Net of provision
¢ 56.28 crore] [1] 10 19,20,00,000 – –
– –
Total - (a) = (i)+(ii)+(iii)+(iv) 31064.57 29942.08
(b) Associate companies:
Gujarat Leather Industries Limited [Net of provision ¢ 0.56 crore (previous year provision
¢ 0.56 crore)] 10 7,35,000 – –
Magtorq Private Limited 100 9,000 4.42 4.42
E2E Networks Limited (quoted) 10 29,79,579 1080.30 –
1084.72 4.42
(c) Joint Venture companies:
(i) Investments in fully paid equity instruments:
L&T Howden Private Limited 10 1,50,30,000 15.03 15.03
L&T Sapura Shipping Private Limited 10 9,53,11,850 95.31 95.31
L&T - MHI Power Boilers Private Limited 10 11,93,91,000 119.39 119.39
L&T - MHI Power Turbine Generators Private Limited 10 36,24,06,000 362.41 362.41
L&T Special Steels and Heavy Forgings Private Limited (previous year net of provision
¢ 419.29 crore) [1] 10 – – –
L&T-Sargent & Lundy Limited 10 27,82,736 0.82 0.82
Raykal Aluminum Company Private Limited 10 37,750 0.04 0.04
L&T MBDA Missile Systems Limited 10 5,10,000 0.51 0.51
GH4India Private Limited 10 10,00,000 1.00 1.00
594.51 594.51

485
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [5]
Details of Non-current Assets: Financial Assets - Investments (contd.)
Number of units
Particulars Face value As at As at As at
per unit 31-3-2025 31-3-2025 31-3-2024
v v crore v crore
(ii) Other deemed equity investment:
L&T - MHI Power Boilers Private Limited 2.24 2.24
L&T - MHI Power Turbine Generators Private Limited 10.40 9.13
12.64 11.37
(iii) Preference shares-(equity portion):
Epic Concesiones 3 Limited (formerly known as L&T Infrastructure Development Projects
Limited) -(Series 1 Compulsorily Convertible Preference Shares, maturity 10 years-
January 11, 2033) (Bonus shares) 10 – –
Epic Concesiones 3 Limited (formerly known as L&T Infrastructure Development Projects
Limited) -(Series 2 Compulsorily Convertible Preference Shares, maturity 10 years-
January 11 2033) (Bonus shares) 10 – –
Epic Concesiones 3 Limited (formerly known as L&T Infrastructure Development Projects
Limited) -(Series 3 Compulsorily Convertible Preference Shares, maturity 10 years-
January 11, 2033) (Bonus shares) 10 – –
Epic Concesiones 3 Limited (formerly known as L&T Infrastructure Development Projects
Limited) -(Series 4 Compulsorily Convertible Preference Shares, maturity 10 years-
January 11, 2033) 10 – 0.04
L&T Special Steels & Heavy Forgings Private Limited - 6% Cumulative, non-convertible
redeemable at par preference shares, December 8, 2024 [previous year provision
¢ 78.33 crore] [1] 10 – –
L&T Special Steels & Heavy Forgings Private Limited - 6% Cumulative, non-convertible
redeemable at par preference shares, December 8, 2025 [previous year provision
¢ 97.91 crore] [1] 10 – –
L&T Special Steels & Heavy Forgings Private Limited - 6% Cumulative, non-convertible
redeemable at par preference shares, December 8, 2026 [previous year provision
¢ 84.41 crore] [1] 10 – –
– 0.04
(iv) Preference shares considered as fair value of debt portion:
L&T Special Steels & Heavy Forgings Private Limited - 6% Cumulative, non-convertible
redeemable at par preference shares, December 8, 2024 [previous year provision
¢ 77.77 crore] [1] 10 – –
L&T Special Steels & Heavy Forgings Private Limited - 6% Cumulative, non-convertible
redeemable at par preference shares, December 8, 2025 [previous year provision
¢ 79.12 crore] [1] 10 – –
L&T Special Steels & Heavy Forgings Private Limited - 6% Cumulative, non-convertible
redeemable at par preference shares, December 8, 2026 [previous year provision
¢ 56.28 crore] [1] 10 – –
– –
Total - (c) = (i)+(ii)+(iii)+(iv) 607.15 605.92
(d) Other companies:
International Seaport Dredging Limited [Net of provision ¢ 15.90 crore (previous year
provision ¢ 15.90 crore)] 10000 15,899 – –
BBT Elevated Road Private Limited 10 1,00,000 0.10 0.10
Utmal Multi purpose Service Co-operative Society Limited (B Class) (non-trade investments)
[¢ 30,000 (previous year: ¢ 30,000)] 100 300 0.00 0.00
Tidel Park Limited 10 40,00,000 90.43 86.59
VP Global Fibre and Yarns Private Limited [¢ 13,600 (previous year: ¢ 13,600)] 100 136 0.00 0.00
New Vision Wind Power Private Limited [¢ 29,190 (previous year: ¢ 23,420)] 10 2,919 0.00 0.00
The New India Assurance Company Limited (quoted) 10 4,45,803 6.91 10.14
Kalyan Halol-Shamlaji Tollway Limited [Net of provision ¢ 1000 (previous year ¢ 1000)] 10 100 – –
Epic Concesiones 3 Limited (formerly known as L&T Infrastructure Development Projects
Limited) -Series 1 Compulsorily Convertible Preference Shares, maturity 10 years- January 11,
2033 (Bonus shares) 10 25,500 – –
Epic Concesiones 3 Limited (formerly known as L&T Infrastructure Development Projects
Limited) -(Series 3 Compulsorily Convertible Preference Shares, maturity 10 years- January 11,
2033) (Bonus shares) 10 25,500 – –
Indian Foundation for Quality Management [charged off] 10 1,25,00,000 – –
97.44 96.84
Total Non Current Investment = (a)+(b)+(c)+(d) 32853.88 30649.26

486 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [5] (contd.)
Details of quoted / unquoted investments: v crore
Particulars As at 31-3-2025 As at 31-3-2024
(a) Aggregate amount of quoted investments and market value thereof;
Book Value 17725.78 16417.71
Market Value 152337.70 169041.56
(b) Aggregate amount of unquoted investments;
Book Value 15128.10 14311.06
(c) Aggregate amount of Impairment in value of investments 909.56 909.56
[1]
T he Company entered into a Joint Venture Termination Agreement with Nuclear Power Corporation of India Limited (NPCIL) on February 18, 2025
for purchase of NPCIL’s 26% equity and preference shareholdings in L&T Special Steel and Heavy Forgings Private Limited (LTSSHF) and assignment of
NPCIL loan to LTSSHF for a consideration of ¢ 170 crore. Pursuant to this, LTSSHF has become a wholly owned subsidiary of the Company with effect
from February 18, 2025.
[2]
L &T Energy Hydrocarbon Engineering Limited and L&T Offshore Private Limited, wholly owned subsidiaries (Transferors) have been amalgamated
with the Company in terms of the scheme approved by National Company Law Tribunal, Chennai and National Company Law Tribunal, Mumbai vide
their respective orders dated February 7, 2025 and December 18, 2024. The Appointed Date for the Amalgamation is April 1, 2024

NOTE [6]
Non-current Assets: Financials Assets - Loans
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Unsecured loan and advances to related parties:
Subsidiary companies, considered good 508.47 401.50
Subsidiary companies, considered doubtful 1270.45 –
Less: Allowance for expected credit loss 1270.45 –
– –
Joint venture companies, considered good 218.12 1907.74
Less: Allowance for expected credit loss – 1730.38
218.12 177.35
Other loans, considered good :
Unsecured others loans, considered good 0.08 0.21
726.67 579.06

NOTE [7]
Non current Assets: Financial Assets - Others
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Unsecured security deposits, considered good: 204.42 211.58
Less: Allowance for expected credit loss 34.92 33.10
169.50 178.48
Fixed deposits with banks (maturity more than 12 months) – 17.38
Cash and bank balances not available for immediate use [refer Note 7(a)] 131.07 194.87
Forward contract receivables 136.35 168.83
Embedded derivative receivables 41.55 11.94
Premium receivable on financial guarantee contracts 8.55 24.90
Other receivables [1] 489.00 0.44
976.02 596.84
[1]
Mainly includes receivables towards litigation matters

487
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

Note 7(a)
Particulars of cash and bank balances not available for immediate use
v crore
Sr. As at As at
Particulars
No. 31-3-2025 31-3-2024
1 Amount received (including interest accrued thereon) from customers of property development business –
to be handed over to housing society on its formation. 32.29 30.17
2 Contingency deposit (including interest accrued thereon) received from customers of property
development business towards their sales tax liability - to be refunded/ adjusted depending on the
outcome of the legal case. 18.96 17.76
3 Other bank balances (including interest accrued thereon) not available for immediate use being security
offered for bids submitted, loans availed, acquisition etc. 552.32 563.84
Total 603.57 611.77
Less: Amount reflected under Current Assets [refer Note 13] 472.50 416.90
Amount reflected under other financial assets - non-current [refer Note 7] 131.07 194.87
NOTE [8]
Other non-current assets
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Capital advances:
Secured 4.75 4.21
Unsecured 381.14 44.64
Advance recoverable other than in cash [1] 1452.41 1368.99
1838.30 1417.84
[1]
Mainly includes indirect tax balances

NOTE [9]
Current Assets: Inventories
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Raw materials [includes goods-in-transit ¢ 0.66 crore (previous year: ¢ 10.04 crore)] 380.51 402.09
Components [includes goods-in-transit ¢ 4.79 crore (previous year: ¢ 6.50 crore)] 195.41 220.86
Construction materials [includes goods-in-transit ¢ 30.45 crore (previous year: ¢ 119.58 crore)] 49.72 148.37
Manufacturing work-in-progress 200.50 279.33
Finished goods [includes goods-in-transit ¢ 0.66 crore (previous year: 0.59)] 2.64 0.87
Stock-in-trade [includes goods-in-transit ¢ 88.08 crore (previous year: ¢ 53.45 crore)] 470.16 228.30
Stores and spares [includes goods-in-transit ¢ 5.95 crore (previous year: ¢ 2.56 crore)] 156.78 145.98
Loose tools 6.75 4.70
Property development related work-in-progress 1671.85 2032.37
Property development project - completed property 264.45 58.10
3398.77 3520.97

Note : During the year ¢ 4.22 crore (previous year: ¢ 18.56 crore) was recognised as expense towards write-down of inventories (net).

488 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [10]
Current Assets: Financial Assets - investments
v crore
Particulars As at 31-3-2025 As at 31-3-2024
(A) Government and trust securities 6694.36 4393.72
(B) Debentures and bonds
(i) Subsidiary companies 1084.77 758.90
(ii) Joint venture companies – 736.26
(iii) Other debentures & bonds 6940.87 5307.70
8025.64 6802.86
(C) Mutual funds 5159.07 1499.59
(D) Collateral borrowing and lending obligation (CBLO) – 199.96
(E) Commercial paper 417.20 195.79
(F) Certificate of deposits 458.63 1026.85
(G) Preference shares 53.02 –
(H) InvITs 3980.37 2694.57
24788.29 16813.34

Details of current investments in Subsidiary companies and Joint venture companies

Number of
units
Particulars Face
As at As at As at
value per
31-3-2025 31-3-2025 31-3-2024
unit
v v crore v crore
Debentures and Bonds (quoted):
(i) Subsidiary companies:
9.00% L&T Finance Limited NCD April 15, 2024 1,000 – 16.72
7.75% L&T Finance Limited NCD July 10, 2025 10,00,000 – 152.70
7.95% L&T Finance Limited NCD July 28, 2025 10,00,000 1,050 111.04 137.30
7.85% L&T Finance Limited NCD July 9, 2025 10,00,000 – 15.82
6.68% L&T Metro Rail (Hyderabad) Limited April 30, 2027 10,00,000 1,720 180.61 436.36
6.37% L&T Metro Rail (Hyderabad) Limited April 30, 2025 10,00,000 7,500 793.12 –
Total- (i) 1084.77 758.90
(ii) Joint Venture companies*:
8.80% Kudgi Transmission Limited NCD April 25, 2024 10,00,000 – 18.41
8.80% Kudgi Transmission Limited NCD April 25, 2025 10,00,000 – 19.66
8.80% Kudgi Transmission Limited NCD April 25, 2026 10,00,000 – 22.03
8.80% Kudgi Transmission Limited NCD April 25, 2027 10,00,000 – 23.33
9.14% Kudgi Transmission Limited SR-K NCD April 25, 2028 10,00,000 – 26.13
9.14% Kudgi Transmission Limited SR-L NCD April 25, 2029 10,00,000 – 27.57
9.14% Kudgi Transmission Limited SR-M NCD April 25, 2030 10,00,000 – 31.29
9.14% Kudgi Transmission Limited SR-N NCD April 25, 2031 10,00,000 – 32.74
9.14% Kudgi Transmission Limited SR-O NCD April 25, 2032 10,00,000 – 34.18
9.50% Kudgi Transmission Limited SR-P NCD April 25, 2033 10,00,000 – 37.65
9.50% Kudgi Transmission Limited SR-T NCD April 25, 2034 10,00,000 – 40.39
9.50% Kudgi Transmission Limited SR-R NCD April 25, 2035 10,00,000 – 43.97
9.50% Kudgi Transmission Limited SR-S NCD April 25, 2036 10,00,000 – 47.47
9.50% Kudgi Transmission Limited SR-T NCD April 25, 2037 10,00,000 – 49.66
9.50% Kudgi Transmission Limited SR-U NCD April 25, 2038 10,00,000 – 42.14
9.50% Kudgi Transmission Limited SR-V NCD April 25, 2039 10,00,000 – 114.86
9.50% Kudgi Transmission Limited SR-W NCD April 25, 2040 10,00,000 – 124.78
Total- (ii) – 736.26
* Divested on April 10, 2024

489
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [10] (contd.)
Details of quoted / unquoted investments:
v crore
Particulars As at 31-3-2025 As at 31-3-2024
(a) Aggregate amount of quoted current investments and market value thereof;
Book Value 18700.37 13891.15
Market Value 18700.37 13891.15
(b) Aggregate amount of unquoted current investments;
Book Value (Accounted based on NAV) 5159.07 1499.59
Book Value 928.85 1422.61
NOTE [11]
Current Assets: Financial Assets - Trade receivables

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Unsecured, considered good 42676.67 40894.55
Less: Allowance for expected credit loss 4346.49 3942.49
38330.18 36952.06
Credit Impaired 191.18 214.77
Less: Allowance for expected credit loss 191.18 206.32
– 8.45
38330.18 36960.51

[a] Current assets: Financial assets - Trade receivables ageing

v crore
As at 31-3-2025
Outstanding for the following periods from the due date of payment
Particulars
Not due Less than 6 months - More than Total
1-2 years 2-3 years
6 months 1 year 3 years
Undisputed:
- Considered good 21599.89 10027.74 2437.71 3983.84 1045.93 2640.63 41735.74
- Credit impaired – – – 0.20 2.52 23.96 26.68
Disputed:
- Considered good 107.73 – 13.10 45.97 60.48 713.66 940.94
- Credit impaired – – – – – 164.49 164.49
Gross trade receivables 21707.60 10027.74 2450.81 4030.01 1108.93 3542.74 42867.85
Less: Allowance for expected credit loss 4537.67
Total 38330.18

490 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [11]
[a] Current assets: Financial assets - Trade receivables ageing (contd.)
v crore
As at 31-3-2024
Outstanding for the following periods from the due date of payment
Particulars
Not due Less than 6 months - More than Total
1-2 years 2-3 years
6 months 1 year 3 years
Undisputed:
- Considered good 20893.18 10453.59 2437.28 1854.39 1271.25 2577.29 39486.98
- Credit impaired – – 0.80 2.52 8.60 38.26 50.18
Disputed:
- Considered good 105.90 253.74 – 94.10 0.20 953.64 1407.58
- Credit impaired – – – – – 164.58 164.58
Gross trade receivables 20999.08 10707.33 2438.08 1951.01 1280.05 3733.77 41109.32
Less: Allowance for expected credit loss 4148.81
Total 36960.51

NOTE [12]
Current Assets: Financials Assets - Cash and cash equivalents
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Balance with banks 2147.90 3027.95
Cheques and draft on hand 281.67 409.56
Cash on hand 3.17 3.42
Fixed deposits with banks (maturity less than 3 months) 1150.81 500.06
3583.55 3940.99

NOTE [13]
Current Assets: Financials Assets - Other bank balances
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Fixed deposits with banks 150.07 282.43
Earmarked balances with banks-unclaimed dividend 137.78 129.90
Earmarked balances with banks-Section4(2)(1)(D) of RERA [1]
2.71 0.75
Cash and bank balances not available for immediate use [refer Note 7(a)] 472.50 416.90
763.06 829.98
[1]
Real Estate (Regulation and Development) Act, 2016

491
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [14]
Current Assets : Financials Assets - Loans

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Unsecured loans and advances to related parties:
Subsidiary companies, considered good 634.72 36.10
Associate/Joint venture companies, considered good 0.30 26.94
635.02 63.04

NOTE [15]
Current Assets : Financial Assets - Others

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Unsecured security deposits, considered good 528.70 497.72
Less: Allowance for expected credit loss 0.76 0.76
527.94 496.96
Receivable from related parties:
Subsidiary companies 1312.49 1040.47
Less: Allowance for expected credit loss 7.15 6.50
1305.34 1033.97
Joint venture companies 106.27 107.90
Less: Allowance for expected credit loss 0.88 0.87
105.39 107.03
Other recoverable [1]
1069.54 2200.17
Premium receivable on financial guarantee contracts 16.35 25.13
Forward contract receivable 485.75 238.14
Embedded derivative receivable 264.81 158.39
Doubtful advances:
Deferred credit sale of ships 27.11 27.11
Other loans and advances 181.89 182.98
209.00 210.09
Less: Allowance for expected credit loss 209.00 210.09
– –
3775.12 4259.79

[1]
mainly includes receivables from joint operators and other parties

492 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [16]
Other current assets

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Contract Assets [refer Note 41(d)]
Unbilled Revenue 35018.65 37890.18
Retention money 13554.30 11886.84
48572.95 49777.02
Advance recoverable other than in cash [1]
8550.05 7765.76
Less: Allowance for expected credit loss 0.99 0.99
8549.06 7764.77
Government grants receivable 19.12 11.65
57141.13 57553.44

[1]
Mainly includes advances to suppliers and indirect tax balances

NOTE [17]
Equity share capital
(a) Share capital authorised, issued, subscribed and paid up:

As at 31-3-2025 As at 31-3-2024
Particulars Number of Number of
v crore v crore
shares shares
Authorised: [1]
Equity shares of ¢ 2 each 40,37,25,00,000 8074.50 40,18,50,00,000 8037.00

Issued, subscribed and fully paid up:

Equity shares of ¢ 2 each 1,37,51,92,165 275.04 1,37,46,68,619 274.93

[1]
P ursuant to the approval of Scheme of Amalgamation of merger of L&T Energy Hydrocarbon Engineering Limited (“LTEHE”) and L&T Offshore
Private Limited (“LTOPL”) with the Company, the authorised share capital of both LTEHE and LTOPL is added to the share capital of the
Company with effect from appointed date April 1, 2024.

(b) Reconciliation of the number of equity shares and share capital:

As at 31-03-2025 As at 31-3-2024
Particulars Number of Number of
v crore v crore
shares shares
Issued, subscribed and fully paid up equity share outstanding at the
beginning of the year 1,37,46,68,619 274.93 1,40,54,82,190 281.10
Add: Shares issued on exercise of employee stock options during the year 5,23,546 0.11 4,36,429 0.08
Less: Shares extinguished on buy-back – – 3,12,50,000 6.25
Issued, subscribed and fully paid up equity shares outstanding at the end
of the year 1,37,51,92,165 275.04 1,37,46,68,619 274.93

(c) Terms/rights attached to equity shares:

The Company has only one class of share capital, i.e., equity shares having face value of ¢ 2 per share. Each holder of equity share is
entitled to one vote per share.

493
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [17]
Equity share capital (contd.)
(d) Shareholders holding more than 5% of equity shares as at the end of the year: -

As at 31-3-2025 As at 31-3-2024
Name of the shareholders Number of Shareholding Number of Shareholding
shares % shares %
L&T Employees Trust 19,48,87,516 14.17 19,48,87,516 14.18
Life Insurance Corporation of India 18,01,42,821 13.10 15,17,12,116 11.04

The Company's Promoter shareholding as on March 31, 2025 is Nil (previous year: Nil).

(e) Shares reserved for issue under options outstanding on un-issued share capital:

As at 31-3-2025 As at 31-3-2024
Number of Number of
Particulars R crore R crore
equity shares equity shares
(at face (at face
to be issued to be issued
value) value)
as fully paid as fully paid
Employee stock options granted and outstanding [1] 10,77,384 0.22[2] 16,29,198 0.33[2]
[1]
Note 17(i) infra for terms of employee stock option schemes
[2]
The equity shares will be issued at a premium of ¢ 17.34 crore (previous year: ¢ 27.41 crore)
(f) The aggregate number of equity shares allotted as fully paid up by way of bonus shares in immediately preceding five years ended March
31, 2025 are NIL (previous period of five years ended March 31, 2024: NIL shares)

(g) The aggregate number of equity shares issued pursuant to contract, without payment being received in cash in immediately preceding
last five years ended on March 31, 2025 – NIL (previous period of five years ended March 31, 2024: NIL)

(h) The aggregate number of fully paid up equity shares bought back in immediately preceding five years ended March 31, 2025 are
3,12,50,000 (previous period of five years ended March 31, 2024: 3,12,50,000 shares).

(i) Stock option schemes

i. Terms:
A. The grant of options to the employees under the stock option schemes is on the basis of their performance and other eligibility
criteria. During the previous year, the Company had issued the new ESOP series 2006 (B) in which options are vested equally
over a period of 4 years. The options are vested equally over a period of 4 years for series 2003(B) and 2006(B), 5 years in the
case of series 2006(A), subject to the discretion of the management and fulfillment of certain conditions.
B. Options can be exercised anytime within a period of 7 years from the date of grant and would be settled by way of issue of
equity shares. Management has discretion to modify the exercise period.
ii. The details of the grants under the aforesaid schemes are summarized below:

Sr. 2003(B) 2006(A) 2006(B)

Series reference
No. 2024-25 2023-24 2024-25 2023-24 2024-25 2023-24
1 Grant price ¢ 7.80 ¢ 7.80 ¢ 267.10 ¢ 267.10 ¢ 267.10 ¢ 267.10
2 Grant dates 23-5-2003 onwards 1-7-2007 onwards 08-07-2023 onwards
3 Vesting commences on 23-5-2004 onwards 1-7-2008 onwards 08-07-2024 onwards
4 Options granted and outstanding at the beginning of the year 6,08,486 2,14,553 5,47,652 9,60,021 4,73,060 –
5 Options lapsed 6,837 20,995 26,235 53,320 8,800 5,600
6 Options granted 11,108 4,92,308 – – 2,496 4,78,660
7 Options exercised 1,79,843 77,380 2,45,087 3,59,049 98,616 –
8 Options granted and outstanding at the end of the year, of
which 4,32,914 6,08,486 2,76,330 5,47,652 3,68,140 4,73,060
Options vested 18,519 12,880 1,49,744 2,38,138 19,249 –
Options yet to vest 4,14,395 5,95,606 1,26,586 3,09,514 3,48,891 4,73,060
9 Weighted average remaining contractual life of options (in years) 5.02 5.78 2.35 2.97 5.31 6.31

494 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [17]
Equity share capital (contd.)
iii. The number and weighted average exercise price of stock options are as follows:
2024-25 2023-24
Weighted Weighted
Particulars No. of stock average No. of stock average
options exercise price options exercise price
(R) (R)
(A) Options granted and outstanding at the beginning of the year 16,29,198 170.25 11,74,574 219.74
(B) Options granted 13,604 55.38 9,70,968 135.63
(C) Options allotted 5,23,546 178.03 4,36,429 221.13
(D) Options lapsed 41,872 224.76 79,915 198.98
(E) Options granted and outstanding at the end of the year 10,77,384 162.91 16,29,198 170.25
(F) Options exercisable at the end of the year out of (E) supra 1,87,512 241.49 2,51,018 253.80
iv. Weighted average share price at the date of exercise for stock options exercised during the year is ¢ 3493.67 (previous year:
¢ 2945.59) per share.
v. A. In respect of stock options granted pursuant to the Company’s stock options schemes, the fair value of the options is treated
as discount and accounted as employee compensation over the vesting period.
B. Expense on Employee Stock Option Schemes debited to the Statement of Profit and Loss during FY 2023-24 is ¢ 83.83 crore
(previous year: ¢ 91.56 crore)[Note 34]. The entire amount pertains to equity-settled employee share-based payment plans. The
expenses includes ¢ 0.04 crore (previous year: ¢ 0.09 crore) charged by subsidiary company towards the stock options granted
to Company’s employees.
vi. During the year, the Company has recovered ¢ 2.94 crore (previous year: ¢ 2.10 crore) from its subsidiary companies towards the
stock options granted to their employees, pursuant to the employee stock option schemes.
vii. Weighted average fair values of options granted during the year is ¢ 3205.92 (previous year: ¢ 2314.37) per option.
viii. The fair value has been calculated using the Black-Scholes Option Pricing Model and the significant assumptions and inputs to
estimate the fair value of options granted during the year are as follows:
Sr.
Particulars 2024-25 2023-24
No.
(i) Weighted average risk-free interest rate 6.78% 7.05%
(ii) Weighted average expected life of options 2.91 years 2.75 years
(iii) Weighted average expected volatility 21.64% 18.64%
(iv) Weighted average expected dividends over the life of the option ¢ 81.38 per option ¢ 65.90 per option
(v) Weighted average share price ¢ 3317.04 per option ¢ 2479.86 per option
(vi) Weighted average exercise price ¢ 55.38 per option ¢ 135.63 per option
(vii) Method used to determine expected volatility Expected volatility is based on the historical volatility of the Company’s
share price applicable to the total expected life of each option.
ix. The balance in share options (net) account as at March 31, 2025 is ¢ 133.10 crore (previous year: ¢ 125.69 crore), including ¢ 19.28
crore (previous year: ¢ 20.78 crore) for which the options have been vested to employees as at March 31, 2025.
(j) Capital Management:
The Company continues its policy of a conservative capital structure which has ensured that it retains the highest credit rating even
amidst an adverse economic environment. Low gearing levels also enable the Company to navigate business challenges on one hand and
raise growth capital on the other. This policy also provides flexibility of fund-raising options for future, which is especially important in
times of global economic volatility. The gross debt equity ratio is 0.31:1 as at March 31, 2025 (as at March 31, 2024 0.35:1).
During the previous year ended March 31, 2024, the shareholders had approved the proposal of buyback of equity shares of the
Company, as recommended by its Board of Directors. The settlement of all valid bids and extinguishment of equity shares bought back
were completed on September 28, 2023.
Accordingly, the Company has bought back 3,12,50,000 equity shares of face value of ¢ 2 each, representing 2.22% of the number of
equity shares in the paid-up share capital, at a price of ¢ 3,200 per share aggregating to ¢ 10,000 crore. Consequently, the equity share
capital stands reduced by ¢ 6.25 crore. The premium on buyback of ¢ 9993.75 crore, transaction cost (net of tax) with respect to the
buyback of ¢ 26.37 crore and the tax on buyback of ¢ 2253.33 crore have been adjusted against securities premium account and free
reserves.
During the year ended March 31, 2025, the Company paid the final dividend of ¢ 28 per equity share for the year ended March 31,
2024 amounting to ¢ 3849.57 crore.
The Board of directors, at their meeting held on May 8, 2025 recommended the final dividend of ¢ 34 per equity share for the year
ended March 31, 2025 subject to approval from shareholders. On approval, the total dividend outgo is expected to be ¢ 4675.65 crore
based on number of shares outstanding as at March 31, 2025.

495
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [18]
Other equity
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Capital reserve [1]
10.84 10.84
Capital reserve on business combination [2]
(25.77) (25.77)
Capital redemption reserve [3]
266.25 266.25
Securities premium [refer Note 1(ii)(p)] 138.43 50.56
Employee share options (net) [refer Note 1(ii)(r)]
Employee share options outstanding 197.46 254.72
Deferred employee compensation expense (64.36) (129.03)
133.10 125.69
Debenture redemption reserve [4]
– –
General reserve [5]
22717.25 22715.19
Retained earnings 47883.05 41061.19
Foreign currency translation reserve [refer Note 1(ii)(s)(iv)] (38.31) (26.66)
Hedging reserve [refer Note 1(ii)(m)(iii)]
Cash flow hedging reserve 192.11 66.89
Cost of hedging reserve 138.38 (4.68)
330.49 62.21
Debt instruments through other comprehensive income [refer Note 1(ii)(m)(i)] 205.47 1.67
71620.80 64241.17
[1]
Capital reserve: It represents the gains of capital nature which mainly include the excess of value of net assets acquired over consideration paid by
the company for business amalgamation transactions in earlier years.
[2]
Capital reserve on business combination: It arises on transfer of business between entities under common control. It represents the difference,
between the amount recorded as share capital issued plus any additional consideration in the form of cash or other assets and the amount of
share capital of the transferor.
[3]
Capital redemption reserve: Created on: (a) Buyback of equity shares out of free reserves and securities premium in accordance with Section 69 of
the Companies Act, 2013 (b) Redemption of preference shares out of profits in accordance with Section 55(2)(c) of the Companies Act, 2013.
[4]
Debenture redemption reserve (DRR): The Ministry of Corporate Affairs vide notification dated August 16, 2019, amended the Companies (Share
capital and Debenture) Rules, 2014 by which the Company is no longer required to create DRR towards the debentures issued. Earlier to this
amendment, the Company was required to maintain a DRR of 25% of the value of debentures issued, either by a public issue or on a private
placement basis and the amounts credited to the DRR was not to be utilised by the Company except to redeem debentures. The above amount
represents the DRR created out of profits of the Company prior to the said notification.
[5]
General reserve: The Company created a General Reserve in earlier years pursuant to the provisions of the Companies Act,1956 where in
certain percentage of profits were required to be transferred to General Reserve before declaring dividends. As per Companies Act 2013, the
requirements to transfer profits to General Reserve is not mandatory. General Reserve is a free reserve available to the company.

496 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [19]
Non-current liabilities: Financial Liabilities - Borrowings
v crore
As at 31-3-2025 As at 31-3-2024
Particulars
Secured Unsecured Total Secured Unsecured Total
Redeemable non-convertible fixed rate debentures
[refer Note 19(a)] – 9286.00 9286.00 – 9792.22 9792.22

Term loan from banks [refer Note 19(b)] – – – – 2138.92 2138.92

– 9286.00 9286.00 – 11931.14 11931.14

19(a) Unsecured redeemable non-convertible fixed rate debentures (privately placed):

Interest
Face As at As at
Sr. Date of for the Terms of repayment for debentures outstanding as on
value per 31-3-2025 31-3-2024
No. allotment year 31-3-2025
debenture (R) R crore R crore
2024-25
1. 1,00,000 Jan 22,2025 4045.64 – 7.20% p.a. Redeemable at face value at the end of 10th year from the date of
payable allotment
annually
2. 1,00,000 Dec 5, 2024 1531.38 – 7.19% p.a. Redeemable at face value at the end of 10th year from the date of
payable allotment.
annually
3. 2,50,000 April 25, 483.72 483.93 8.00% p.a. Redeemable at face value at the end of 8th year from the date of
2022 payable allotment.
annually
4. 2,50,000 April 23, 483.72 483.93 8.00% p.a. Redeemable at face value at the end of 7th year from the date of
2023 payable allotment.
annually
5. 2,50,000 April 23,2021 483.72 483.73 8.00% p.a. Redeemable at face value at the end of 9th year from the date of
payable allotment.
annually
6. 2,50,000 April 23,2020 483.72 483.69 8.00% p.a. Redeemable at face value at the end of 10th year from the date of
payable allotment.
annually
7. 1,00,000 March 28. 2141.10 2142.15 7.725% Redeemable at face value at the end of 5th year from the date of
2023 p.a. allotment.
payable
annually
8. 1,00,000 November 9. 2059.57 2059.23 7.66% p.a. Redeemable at face value at the end of 2nd year from the date of
2023 payable allotment.
annually
9. 1,00,000 November 2. 1603.99 1546.39 7.58% p.a. Redeemable at face value at the end of 1st year from the date of
2023 payable allotment.
annually
10. 10,00,000 April 28,2020 2677.91 2673.77 7.70% p.a. Redeemable at face value at the end of 5th year from the date of
payable allotment.
annually

497
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [19]
Non-current liabilities: Financial Liabilities - Borrowings (contd.)

Interest
Face As at As at
Sr. Date of for the Terms of repayment for debentures outstanding as on
value per 31-3-2025 31-3-2024
No. allotment year 31-3-2025
debenture (R) R crore R crore
2024-25
11. 1,00,000 June 8. 2023 – 1534.27 7.33% p.a.
payable
annually
12. 1,00,000 June 8. 2023 – 1040.80 7.335%
p.a.
payable
annually
13. 1,00,000 June 8. 2023 – 1058.67 7.38% p.a.
payable
annually
14 10,00,000 May 6,2020 – 1544.85 7.25% p.a.
payable
annually
Total 15994.50 15535.41
Less: 6708.50 5743.19 Current maturity of long-term borrowings [refer Note 24]
9286.00 9792.22 Non-current borrowings [refer Note 19]

19(b) Details of term Loans (Unsecured):

As at As at
Sr. Terms of repayment of term loan outstanding as on
31-3-2025 31-3-2024 Rate of Interest for the year 2024-25
No. 31-3-2025
R crore R crore
1 914.62 892.07 USD SOFR + Spread [1] Repayable on November 30, 2025
2 1282.18 1248.34 USD SOFR + Spread [1] Repayable on April 14, 2025
Total 2196.80 2140.41
Less: 2196.80 1.49 Current maturity of long-term borrowings [refer Note 24]
– 2138.92 Non-current borrowings [refer Note 19]
[1]
Represents unsecured term loans obtained in foreign currency.

NOTE [20]
Non-current liabilities: Other financial liabilities
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Forward contract payables 33.87 10.23
Embedded derivative payables 50.83 –
Financial guarantee contracts 9.11 24.93
Due to others (mainly includes liabilities towards capital goods) 49.26 40.65
143.07 75.81

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NOTE [21]
Non-current liabilities: Provisions

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Employee pension scheme 371.37 351.87
Post-retirement medical benefits plan 394.35 345.86
Provision for employee benefits-Others – 5.70
765.72 703.43

NOTE [22]
Other non-current liabilities

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Other Payables (Deferred income on fair valuation of financial instrument) 18.47 22.67
18.47 22.67

NOTE [23]
Current liabilities: Financial Liabilities-Borrowings

v crore
As at 31-3-2025 As at 31-3-2024
Particulars
Secured Unsecured Total Secured Unsecured Total
Loans repayable on demand from banks – 2.13 2.13 – 0.29 0.29
Short term loan and advances from banks – 690.89 690.89 – 813.75 813.75
Commercial paper – 1492.50 1492.50 – 2668.53 2668.53
Loans from related parties:
Subsidiary companies – 456.70 456.70 – 1149.41 1149.41
Joint venture companies – 1.28 1.28 – 207.67 207.67
Collateralized borrowing and lending obligation 1100.08 – 1100.08 25.00 – 25.00
1100.08 2643.50 3743.58 25.00 4839.65 4864.65

23(a) Loans guaranteed by directors Nil (previous year: Nil)

23(b) The Company has fund based and non-fund based facilities (viz. bank guarantees, letter of credits and derivatives) from banks. These
facilities are secured by hypothecation of inventories and trade receivables. Amount of inventories and trade receivables that are pledged
as collateral to the extent of: ¢ 6932.00 crore as at March 31, 2025 (March 31,2024: ¢ 6932.00 crore)

23(c) The Company has been sanctioned working capital limits in excess of ¢ 5 crores, in aggregate, at points of time during the year, from
banks or financial institutions on the basis of security of current assets. The quarterly returns filed by the Company with such banks or
financial institutions are in agreement with the Books of Account of the Company of the respective quarters.

499
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [24]
Current liabilities: Financial liabilities - Current maturities of long term borrowings

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Unsecured:
Redeemable non-convertible fixed rate debentures [refer Note 19(a)] 6708.50 5743.19
Term loans from banks [refer Note 19(b)] 2196.80 1.49
8905.30 5744.68

24(a) Loans guaranteed by directors Nil (previous year: Nil)

NOTE [25]
Current liabilities: Financial liabilities - Other trade Payables

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Acceptances 136.97 93.89
Due to related parties:
Subsidiary companies 1616.19 1198.66
Associate companies 13.97 5.61
Joint venture companies 740.16 1262.81
2370.32 2467.08
Due to others 35118.54 37307.12
37625.83 39868.09

25(a) Current liabilities: Financial liabilities - Trade payables ageing

v crore
As at 31-3-2025
Outstanding for the following periods from the
Particulars Unbilled due date of payment
Not due Total
Dues Less than 1 More than
1-2 years 2-3 years
year 3 years
Undisputed:
Micro and small enterprises 63.37 993.29 95.64 6.20 2.19 9.47 1170.16
Others 12754.87 18415.93 4951.11 473.94 146.31 880.45 37622.61
Disputed:
Micro and small enterprises – – – – – – –
Others 0.52 2.60 – – – 0.10 3.22
Total 12818.76 19411.82 5046.76 480.14 148.50 890.02 38795.99

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NOTE [25]
[a] Current liabilities: Financial liabilities - Trade payables ageing (contd.)
v crore
As at 31-3-2024
Outstanding for the following periods from the
Particulars Unbilled due date of payment
Not due Total
Dues Less than 1 More than
1-2 years 2-3 years
year 3 years
Undisputed:
Micro and small enterprises 18.05 822.53 26.71 1.96 2.05 1.87 873.17
Others 10703.88 21993.09 5286.52 347.65 290.58 1239.28 39861.00
Disputed:
Micro and small enterprises – – – – – – –
Others – 7.09 – – – – 7.09
Total 10721.93 22822.71 5313.23 349.61 292.63 1241.15 40741.26

NOTE [26]
Current liabilities - Other financial liabilities

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Unclaimed dividend 137.78 129.90
Forward contract payable 303.02 270.74
Embedded derivative payable 27.50 41.64
Financial guarantee contracts 16.82 25.46
Due to others [1][2]
2965.08 3630.09
3450.20 4097.83
[1]
Due to directors ¢ 136.71 crore (previous year ¢ 123.61 crore)
[2]
Mainly includes liability towards employee benefits and capital goods

NOTE [27]
Other current Liabilities

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Contract liabilities [refer Note 41(d)]
Excess of billing over revenue 17832.67 14337.66
Advances from customers 23491.91 22133.60
41324.58 36471.26
Other payables [1] 3439.55 2816.42
44764.13 39287.68

[1]
Mainly includes liabilities towards joint operations, statutory dues and employee benefits

501
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [28]
Current liabilities - Provisions

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Provision for employee benefits:
Gratuity 128.29 118.93
Compensated absences 722.78 572.53
Employee pension scheme 31.26 30.39
Post-retirement medical benefits plan 19.11 17.76
901.44 739.61
Others:
Other Provisions [refer Note 50] 1496.79 1462.44
2398.23 2202.05

NOTE [29]
Contingent Liabilities

v crore
Particulars As at 31-3-2025 As at 31-3-2024
(a) Claims against the Company not acknowledged as debts 4522.82 4569.64
(b) Sales tax/GST liability that may arise in respect of matters in appeal 5444.96 1169.35
(c) Excise duty/service tax/customs duty liability that may arise in respect of matters in appeal /
challenged by the Company in WRIT 471.52 426.36
(d) Income tax liability (including penalty) that may arise in respect of which the Company is in
appeal 2874.20 3380.37
(e) Corporate and bank guarantees for debt given on behalf of Subsidiary companies/joint
venture companies 8827.67 8826.56
(f) Corporate and bank guarantees for performance given on behalf of Subsidiary companies/
joint venture companies 114248.77 120947.97
(g) Contingent liabilities, if any, incurred in relation to interests in joint operations 3079.22 3006.66
(h) Share in contingent liabilities of joint operations for which the Company is contingently liable 153.79 123.84
(i) Contingent liabilities in respect of liabilities of other joint operators of joint operations 5055.57 4364.24
(j) Indemnity Bond for performance given on behalf of 3rd party 9.65 56.79
Notes:
(1) The Company does not expect any reimbursements in respect of the above contingent liabilities.
(2) It is not practicable to estimate the timing of cash outflows, if any, in respect of matters at (a) to (d) above pending resolution of the
abitration / appellate proceedings. Further, the liability mentioned in (a) to (d) above includes interest in cases where the company has
determined that the possibility of such levy is remote.
(3) In respect of matters at (e) , the cash outflows, if any, could generally occur up to Three years, being the period over which the validity
of the guarantees extends except in a few cases where the cash outflows, if any, could occur any time during the subsistence of the
borrowing to which the guarantees relate.
(4) In respect of matters at (f) , the cash outflows, if any, could generally occur up to six years, being the period over which the validity of
the guarantees extends.
(5) In respect of matters at (g) to (i) , the cash outflows, if any, could generally occur upto completion of projects undertaken by the
respective joint operations.
(6) In respect of matters at (j), the cash outflows, if any, is fully reimbursable by the 3rd party under an agreement entered in to with them

502 Integrated Annual Report 2024-25

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NOTE [30]
Commitments

v crore
Particulars As at 31-3-2025 As at 31-3-2024
(a) Estimated amount of contracts remaining to be executed on capital account (net of
advances) on:
(i) Property, plant and equipment 1118.76 808.81
(ii) Investment property 439.54 219.85
(iii) Intangible assets 7.12 16.73
1565.42 1045.39
(b) Funding committed by way of equity/loans to subsidiary companies 127.78 239.25
(c) Purchase of additional stake in associate company 327.75 –

NOTE [31]
Revenue from operations

v crore
Particulars 2024-25 2023-24
Sales and service:
Construction and project related activity 132540.75 118835.90
Manufacturing and trading activity 4115.19 3852.08
Property development activity 1075.32 509.35
Engineering and service fees 1568.07 115.50
Servicing 1740.09 1614.03
Commission 147.73 141.81
141187.15 125068.67
Other operational income:
Net gain/(loss) on sale of investment properties 373.35 –
Lease rentals 149.97 102.96
Income from services to Group companies 124.28 102.30
Premium earned (net) on related forward exchange contracts 43.36 27.82
Miscellaneous Income 630.90 931.61
1321.86 1164.69
142509.01 126233.36

503
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [32]
Other income

v crore
Particulars 2024-25 2023-24
Interest income:
Subsidiary, joint venture and associate companies 148.80 389.09
Others 1241.26 1333.65
1390.06 1722.74
Dividend income:
Subsidiary companies 2930.46 2519.42
Joint venture companies 27.27 129.83
Others 19.54 6.42
2977.27 2655.67
Net gain/(loss) on fair valuation of investments 317.44 35.08
Net gain/(loss) on sale of investments 139.76 249.70
457.20 284.78
Net gain/loss on derivatives at fair value through profit or loss 26.94 (23.07)
Net gain/(loss) on sale of property, plant and equipment 34.35 58.68
Lease rentals 48.84 51.22
Miscellaneous income (net of expenses) 734.55 579.68
5669.21 5329.70

504 Integrated Annual Report 2024-25

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NOTE [33]
Manufacturing, construction and operating expenses

v crore
Particulars 2024-25 2023-24
Cost of raw materials and components consumed:
Raw materials and components 15409.16 11794.06
Less : Scrap sales 189.26 172.58
15219.90 11621.48
Construction materials consumed 45457.97 43031.68
Purchase of stock-in-trade 1409.90 1078.54
Stores, spares and loose tools consumed 3060.70 3613.78
Sub-contracting charges 35741.21 30814.82
Changes in inventories of finished goods, work-in-progress and stock-in-trade and
property development :
Closing stock:
Finished goods 2.64 0.87
Stock-in-trade 470.16 228.30
Work-in-progress 8715.83 10048.69
9188.63 10277.86
Less : Opening stock:
Finished goods 0.87 16.77
Stock-in-trade 228.30 364.92
Work-in-progress 10048.69 10308.00
10277.86 10689.69
1089.23 411.83
Other manufacturing, construction and operating expenses:
Power and fuel 2181.21 2440.76
Royalty and technical know-how fees 87.27 127.08
Packing and forwarding 794.28 713.65
Rent hire charges 4525.54 3975.24
Engineering, professional, technical and consultancy fees 2635.04 2069.69
Insurance 761.14 707.37
Rates and taxes 664.86 767.35
Travelling and conveyance 1082.67 973.31
Repairs to plant and equipment 127.69 120.54
Repairs to buildings 70.80 16.69
General repairs and maintenance 828.71 692.53
Bank guarantee charges 338.57 298.95
Provision/(reversal) for onerous construction contracts (66.72) 86.00
Other provisions/(reversal of provisions) 78.63 19.32
Miscellaneous expenses 566.72 434.07
14676.41 13442.55
116655.32 104014.68

505
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [34]
Employee benefits expense
v crore
Particulars 2024-25 2023-24
Salaries, wages and bonus 9326.93 8009.22
Contribution to and provision for:
Provident funds and pension fund 220.55 201.59
Superannuation/employee pension schemes 32.04 26.76
Gratuity funds 96.12 92.59
348.71 320.94
Expenses on employees stock option schemes 83.83 91.56
Insurance expenses-medical and others 167.33 131.98
Staff welfare expenses 753.92 804.09
Recoveries on account of deputation (300.64) (317.63)
10380.08 9040.16

NOTE [35]
Sales, administration and other expenses
v crore
Particulars 2024-25 2023-24
Power and fuel 81.68 81.79
Packing and forwarding 53.06 57.58
Professional fees 650.81 608.91
Audit fees 10.83 8.78
Insurance 70.41 68.92
Rent & hire charges 123.01 114.26
Rates and taxes 124.70 74.95
Travelling and conveyance 388.90 291.70
Repairs to buildings 35.16 20.31
General repairs and maintenance 321.75 340.73
Directors' fees 0.88 1.06
Telephone, postage and telegrams 115.36 116.73
Advertising and publicity 100.27 79.67
Stationery and printing 50.60 45.68
Commission:
Commission 24.67 19.96
Bank charges 86.55 81.55
Miscellaneous expenses 644.00 620.87
Bad debts and advances written off(net of written back) 520.55 592.33
Less: Allowance for expected credit loss written back 499.52 546.44
21.03 45.89
Corporate social responsibility 164.61 150.98
Allowance for expected credit loss (net) 946.66 969.01
Exchange (gain)/loss (net) (50.42) (99.89)
Provision/(reversal of provision) on loans given to subsidiary – (70.24)
Provision/(reversal of provision) on investments in joint venture [1] (1622.03) –
Loss on divestment of equity shares in joint venture [1] 1622.88 –
Other provisions/(reversal of provisions) (12.96) (116.87)
Recoveries from subsidiary and associates (67.04) (63.09)
3885.36 3449.24
[1]
Refer note 39(a)

506 Integrated Annual Report 2024-25

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NOTE [35a]
Aggregation of expenses disclosed vide Note 33 -Manufacturing ,construction and operating expenses ,Note 34 -Employee benefits expense
and Note 35 - Sales, administration and other expenses.
v crore
Sr. 2024-25 2023-24
Nature of expenses
No. Note 33 Note 34 Note 35 Total Note 33 Note 34 Note 35 Total
1 Power and fuel 2181.21 – 81.68 2262.89 2440.76 – 81.79 2522.55
2 Packing and forwarding 794.28 – 53.06 847.34 713.65 – 57.58 771.23
3 Insurance 761.14 167.33 70.41 998.88 707.37 131.98 68.92 908.27
4 Rent hire charges 4525.54 – 123.01 4648.55 3975.24 – 114.26 4089.50
5 Rates and taxes 664.86 – 124.70 789.56 767.35 – 74.95 842.30
6 Travelling and conveyance 1082.67 – 388.90 1471.57 973.31 – 291.70 1265.01
7 Repairs to buildings 70.80 – 35.16 105.96 16.69 – 20.31 37.00
8 General repairs and maintenance 828.71 – 321.75 1150.46 692.53 – 340.73 1033.26
9 Miscellaneous expenses 566.72 – 644.00 1210.72 434.07 – 620.87 1054.94

NOTE [36]
Finance costs
v crore
Particulars 2024-25 2023-24
Interest expenses 2191.93 2396.49
Exchange loss 3.53 9.34
2195.46 2405.83

NOTE [37]
Depreciation, amortisation, impairment and obsolescence
v crore
Particulars 2024-25 2023-24
Depreciation on:
Property plant and equipment 1711.27 1544.62
Investment property 21.81 17.27
1733.08 1561.89
Amortisation of:
Intangible assets 76.96 69.37
Right-of-use assets 136.69 114.31
213.65 183.68
Obsolescence on property, plant and equipment 16.29 7.60
1963.02 1753.17

NOTE [38]
Disclosure pursuant to Ind AS 103 “Business Combinations”:
L&T Energy Hydrocarbon Engineering Limited (“LTEHE”) and L&T Offshore Private Limited (“LTOPL”), both wholly owned subsidiaries, merged
with the Company under a Scheme of Amalgamation approved by National Company Law Tribunal, Chennai and National Company Law
Tribunal, Mumbai vide their respective orders dated December 18, 2024 and February 7, 2025. The merger was effective from the appointed
date April 1, 2024.
LTEHE is engaged in the business of designing, and detailing engineering activity providing integrated ‘design to build’ solutions for large and
complex hydrocarbon projects worldwide.
LTOPL operates in the Energy Projects segment with the objective of carrying out installation of offshore structure.
No fresh shares were issued to effect the merger.
Further the merger is accounted using pooling of interest method for LTEHE, involving the following:
a. The assets and liabilities of LTEHE were reflected at their carrying amounts. No adjustment was made to reflect the fair values, or
recognise any new asset or liability.

507
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [38]
Disclosure pursuant to Ind AS 103 “Business Combinations”: (contd.)
b. The balance of the Retained earnings appearing in the financial statements of the LTEHE was aggregated with the corresponding balance
appearing in the financial statements of the Company.
c. Restating the financials of the Company from April 1, 2023
Merger for LTOPL is accounted using asset acquisition method, involving the following:
a. Identify and recognise the individual identifiable assets acquired (including those assets that meet the definition of, and recognition
criteria for intangible assets) and liabilities assumed.
b. The cost of acquisition were allocated to individual identifiable assets and liabilities on the basis of their relative fair values at the date of
purchase through shares.
c. Restating the financials of the Company from April 1, 2024

NOTE [39]
Disclosure pursuant to Ind AS 105 “Non-current assets held for sale and discontinued operations”:
Assets held for sale as at March 31, 2025, includes mainly building and plant and machinery of ¢ 157.44 crore situated at Faridabad, Haryana.
The asset forms part of Realty business which is reported under “Others” segment. (refer Note 40).
Assets and liabilities held for sale as at March 31, 2024, includes:
(a) The Company entered into a Share Purchase Agreement dated December 16, 2022 to sell its stake in Epic Concesiones 3 Limited
(formerly known as L&T Infrastructure Development Projects Limited) (IDPL), a joint venture, primarily engaged in the development
and operation of toll roads and power transmission assets. As on March 31, 2024, the investment in the joint venture is classified as
“Held for Sale”. Subsequently, the Company completed the sale on April 10, 2024, consequent to completion of customary conditions
precedent as per the Share Purchase Agreement.
(b) Land of ¢ 172.55 crore situated at Mumbai, Maharashtra. The asset forms part of Realty business which is reported under “Others”
segment. (refer Note 40).

NOTE [40]
Disclosure pursuant to Ind AS 108 “Operating Segment”
(a) Information about reportable segments:

v crore
For the year ended 31-3-2025 For the year ended 31-3-2024
Particulars Inter- Inter-
External Total External Total
segment segment
Revenue
Infrastructure Projects 104095.78 1004.58 105100.36 94441.58 1144.04 95585.62
Energy Projects 24028.12 14.84 24042.96 19354.55 26.34 19380.89
Hi-Tech Manufacturing 9810.34 302.52 10112.86 8195.99 569.32 8765.31
Others 4574.77 49.52 4624.29 4241.24 22.48 4263.72
Sub-total 142509.01 1371.46 143880.47 126233.36 1762.18 127995.54
Inter-segment revenue 1371.46 1371.46 1762.18 1762.18
Total 142509.01 – 142509.01 126233.36 – 126233.36
Segment result [Profit/(loss) before interest and tax]
Infrastructure Projects 5058.60 4456.02
Energy Projects 2768.92 2273.70
Hi-Tech Manufacturing 1470.40 1169.50
Others 1024.81 511.62
Total 10322.73 8410.84
Inter-segment margins on capital jobs (44.48) (108.53)
Unallocable corporate income net of expenditure 5016.19 5003.50
Finance costs (2195.46) (2405.83)
Exceptional items (net of tax) [Note 59] 474.78 447.99
Profit before tax 13573.76 11347.97
Current tax (2849.97) (2207.96)
Deferred tax 146.93 191.40
Net profit after tax 10870.72 9331.41

508 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

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NOTE [40]
Disclosure pursuant to Ind AS 108 “Operating Segment” (contd.)
v crore
Segment Assets Segment Liabilities
Particulars As at As at As at As at
31-3-2025 31-3-2024 31-3-2025 31-3-2024
Infrastructure Projects 80847.03 84034.77 59255.57 62389.84
Energy Projects 17120.03 16604.96 15469.62 11648.66
Hi-Tech Manufacturing 12544.05 10123.18 11,189.90 8916.57
Others 8911.73 8332.93 3999.46 3960.92
Total 119422.84 119095.84 89914.55 86915.99
Unallocable corporate assets/liabilities 68232.79 57908.02 25845.24 25571.77
Inter-segment assets/liabilities (1239.28) (1239.80) (1239.28) (1239.80)
Total assets/liabilities 186416.35 175764.06 114520.51 111247.96

v crore
Depreciation,
amortisation, Other non-cash Finance cost Interest income
impairment & Additions to
expenses included in included in segment included in segment
obsolescence non-current assets
included in segment segment expense expense income
Particulars expenses
For the For the For the For the For the For the For the For the For the For the
year year year year year year year year year year
ended ended ended ended ended ended ended ended ended ended
31-3-2025 31-3-2024 31-3-2025 31-3-2024 31-3-2025 31-3-2024 31-3-2025 31-3-2024 31-3-2025 31-3-2024
Infrastructure Projects 1,377.51 1,219.02 42.41 48.14 150.91 231.60 25.97 17.51 1918.28 2044.69
Energy Projects 163.07 148.84 12.67 12.29 – – – – 360.44 760.10
Hi-Tech Manufacturing 215.12 196.41 7.92 7.50 – – – – 279.90 525.86
Others 99.86 79.69 4.66 3.23 – – – – 550.51 764.67
Total 1855.56 1643.96 67.66 71.16 150.91 231.60 25.97 17.51 3109.13 4095.32
Unallocated corporate 107.46 109.21 16.17 20.40 (150.91) (231.60) (25.97) (17.51) 132.92 1007.36
Inter-segment – – (115.70) (402.68)
Total 1963.02 1753.17 83.83 91.56 – – – – 3126.35 4700.00
Note : There is no impairment/reversal of impariment in non-financial assets of the operating segments.

(b) Geographical information

v crore
Revenue by location of project

Particulars For the For the

year ended year ended
31-3-2025 31-3-2024
India (i) 101677.83 100100.55
Foreign countries:
Saudi Arabia 22844.94 12621.66
United Arab Emirates 6181.72 2816.67
Qatar 4039.95 2352.42
Bangladesh 1188.69 1495.57
Kuwait 1381.96 659.22
Other Countries 5193.92 6187.27
Total foreign countries (ii) 40831.18 26132.81
Total (i+ii) 142509.01 126233.36

509
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [40]
Disclosure pursuant to Ind AS 108 “Operating Segment” (contd.)

Non-current Assets
Particulars As at As at
31-3-2025 31-3-2024
India (i) 17387.28 17022.67
Foreign countries (ii) 355.25 201.78
Total (i+ii) 17742.53 17224.45
(c) Revenue contributed by any single customer in any of the operating segments, whether reportable or otherwise, does not exceed ten
percent of the Company’s total revenue.

(d) The identification of operating segments is consistent with performance assessment and resource allocation by the management.

(e) Basis of identifying operating segments, reportable segments, segment profit and definition of each reportable segment:
(i) Basis of identifying Operating segments:
Operating segments are identified as those components of the Company (a) that engage in business activities to earn revenues
and incur expenses (including transactions with any of the Company’s other components); (b) whose operating results are regularly
reviewed by the Company’s executive management to make decisions about resource allocation and performance assessment; and
(c) for which discrete financial information is available.

The Company has four reportable segments as described under “segment composition” below. The nature of products and services
offered by these businesses are different and are managed separately given the different sets of technology and competency
requirements.

(ii) Reportable segments

An operating segment is classified as reportable segment if reported revenue (including inter-segment revenue) or absolute amount
of result or assets exceed 10% or more of the combined total of all the operating segments.

(iii) Segment profit

Performance of a segment is measured based on segment profit (before interest and tax), as included in the internal management
reports that are reviewed by the corporate executive management.

(iv) The Segment Composition:-

• Infrastructure Projects segment comprises engineering and construction of (a) building and factories, (b) transportation
infrastructure, (c) heavy civil infrastructure, (d) power transmission & distribution, (e) renewable, (f) water & effluent treatment
and (g) minerals and metals

• Energy Projects segment comprises of (a) Hydrocarbon Onshore and Offshore businesses covering EPC solutions in oil &
gas, refineries, petrochemicals & offshore wind energy sectors, from front-end design through detailed engineering, modular
fabrication, procurement, project management, construction, installation and commissioning, (b) CarbonLite Solutions business
covering EPC solutions for power generation plants including power generation equipment with associated systems and/or
carbon capture utilisation & utility packages and (c) EPC solutions in green and clean energy space.
• Hi-Tech Manufacturing segment comprises design, manufacture/construct, supply and revamp/retrofit of (a) custom
designed, engineered critical equipment & systems to the process plant, nuclear energy and green hydrogen sectors (b) marine
and land platforms including related equipment & systems; aerospace products & systems; precision and electronic products &
systems for the defence, security, space and industrial sectors.
• Others segment includes (a) realty, (b) smart infrastructure & communication projects, (c) marketing and servicing of
construction equipment, mining machinery and parts thereof, (d) manufacture and sale of rubber processing machinery and (e)
ecommerce/digital platforms & data centres.

510 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [41]
Disclosure pursuant to Ind AS 115 “Revenue from Contracts with Customers”

(a) Disaggregation of revenue into Operating Segments and Geographical areas

i. For the year ended March 31, 2025:

v crore
Revenue as per Ind AS 115 Total as per Statement
Other
Segment of Profit and Loss/
Domestic Foreign Total Revenue
Segment reporting
Infrastructure Projects 75315.00 28427.51 103742.51 353.27 104095.78
Energy Projects 13903.64 10030.81 23934.45 93.66 24028.12
Hi-Tech Manufacturing 7597.66 2199.36 9797.02 13.32 9810.34
Others 3901.41 157.57 4058.99 515.79 4574.77
Total 100717.71 40815.25 141532.97 976.04 142509.01

ii. For the year ended March 31, 2024:

v crore
Revenue as per Ind AS 115 Total as per Statement
Other
Segment of Profit and Loss/
Domestic Foreign Total Revenue
Segment reporting
Infrastructure Projects 77779.56 16315.74 94095.30 346.29 94441.58
Energy Projects 12076.01 6945.08 19021.09 333.46 19354.55
Hi-Tech Manufacturing 5636.42 2530.94 8167.36 28.63 8195.99
Others 3827.17 311.88 4139.05 102.20 4241.24
Total 99319.16 26103.64 125422.80 810.58 126233.36

(b) Out of the total revenue recognised under Ind AS 115 during the year, ¢ 134820.26 crore (previous year: ¢ 119639.81 crore) is
recognised over a period of time and ¢ 6712.71 crore (previous year: ¢ 5782.99 crore) is recognised at a point in time.

(c) Movement in Expected Credit Loss during the year:

v crore
Provision on Trade
Provision on Contract Assets
Particulars Receivables
2024-25 2023-24 2024-25 2023-24
Balance as at April 1 4148.84 3968.78 1957.61 1588.17
Changes in loss allowance for expected credit loss:
Provision/(reversal) of allowance for expected credit loss 580.16 323.80 70.70 373.92
Additional provision (net) 308.23 402.66 (2.45) (4.48)
Written off as bad debts (499.52) (546.44) – –
Balance as at March 31 4537.66 4148.80 2025.85 1957.61

511
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [41]
Disclosure pursuant to Ind AS 115 “Revenue from Contracts with Customers” (contd.)
(d) Contract balances:

i. Movement in contract balances during the year.

v crore
2024-25 2023-24
Particulars Contract Contract Net contract Contract Contract Net contract
Assets Liabilities balances Assets Liabilities balances
Opening balance as at April 01 49777.02 36471.26 13305.76 49414.42 30406.02 19008.40
Closing balance as at March 31 48572.95 41324.58 7248.37 49777.02 36471.26 13305.76
Net increase/(decrease) (1204.07) 4853.32 (6057.39) 362.60 6065.24 (5702.64)
i. Decrease in net contract balances is primarily due to higher progress bills raised as compared revenue recognition in both the years.

ii. Revenue recognised from opening balance of contract liabilities amounts to ¢ 16338.48 crore (previous year: ¢ 9505.03 crore)

iii. Revenue recognised from the performance obligation satisfied (or partially satisfied) upto previous year (arising out of contract
modifications) amounts to ¢ 175.16 crore (previous year: ¢ 50.02 crore)

(e) Cost to obtain the contract:

i. Amortisation in Statement of Profit and Loss: Nil (previous year: Nil)

ii. Recognised as contract assets at March 31, 2025: Nil (previous year: Nil)
(f) Reconciliation of contracted price with revenue during the year:
v crore
Particulars 2024-25 2023-24
Opening contracted price of orders as at start of the year[1] 907170.03 824533.00
Add:
Fresh orders/change orders received (net) 220427.85 159628.00
Increase due to additional consideration recognised as per contractual terms/(decrease) due to scope 12657.38 6414.22
reduction (net)
Increase/(decrease) due to exchange rate movements (net) 2781.85 1943.83
Less:
Orders completed during the year 63768.54 80265.34
On account of business transfer – 5083.68
Closing contracted price of orders as at the end of the year[1] 1079268.57 907170.03
Total Revenue recognised during the year : 141532.97 125422.80
a. Revenue out of orders completed during the year 8905.29 8274.09
b. Revenue out of orders under execution at the end of the year (I) 132627.68 117148.71
Revenue recognised upto previous year (from orders pending completion at the end of the year) (II) 481660.53 419404.56
Increase/(decrease) due to exchange rate movements (III) 295.08 203.25
Balance revenue to be recognised in future viz. Order book (IV) 464685.28 370413.50
Closing contracted price of orders as at the end of the year[1] (I+II+III+IV) 1079268.57 907170.03
[1]
including full value of partially executed contracts.

(g) Outstanding performance and Time for its expected conversion into Revenue:
v crore
Time for expected conversion to Revenue
Outstanding
Total Beyond 5
performance Upto 1 Year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years
years
As at March 31, 2025 464685.28 193540.66 138200.60 75355.61 35337.76 16209.56 6041.09
As at March 31, 2024 370413.50 153658.02 114940.41 45337.64 25327.68 12100.11 19049.65

512 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [42]
Disclosure pursuant to Ind AS 1 “Presentation of financial statements”:
a. Current assets expected to be recovered within twelve months and after twelve months from the reporting date:
v crore
As at 31-3-2025 As at 31-3-2024
Within After Within After
Particulars Note
twelve twelve Total twelve twelve Total
months months months months
Inventories 9 2252.46 1146.31 3398.77 1795.69 1725.28 3520.97
Trade receivables 11 37314.55 1015.63 38330.18 35587.99 1372.52 36960.51
Loans 14 635.03 – 635.03 63.04 – 63.04
Other financial assets 15 3697.70 77.42 3775.12 4117.66 142.13 4259.79
Other current assets 16 47408.03 9733.10 57141.13 42560.86 14992.58 57553.44
Total 91307.76 11972.47 103280.23 84125.24 18232.51 102357.75
b. Current liabilities expected to be settled within twelve months and after twelve months from the reporting date:
v crore
As at 31-3-2025 As at 31-3-2024
Within After Within After
Particulars Note
twelve twelve Total twelve twelve Total
months months months months
Trade payables:
Due to micro enterprises and small 1170.16 – 1170.16 860.92 12.25 873.17
enterprises
Due to others 25 36896.12 729.71 37625.83 39331.30 536.80 39868.09
Lease liability 141.01 21.17 162.18 124.83 34.06 158.89
Other financial liabilities 26 3421.59 28.61 3450.20 4075.64 22.19 4097.83
Other current liabilities 27 35939.12 8825.01 44764.13 30421.52 8866.16 39287.68
Provisions 28 2217.02 181.21 2398.23 1979.35 222.71 2202.05
Total 79785.01 9785.71 89570.73 76793.54 9694.16 86487.71
NOTE [43]
Disclosure with regard to changes in liabilities arising from financing activities as required by Ind AS 7 “Statement of Cash Flows”:
v crore
Current
Non-current Current maturities
Sr
Particulars borrowings borrowings of long term Lease Liability Total
No.
(Note 19) (Note 23) borrowings
(Note 24)
1 Balance as at April 1, 2023 9390.85 3179.36 5580.88 187.44 18338.53
2 Additions to lease liability – – – 185.21 185.21
3 Changes from financing cash flows 7450.00 1676.97 (4845.00) (98.70) 4183.27
4 Changes on lease termination/lease
concessions – – – (2.86) (2.86)
5 The effect of changes in foreign exchange
rates 34.15 – – 0.04 34.19
6 Interest accrued (net of interest paid) 800.82 8.32 (735.88) – 73.26
7 Other changes (transfer within categories) (5744.68) – 5744.68 – –
8 Balance as at March 31, 2024 11931.14 4864.65 5744.68 271.14 22811.61
9 Additions to lease liability – – – 234.10 234.10
10 Changes from financing cash flows 5500.00 (1120.48) (4950.00) (136.03) (706.51)
11 Changes on lease termination/lease
concessions – – – (8.12) (8.12)
12 The effect of changes in foreign exchange
rates (0.01) – 57.48 0.13 57.79
13 Interest accrued (net of interest paid) (6.21) (0.59) (85.98) – (92.78)
14 Other changes (transfer within categories) (8138.92) – 8138.92 – –
15 Classified as Held for sale – – – (0.85) (0.85)
16 Balance as at March 31, 2025 9286.00 3743.58 8905.30 360.37 22295.24

513
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [43]
Disclosure with regard to changes in liabilities arising from financing activities as required by Ind AS 7 “Statement of Cash Flows”: (contd.)
Amounts reported in statement of cash flows under financing activities:
v crore
Particulars 2024-25 2023-24
Proceeds from non-current borrowings 5500.00 7450.00
Repayment of non-current borrowings (4950.00) (4845.00)
(Repayments)/Proceeds from other borrowings (net) (1120.48) 1676.97
Repayment of lease liability (136.03) (98.70)
Total changes from financing cash flows (refer to Sr.No 3 & 10 above) 706.51 4183.27

NOTE [44]
Disclosure pursuant to Ind AS 12 "Income Taxes":

(a) Major components of tax expense/(income):

v crore
Sr.
Particulars 2024-25 2023-24
No.
1. Profit or Loss section
(i) Current Income tax :
Current income tax expense 2721.81 2251.84
Tax expense of earlier years 128.16 (23.05)
(ii) Deferred Tax:
Tax expense on origination and reversal of temporary differences (146.93) (73.75)
Income tax expense reported in Profit or Loss [(i)+(ii)] 2703.04 2155.04
2. Other Comprehensive Income (OCI) Section:
(i) Items not to be reclassified to Profit or Loss in subsequent periods:
Current tax expense/(income):
On remeasurement of defined benefit plans (67.02) 3.51
(67.02) 3.51
(ii) Items to be reclassified to Profit or Loss in subsequent periods:
(A) Current tax expense/(income):
On gain/(loss) on cash flow hedges other than mark to market (46.65) (44.52)
On foreign currency translation of joint operations (3.92) –
(50.57) (44.52)
(B) Deferred Tax:
On mark to market gain/(loss) on cash flow hedges 88.21 (5.74)
Net gain/(loss) on cost of hedge reserve 48.10 0.03
Net gain/(loss) fair value of debt securities 60.46 39.34
On foreign currency translation of joint operations – (1.74)
196.77 31.89
Income tax expense reported in the OCI section [(i)+(ii)] 79.18 (9.12)

514 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [44]
Disclosure pursuant to Ind AS 12 "Income Taxes": (contd.)
(b) Reconciliation of tax expense and the accounting profit multiplied by domestic tax rate applicable in India:
v crore
Sr.
Particulars 2024-25 2023-24
No.
(1) Profit before tax (including exceptional items) 13573.76 11486.45
(2) Corporate tax rate as per Income Tax Act, 1961 25.17% 25.17%
(3) Tax on Accounting profit (3) = (1) * (2) 3416.24 2890.91
(4) (i) Tax on expenses not tax deductible:
(A) Corporate social responsibility 41.43 38.00
(B) Tax on employee perquisites borne by the company 9.34 12.42
(ii) Effect of deferred tax asset created on unused tax losses – (67.37)
(iii) Effect of current tax related to earlier years 128.16 (23.05)
(iv) Effect of lower tax rate on capital gains (6.63) (10.59)
(v) Effect of deduction with respect to dividend income (749.32) (668.38)
(vi) Tax effect on various other items (136.18) (16.90)
Total effect of tax adjustments [(i) to (vii)] (713.20) (735.87)
(5) Tax expense recognised during the year (5)=(3)+(4) 2703.04 2155.04
(6) Effective tax Rate (6)=(5)/(1) 23.60% 21.92%
(c) (i) Unused tax losses for which no deferred tax asset (DTA) is recognised in Balance Sheet:

As at 31-3-2025 As at 31-3-2024
Particulars Base Amount Deferred Tax Base Amount Deferred Tax
Expiry date Expiry date
(v crore) (v crore) (v crore) (v crore)
Capital loss 5804.13 1327.98 FY 2031-32 936.25 214.21 FY 2030-31
(ii) Unrecognised deductible temporary differences for which no deferred tax asset (DTA) is recognised in Balance Sheet
v crore

Sr. As at 31-3-2025 As at 31-3-2024

Particulars
No. Base Amount Deferred Tax Base Amount Deferred Tax
1. Deductible temporary differences towards provision for diminution
in value of investments/loans on which DTA not created 2249.72 469.09 4481.36 1066.88
2. Temporary differences arising out of revaluation of tax base of
assets (on account of indexation benefit)* – – 9024.31 2064.76
Total 2249.72 469.08 13505.67 3131.65
*Pursuant to amendment in Finance Act 2024, indexation benefit is no longer available on long term capital asset.

515
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [44]
Disclosure pursuant to Ind AS 12 "Income Taxes": (contd.)
(d) Components of deferred tax (assets) and liabilities recognised in the Balance Sheet and Statement of Profit and Loss

i. As at March 31, 2025:

v crore
Charge/(credit) Charge/ Debit/(credit) to
Sr. As at to Statement (credit) to Other hedge reserve As at
Particulars
No. 31-3-2024 of Profit and Comprehensive (other than 31-3-2025
Loss Income through OCI)
1. Disputed statutory liability claimed on
payment basis u/s 43B of the Income
Tax Act, 1961 198.84 60.33 – – 259.17
2. Items disallowed u/s 43B of Income
Tax Act, 1961 (296.32) (97.94) – – (394.26)
3. Provision for doubtful debt and
advances (1556.62) (142.42) – – (1699.04)
4. Difference in book depreciation and
income tax depreciation 165.13 (148.39) – – 16.74
5. Gain/(Loss) on derivative transactions 40.61 – 136.31 (0.05) 176.87
6. Deferred tax on capital losses (67.37) 67.37 – – –
7. Other temporary differences (78.75) 114.12 60.46 – 95.83
Net deferred tax (assets)/liabilities (1594.48) (146.93) 196.77 (0.05) (1544.69)

ii. As at March 31, 2024:

v crore
Charge/(credit) Charge/ Debit/(credit) to
Sr. As at to Statement (credit) to Other hedge reserve As at
Particulars
No. 31-3-2023 of Profit and Comprehensive (other than 31-3-2024
Loss Income through OCI)
1. Disputed statutory liability claimed on
payment basis u/s 43B of the Income
Tax Act, 1961* 196.11 2.73 – – 198.84
2. Items disallowed u/s 43B of Income
Tax Act, 1961 (329.63) 33.31 – – (296.32)
3. Provision for doubtful debt and
advances* (1452.02) (104.60) – – (1556.62)
4. Difference in book depreciation and
income tax depreciation* 246.56 (81.43) – – 165.13
5. Gain/(Loss) on derivative transactions 50.82 – (5.71) (4.50) 40.61
6. Deferred tax on capital losses (117.65) 50.28 – – (67.37)
7 Other temporary differences* (142.31) 25.96 37.60 – (78.75)
Net deferred tax (assets)/liabilities (1548.12) (73.75) 31.89 (4.50) (1594.48)

* includes impact on business combination

516 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [45]
Disclosure pursuant to Indian Accounting Standard (Ind AS) 19 "Employee Benefits"

i Defined contribution plans: [Note [1](k)(ii)(A)]: Amount of ¢ 147.83 crore (previous year: ¢ 134.95 crore) is recognized as an expenses.

ii Defined benefit plans: [Note [1](k)(ii)(B)]:

a) The amount recognised in Balance Sheet are as follows:

v crore
Post-retirement Trust-managed
Gratuity plan Company pension plan
medical benefit plan provident fund plan
Particulars
As at As at As at As at As at As at As at As at
31-3-2025 31-3-2024 31-3-2025 31-3-2024 31-3-2025 31-3-2024 31-3-2025 31-3-2024
A) Present value of defined benefit obligation
-Wholly funded 1077.19 828.63 – – – – 4634.00 4258.67
-Wholly unfunded 128.29 118.93 413.45 363.62 402.63 382.26 – –
1205.48 947.56 413.45 363.62 402.63 382.26 4634.00 4258.67
Less: Fair value of plan assets 793.70 778.93 – – – – 4860.31 4440.73
Amount to be recognised as liability/(asset) 411.79 168.63 413.45 363.62 402.63 382.26 (226.30) [2] (182.06) [2]
B) Amounts reflected in the Balance Sheet:
Liabilities 411.79 168.63 413.45 363.62 402.63 382.26 40.89 34.99
Assets – – – – – – – –
Net liability/(asset) 411.79 168.63 413.45 363.62 402.63 382.26 40.89 34.99
Net liability/(asset) - current 411.79 168.63 19.11 17.76 31.26 30.39 40.89 [1] 34.99 [1]
Net liability/(asset) - Non current – – 394.34 345.86 371.37 351.87 – –
Net liability/(asset) classified as Held for sale – – – – – – – –
[1] Employer’s and employee’s contribution due towards Provident Fund
[2] Restricted to NIL
b) The amounts recognised in Statement of Profit and Loss are as follows:

v crore
Post-retirement Company pension Trust-managed
Gratuity plan
Particulars medical benefit plan plan provident fund plan
2024-25 2023-24 2024-25 2023-24 2024-25 2023-24 2024-25 2023-24
1 Current service cost 96.70 92.60 13.97 12.15 2.80 3.14 141.76 119.43
2 Interest cost 54.17 51.82 25.47 22.14 26.36 26.92 346.97 318.32
3 Interest income on plan assets (52.46) (46.84) – – – – (346.97) (318.32)
4 Actuarial (gains)/losses - others 232.49 31.05 30.70 (6.22) 16.50 4.72 – –
5 Actuarial (gains)/losses - difference between (13.38) (43.17) – – – – (38.80) (72.85)
actual return on plan assets and interest income
6 Past service cost (0.68) – – 47.38 4.02 – – –
7 Actuarial gain/(loss) not recognised in books – – – – – – 38.80 72.85
8 Amount capitalized out of the above/recovered – – – – – – – –
from S&A
Total (1 to 8) 316.84 85.46 70.14 75.45 49.68 34.78 141.76 119.43
i Amount included in “Employee benefits 96.02 92.60 13.97 59.53 6.82 3.14 141.76 119.43
expense”
ii Amount included as part of “Finance cost” 1.71 4.98 25.47 22.14 26.36 26.92 – –
iii Amount included as part of “Other 219.11 (12.12) 30.70 (6.22) 16.50 4.72 – –
comprehensive income”
Total (i+ii+iii) 316.84 85.46 70.14 75.45 49.68 34.78 141.76 119.43
Actual return on plan assets 65.83 90.01 – – – – 385.77 391.17

517
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [45]
Disclosure pursuant to Indian Accounting Standard (Ind AS) 19 "Employee Benefits" (contd.)
c) The changes in the present value of defined benefit obligation representing reconciliation of opening and closing balances
thereof are as follows:
v crore
Post-retirement Company pension Trust-managed
Gratuity plan
medical benefit plan plan provident fund plan
Particulars
As at As at As at As at As at As at As at As at
31-3-2025 31-3-2024 31-3-2025 31-3-2024 31-3-2025 31-3-2024 31-3-2025 31-3-2024
Opening balance of the present value of defined
benefit obligation 947.56 869.50 363.62 305.50 382.26 375.27 4258.67 4004.20
Add: Current service cost 96.70 92.60 13.97 12.15 2.80 3.14 141.76 119.43
Add: Interest cost 54.17 51.83 25.47 22.14 26.36 26.92 346.97 318.32
Add: Contribution by plan participants
i) Employee – – – – – – 358.51 295.22
ii) Transfer-in/(out) (5.58) – – – – – 115.90 64.39
Add/(less): Actuarial (gains)/losses arising from
change in:
i) Demographic assumptions 197.76 2.89 (5.94) (30.85) – – – –
ii) Financial assumptions 34.73 38.39 24.11 9.24 13.67 7.58 – –
iii) Experience adjustments – (10.23) 12.53 15.39 2.83 (2.86) – –
Less: Benefit paid (115.36) (93.71) (20.31) (16.00) (29.30) (27.80) (591.66) (544.64)
Add: Past service cost (0.68) – – 47.38 4.02 – – –
Add: Liabilities assumed on transfer of
employees (4.46) (1.33) – – – –
Add: Adjustment for earlier years – – – – – – 3.85 1.75
Add/(less): Translation/other adjustments (3.84) 0.76 – – – – – –
Closing balance of the present value of defined
benefit obligation 1205.48 947.56 413.45 363.62 402.63 382.26 4634.00 4258.67
d) The changes in the fair value of plan assets representing reconciliation of the opening and closing balances thereof are as follows:
v crore
Trust-managed
Gratuity plan
provident fund plan
Particulars
As at As at As at As at
31-3-2025 31-3-2024 31-3-2025 31-3-2024
Opening balance of the fair value of the plan assets 778.93 632.06 4440.73 4089.96
Add: Interest income on plan assets[1] 52.46 46.84 346.97 318.32
Add/(less): Actuarial gains/(losses)
Difference between actual return on plan assets and interest income 13.38 43.17 38.80 72.85
Add: Contribution by the employer 48.95 133.69 138.50 117.18
Add/(less): Transfer in/(out) (5.56) – 115.90 64.39
Add: Contribution by plan participants – – 362.01 322.68
Add: Business combination/disposal (net) – (4.46) – –
Less: Benefits paid (85.01) (72.37) (591.66) (544.64)
Add: Adjustment for earlier years – – 9.07 –
Less: Translation/other adjustments (9.45) – – –
Closing balance of the plan assets 793.70 778.93 4860.31 4440.73
[1] Basis used to determine interest income on plan assets:
The Trust formed by the Company manages the investments of provident funds and gratuity fund. Interest income on plan assets
is determined by multiplying the fair value of the plan assets by the discount rate determined at the start of the annual reporting
period.

The Company expects to fund ¢ 283.09 crore (previous year: ¢ 47.56 crore) towards its gratuity plan and ¢ 159.20 crore (previous
year: ¢ 132.84 crore) towards its trust-managed provident fund plan during the year 2024-25.

518 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [45]
Disclosure pursuant to Indian Accounting Standard (Ind AS) 19 "Employee Benefits" (contd.)
e) The fair value of major categories of plan assets are as follows:

v crore
Gratuity plan
Particulars As at 31-3-2025 As at 31-3-2024
Quoted Unquoted Total Quoted Unquoted Total
Cash and cash equivalents – 2.93 2.93 – 4.35 4.35
Equity instruments 43.05 – 43.05 46.51 – 46.51
Debt instruments - Corporate Bonds 262.29 – 262.29 249.21 – 249.21
Debt instruments - Central Government Bonds 127.94 – 127.94 126.63 – 126.63
Debt instruments - State Government Bonds 208.46 – 208.46 210.18 – 210.18
Debt instruments - PSU Bonds 17.92 – 17.92 19.16 – 19.16
Mutual funds - Equity 38.96 85.91 124.87 38.94 73.85 112.79
Mutual funds - Debt – – – – 4.01 4.01
Fixed Deposits – 4.12 4.12 – 3.84 3.84
Special Deposit Scheme – 1.48 1.48 – 1.48 1.48
Others – 0.64 0.64 – 0.78 0.78
Closing balance of the plan assets 698.62 95.08 793.70 690.63 88.30 778.93

v crore
Trust-managed provident fund plan
Particulars As at 31-3-2025 As at 31-3-2024
Quoted Unquoted Total Quoted Unquoted Total
Cash and cash equivalents – 8.58 8.58 – 9.68 9.68
Equity instruments 182.58 – 182.58 216.31 – 216.31
Debt instruments - Corporate Bonds 1665.45 – 1665.45 1451.76 – 1451.76
Debt instruments - Central Government Bonds 425.89 – 425.89 466.62 – 466.62
Debt instruments - State Government Bonds 1803.83 – 1803.83 1531.53 – 1531.53
Debt instruments - PSU Bonds 62.65 – 62.65 152.42 – 152.42
Mutual funds - Equity 101.50 391.30 492.80 115.39 284.10 399.49
Mutual funds - Debt – – – – 4.70 4.70
Special Deposit Scheme – 101.10 101.10 – 123.86 123.86
Invit Instruments 112.97 – 112.97 81.64 – 81.64
Other (Payables)/Receivables 4.43 0.02 4.46 1.15 1.57 2.72
Closing balance of the plan assets 4359.31 501.00 4860.31 4016.83 423.91 4440.73
f) The average duration (in number of years) of the defined benefit plan obligations at the Balance Sheet date is as follows:

Plans As at 31-3-2025 As at 31-3-2024

1) Gratuity plan 6.92 6.23
2) Post-retirement medical benefit plan 12.59 12.28
3) Company pension plan 7.37 7.26

519
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [45]
Disclosure pursuant to Indian Accounting Standard (Ind AS) 19 "Employee Benefits" (contd.)
g) Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):

Plans As at 31-3-2025 As at 31-3-2024

i) Discount rate:
a) Gratuity plan 6.70% 7.18%
b) Post-retirement medical benefit plan 6.70% 7.18%
c) Company pension plan 6.70% 7.18%
ii) Annual increase in healthcare costs (refer Note vii infra) 0.00% 0.00%
iii) Salary Growth rate:
a) Gratuity plan 8.00% 7.00%
b) Company pension plan 9.00% 9.00%
iv) Attrition Rate:
a) For gratuity plan the attrition rate varies from 2% to 12% (previous year: 2% to 12%) for various age groups.
b) For Company pension plan, the attrition rate varies from 0% to 2% (previous year: 0% to 2%) for various age groups.
c) For post-retirement medical benefit plan, the attrition rate varies from 1% to 14% (previous year: 1% to 14%) for various
age groups.
v) The estimates of future salary increases, considered in actuarial valuation, take into account inflation, seniority, promotion and
other relevant factors, such as supply and demand in the employment market.
vi) The interest payment obligation of trust-managed provident fund is assumed to be adequately covered by the interest
income on long-term investments of the fund. Any shortfall in the interest income over the interest obligation is recognized
immediately in the Statement of Profit and Loss.
vii The obligation of the Company under the post-retirement medical benefit plan is limited to the overall ceiling limits. At
present, healthcare cost, as indicated in the principal actuarial assumption given above, has been assumed to increase at
5.00% p.a.

viii) (A) One percentage point change in actuarial assumptions would have the following effects on the defined benefit obligation
of gratuity plan:
v crore
Effect of 1% increase Effect of 1% decrease
Particulars
2024-25 2023-24 2024-25 2023-24
Impact of change in salary growth rate 76.55 54.06 (69.45) (49.17)
Impact of change in discount rate (70.20) (48.68) 79.35 54.72
(B) A one percentage point change in actuarial assumptions would have the following effects on the defined benefit
obligation of Company pension plan:
v crore
Effect of 1% increase Effect of 1% decrease
Particulars
2024-25 2023-24 2024-25 2023-24
Impact of change in discount rate (27.51) (25.84) 31.44 29.46
(C) A one percentage point change in actuarial assumptions would have the following effects on the defined benefit
obligation of post-retirement medical benefit plan:
v crore
Effect of 1% increase Effect of 1% decrease
Particulars
2024-25 2023-24 2024-25 2023-24
Impact of change in Health care cost 8.89 7.53 (9.26) (7.85)
Impact of change in discount rate (47.59) (40.87) 59.29 50.73

520 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [45]
Disclosure pursuant to Indian Accounting Standard (Ind AS) 19 "Employee Benefits" (contd.)
h) Characteristics of defined benefit plans and associated risks:

1 Gratuity plan:

The Company operates gratuity plan through a trust wherein every employee is entitled to the benefit equivalent to fifteen
days last salary drawn for each completed year of service. The same is payable on termination of service or retirement
whichever is earlier. The benefit vests after five years of continuous service. The Company’s scheme is more favorable as
compared to the obligation under Payment of Gratuity Act, 1972.

The defined benefit plan for gratuity of the Company is administered by separate gratuity funds that are legally separate
from the Company. The trustees nominated by the Company are responsible for the administration of the plan. There are no
minimum funding requirements of these plans. The funding of these plans are based on gratuity fund’s actuarial measurement
framework set out in the funding policies of the plan. These actuarial measurements are similar compared to the assumptions
set out in (g) supra. Employees do not contribute to any of these plans.

Unfunded gratuity represents a small part of gratuity plan which is not material. Further, the unfunded portion includes
amounts payable in respect of the Company’s foreign operations which result in gratuity payable to employees engaged as per
local laws of country of operation.

2 Post-retirement medical care plan:

The Post-retirement medical benefit plan provides for reimbursement of health care costs to certain categories of employees
post their retirement. The reimbursement is subject to an overall ceiling sanctioned based on cadre of the employee at the
time of retirement. The plan is unfunded. Employees do not contribute to the plan.

3 Company’s pension plan:

In addition to contribution to state-managed pension plan (EPS scheme), the Company operates a post retirement pension
scheme, which is discretionary in nature for certain cadres of employees. The quantum of pension depends on the cadre of the
employee at the time of retirement. The plan is unfunded. Employees do not contribute to the plan.

4 Trust managed provident fund plan:

The Company manages provident fund plan through a provident fund trust for its employees which is permitted under the
Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. The plan mandates contribution by employer at a fixed
percentage of employee’s salary. Employees also contribute to the plan at a fixed percentage of their salary as a minimum
contribution and additional sums at their discretion. The plan guarantees interest at the rate notified by Employees’ Provident
Fund Organisation. The contribution by employer and employee together with interest are payable at the time of separation
from service or retirement whichever is earlier. The benefit under this plan vests immediately on rendering of service.

The interest payment obligation of trust-managed provident fund is assumed to be adequately covered by the interest
income on long term investments of the fund. Any shortfall in the interest income over the interest obligation is recognized
immediately in the Statement of Profit and Loss as actuarial loss. Any loss/gain arising out of the investment risk and actuarial
risk associated with the plan is also recognized as expense or income in the period in which such loss/gain occurs.

All the above defined benefit plans expose the Company to general actuarial risks such as interest rate risk and market
(investment) risk.

NOTE [46]
Disclosure pursuant to Ind AS 20 “Accounting for Government Grants and Disclosure of Government Assistance”

(i) The Company’s exports qualify for various export benefits offered in the form of duty credit scrips under foreign trade policy framed by
Department General of Foreign Trade India (DGFT). Income accounted towards such export incentives and duty drawback amounts to
¢ 161.34 crore (previous year ¢ 72.50 crore).

(ii) The Company’s manufacturing facility is eligible for certain incentives under the Investment Promotion Scheme 2014. Income accounted
towards such incentives amounts to ¢ 2.26 crore (Previous year ¢ 1.38 crore).

521
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [47]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures”

(a) List of related parties over which control exist and status of transactions entered during the year:

Transaction entered
Sr
Name of Subsidiary Company Nature of relationship during the year (Yes/
No.
No)
1 L&T Construction Equipment Limited Wholly Owned Subsidiary [WOS] Yes
2 Bhilai Power Supply Company Limited Subsidiary No
3 L&T Aviation Services Private Limited WOS Yes
4 L&T Capital Company Limited WOS Yes
5 Larsen & Toubro International FZE WOS of L&T Global Holdings Limited Yes
6 L&T Global Holdings Limited WOS Yes
7 Larsen & Toubro Heavy Engineering LLC Subsidiary Yes
8 L&T Modular Fabrication Yard LLC Subsidiary Yes
9 Larsen & Toubro Kuwait Construction General Contracting Subsidiary Yes
Company W.L.L.
10 Larsen Toubro Arabia LLC Subsidiary Yes
11 L&T Hydrocarbon Saudi Company WOS Yes
12 Larsen & Toubro Electromech LLC Subsidiary Yes
13 L&T Geostructure Private Limited Subsidiary Yes
14 L&T Geo – L&T JV for Maharatangarh project WOS of L&T Geostructure Private Limited No
15 L&T Geo – L&T UJV CMRL CS WOS of L&T Geostructure Private Limited No
16 Larsen & Toubro (Oman) LLC Subsidiary of Larsen & Toubro International FZE Yes
17 Larsen & Toubro Qatar LLC WOS of Larsen & Toubro International FZE No
18 Larsen & Toubro Saudi Arabia LLC Subsidiary Yes
19 Larsen & Toubro T&D SA (Proprietary) Limited Subsidiary of Larsen & Toubro International FZE No
20 Larsen & Toubro (East Asia) SDN.BHD. WOS of Larsen & Toubro International FZE Yes
21 Hi-Tech Rock Products and Aggregates Limited WOS Yes
22 L&T Realty Developers Limited WOS Yes
23 L&T Realty Properties Limited [1] WOS Yes
24 Elevated Avenue Realty LLP [2] WOS of L&T Realty Properties Limited Yes
25 Elante Properties Private Limited [3] WOS of L&T Realty Properties Limited Yes
26 Chennai Vision Developers Private Limited WOS of L&T Realty Developers Limited No
27 L&T Westend project LLP Subsidiary of L&T Realty Developers Limited No
28 L&T Valves Limited WOS Yes
29 L&T Valves Arabia Manufacturing LLC WOS of L&T Valves Limited Yes
30 L&T Valves USA LLC WOS of L&T Valves Limited No
31 L&T Finance Limited Subsidiary Yes
32 L&T Infra Investment Partners Advisory Private Limited WOS of L&T Finance Limited Yes
33 L&T Infra Investment Partners Trustee Private Limited WOS of L&T Finance Limited Yes
34 L&T Financial Consultants Limited WOS of L&T Finance Limited Yes
35 L&T Infra Investment Partners WOS of L&T Finance Limited No
36 LTIMindtree Limited Subsidiary Yes
37 LTIMindtree GmbH WOS of LTIMindtree Limited No
38 LTIMindtree Canada Limited WOS of LTIMindtree Limited no
39 LTIMindtree LLC [4] WOS of LTIMindtree Limited no
40 LTIMindtree Financial Services Technologies Inc. WOS of LTIMindtree Limited No
41 LTIMindtree South Africa (Pty) Limited Subsidiary of LTIMindtree Limited No
42 LTIMindtree Information Technology Services (Shanghai) Co.Ltd. WOS of LTIMindtree Limited No
43 LTIMindtree Spain S.L. WOS of LTIMindtree Limited No
44 LTIMindtree, Sociedad De Responsibilidad Limitada De Capital WOS of LTIMindtree Limited No
Variable

522 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [47]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures” (contd.)
Transaction entered
Sr
Name of Subsidiary Company Nature of relationship during the year (Yes/
No.
No)
45 LTIMindtree Norge AS WOS of LTIMindtree Limited No
46 LTIMindtree S.A. WOS of LTIMindtree GmbH no
47 Syncordis France SARL [5] WOS of LTIMindtree S.A no
48 Syncordis Limited WOS of LTIMindtree S.A no
49 LTIMindtree PSF S.A. WOS of LTIMindtree S.A no
50 Nielsen+Partner Unternehmensberater GmbH [6] WOS of LTIMindtree GmbH no
51 LTIMindtree Switzerland AG WOS of Nielsen+Partner Unternehmensberater GmbH no
52 Nielsen+Partner Pte Ltd WOS of Nielsen+Partner Unternehmensberater GmbH no
53 LTIMindtree (Thailand) Limited WOS of Nielsen+Partner Unternehmensberater GmbH no
54 Nielsen&Partner Pty Ltd [7] WOS of Nielsen+Partner Unternehmensberater GmbH no
55 LTIMindtree USA Inc. WOS of LTIMindtree Limited no
56 LTIMindtree UK Limited WOS of LTIMindtree Limited no
57 LTIMindtree Middle East FZ-LLC WOS of LTIMindtree Limited no
58 L&T Technology Services Limited Subsidiary Yes
59 L&T Thales Technology Services Private Limited Subsidiary of L&T Technology Services Limited Yes
60 L&T Technology Services LLC WOS of L&T Technology Services Limited Yes
61 L&T Technology Services Pte. Ltd. WOS of L&T Technology Services Limited no
62 Graphene Solutions SDN. BHD. WOS of L&T Technology Services Limited no
63 Graphene Solutions Taiwan Limited WOS of L&T Technology Services Limited no
64 L&T Technology Services (Shanghai) Co. Ltd. WOS of L&T Technology Services Limited No
65 L&T Technology Services (Canada) Ltd WOS of L&T Technology Services LLC No
66 L&T Power Development Limited WOS Yes
67 L&T Himachal Hydropower Limited WOS of L&T Power Development Limited No
68 Nabha Power Limited WOS of L&T Power Development Limited yes
69 L&T Metro Rail (Hyderabad) Limited[8] Subsidiary yes
70 L&T Network Services Private Limited WOS Yes
71 Prime Techpark (Chennai) Private Limited WOS No
72 L&T Energy Hydrocarbon Engineering Limited [9] WOS No
73 Millennium Techpark (Chennai) Private Limited Subsidiary of L&T Realty Properties Limited No
74 Chennai Nova Techpark Private Limited Subsidiary of L&T Realty Properties Limited No
75 Bangalore Galaxy Techpark Private Limited WOS of L&T Realty Developers Limited No
76 Bangalore Spectrum Techpark Private Limited [10] WOS of L&T Realty Developers Limited no
77 Avenue Techpark (Bangalore) Private Limited [10] WOS of L&T Realty Developers Limited No
78 Bangalore Fortune Techpark Private Limited [10] WOS of L&T Realty Developers Limited no
79 Business Park (Powai) Private Limited WOS Yes
80 Corporate Park (Powai) Private Limited WOS Yes
81 L&T Electrolysers Limited WOS of L&T Energy Green Tech Limited Yes
82 LH Residential Housing Private Limited WOS of L&T Realty Developers Limited Yes
83 L&T Semiconductor Technologies Limited WOS Yes
84 L&T Offshore Private Limited [11] WOS yes
85 LH Uttarayan Premium Realty Private Limited WOS of L&T Realty Developers Limited No
86 L&T Technology Services Poland spółka z ograniczoną WOS of L&T Technology Services Limited No
odpowiedzialnością
87 PT Larsen and Toubro WOS Yes
88 L&T Energy Green Tech Limited WOS Yes
89 Global Infotech Corporation [12] WOS of Intelliswift Software Inc. No
90 Intelliswift Software (Canada) Inc [12] WOS of Intelliswift Software Inc. No
91 Intelliswift Software (Costa Rica) Limitada [12] WOS of Intelliswift Software Inc. No

523
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [47]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures” (contd.)
Transaction entered
Sr
Name of Subsidiary Company Nature of relationship during the year (Yes/
No.
No)
92 Intelliswift Software (Hungary) Kft [12] WOS of Intelliswift Software Inc. No
93 Intelliswift Software (India) Private Limited [12] WOS of L&T Technology Services Limited No
94 Intelliswift Software Inc. [12] WOS of L&T Technology Services LLC No
95 L&T Special Steels & Heavy Forgings Private Limited [13] WOS Yes
96 Larsen & Toubro CIS FELLC [14] WOS of Larsen & Toubro International FZE No
97 LTIMindtree Consulting Brazil LTDA [15] WOS of LTIMindtree Limited No
98 P. Murphy & Associates Inc [12] WOS of Intelliswift Software Inc. No
99 Siliconch Systems Private Limited [16] WOS of L&T Semiconductor Technologies Limited No
[1]
formerly known as L&T Seawoods Limited
[2]
Formerly known as L&T Avenue Realty LLP
[3]
formerly known as L&T Parel Project Private Limited
[4]
Dissolved w.e.f 21st Jan, 2025
[5]
Dissolution w.e.f 29th Nov, 2024
[6]
Merged with LTIMindtree GmbH w.e.f 2nd Oct, 2024
[7]
(Deregistered w.e.f 23rd Oct, 2024)
[8]
One equity share (the Golden Share) is held by the Government of Telangana in pursuance of the Shareholders’ Agreement
[9]
Merged with L&T Standalone (w.e.f 1st April, 2024)
[10]
Struck-off from the register of companies (w.e.f 7th Jan, 2025)
[11]
Merged with Larsen & Toubro Limited Standalone w.e.f. April 1, 2024
[12]
Acquired on January 3, 2025
[13]
Reclassified as a Wholly Owned Subsidiary of Larsen & Toubro Limited w.e.f February 18, 2025
[14]
Incorporated on July 10, 2024
[15]
Incorporated w.e.f September 26, 2024
[16]
Acquired on August 9, 2024
(b) (i) Name of associates and joint ventures with whom transactions were carried out during the year:
Sr. No Associate Companies Sr. No Associate Companies
1 Magtorq Private Limited 2 Indian Foundation For Quality Management
(ii) Names of joint ventures with whom transactions were carried out during the year:
Sr. No. Joint Venture Companies Sr. No. Joint Venture Companies
1 L&T-Sargent & Lundy Limited 2 L&T - MHI Power Boilers Private Limited
3 L&T - MHI Power Turbine Generators Private Limited 4 Raykal Aluminium Company Private Limited
5 L&T Special Steels & Heavy Forgings Private Limited [1] 6 L&T Howden Private Limited
7 L&T Sapura Shipping Private Limited 8 L&T MBDA Missile Systems Limited
[1] Reclassified as a Wholly Owned Subsidiary of Larsen & Toubro Limited w.e.f February 18, 2025
(iii) Name of post-employment benefit plans with whom transactions were carried out during the year
Sr. No. Provident Fund Trust
1 Larsen & Toubro Officers & Supervisory Staff Provident Fund
2 Larsen & Toubro Limited Provident Fund of 1952
3 Larsen & Toubro Limited Provident Fund
4 L&T (Kansbahal) Officers & Supervisory Staff Provident Fund
5 L&T (Kansbahal) Staff & Workmen Provident Fund
6 L&T Energy Hydrocarbon Engineering Staff Provident Fund
Sr. No. Gratuity Trust
1 Larsen & Toubro Officers & Supervisors Gratuity Fund
2 Larsen & Toubro Gratuity Fund
3 L&T Energy Hydrocarbon Engineering Officers and Supervisors Gratuity Fund
Sr. No. Superannuation Trust
1 Larsen & Toubro Limited Senior Officers’ Superannuation Scheme

524 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [47]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures” (contd.)
(iv) Name of key management personnel and close member of their family with whom transactions were carried out during the year
(i) Executive Director:
Sr. No. Sr. No.
1 Mr. S. N. Subrahmanyan (Chairman & Managing 2 Mr. R. Shankar Raman (President, Whole-time
Director) Director & CFO)
3 Mr. Subramanian Sarma (Deputy Managing Director 4 Mr. S.V. Desai (Whole-time Director)
& President)
5 Mr. T. Madhava Das (Whole-time Director) 6 Mr. Anil Parab (Whole-time Director)
7 Mr. D. K. Sen (Whole‐time Director) [1] 8 Mr. M. V. Satish (Whole‐time Director) [2]

[1]
Ceased to be Whole-time Director w.e.f. April 7, 2023   [2]
Ceased to be Whole-time Director w.e.f. April 7, 2024
(ii) Non-executive/Independent Directors
Sr. No. Name Sr. No. Name
1 Mr. Adil Siraj Zainulbhai (Independent Director) [1] 2 Mr. Sanjeev Aga (Independent Director)
3 Mr. Hemant Bhargava (Non-executive Director 4 Mr. Narayanan Kumar (Independent Director)
-Nominee of Life Insurance Corporation of India) [2]
5 Mrs. Preetha Reddy (Independent Director) 6 Mr. Pramit Jhaveri (Independent Director)
7 Mr. Rajnish Kumar (Independent Director) 8 Mr. Jyoti Sagar (Independent Director)
9 Mr. Ajay Tyagi (Independent Director) 10 Mr. P. R. Ramesh (Independent Director)
11 Mr. Siddhartha Mohanty (Non-executive Director) [3]
[1]
Ceased w.e.f. May 28, 2024 [2]
Ceased w.e.f. May 27, 2024 [3]
Appointed w.e.f. May 28, 2024
(ii) Company secretary
Sr. No Name
1 Mr. Sivaram Nair A
(iv) Close member of Key Management Personnel's (KMP's) family with whom transactions were carried out during the year:
Sr. No Name Sr. No Name
1 Ms. Meena Subrahmanyan 2 Ms. Vasanti Narayanan
3 Ms. Shital Ajinkya Parab 4 Ms. Sulabha Anil Parab
5 Ms. Toral Sanjay Chinai 6 Ms. Bhagyasree Joshi
7 Mr. Anand V Desai 8 Ms. Kalavathi S Desai
9 Mr. Raghavendra V Desai 10 Ms.Tanya Mallavarapu
11 Mr. Ashwin Shete 12 Mr. Karthik Anand Reddy
13 Mr. S.N. Venkataramanan 14 Ms. Shashikala Narayan Sarang
14 Mr. Harshad Reddy 15 Ms. Mukeeta Pramit Jhaveri
(c) Disclosure of related party transactions:
v crore
2024-25 2023-24
Sr. Amounts Amounts
Nature of transaction/relationship/major parties
No. Amount for major Amount for major
parties parties
i. Purchase of goods & services (including commission paid)
Subsidiaries, including: 4152.40 1973.06
L&T Modular Fabrication Yard LLC 2194.91 1059.01
L&T Geostructure Private Limited 72.86 240.98
L&T Saudi Arabia LLC 1028.69 148.22
Joint ventures, including: 665.36 867.78
L&T - MHI Power Boilers Private Limited 179.34 332.03
L&T Special Steels & Heavy Forgings Private Limited 447.67 457.43
Associates, including: 30.97 25.41
Magtorq Private Limited 30.97 25.41
Total 4848.73 2866.25

525
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [47]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures” (contd.)
v crore
2024-25 2023-24
Sr. Amounts Amounts
Nature of transaction/relationship/major parties
No. Amount for major Amount for major
parties parties
ii. Sale of goods/contract revenue & services
Subsidiaries, including: 1162.59 896.70
L&T Hydrocarbon Saudi Company 143.09 4.29
L&T (Oman) LLC 171.70 –
L&T Realty Developers Limited 73.75 196.07
L&T (East Asia) Sdn. Bhd. 172.84 265.05
L&T International FZE 127.01 129.00
LTIMindtree Limited 154.52 71.50
Joint ventures, including: 12.99 38.24
L&T - MHI Power Boilers Private Limited 5.22 23.56
L&T MBDA Missile Systems Limited 4.66 4.69
L&T Special Steels & Heavy Forgings Private Limited 3.11 9.99
Total 1175.58 934.94
iii. Purchase/lease of property, plant and equipment
Subsidiaries, including: 37.65 132.15
L&T Construction Equipment Limited 20.69 113.06
LTIMindtree Limited 8.58 13.12
L&T Technology Services Limited 5.37 1.75
Joint venture: – 0.42
L&T - MHI Power Turbine Generators Private Limited – 0.42
Total 37.65 132.57
iv. Sale of property, plant and equipment
Subsidiaries, including: 692.88 22.25
Business Park (Powai) Private Limited 425.35 –
Corporate Park (Powai) Private Limited 265.18 –
L&T Geostructure Private Limited 0.23 20.36
Total 692.88 22.25
v. Investments including subscription to equity and preference shares
(equity portion)
Subsidiaries, including: 894.74 3720.75
L&T Metro Rail (Hyderabad) Limited – 3654.00
Business Park (Powai) Private Limited 185.98 2.05
Corporate Park (Powai) Private Limited 198.28 2.05
L&T Energy Green Tech Limited 194.00 51.00
L&T Semiconductor Technologies Limited 307.48 9.55
Joint venture: 1.26 1.00
L&T - MHI Power Turbine Generators Private Limited 1.26 –
GH4India Private Limited – 1.00
Associates: 12.50
Indian Foundation For Quality Management 12.50 –
Total 908.49 3721.75

526 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [47]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures” (contd.)
v crore
2024-25 2023-24
Sr. Amounts Amounts
Nature of transaction/relationship/major parties
No. Amount for major Amount for major
parties parties
vi. Divestment of stake to/capital reduction in:
Subsidiaries, including: – 0.05
L&T Energy Green Tech Limited – 0.05
Joint venture: – 129.26
EPIC Concesiones 3 Limited [1] – 128.88
Total – 129.31
vii. Business Transfer to:
Subsidiaries 800.00
L&T Technology Services Limited 800.00
viii. Inter corporate deposits and loans given to
Subsidiaries, including: 172.48 709.75
L&T Metro Rail (Hyderabad) Limited – 564.00
L&T Energy Green Tech Limited 61.00 18.00
Nabha Power Limited 111.48 110.21
Total 172.48 709.75
ix. Inter corporate deposits and loans repaid by
Subsidiaries, including: 101.04 3139.80
L&T Energy Green Tech Limited 79.00 –
L&T Metro Rail (Hyderabad) Limited – 3059.03
Business Park (Powai) Private Limited 17.54 –
Joint ventures: – 151.72
L&T Sapura Shipping Private Limited – 151.72
Total 101.04 3291.52
x. Inter corporate borrowing taken from
Subsidiaries, including: 5993.44 8195.49
L&T Realty Developers Limited 1598.00 2880.50
L&T Realty Properties Limited 2494.16 3334.72
L&T Valves Limited 1143.00 680.00
Elante Properties Private Limited 149.00 914.50
Joint venture: 435.55 557.16
L&T - MHI Power Turbine Generators Private Limited 435.55 224.16
L&T MBDA Missile Systems Limited – 333.00
Total 6428.99 8752.65
xi. Inter corporate borrowing repaid to
Subsidiaries, including: 6685.74 7047.70
L&T Realty Developers Limited 1858.00 2620.50
L&T Realty Properties Limited 2934.16 2894.72
L&T Valves Limited 1070.00 410.00
Elante Properties Private Limited 283.00 780.50
Joint venture: 641.87 551.56
L&T - MHI Power Turbine Generators Private Limited 477.87 220.56
L&T MBDA Missile Systems Limited 164.00 331.00
Total 7327.61 7599.26

527
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [47]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures” (contd.)
v crore
2024-25 2023-24
Sr. Amounts Amounts
Nature of transaction/relationship/major parties
No. Amount for major Amount for major
parties parties
xii. Charges paid for miscellaneous services
Subsidiaries, including: 238.32 245.86
LTIMindtree Limited 194.09 199.34
L&T Aviation Services Private Limited 29.74 29.40
Joint ventures, including: 3.70 9.04
L&T Sargent & Lundy Limited 1.88 7.83
L&T - MHI Power Boilers Private Limited 1.76 1.15
Total 242.02 254.90
xiii. Rent paid, including lease rentals under leasing/hire purchase
arrangements
Subsidiaries, including: 12.01 2.06
L&T Technology Services Limited 2.98 –
L&T Valves Limited 7.83 1.50
L&T Metro Rail (Hyderabad) Limited 0.99 0.29
Joint ventures, including: 85.45 31.64
L&T Sapura Shipping Private Limited 71.50 18.29
L&T - MHI Power Turbine Generators Private Limited 8.97 9.24
Total 97.46 33.70
xiv. Rent received, overheads recovered and miscellaneous income
Subsidiaries, including: 574.55 513.28
LTIMindtree Limited 195.65 159.54
L&T Technology Services Limited 76.49 75.78
L&T Saudi Arabia LLC 57.90 36.24
L&T Finance Limited 146.83 126.39
Joint ventures, including: 60.52 74.04
L&T - MHI Power Boilers Private Limited 23.23 28.83
L&T Sargent & Lundy Limited 14.04 12.60
L&T - MHI Power Turbine Generators Private Limited 10.72 9.42
L&T Special Steels & Heavy Forgings Private Limited 6.53 6.67
EPIC Concesiones 3 Limited [1] – 7.84
Total 635.07 587.32
xv.(a) Charges incurred for deputation of employees from related parties
Subsidiaries, including: 4.83 0.51
L&T Innovation Campus (Chennai) Limited 1.67 –
L&T Realty Developers Limited 0.71 0.51
L&T Technology Services Limited 2.45 –
Total 4.83 0.51

528 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [47]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures” (contd.)
v crore
2024-25 2023-24
Sr. Amounts Amounts
Nature of transaction/relationship/major parties
No. Amount for major Amount for major
parties parties
xv.(b) Charges recovered for deputation of employees to related parties
Subsidiaries, including: 136.59 110.41
L&T Semiconductor Technologies Limited 22.31 –
L&T Geostructure Private Limited 17.41 19.98
Elevated Avenue Realty LLP 17.63 22.38
L&T Realty Developers Limited 19.41 18.65
L&T Realty Properties Limited 15.91 15.54
Joint ventures: 7.04 9.71
L&T Sapura Shipping Private Limited 5.81 7.76
L&T Special Steels & Heavy Forgings Private Limited 1.23 1.03
Total 143.63 120.12
xvi. Dividend received
Subsidiaries, including: 2930.46 2519.42
LTIMindtree Limited 1320.60 1219.02
L&T Technology Services Limited 389.93 366.54
L&T Global Holdings Limited 428.78 182.18
L&T Finance Limited 413.13 327.85
Joint ventures: 27.27 129.83
L&T-Sargent & Lundy Limited 12.24 5.57
L&T Howden Private Limited 15.03 12.02
EPIC Concesiones 3 Limited [1] – 112.24
Total 2957.73 2649.25
xvii. Buyback of shares
Key Management Personnel, including: 20.14
Mr. R. Shankar Raman 10.20
Mr. Subramanian Sarma 5.47
Mr. Anil Parab 3.20
Close member of Key Management Personnel, including: 2.62
Mrs. Meena Subrahmanyan 2.61
Total 22.76
xviii. Dividend Paid
Key Management Personnel, including: 2.74 4.93
Mr. A.M Naik 1.88
Mr. R. Shankar Raman 0.83 0.99
Mr. S. N. Subrahmanyan 0.84 0.80
Mr. Subramanian Sarma 0.52 0.53
Mr. Anil Parab 0.31 0.35
Close member of Key Management Personnel, including: 0.28 0.32
Mrs. Meena Subrahmanyan 0.24 0.25
Total 3.02 5.25

529
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [47]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures” (contd.)
v crore
2024-25 2023-24
Sr. Amounts Amounts
Nature of transaction/relationship/major parties
No. Amount for major Amount for major
parties parties
xix Commission received, including those under agency arrangements
Subsidiary: 3.38 11.43
L&T Construction Equipment Limited 3.38 11.43
Total 3.38 11.43
xx Guarantee charges recovered from
Subsidiaries, including: 374.71 263.34
L&T Hydrocarbon Saudi Company 161.41 67.98
L&T Metro Rail (Hyderabad) Limited 31.34 30.31
L&T Saudi Arabia LLC 58.38 53.40
L&T Arabia LLC 54.26 45.41
L&T International FZE 64.35 62.98
Joint venture: 0.58 0.67
L&T - MHI Power Turbine Generators Private Limited 0.58 0.67
Total 375.29 264.01
xxi Interest paid to
Subsidiaries, including: 75.37 77.42
L&T Realty Properties Limited 26.49 28.53
L&T Valves Limited 22.45 10.57
L&T Realty Developers Limited 17.25 26.15
Elante Properties Private Limited 2.54 8.92
Joint ventures: 4.95 12.82
L&T MBDA Missile Systems Limited 0.93 11.64
L&T - MHI Power Turbine Generators Private Limited 4.02 1.17
Total 80.32 90.24
xxii Interest received from
Subsidiaries, including: 138.97 307.86
L&T Metro Rail (Hyderabad) Limited 56.72 223.52
L&T Finance Limited 15.59 42.41
Nabha Power Limited 45.57 33.92
L&T Special Steels & Heavy Forgings Private Limited 17.05 –
Joint ventures: 9.84 81.22
L&T Sapura Shipping Private Limited 9.84 18.07
Kudgi Transmission Limited – 58.31
Total 148.81 389.08
xxiii Amount written off as bad debts
Joint venture: – 20.37
L&T - MHI Power Boilers Private Limited – 20.37
Total – 20.37

530 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [47]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures” (contd.)
v crore
2024-25 2023-24
Sr. Amounts Amounts
Nature of transaction/relationship/major parties
No. Amount for major Amount for major
parties parties
xxiv Amount recognised/(reversed) in Profit or Loss as provision towards bad
and doubtful debts (including expected credit loss)
Subsidiaries, including: (0.27) 1.96
L&T Arabia LLC 2.30 (13.45)
L&T Hydrocarbon Saudi Company (11.87) 1.77
L&T Metro Rail (Hyderabad) Limited 4.90 10.90
L&T Modular Fabrication Yard LLC (1.79) 1.79
Elevated Avenue Realty LLP (0.53) (3.31)
L&T Offshore Private Limited (5.15) 4.96
L&T Innovation Campus (Chennai) Limited – (0.49)
L&T Energy Green Tech Limited 0.56 –
Business Park (Powai) Private Limited 1.90 –
Corporate Park (Powai) Private Limited 3.98 –
L&T Realty Developers Limited (0.13) (0.09)
L&T Heavy Engineering LLC 0.04 0.02
L&T Electromech LLC 0.09 0.01
L&T Technology Services Limited 1.29 (0.21)
L&T Saudi Arabia LLC 0.89 (0.16)
Elante Properties Private Limited (0.62) 0.09
L&T (Oman) LLC (0.03) 0.01
L&T Geostructure Private Limited 0.27 0.14
L&T (East Asia) Sdn. Bhd. 3.63 –
Joint ventures, including: (0.22) (27.32)
L&T Sapura Offshore Private Limited – (5.08)
L&T Sargent & Lundy Limited (0.05) 0.02
L&T - MHI Power Boilers Private Limited 0.03 (22.41)
GH4INDIA Private Limited 0.18 –
L&T - MHI Power Turbine Generators Private Limited (0.35) 0.12
Total (0.49) (25.36)
xxv Amount recognised in Profit or Loss on account of impairment/(reversal
of impairment) loss on investment and reversal of provision towards
constructive obligation
Subsidiaries, including: – (70.24)
L&T Heavy Engineering LLC – (70.24)
Associates: 12.50
Indian Foundation For Quality Management 12.50
Joint ventures: (474.78) 47.03
L&T Special Steels & Heavy Forgings Private Limited (474.78) –
EPIC Concesiones 3 Limited [1] – 47.03
Total (462.28) (23.21)

531
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [47]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures” (contd.)
v crore
2024-25 2023-24
Sr. Amounts Amounts
Nature of transaction/relationship/major parties
No. Amount for major Amount for major
parties parties
xxvi
Guarantee given on behalf of
Subsidiaries, including: 2818.15 52856.46
L&T Saudi Arabia LLC 379.07 4126.44
L&T Geostructure Private Limited 559.00 –
L&T Hydrocarbon Saudi Company – 40531.36
L&T Arabia LLC 1681.99 7732.06
Joint ventures: 139.74 –
L&T MHI Power Turbine Generators Private Limited 139.74 –
Total 2957.89 52856.46
xxvii Contribution to post employment benefit plans
(a) Towards employer’s contribution to provident fund trusts, including: 140.01 118.72
Larsen & Toubro Officers & Supervisory Staff Provident Fund 126.87 105.60
Total 140.01 118.72
(b) Towards employer’s contribution to gratuity fund trusts: 48.95 133.69
Larsen & Toubro Officers & Supervisors Gratuity Fund 43.38 123.95
Larsen & Toubro Gratuity Fund 4.18 9.69
Total 48.95 133.69
(c) Towards employer’s contribution to superannuation trust: 20.61 16.09
Larsen & Toubro Limited Senior Officers' Superannuation Scheme 20.61 16.09
Total 20.61 16.09
"Major parties" denote entities accounting for 10% or more of the aggregate for that category of transaction during respective year.
[1]
formerly known as L&T Infrastructure Development Projects Limited
xxviii. Compensation paid to key management personnel:
v crore
2024-25 2023-24
Short-term Post- Short-term Post- ESOP granted
Key Management Personnel Other Long Other Long
employee employment Total employee employment during the Total
benefits term benefit term benefit
benefits benefits benefits year [4]
Executive Directors:
(a) Mr. S.N.Subrahmanyan 45.82 12.30 58.12 39.15 10.50 32.40 82.05
(b) Mr. R. Shankar Raman 28.31 7.60 35.91 24.26 6.50 30.76
(c) Mr. D. K. Sen – 0.21 15.31 [3] 6.94 [2] 22.46
(d) Mr. M. V. Satish 0.22 17.05 [1] 13.58 [2] 30.85 10.53 2.78 13.31
(e) Mr. Subramanian Sarma 24.74 6.63 31.37 20.81 5.57 26.38
(f) Mr. S.V.Desai 15.82 4.22 20.04 14.82 3.95 9.26 28.03
(g) Mr. T. Madhava Das 18.98 5.08 24.06 14.47 3.86 18.33
(h) Mr. Anil Parab 11.87 3.16 15.03 9.85 2.61 12.46
Non-executive Directors:
(a) Mr. A.M. Naik – 1.69 1.50 [5] 3.19
(b) Other Non-executive Directors 5.43 5.43 5.12 5.12
(c) Sivaram Nair A (Company Secretary) 1.85 0.02 1.87 1.70 0.02 1.72
Total 153.04 56.06 13.58 222.68 142.61 52.60 6.94 41.66 243.81
[1] Post employment benefits include gratuity ¢ 16.99 crore
[2] Represents encashment of past service accumulated leave
[3] Post employment benefits include gratuity ¢ 15.25 crore
[4] Represents fair value of ESOPs granted during the year which will be vested equally over a period of 4 years.
[5] Represents pension

532 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [47]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures” (contd.)
(d) Amount due to/from related parties:
v crore
As at 31-3-2025 As at 31-3-2024
Sr. Amounts Amounts
Category of balance/relationship/parties
No. Amount for major Amount for major
parties parties
i. Accounts receivable
Subsidiaries, including: 1467.48 1349.78
L&T Metro Rail (Hyderabad) Limited 729.66 729.66
L&T Geostructure Private Limited 278.40 241.50
Joint ventures , including: 21.37 29.28
L&T - MHI Power Boilers Private Limited 14.62 17.78
L&T Special Steels & Heavy Forgings Private Limited – 3.19
L&T Sargent & Lundy Limited 2.77 2.66
Total 1488.85 1379.06
ii. Accounts payables, including other payables
Subsidiaries, including: 1647.35 1220.19
L&T Modular Fabrication Yard LLC 9.38 248.23
Larsen Toubro Arabia LLC 209.71 168.35
L&T Geostructure Private Limited 100.47 164.04
Larsen & Toubro Saudi Arabia LLC 301.52 171.72
LTIMindtree Limited 114.29 129.57
L&T Technology Services Limited 250.77 150.36
L&T Special Steels & Heavy Forgings Private Limited 286.95 –
Joint ventures , including: 740.66 1264.42
L&T - MHI Power Boilers Private Limited 496.92 750.42
L&T - MHI Power Turbine Generators Private Limited 191.48 266.85
L&T Special Steels & Heavy Forgings Private Limited – 210.84
Associates, including: 13.97 5.61
Magtorq Private Limited 13.61 5.22
Total 2401.98 2490.22
iii. Investment in debt securities [including preference shares (debt portion)]
Subsidiaries: 1297.94 758.90
L&T Metro Rail (Hyderabad) Limited 973.73 436.36
L&T Finance Limited 111.04 322.55
L&T Special Steels & Heavy Forgings Private Limited 213.17
Joint ventures: – 949.43
L&T Special Steels & Heavy Forgings Private Limited – 213.17
Kudgi Transmission Limited – 736.26
Total 1297.94 1708.33
iv Impairment loss on investment in debt securities
Subsidiaries: 213.17
L&T Special Steels & Heavy Forgings Private Limited 213.17
Joint venture: – 213.17
L&T Special Steels & Heavy Forgings Private Limited – 213.17
Total 213.17 213.17

533
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [47]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures” (contd.)
v crore
As at 31-3-2025 As at 31-3-2024
Sr. Amounts Amounts
Category of balance/relationship/parties
No. Amount for major Amount for major
parties parties
v. Loans & advances recoverable
Subsidiaries, including: 3763.59 1519.71
L&T Geostructure Private Limited 209.07 228.82
Nabha Power Limited 495.90 385.96
Larsen & Toubro Saudi Arabia LLC 235.75 268.54
L&T Special Steels and Heavy Forgings Private Limited 1924.43 –
Joint ventures , including: 254.49 2035.90
L&T Special Steels and Heavy Forgings Private Limited – 1790.93
L&T Sapura Shipping Private Limited 220.79 208.23
Associates, including: 19.31 4.10
Magtorq Private Limited 19.01 3.86
Total 4037.39 3559.71
vi. Impairment loss on loans & advances recoverable
Subsidiaries, including: 1277.60 6.50
L&T Offshore Private Limited – 5.08
L&T Special Steels and Heavy Forgings Private Limited 1270.45 –
Joint venture: 0.88 1731.25
L&T Special Steels and Heavy Forgings Private Limited – 1730.38
Raykal Aluminium Company Private Limited 0.88 0.87
Total 1278.48 1737.75
vii. Provision towards constructive obligation
Joint venture: 14.84
L&T Special Steels and Heavy Forgings Private Limited 14.84
Total 14.84
viii. Unsecured loans taken (including lease finance)
Subsidiaries: 456.70 1149.41
L&T Construction Equipment Limited 70.50 –
L&T Valves Limited 343.00 270.10
L&T Realty Properties Limited – 440.16
Elante Properties Private Limited – 134.05
L&T Realty Developers Limited – 260.09
Joint venture: 1.28 207.67
L&T MBDA Missile Systems Limited – 164.06
L&T - MHI Power Turbine Generators Private Limited 1.28 43.62
Total 457.98 1357.08

534 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [47]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures” (contd.)
v crore
As at 31-3-2025 As at 31-3-2024
Sr. Amounts Amounts
Category of balance/relationship/parties
No. Amount for major Amount for major
parties parties
ix. Advances received in the capacity of supplier of goods/services classified as
“Advances from customers” in the Balance Sheet
Subsidiaries, including: 151.15 91.63
L&T Realty Developers Limited 2.71 40.36
L&T Hydrocarbon Saudi Company 18.28 –
LTIMindtree Limited 38.00 18.73
L&T International FZE – 9.58
L&T (Oman) LLC 20.35 –
L&T (East Asia) Sdn. Bhd. 11.45 17.03
LH Residential Housing Private Limited 32.29 –
Joint venture: 0.46 2.39
L&T - MHI Power Boilers Private Limited 0.46 2.39
Close member of KMP's family: 0.11
Ms. Meena Subrahmanyan 0.11
Total 151.61 94.13
x. Due to directors [1]:
Key management personnel, including: 136.71 123.61
Mr. S. N. Subrahmanyan 41.58 35.28
Mr. R. Shankar Raman 25.73 21.83
Mr. Anil Parab 10.55 8.62
Mr. D. K. Sen – 0.18
Mr. M. V. Satish 0.18 8.57
Mr. Subramanian Sarma 22.37 18.56
Mr. S.V.Desai 14.29 13.41
Mr. T. Madhava Das 17.45 13.06
Total 136.71 123.61
xi. Post employment benefit plan
(a) Due to provident fund trusts, including: 58.53 51.30
Larsen & Toubro Officers & Supervisory Staff Provident Fund 55.15 47.99
Total 58.53 51.30
(b) Due to gratuity trusts: 283.09 47.56
Larsen & Toubro Officers & Supervisors Gratuity Fund 258.18 44.12
Larsen & Toubro Gratuity Fund 24.91 3.45
Total 283.09 47.56
(c) Due to superannuation trust: 19.82 17.93
Larsen & Toubro Limited Senior Officers' Superannuation Scheme 19.82 17.93
Total 19.82 17.93

[1]
Includes commission due to non-executive directors ¢ 4.56 crore (previous year: ¢ 4.10 crore).

535
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [47]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures” (contd.)
v crore
As at 31-3-2025 As at 31-3-2024
Sr. Amounts Amounts
Category of balance/relationship/parties
No. Amount for major Amount for major
parties parties
xii.(a) Capital commitment given
Subsidiaries, including: 18.51 31.70
L&T Construction Equipment Limited 2.85 20.60
LTIMindtree Limited 12.81 9.92
L&T Technology Services Limited 2.85 1.18
Total 18.51 31.70
xii.(b) Revenue commitment given
Subsidiaries, including: 4237.85 3225.26
L&T Saudi Arabia LLC 2029.69 1500.57
L&T Modular Fabrication Yard LLC 1073.18 39.53
Joint ventures , including: 295.30 1023.63
L&T - MHI Power Boilers Private Limited 226.02 569.94
L&T Special Steels and Heavy Forgings Private Limited 370.22
L&T Howden Private Limited 33.73 68.47
Associates, including: 65.74 31.76
Magtorq Private Limited 65.74 31.76
Total 4598.89 4280.65
xiii. Commitment to Fund
Subsidiary: 127.78 239.25
Nabha Power Limited 127.78 239.25
Total 127.78 239.25
xiv. Revenue commitment received
Subsidiaries, including: 1938.10 2007.30
L&T (Oman) LLC 208.09 –
LTIMindtree Limited 135.22 671.49
Corporate Park (Powai) Private Limited 294.43 –
L&T Realty Properties Limited 208.52 –
Larsen & Toubro (East Asia) Sdn. Bhd. 541.84 660.54
LH Residential Housing Private Limited 255.97 –
L&T Innovation Campus (Chennai) Limited – 220.12
Joint ventures , including: 5.47 15.48
L&T - MHI Power Boilers Private Limited 5.47 10.68
L&T MBDA Missile Systems Limited – 4.80
Close Member of KMP's family: 7.68
Ms. Meena Subrahmanyan 7.68
Total 1943.57 2030.46

536 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [47]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures” (contd.)
v crore
As at 31-3-2025 As at 31-3-2024
Sr. Amounts Amounts
Category of balance/relationship/parties
No. Amount for major Amount for major
parties parties
xv. Guarantee given on behalf of
Subsidiaries, including: 122845.36 129527.23
L&T Hydrocarbon Saudi Company 54257.11 60762.23
L&T Arabia LLC 16840.10 18587.34
L&T Saudi Arabia LLC 19216.49 18946.29
L&T International FZE 21679.07 21154.05
Joint ventures , including: 231.08 243.22
L&T MHI Power Turbine Generators Private Limited 211.67 210.56
Total 123076.44 129770.45
xvi. Provision towards expected credit loss related to the amount of outstanding
balances
Subsidiaries, including: 87.81 85.06
L&T Metro Rail (Hyderabad) Limited 50.34 41.82
Larsen Toubro Arabia LLC 23.39 21.09
L&T Hydrocarbon Saudi Company 4.31 16.18
Joint ventures , including: 1.89 2.74
L&T - MHI Power Turbine Generators Private Limited 0.01 0.36
EPIC Concesiones 3 Limited – 0.45
Deccan Tollways Limited 1.73 1.73
Total 89.70 87.80
“Major parties” denote entities account for 10% or more of the aggregate for that category of balance during respective year.

Notes:

1. The amount of outstanding balances as shown above are unsecured and will be settled/recovered in cash.

2. The interest rate charged on loans given to related parties are as per market rates.

537
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [48]
Disclosure pursuant to Ind AS 27 “Separate Financial Statements”

Investment in following subsidiaries, associates and joint ventures is accounted at cost.

Subsidiaries:

As at 31-3-2025 As at 31-3-2024
Proportion Proportion
Principal place of Proportion of of effective Proportion of of effective
Sr. Name of the subsidiary
business direct ownership ownership direct ownership ownership
No. (%) interest /voting (%) interest /voting
power(%) power(%)
Indian subsidiaries
1 Bhilai Power Supply Company Limited India 99.90 99.90 99.90 99.90
2 Hi-Tech Rock Products & Aggregates Limited India 100.00 100.00 100.00 100.00
3 L&T Realty Properties Limited [1] India 100.00 100.00 100.00 100.00
4 L&T Geostructure Private Limited India 99.00 100.00 99.00 100.00
5 L&T Valves Limited India 100.00 100.00 100.00 100.00
6 L&T Energy Green Tech Limited India 100.00 100.00 100.00 100.00
7 L&T Aviation Services Private Limited India 100.00 100.00 100.00 100.00
8 LTIMindtree Limited India 68.58 68.58 68.64 68.64
9 L&T Finance Limited India 66.24 66.24 65.86 65.86
10 L&T Capital Company Limited India 100.00 100.00 100.00 100.00
11 L&T Power Development Limited India 100.00 100.00 100.00 100.00
12 L&T Metro Rail (Hyderabad) Limited [2]
India 99.99 99.99 99.99 99.99
13 L&T Technology Services Limited India 73.66 73.66 73.74 73.74
14 L&T Construction Equipment Limited India 100.00 100.00 100.00 100.00
15 L&T Realty Developers Limited India 100.00 100.00 100.00 100.00
16 L&T Energy Hydrocarbon Engineering Ltd [3] India – – 100.00 100.00
17 L&T Network Services Private Limited India 100.00 100.00 100.00 100.00
18 Corporate Park (Powai) Private Limited India 100.00 100.00 100.00 100.00
19 Business Park (Powai) Private Limited India 100.00 100.00 100.00 100.00
20 L&T Semiconductor Technologies Limited India 100.00 100.00 100.00 100.00
21 L&T Offshore Private Limited [3]
India – – 100.00 100.00
22 L&T Special Steels and Heavy Forgings Private Limited [4] India 100.00 100.00 – –
[1]
formerly known as L&T Seawoods Limited
[2]
One equity share (the Golden Share) is held by the Government of Telangana in pursuance of the Shareholders’ Agreement.
[3]
Merged with Larsen & Toubro Limited w.e.f. April 1, 2024
[4]
Reclassified as a Wholly Owned Subsidiary of Larsen & Toubro Limited w.e.f February 18, 2025

538 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [48]
Disclosure pursuant to Ind AS 27 “Separate Financial Statements” (contd.)
Foreign Subsidiaries :

As at 31-3-2025 As at 31-3-2024
Proportion Proportion
Principal place of Proportion of of effective Proportion of of effective
Sr. Name of the subsidiary
business direct ownership ownership direct ownership ownership
No. (%) interest /voting (%) interest /voting
power(%) power(%)
1 Larsen & Toubro Saudi Arabia LLC Kindgom of Saudi 4.35 100.00 4.35 100.00
Arabia
2 L&T Global Holdings Limited UAE 100.00 100.00 100.00 100.00
3 Larsen & Toubro Arabia LLC Kindgom of Saudi 75.00 75.00 75.00 75.00
Arabia
4 L&T Hydrocarbon Saudi Company LLC Kindgom of Saudi 100.00 100.00 100.00 100.00
Arabia
5 L&T Modular Fabrication Yard LLC Sultanate of 70.00 70.00 70.00 70.00
Oman
6 Larsend & Toubro Electromech LLC Sultanate of 70.00 70.00 70.00 70.00
Oman
7 Larsen & Toubro Kuwait Construction General Contracting Kuwait 49.00 49.00 49.00 49.00
Co. W.L.L.
8 Larsen & Toubro Heavy Engineering LLC [a] Sultanate of 70.00 70.00 70.00 70.00
Oman
9 PT Larsen and Toubro Indonesia 100.00 100.00 100.00 100.00
[a]
Under liquidation

Associate Companies :

As at 31-3-2025 As at 31-3-2024
Proportion Proportion
Principal place of Proportion of of effective Proportion of of effective
Sr. Name of associate
business direct ownership ownership direct ownership ownership
No. (%) interest /voting (%) interest /voting
power(%) power(%)
1 Gujarat Leather Industries Limited [1] India 50.00 50.00 50.00 50.00
2 Magtorq Private Limited India 42.85 42.85 42.85 42.85
2 E2E Networks Limited [2] India 14.92 14.92 - -
[1]
Under liquidation
[2]
Acquired on December 4, 2024

539
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [48]
Disclosure pursuant to Ind AS 27 “Separate Financial Statements” (contd.)
Joint Ventures :

As at 31-3-2025 As at 31-3-2024
Proportion Proportion
Principal place of Proportion of effective Proportion of effective
Sr. Name of the joint venture
business of direct ownership of Direct ownership
No. ownership (%) interest /voting Ownership (%) interest /voting
power (%) power (%)
1 Chennai-Tada Tollways Limited (formerly known as -L&T India – – [1]
51.00
Chennai–Tada Tollway Limited) [2]
2 Rajkot - Vadinar Tollway Limited (formerly known as (L&T India – – [1]
51.00
Rajkot-Vadinar Tollway Limited) [2]
3 Samkhiali Bhachau Gandhidham Tollway Limited (formerly India – – 0.02 51.01
known as -L&T Samakhiali Gandhidham Tollway
Limited) [2]
4 EPIC Concesiones 3 Limited (formerly known as -L&T India – – 51.00 51.00
Infrastructure Development Projects Limited) [2]
5 Neelambur Madukkarai Tollway Limited (formerly known India – – 26.24 51.00
as-L&T Transportation Infrastructure Limited) [2]
6 Ahmedabad - Maliya Tollway Limited [2] India – – [1]
51.00
7 L&T Howden Private Limited India 50.10 50.10 50.10 50.10
8 L&T-MHI Power Boilers Private Limited India 51.00 51.00 51.00 51.00
9 L&T-MHI Power Turbine Generators Private Limited India 51.00 51.00 51.00 51.00
10 Raykal Aluminium Company Private Limited India 75.50 75.50 75.50 75.50
11 L&T Special Steels and Heavy Forgings Private Limited [3] India – – 74.00 74.00
12 PNG Tollway Limited [2] India – – – 37.74
13 L&T MBDA Missile Systems Limited India 51.00 51.00 51.00 51.00
14 L&T Sapura Shipping Private Limited India 60.00 60.00 60.00 60.00
15 L&T-Sargent & Lundy Limited India 50.00 50.00 50.00 50.00
16 GH4India Private Limited India 33.33 33.33 33.33 33.33
[1]
Proportion of direct ownership is less than 0.01%.
[2]
Divested w.e.f. April 10, 2024
[3]
Reclassified as a wholly owned subsidiary of Larsen & Toubro Limited w.e.f February 18, 2025

540 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [49]
Basic and diluted Earnings per Share [EPS] computed in accordance with Ind AS 33 “Earnings per Share”:

Particulars 2024-25 2023-24

Basic earnings per share
Net profit after tax (¢ crore) A 10870.72 9331.41
Weighted average number of equity shares outstanding B 1,37,49,93,122 1,38,98,17,026
Basic EPS(¢) A/B 79.06 67.14
Diluted earnings per share
Net profit after tax (¢ crore) A 10870.72 9331.41
Weighted average number of equity shares outstanding B 1,37,49,93,122 1,38,98,17,026
Add: W eighted average number of potential equity shares on account of employee C 10,46,884 12,33,876
stock options
Weighted average number of equity shares outstanding for diluted EPS D=B+C 1,37,60,40,006 1,39,10,50,903
Diluted EPS (¢) A/D 79.00 67.08
Face value per share (¢) 2 2

NOTE [50]
Disclosures pursuant to Ind AS 37 "Provisions, Contingent Liabilities and Contingent Assets"

a) Movement in provisions:
v crore
Class of provisions
Contractual
Expected tax
Sr Litigation rectification
Particulars Product liability in Onerous
no related cost- Total
warranties respect of contracts
obligation construction
indirect taxes
contracts
1 Balance as at April 1, 2024 9.22 318.89 33.04 496.65 600.40 1458.20
2 Additional Provision during the year 0.19 55.31 – 299.27 179.24 534.01
3 Provision used during the year – (0.56) – (54.59) (151.35) (206.49)
4 Provision reversed during the year (4.10) (2.39) (20.35) (169.09) (92.99) (288.94)
5 Balance as at March 31, 2025 (5=1+2+3+4) 5.31 371.25 12.69 572.24 535.30 1496.79
b) Nature of provisions:

i. Product warranties: The Company gives warranties on certain products and services, undertaking to repair or replace the items
that fail to perform satisfactorily during the warranty period. Provision made as at March 31, 2025 represents the amount of the
expected cost of meeting such obligations of rectification/replacement. The timing of the outflows is expected to be within a period
of 1 to 3 years from the date of Balance Sheet.
ii. Expected tax liability in respect of indirect taxes represents mainly the differential sales tax liability on account of non-collection of
declaration forms.

iii. Provision for litigation related obligations represents liabilities that are expected to materialise in respect of matters in appeal.

iv. Contractual rectification cost represents the estimated cost the Company is likely to incur during defect liability period as per the
contract obligations in respect of completed construction contracts accounted under Ind AS 115 “Revenue from Contracts with
customers”.

v Onerous contracts provision includes provision for foreseeable losses on construction contracts wherever it was probable that total
contract costs will exceed total contract price.

vi. It is not practicable to estimate the timings of cash outflows, if any, in respect of provisions (ii) to (v).

c) Disclosure in respect of contingent liabilities is given as part of Note 29 to the Balance Sheet.

541
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [51]
The expenditure on research and development activities is as follows:

v crore
Sr.
Particulars 2024-25 2023-24
No.
(i) Recognised as expense in the Statement of Profit and Loss 171.86 163.15
(ii) Capital Expenditure on:
(a) tangible assets 2.40 4.54
(b) other intangible assets 0.77 1.32
(iii) Expenditure customer funded. 1.89 –
NOTE [52]
Disclosure pursuant to Ind AS 107 “Financial Instruments: Disclosures”: Market risk management

(a) Foreign exchange rate and interest rate risk:

The Company regularly reviews its foreign currency and interest rate related exposures – both hedged and open. The Company primarily
follows cash flow hedge accounting for Highly Probable Forecasted Exposures (HPFE), hence, the movement in mark to market (MTM)
of the hedge contracts undertaken for such exposures is likely to be offset by contra movements in the underlying exposures values.
However, till the point of time that the HPFE becomes an on-balance sheet exposure, the changes in MTM of the hedge contracts will
impact the Balance Sheet of the Company. Further, given the effective horizons of the Company’s risk management activities which
coincide with the durations of the projects under execution, which could extend across 3-4 years and given the business uncertainties
associated with the timing and estimation of the project exposures, the recognition of the gains and losses related to these instruments
may not always coincide with the timing of gains and losses related to the underlying economic exposures and, therefore, may affect
the Company’s financial condition and operating results. The Company monitors the potential risk arising out of the market factors like
exchange rates, interest rates, price of traded investment products etc. on a regular basis. For on-balance Sheet exposures, the Company
monitors the risks on net unhedged exposures.

(i) Foreign exchange rate risk:

The Company has both receivable and payable exposures in foreign currency. Accordingly, changes in exchange rates may adversely
affect the Company’s revenues, cost, and profitability. There is a risk that the Company may also have to adjust the local currency
product pricing due to competitive pressures when there has been significant volatility in foreign currency exchange rates.

The Company may enter foreign currency forward and option contracts with financial institutions to protect against foreign
exchange risks associated with existing assets and liabilities, firm commitments, forecasted future cash flows and net investments in
foreign subsidiaries. In addition, the Company has entered, and may enter in future, into non-designated foreign currency contracts
to partially offset the foreign currency exchange gains and losses on its foreign-denominated debt issuances. The Company’s
practice is to hedge a portion of its material net foreign exchange exposures with tenors in line with the project/business life cycle.
The Company may also choose not to hedge certain foreign exchange exposures.

542 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [52]
Disclosure pursuant to Ind AS 107 “Financial Instruments: Disclosures”: Market risk management (contd.)
The net exposure to foreign currency risk (based on notional amount) in respect of recognised financial assets, recognised financial
liabilities and derivatives for major categories is as follows:

v crore
As at 31-3-2025
US Dollars
Particulars including Japanese Kuwaiti British
EURO
pegged Yen Dinar Pound
currencies
Net exposure to foreign currency risk in respect of recognised
financial assets/(recognised financial liabilities) (1088.59) (395.96) (165.01) (79.94) 84.54
Derivatives including embedded derivatives for hedging receivable/
(payable) exposure with respect to non-financial assets/(liabilities) 10.43 – – 11.59 –
Derivatives including embedded derivatives for hedging receivable/
(payable) exposure with respect to firm commitments and highly
probable transactions (10255.87) (5938.46) 1257.80 1069.94 (60.92)
Receivable/(payable) exposure with respect to forward contracts and
embedded derivatives not designated as cash flow hedge (1970.81) (44.63) 7.17 – (73.89)

v crore
As at 31-3-2024
US Dollars
Particulars including Japanese Kuwaiti British
EURO
pegged Yen Dinar Pound
currencies
Net exposure to foreign currency risk in respect of recognised
financial assets/(recognised financial liabilities) (3504.52) (616.54) (198.48) 135.55 (26.92)
Derivatives including embedded derivatives for hedging receivable/
(payable) exposure with respect to non-financial assets/(liabilities) 208.69 (331.95) (11.01) – –
Derivatives including embedded derivatives for hedging receivable/
(payable) exposure with respect to firm commitments and highly
probable transactions 2539.63 (14100.96) 1442.30 490.23 (108.56)
Receivable/(payable) exposure with respect to forward contracts and
embedded derivatives not designated as cash flow hedge 1221.52 (424.23) 10.27 – 2.36
To provide a meaningful assessment of the foreign currency risk associated with the Company’s foreign currency derivative positions
against off-balance sheet exposures and unhedged portion of on-balance sheet financial assets and liabilities, the Company uses
a multi-currency correlated value-at-risk (“VAR”) model. The VAR model uses a Monte Carlo simulation to generate thousands of
random market price paths for foreign currencies against Indian rupee taking into account the correlations between them. The
VAR is the expected loss in value of the exposure due to overnight movement in spot exchange rates, at 95% confidence interval.
The VAR model is not intended to represent actual losses but is used as a risk estimation tool. The model assumes normal market
conditions and is a historical best fit model. Because the Company uses foreign currency instruments for hedging purposes, the
loss in fair value incurred on those instruments is generally offset by increases in the fair value of the underlying exposures for
on-balance sheet exposures. The overnight VAR for the Company at 95% confidence level is ¢ 69.23 crore as at March 31, 2025
and ¢ 89.03 crore as at March 31, 2024.

Actual future gains and losses associated with the Company’s investment portfolio and derivative positions may differ materially
from the sensitivity analysis performed as at March 31, 2025 due to the inherent limitations associated with predicting the timing
and amount of changes in foreign currency exchanges rates and the Company’s actual exposures and position.

543
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [52]
Disclosure pursuant to Ind AS 107 “Financial Instruments: Disclosures”: Market risk management (contd.)
(ii) Interest rate risk:
The Company’s exposure to changes in interest rates relates primarily to the Company’s outstanding floating rate debt. While
most of the Company’s outstanding debt in local currency is on fixed rate basis and hence not subject to interest rate risk, a major
portion of foreign currency debt is linked to international interest rate benchmarks like SOFR. The Company may hedge a portion of
these risks by way of derivatives instruments like interest rate swaps and currency swaps.

The exposure of the Company’s borrowing to interest rate changes at the end of the reporting period are as follows:
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Floating rate borrowings 494.38 2711.93
A hypothetical 50 basis point shift in respective currency LIBORs and other benchmarks, holding all other variables constant, on the
unhedged loans would result in a corresponding increase/decrease in interest cost for the Company on a yearly basis as follows:

v crore
Impact on Profit and Loss after tax Impact on Equity
Particulars
2024-25 2023-24 At at 31-3-2025 At at 31-3-2024
Indian Rupee
Interest rates -increase by 0.5% in INR interest rate (0.01) 0.03 (0.01) 0.03
Interest rates -decrease by 0.5% in INR interest rate 0.01 (0.03) 0.01 (0.03)
US Dollar
Interest rates -increase by 0.5% in USD interest rate (1.84) (10.18) (1.84) (10.18)
Interest rates -decrease by 0.5% in USD interest rate 1.84 10.18 1.84 10.18
(b) Liquidity Risk Management:

The Company manages liquidity risk by maintaining sufficient cash and marketable securities and by having access to funding through
adequate committed credit lines. Given the need to fund diverse businesses, the Company maintains flexibility by need based drawing
from committed credit lines. Management regularly monitors the position of cash and cash equivalents. The maturity profiles of financial
assets and financial liabilities including debt financing plans and liquidity ratios are considered while reviewing the liquidity position.

The Company’s investment policy and strategy are focused on preservation of capital and supporting the Company’s liquidity
requirements. The Company uses a combination of internal and external tools to execute its investment strategy and achieve its
investment objectives. The Company typically invests in money market funds, large debt funds, Government of India securities, equity
funds and other highly-rated securities under a exposure limit framework. The investment policy focuses on minimising the potential risk
of principal loss. To provide a meaningful assessment of the price risk associated with the Company’s investment portfolio, the Company
performed a sensitivity analysis to determine the impact of change in prices of the securities on the value of the investment portfolio
assuming a 0.5% movement in the fair market value of debt funds and debt securities and a 5% movement in the NAV of the equity
funds as below:

v crore
Increase/(decrease) in investment value
Particulars
As at 31-3-2025 As at 31-3-2024
Debt funds and debt securities – increase by 0.50% in fair market value 73.48 44.89
Debt funds and debt securities – decrease by 0.50% in fair market value (73.48) (44.89)
Equity funds– increase by 5% in NAV 1.21 5.21
Equity funds– decrease by 5% in NAV (1.21) (5.21)

544 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [52]
Disclosure pursuant to Ind AS 107 “Financial Instruments: Disclosures”: Market risk management (contd.)
(c) Credit Risk Management:
The Company’s customer profile include public sector enterprises, state owned companies and large private corporates. Accordingly,
the Company’s customer credit risk is low. The Company’s average project execution cycle is around 24 to 36 months. General payment
terms include mobilisation advance, monthly progress payments with a credit period ranging from 45 to 90 days and certain retention
money to be released at the end of the project. In some cases, retentions are substituted with bank/corporate guarantees. The Company
has a detailed review mechanism of overdue customer receivables at various levels within the organisation to ensure proper attention
and focus for realisation.

(i) The Company is making provisions on trade receivables based on Expected Credit Loss (ECL) model. The reconciliation of ECL is as
follows:
v crore
Particulars 2024-25 2023-24
Balance as at April 1 4148.80 3968.78
Changes in loss allowance for expected credit loss:
Provision/(reversal) of allowance for expected credit loss 580.16 323.80
Additional provision (net) towards credit impaired receivables 308.23 402.66
Write off as bad debts (499.52) (546.44)
Balance as at March 31 [refer Note 11] 4537.66 4148.80
(ii) Trade receivable written off during the year but still enforceable for recovery amounts to Nil (previous year: Nil)

(d) Commodity price risk management:

The Company bids for and executes EPC projects on a turnkey basis. EPC projects entail procurement of various equipment and materials
which may have direct or indirect linkages to commodity prices like steel (both long and flat steel), copper, aluminum, zinc, lead, nickel,
cement etc. Accordingly, the Company is exposed to the price risk on these commodities. To mitigate the risk of commodity prices, the
company relies on contractual provisions like pass through of prices, price variation provisions etc., and further uses hedging instruments
where available (refer Note 53 (h)(ii)). There is a certain residual risk carried by the Company that cannot be hedged against.

The table given in the Risk Management section of Management Discussion and Analysis lists out the commodity exposure for the year
(only for projects that been awarded and are under execution).

545
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [53]
Other disclosure pursuant to Ind AS 107 “Financial Instruments: Disclosures”:

(a) Category-wise classification for applicable financial assets:

v crore
Sr. As at As at
Particulars Note
No. 31-3-2025 31-3-2024
I. Measured at fair value through Profit or Loss (FVTPL):
(i) Investment in equity instruments 5 97.43 96.82
(ii) Investment in preference shares 10 53.02 –
(ii) Investment in mutual funds 10 5159.07 1499.59
(iii) Investment in bonds 10 217.20 347.73
(iv) Investment in Invit 10 3980.37 2694.57
(v) Derivative instruments not designated as cash flow hedges 7,15 38.18 18.31
(vi) Embedded derivatives not designated as cash flow hedges 7,15 229.14 113.47
Sub-total (I) 9774.41 4770.49
II. Measured at amortised cost:
(i) Loans 6,14 1361.69 642.10
(ii) Investment in CBLO, Commercial Paper and Certificate of Deposit 10 875.83 1422.61
(iii) Trade receivables 11 38330.18 36960.53
(iv) Other recoverable 15 1069.54 2200.17
(v) Cash and cash equivalents and bank balances 7,12,13 4477.68 4983.23
(vi) Other receivables 2622.08 1866.88
Sub-total (II) 48737.00 48075.52
III. Measured at fair value through Other comprehensive income (FVTOCI):
(i) Investment in government securities, bonds and debentures 10 14502.80 10848.86
(ii) Derivative financial instruments designated as cash flow hedges 7,15 583.92 388.66
(iii) Embedded Derivatives designated as cash flow hedges 7,15 77.22 56.85
Sub-total (III) 15163.94 11294.37
Total (I+II+III) 73675.35 64140.38
(b) Category-wise classification for applicable financial liabilities:

v crore
Sr. As at As at
Particulars Note
No. 31-3-2025 31-3-2024
I. Measured at fair value through Profit or Loss (FVTPL):
(i) Derivative instruments not designated as cash flow hedges 20,26 17.14 25.39
(ii) Embedded derivatives not designated as cash flow hedges 20,26 22.03 20.55
Sub-total (I) 39.17 45.94
II. Measured at amortised cost:
(i) Borrowings 19,23,24 21934.88 22540.47
(ii) Trade payables
Due to micro enterprises and small enterprises 1170.16 873.17
Due to others 25 37625.83 39868.09
(iii) Lease liabilities 360.37 271.14
(iv) Others 3152.12 3800.65
Sub-total (II) 64243.36 67353.52
III. Derivative instruments (including embedded derivatives)
through Other comprehensive income:
(i) Derivative instruments designated as cash flow hedges 20,26 319.75 255.57
(ii) Embedded derivatives designated as cash flow hedges 20,26 56.30 21.09
Sub-total (III) 376.05 276.66
IV. Financial guarantee contracts 20,26 25.93 50.39
Total (I+II+III+IV) 64684.51 67726.51

546 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [53]
Other disclosure pursuant to Ind AS 107 “Financial Instruments: Disclosures”: (contd.)
(c) Items of income, expense, gains or losses related to financial instruments:

v crore
Sr.
Particulars 2024-25 2023-24
No.
I Net gains/(losses) on financial assets, financial liabilities measured at fair value through Profit or
Loss and amortised cost
A (i) Financial assets or financial liabilities mandatorily measured at fair value through Profit or Loss:
1. Gains/(losses) on fair valuation or sale of Investments 440.13 242.03
2. Gains/(losses) on fair valuation/settlement of derivative:
a. On forward contracts not designated as cash flow hedges 7.96 57.79
b. On embedded derivatives contracts not designated as cash flow hedges 191.33 18.72
c. On futures not designated as cash flow hedges 26.94 (23.07)
Sub-total (A) 666.36 295.47
B Financial assets measured at amortised cost:
(i) Exchange gains/(losses) on revaluation or settlement of items denominated in foreign 197.55 (15.48)
currency (trade receivables, loans given etc.)
(ii) (Allowance)/reversal for expected credit loss during the year (580.16) (323.80)
(iii) Reversal of provision/(provision) for impairment loss (other than expected credit loss) [net] 141.74 (185.12)
(iv) Gains/(losses) on derecognition:
1. Bad debts (written off)/written back (net) (21.03) (45.89)
2. Gains/(losses) on transfer of financial assets (on non-recourse basis) (2.30) (3.35)
Sub-total (B) 264.20 (573.64)
C Financial liabilities measured at amortised cost:
(i) Exchange gains/(losses) on revaluation or settlement of items denominated in foreign (302.38) (79.95)
currency (trade payables, borrowing availed etc.)
(ii) Unclaimed credit balances written back 264.46 561.06
Sub-total (C) (37.92) 481.11
Total [I] = (A+B+C) 364.24 202.94
II Net gains/(losses) on financial assets and financial liabilities measured at fair value through Other
comprehensive income:
A Gains/(loses) recognised in Other comprehensive income:
(i) Financial assets measured at fair value through Other comprehensive income:
1. Gains/(losses) on fair valuation or sale of government securities, bonds, debentures etc. 281.33 178.96
(ii) Derivative measured at fair value through Other comprehensive income :
1. Gains/(losses) on fair valuation or settlement of forward contracts designated as cash 376.04 (123.72)
flow hedges
2. Gains/(losses) on fair valuation or settlement of embedded derivative contracts (20.55) (13.72)
designated as cash flow hedges
Sub-total (A) 636.82 41.52
Less:
B Gains/(losses) reclassified to Profit or Loss from Other comprehensive income:
(i) Financial assets measured at fair value through Other comprehensive income :
1. On government securities, bonds, debentures etc. upon sale 17.07 7.03
(ii) Derivative measured at fair value through Other comprehensive income:
1. On forward contracts upon hedged future cash flows affecting the Profit or Loss or 43.03 56.42
related asset or liability
2. On embedded derivative contracts upon hedged future cash flows affecting the Profit 15.80 16.89
or Loss or related asset or liability
Sub-total (B) 75.90 80.34
Net gains/(losses) recognised in Other comprehensive income [II]= (A)-(B) 560.92 (38.82)

547
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [53]
Other disclosure pursuant to Ind AS 107 “Financial Instruments: Disclosures”: (contd.)
v crore
Sr.
Particulars 2024-25 2023-24
No.
III Other income/(expenses):
A Dividend income:
Dividend income from investments measured at FVTPL 19.54 6.43
Sub- total (A) 19.54 6.43
B Interest income:
(a) Financial assets measured at amortised cost 162.63 397.83
(b) Financial assets measured at fair value through Other comprehensive income 1117.02 1,046.94
(c) Financial assets measured at fair value through Profit or Loss 88.40 277.60
Sub- total (B) 1368.05 1722.37
C Interest expense:
(a) Derivative instruments (including embedded derivatives) that are measured at fair value – –
through Other comprehensive income (reclassified to Profit or Loss during the period)
(b) Derivative instruments that are measured at fair value through Profit or Loss (21.23) (23.80)
(c) Financial liabilities that are measured at amortised cost (1910.78) (2035.59)
Sub- total (C) (1932.01) (2059.39)
Total [III] = (A+B+C) (544.41) (330.59)
(d) Fair value of financial assets and financial liabilities measured at amortised cost:
(i) Financial assets measured at amortised cost:
The carrying amounts of trade receivables, loans, advances, investments in CBLO, Commercial Paper and Certificate of Deposit and
cash & other bank balances are considered to be the same as their fair values due to their short-term nature. The carrying amounts
of long-term loans given with floating rate of interest are considered to be close to the fair value.

(ii) Financial liabilities measured at amortised cost:

v crore
As at 31-3-2025 As at 31-3-2024
Fair value
Particulars Carrying Carrying
Fair value Fair value hierarchy
amount amount
Redeemable non-convertible fixed rate 15994.49 16115.70 15535.41 15559.20 L2[1]
debentures
Total 15994.49 16115.70 15535.41 15559.20
Note: The carrying amounts of trade and other payables are considered to be the same as their fair values due to their short-term nature.
The carrying amounts of current borrowings at fixed rate and other borrowings at floating rate of interest are considered to be close to the
fair value.

[1] Valuation technique L2: Future cash flows discounted using market rates.

548 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [53]
Other disclosure pursuant to Ind AS 107 “Financial Instruments: Disclosures”: (contd.)
(e) Fair value hierarchy of financial assets and liabilities measured at fair value:
v crore
As at 31-3-2025 As at 31-3-2024
Particulars Note
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial assets:
(a) Designated at FVTPL:
(i) Equity shares (other than those held in 5
subsidiary, joint ventures & associate
companies) 6.89 – 90.54 97.43 10.14 – 86.68 96.82
(ii) Preference shares 10 – – 53.02 53.02
(iii) Mutual fund units 10 5159.07 – – 5159.07 1499.59 – – 1499.59
(iv) Bonds 10 217.80 – – 217.80 347.73 – – 347.73
(v) InvITs 10 3980.37 – – 3980.37 2694.57 2694.57
(vi) Derivative instruments not designated as cash 7,15
flow hedges 38.18 38.18 – 18.31 – 18.31
(vii) Embedded derivative Instruments not 7,15
designated as cash flow hedges 229.14 229.14 – 113.47 – 113.47
(b) Designated at FVTOCI:
(i) Debt instruments viz. government securities, 10
bonds and debentures 14502.80 14502.80 10848.86 – – 10848.86
(ii) Derivative financial instruments designated as 7,15
cash flow hedges 583.92 583.92 – 388.66 – 388.66
(iii) Embedded derivative financial instruments 7,15
designated as cash flow hedges 77.22 77.22 – 56.85 – 56.85
Total 23919.33 928.46 143.56 24938.35 15400.89 577.30 86.68 16064.86
Financial Liabilities:
(a) Designated at FVTPL:
(i) Derivative instruments not designated as cash 20,26
flow hedges 17.14 17.14 – 25.39 – 25.39
(ii) Embedded derivative instruments not 20,26
designated as cash flow hedges 22.03 22.03 – 20.55 – 20.55
(b) Designated at FVTOCI:
(i) Derivative financial instruments designated as 20,26
cash flow hedges 319.75 319.75 – 255.58 – 255.58
(ii) Embedded derivative financial instruments 20,26
designated as cash flow hedges 56.30 56.30 – 21.09 – 21.09
Total 415.22 415.22 – 322.61 – 322.61
Valuation technique and key inputs used to determine fair value -
1. Level-1 : Equity shares, mutual funds, bonds, InvITs, debentures and government securities- Quoted price in the active market
2. Level-2 : Derivative instrument – Mark to market on forward covers and embedded derivative instruments is based on forward
exchange rates at the end of reporting period and discounted using G-sec rate plus applicable spread.

(f) Movement of items measured using unobservable inputs (Level 3):

v crore
Particulars Equity Investment in Preference shares
Tidel Park Limited
Balance as at April 01, 2023 78.69 –
Gains/(losses) recognised in Profit or Loss during FY 2023-24 7.89 –
Balance as at March 31, 2024 86.58 –
Addition during the year – 53.02
Gains/(losses) recognised in Profit or Loss during FY 2024-25 3.85 –
Balance as at March 31, 2025 90.43 53.02

549
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [53]
Other disclosure pursuant to Ind AS 107 “Financial Instruments: Disclosures”: (contd.)
Significant unobservable inputs used in level 3 fair value measurements and sensitivity of the fair value measurement to changes in
unobservable inputs.

Fair value as at
31-3-2025 31-3-2024 Significant unobservable
Particulars Sensitivity
inputs
v crore
Investment in 90.43 86.58 31-3-2025 and 31-3-2024: 31-3-2025 and 31-3-2024:
equity shares of 1. Net realization per month 1% change in net realization would result in +/- ¢ 1.75 crore (post tax- ¢ 1.31
Tidel Park Limited ¢ 38 and ¢ 35 per sqft crore) [PY:+/- ¢ 0.31 crore (post tax- ¢ 0.23 crore)]
respectively. 25 bps change in capitalization rate would result in +/- ¢ 0.66 crore (post
2. Capitalisation rate 12% and tax- ¢ 0.50 crore) [+/- ¢ 0.66 crore (post tax- ¢ 0.50 crore)]
11.50% respectively
Investment in 53.02 – Not applicable 31-03-2025
preference shares The valuation is based on expected settlement
(g) Maturity Profile of Financial Liabilities (undiscounted values):
v crore
As at 31-3-2025 As at 31-3-2024
Within After Within After
Particulars Note
twelve twelve Total twelve twelve Total
months months months months
A. Non derivative liabilities:
Borrowings 19, 23, 24 13136.44 14051.04 27187.48 11022.78 14849.90 25872.68
Trade payables: 25
Due to micro enterprises and small enterprises 1170.16 – 1170.16 860.92 12.25 873.17
Due to others 36896.12 729.71 37625.83 39331.29 536.80 39868.09
Other financial liabilities 20, 26 3083.65 94.38 3178.03 3728.39 122.64 3851.04
Lease liabilities 136.54 244.91 381.45 128.95 154.08 283.03
Total 54422.91 15120.04 69542.94 55072.33 15675.67 70748.00
B. Derivative liabilities:
Forward contracts 20, 26 304.19 36.45 340.64 272.94 11.11 284.05
Embedded derivatives 20, 26 27.50 50.83 78.33 41.64 – 41.64
Total 331.69 87.28 418.97 314.58 11.11 325.69
(h) Details of outstanding hedge instruments for which hedge accounting is followed:
(i) Outstanding currency exchange rate hedge instruments
A. Forward covers taken to hedge exchange rate risk and accounted as cash flow hedge:
As at 31-3-2025 As at 31-3-2024
Within After Within After
Nominal Average Nominal Average
Particulars twelve twelve twelve twelve
amount rate amount rate
months months months months
(v crore) (v) (v crore) (v)
(v crore) (v crore) (v crore) (v crore)
(a) Receivable hedges
US Dollar 9687.83 86.79 8963.77 724.06 13390.81 84.48 11634.39 1756.41
Japanese Yen 3014.34 0.62 1299.97 1714.37 2674.33 0.56 1411.98 1262.35
Kuwaiti Dinar 1549.55 279.66 1367.67 181.88 795.30 275.25 790.64 4.66
Qatari Riyal 1349.16 23.57 1341.85 7.32 1816.12 22.89 1777.63 38.50
EURO 1158.62 94.83 1071.34 87.28 768.41 93.84 607.89 160.53
Arab Emirates Dirham 734.74 23.46 723.77 10.97 705.19 22.68 605.11 100.08
Malaysian Ringgit 389.74 19.48 227.87 161.87 190.06 18.03 190.06 –
Saudi Riyal 167.47 23.14 167.47 – – – – –
Indonesian Rupiah 52.92 0.01 52.92 – – – – –
Omani Riyal 38.88 223.39 38.88 – 10.91 219.16 10.91 –
Chinese Yuan 7.39 12.00 723.77 10.97 – – – –
Thai Baht – – – – 22.93 2.43 22.93 –

550 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [53]
Other disclosure pursuant to Ind AS 107 “Financial Instruments: Disclosures”: (contd.)
As at 31-3-2025 As at 31-3-2024
Within After Within After
Nominal Average Nominal Average
Particulars twelve twelve twelve twelve
amount rate amount rate
months months months months
(v crore) (v) (v crore) (v)
(v crore) (v crore) (v crore) (v crore)
(b) Payable hedges
US Dollar 20873.13 87.85 13609.19 7263.94 14007.75 85.73 9499.57 4508.18
EURO 8710.83 93.16 7382.89 1327.94 16366.04 92.11 14907.34 1458.71
Japanese Yen 1671.83 0.59 1326.49 345.34 1152.07 0.56 1130.91 21.16
Arab Emirates Dirham 918.71 23.60 918.71 – 562.70 22.85 562.70 –
Saudi Riyal 702.32 22.80 702.32 – – – – –
Qatari Riyal 493.38 23.79 493.38 – 120.39 22.87 120.39 –
Kuwaiti Dinar 218.07 281.22 218.07 – 171.79 273.47 171.79 –
Swiss Franc 203.30 98.72 196.60 6.70 188.90 89.23 187.69 1.20
British Pound 82.10 111.43 73.04 9.05 158.29 104.59 146.59 11.70
Chinese Yuan 15.57 12.00 15.57 – 17.86 11.75 17.86 –
Norwegian krone 0.53 8.59 0.53 – – – – –
Canadian Dollar – – – – 1.80 61.55 1.80 –
B. Forward covers accounted as Net Investment Hedge:
As at 31-3-2025 As at 31-3-2024
Within After Within After
Nominal Average Nominal Average
Particulars twelve twelve twelve twelve
amount rate amount rate
months months months months
(v crore) (v) (v crore) (v)
(v crore) (v crore) (v crore) (v crore)
Receivable:
US Dollars 318.13 86.92 318.13 – – – – –
Arab Emirates Dirham 15.92 23.49 15.92 – 32.57 22.82 32.57 –
Saudi Riyal – – – – 194.58 22.28 194.58 –
C. Options contract:
As at 31-3-2025 As at 31-3-2024
Within After Within After
Nominal Average Nominal Average
Particulars twelve twelve twelve twelve
amount rate amount rate
months months months months
(v crore) (v) (v crore) (v)
(v crore) (v crore) (v crore) (v crore)
Receivable hedges:
US Dollars/Japanese Yen 508.95 [1]
– 508.95 446.07 [1]
– 446.07
The options contracts include a combination of cross currency calls and puts with different maturities and strike prices.
[1]

(ii) Outstanding commodity price hedge instruments

A. Commodity forward contract:

As at 31-3-2025 As at 31-3-2024
Within After Within After
Nominal Average Nominal Average
Particulars twelve twelve twelve twelve
amount rate amount rate
months months months months
(v crore) (v) (v crore) (v)
(v crore) (v crore) (v crore) (v crore)
Copper(Tn) 1383.87 799083.26 1375.72 8.15 625.48 710211.45 625.48 –
Aluminium(Tn) 1144.19 224722.29 1058.89 85.29 659.90 192407.39 649.96 9.93
Iron Ore(Tn) 7.40 7252.07 7.40 – 14.29 7309.80 6.95 7.34
Nickel(Tn) 89.58 1468458.31 89.58 – 130.21 1778778.54 130.21 –
Lead(Tn) 36.55 177848.50 36.55 – 55.58 173424.85 55.58 –

551
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [53]
Other disclosure pursuant to Ind AS 107 “Financial Instruments: Disclosures”: (contd.)
B. Commodity options contract:

As at 31-3-2025 As at 31-3-2024
Within After Within After
Nominal Average Nominal Average
Particulars twelve twelve twelve twelve
amount rate amount rate
months months months months
(v crore) (v) (v crore) (v)
(v crore) (v crore) (v crore) (v crore)
Aluminium (Tn) 183.97 [1]
183.97 – 112.48 [1]
112.48 –
Copper (Tn) 173.52 [1]
173.52 – 301.25 [1]
301.25 –
[1] The options contracts include a combination of calls and puts with different maturities and strike prices.
(i) Carrying amounts of hedge instruments for which hedge accounting is followed:

A. Cash flow hedge:

v crore
As at 31-3-2025 As at 31-3-2024
Particulars Currency Commodity Currency Commodity
exposure price exposure exposure price exposure
(i) Forward contracts
Current:
Asset - Other financial assets 373.21 46.39 208.95 51.98
Liability - Other financial liabilities 228.82 53.19 233.97 36.86
Non current:
Asset - Other financial assets 102.35 0.33 170.98 –
Liability - Other financial liabilities 64.31 0.27 5.83 –
(ii) Option contracts
Current:
Asset - Other financial assets 72.63 16.97 – 13.60
Liability - Other financial liabilities – 9.34 – –
Non current:
Asset - Other financial assets 26.23 20.79 – –
Liability - Other financial liabilities 0.01 20.11 – –
B. Net Investment Hedge:
v crore
As at 31-3-2025 As at 31-3-2024
Particulars
Currency exposure Currency exposure
(i) Forward contracts
Current:
Asset - Other financial assets 2.23 –
(j) Breakup of hedging reserve & cost of hedging reserve balance:

v crore
As at 31-3-2025 As at 31-3-2024

Particulars Cash flow Cost of Cash flow Cost of

hedging hedging hedging hedging
reserve reserve reserve reserve
Balance towards continuing hedges 30.04 138.38 (25.33) (4.68)
Balance for which hedge accounting discontinued 162.07 – 92.22 –

552 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [53]
Other disclosure pursuant to Ind AS 107 “Financial Instruments: Disclosures”: (contd.)
(k) Reclassification of hedging reserve & cost of hedging reserve to Profit or Loss

v crore
Hedging reserve/Cost of
Particulars hedging reserve
2024-25 2023-24
Future cash flows are no longer expected to occur:
Sales, administration and other expenses (53.18) 0.64
Hedged expected future cash flows affecting Profit or Loss:
Progress billing (61.19) 5.78
Revenue from operation 38.65 (2.71)
Manufacturing ,construction and operating expenses 75.74 (42.77)
Sales, administration and other expenses (2.38) 118.16
(l) Movement of hedging reserve & cost of hedging reserve

v crore
2024-25 2023-24
Hedging reserve
Gross Tax Net of Tax Gross Tax Net of Tax
Opening balance 107.77 (40.88) 68.89 319.93 (91.15) 228.78
Changes in the spot element of the forward contracts
which is designated as hedging instrument for time
period related hedges 5.34 (1.33) 4.01 56.01 (13.27) 42.74
Changes in fair value of forward contracts designated
as hedging instruments 185.93 (46.33) 139.60 (190.35) 45.11 145.24
Amount reclassified to Profit or Loss (85.71) 21.36 (64.35) (76.52) 18.13 (58.39)
Amount included in non-financial asset/liability 0.03 (0.01) 0.02 4.48 (1.06) 3.42
Amount included in Progress Billing in balance sheet 61.19 (15.25) 45.94 (5.78) 1.37 (4.41)
Closing balance 274.55 (82.44) 192.11 107.77 (40.88) 66.89

v crore
2024-25 2023-24
Cost of hedging reserve
Gross Tax Net of Tax Gross Tax Net of Tax
Opening balance (6.25) 1.57 (4.68) (6.37) 1.60 (4.77)
Changes in the forward element of the forward
contracts where changes in spot element of forward
contract is designated as hedging instrument for time
period related hedges 164.28 (41.33) 122.95 (3.09) 0.78 (2.31)
Amount reclassified to Profit or Loss 26.88 (6.77) 20.11 3.21 (0.81) 2.40
Closing balance 184.92 (46.53) 138.38 (6.25) 1.57 (4.68)

553
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [54]
Disclosure pursuant to Ind AS 116 “Leases”

(a) Where the Company is a lessor:

Operating leases: The Company has given land,buildings and plant & equipment under operating lease. The lease income received
during the year is 198.81 crore (previous year: 161.02 crore). Leases are renewed only on mutual consent and at a prevalent market price
and sub-lease is generally restricted.
Annual undiscounted lease payments receivable is as under:
v crore

Particulars Upto 1 year 1-2 years 2-3 years 3-4 years 4-5 years Beyond 5 years Total
As at 31-3-2025 157.36 143.20 135.41 93.76 49.53 334.34 913.62
As at 31-3-2024 122.01 102.55 83.32 80.61 49.53 384.95 822.97

(b) Where the Company is a lessee:

The Company has taken various assets on lease such as, plant and equipment, land,buildings, office premises, vehicles and computer
equipment. Generally, leases are renewed only on mutual consent and at a prevalent market price and sub-lease is restricted.

Details with respect to right-of-use assets:

v crore
Depreciation for the year Additions during the year Carrying amount
Class of asset 2024-25 2023-24 2024-25 2023-24 As at As at
31-3-2025 31-3-2024
Land 7.61 4.45 20.78 0.56 271.20 257.95
Buildings 110.62 90.64 115.56 157.75 195.02 201.02
Plant & equipment 6.89 18.73 – 1.06 3.82 10.71
Vehicles 11.57 0.14 98.29 6.08 91.85 5.93
Computer – 0.34 – – – –
Total 136.69 114.30 234.63 165.45 561.89 475.61

i. Interest expense on lease liabilities amounts to ¢ 26.41 crore (previous year: ¢ 17.64 crore).

ii. The expense relating to payments not included in the measurement of lease liability and recognized as expense in the Statement of
Profit and Loss during the year are as follows:
• Low value leases - ¢ 82.71 crore (previous year: ¢ 49.78 crore)

• Short-term leases - ¢ 4009.84 crore (previous year: ¢ 3690.36 crore)

iii. Total cash out flow for leases amounts to ¢ 4099.20 crore during the year (previous year: ¢ 3067.64 crore) including cash outflow of
short-term and low value leases.

iv. Gain arising from sale and lease back transaction ¢ Nil (Previous year ¢ 23.47 crore)

554 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [55]
The Company has amounts due to suppliers under The Micro, Small and Medium Enterprises Development Act, 2006, [MSMED Act] as at
March 31, 2024. The disclosure pursuant to the said Act is as under:
v crore
Particulars 2024-25 2023-24
Principle amount due to suppliers under MSMED Act, 2006 152.19 23.42
Interest accrued, due to suppliers under MSMED Act on the above amount, and unpaid 4.91 1.72
Payment made to suppliers (other than interest) beyond the appointed day during the year 1190.63 633.97
Interest paid to suppliers under MSMED Act (Section 16) 0.87 0.79
Interest due and payable towards suppliers under MSMED Act for payments already made 21.11 15.19
Interest accrued and remaining unpaid at the end of the year to suppliers under MSMED Act 38.37 25.78
Amount of further interest remaining due and payable even in the succeeding years 0.67 0.41
NOTE [56]
There are no amounts due and outstanding to be credited to Investor Education & Protection Fund as at March 31, 2025.

NOTE [57]
Disclosure pursuant to regulation 34 (3) of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements)
Regulation, 2015 and Section 186 of the Companies Act, 2013.

Sr. Nature of the transaction Purpose for which the loan Rate of Interest Balance as at Maximum outstanding during
No. (loans given) is proposed to be utilised for loan 31-3-2025 31-3-2024 2024-2025 2023-2024
by the recipient outstanding as
at 31-3-2025
(a) L&T Special Steels & Heavy Working Capital and Project 7.00% 1905.16 1730.38 1905.16 1730.38
Forgings Private Limited [1] funding
(b) Nabha Power Limited FGD Project Funding 10.50% 495.22 383.75 495.22 383.75
(c) L&T Geostructure Private Project funding 7.00% 13.26 17.77 18.90 23.04
Limited
(d) L&T Sapura Shipping Private Working Capital and Support 5.50% 218.12 204.05 218.12 347.47
Limited Bridge Loan for refinancing of loan taken
for vessel
(e) L&T Heavy Engineering LLC Working Capital – – – – 82.37
(f) L&T Energy Green Tech Limited Working Capital and Project – – 18.16 28.23 18.16
Funding
(g) Business Park (Powai) Private Working Capital – – 17.92 19.03 17.92
Limited
Total 2631.76 2372.03
[1]
Excluding impairment of ¢ 1270.45 crore (previous year: ¢ 1730.38 crore)

555
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [57] (contd.)
Notes:

I. Above loans are unsecured

II. Above figures include interest accrued

III. Loans to employees (including directors) under various schemes of the company (such as housing loan, furniture loan, education loan,
etc.) have been considered to be outside the purview of disclosure requirements.

IV. Subsidiary classification is in accordance with the Companies Act, 2013

Sr. Nature of the transaction (investment Purpose for which the loan/guarantee/security is proposed to Balance as at
No. made/guarantee given/security be utilised by the recipient 31-3-2025 31-3-2024
provided)
(A) Guarantees given to Subsidiary & Joint venture Companies:
(i) L&T - MHI Power Turbine Generators Private Corporate Guarantee given for subsidiary’s financial obligations 211.67 210.56
Limited
(ii) L&T Metro Rail (Hyderabad) Limited Corporate Guarantee given for subsidiary’s financial obligations 8616.00 8616.00
(iii) Larsen & Toubro Arabia LLC Corporate Guarantee given for subsidiary’s performance obligations 16840.10 18587.34
(iv) L&T Technology Services Limited Corporate Guarantee given for subsidiary’s performance obligations 503.19 491.09
(v) L&T Technology Services LLC Corporate Guarantee given for subsidiary’s performance obligations 170.95 166.81
(vi) Larsen & Toubro (Saudi Arabia) LLC Corporate Guarantee given for subsidiary’s performance obligations 19216.49 18946.29
(vii) LTIMindtree Limited Corporate Guarantee given for subsidiary’s performance obligations 552.54 539.27
(viii) L&T Hydrocarbon Saudi Company LLC Corporate Guarantee given for subsidiary’s performance obligations 54257.11 60762.23
(ix) L&T - MHI Power Boilers Private Limited Guarantees issued by bank out of the Company’s sanctioned limits for 19.41 19.39
subsidiary’s performance obligations
(x) Nabha Power Limited Guarantees issued by bank out of the Company’s sanctioned limit for 216.00 216.00
subsidiary’s financial obligations
(xi) L&T Special Steel & Heavy Forgings Private Guarantees issued by bank out of the Company’s sanctioned limits for 13.27 13.27
Limited performance obligations
(xii) L&T Realty Properties Limited Guarantees issued by bank out of the Company’s sanctioned limits for 4.00 3.75
CTO and CTE compliances to Maharashtra Pollution Control Board and
for performance obligations
(xiii) L&T Geostructure Private Limited Guarantees issued by bank out of the Company’s sanctioned limits for 559.00 –
performance obligations
(xiv) Larsen & Toubro International FZE Corporate Guarantee given for subsidiary’s performance obligations 21679.07 21154.05
(xv) LTH Milcom Private Limited Corporate Guarantee given for subsidiary’s performance obligations 4.09 4.09
(xvi) L&T Electrolysers Limited Guarantees issued by bank for-Solar Energy Corporation of India Ltd., 44.40 44.40
New Delhi-SIGHT scheme (PLI) for performance obligation
(xvii) L&T Energy Green Tech Limited Guarantees issued by bank for -Deendayal Port Authority, Solar 173.24 –
Energy Corporation of India Ltd., IOCL, BPCL & HPCL for performance
obligation
Total 123080.53 129774.54
(B) Investments in fully paid equity instruments and Current Investments [Note 5 and Note 10]
Note: Subsidiary classification is in accordance with Companies Act, 2013

556 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [58]
Following are the analytical ratios for the year ended March 31, 2025, and March 31, 2024

v crore
Ratio Numerator Denominator As at 31-3-2025 As at 31-3-2024 Variance %
Current Ratio Current Assets Current Liabilities 1.27 1.26 1.0%
(times)
Debt Equity Ratio Total debt Shareholder’s Equity 0.31 0.35 -12.7%
(times)
Debt Service Earnings available for debt Debt Service[2] 2.14 1.84 16.6%
Coverage Ratio service[1]
(times)
Return on Equity Profit for the year after tax Average Shareholders 15.94% 13.71% 16.2%
Ratio (%) Equity
Inventory Cost of goods sold Average Inventory NA[7] NA[7] NA
Turnover Ratio
Trade Receivables Revenue from operations Average Gross Trade 3.39 3.23 5.2%
Turnover Ratio Receivables
Trade Payables Purchases [3]
Average Trade Payables 2.93 2.52 16.3%
Turnover Ratio
Net Capital Revenue from operations Average Working Capital 5.29 4.35 21.8%
Turnover Ratio
Net Profit Ratio Profit for the year after tax Revenue from Operations 7.63% 7.39 3.2%
(%)
Return on Capital Profit after tax + Finance Cost Average Capital 13.45% 12.25% 9.8%
Employed (%) (net off tax on Finance Cost) Employed [4]
Return on Treasury Income [5]
Average investment [6]
11.25% 9.23% 21.9%
Investment (%)
[1]
Profit before interest, tax and exceptional items
[2]
Finance cost + Principal repayments (net of refinancing) made during the year for long term borrowings
[3]
Includes Manufacturing, construction, and operating expenses
[4]
Includes average equity and average loan funds (including interest bearing advances)
[5]
Includes profit/loss on sale and fair valuation of current investments, dividend on current investment and interest income
[6]
Includes current investment, Inter corporate deposits, Fixed deposits and Collaterised Borrowing and Lending Obligation
[7]
Not material considering the size and the nature of operations of the Company.
[8]
There are no variances exceeding 25% over previous year.

557
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [59]
Exceptional items (net of tax) for 2024-25 is on account of the following:

(i) The Company entered into a Joint Venture Termination Agreement with Nuclear Power Corporation of India Limited (NPCIL) on
February 18, 2025, for purchase of NPCIL’s 26% equity and preference shareholdings in L&T Special Steel and Heavy Forgings Private
Limited (LTSSHF) and assignment of NPCIL loan to LTSSHF for a consideration of ¢ 170 crore. Pursuant to this, LTSSHF has become a
wholly owned subsidiary of the Company with effect from February 18, 2025. The exceptional item during the year ended March 31,
2025, represents (a) partial reversal of funded resources impaired in earlier years: ¢ 459.94 crore and (b) reversal of provision towards
constructive obligation: ¢ 14.84 crore.

Exceptional items (net of tax) for 2023-24 includes the following:

(i) Gain of ¢ 397.97 crore on transfer of Carved-out Business of Smart World and Communication (SWC) Business unit of the Company to
L&T Technology Services Limited (LTTS), a listed subsidiary with effect from April 1, 2023.

(i) Gain on divestment of stake in L&T Transportation Infrastructure Limited, a subsidiary of EPIC Concesiones 3 Limited (formerly known as
L&T Infrastructure Development Projects Limited) [L&T IDPL]: ¢ 97.05 crore.

(ii) Reduction in the carrying value of investment in L&T IDPL to its net realisable value after considering customary closing adjustments:
¢ 47.03 crore.

NOTE [60]
Disclosure related to Corporate Social Responsibility (CSR):
v crore
Sr. No. Particulars 2024-25 2023-24
(i) Required to be spent 164.61 150.98
(ii) Excess spend of previous year utilised 12.66 8.80
(iii)= (i)-(ii) Spend obligation 151.95 142.18
(iv) Actual spent 163.65 154.84
Of which amount recognised in:
(a) Balance sheet 11.70 12.66
(b) Statement of Profit and Loss 151.95 142.18
(v) Excess spend shown as asset in previous year charged to Statement of Profit and Loss on its
utilisation 12.66 8.80
(iv b)+(v) Total amount shown in Statement of Profit and Loss 164.61 150.98
i. Refer Annexure C to the Board Report for the nature of CSR activities of the Company.

NOTE [61]
Auditors' remuneration (excluding GST):
v crore
Sr. No. Particulars 2024-25 2023-24
a) Paid as Auditor
(i) Statutory audit fees 4.68 3.60
(ii) Limited review of standalone and consolidated financial statements on a quarterly basis 3.02 2.60
b) For Taxation matters 0.50 0.80
c) For other services including certification work 2.02 1.46
d) For reimbursement of expenses 0.61 0.24

NOTE [62]
Recent pronouncements:

There are no standards of accounting or any addendum thereto, prescribed by Ministry of Corporate Affairs under section 133 of the
Companies Act, 2013, which are issued but are not yet effective as at March 31, 2025.

558 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [63]
a) Notes with respect to remarks in CARO Report:

(i) L&T Special Steels and Heavy Forgings Private Limited (LTSSHF), a wholly owned subsidiary, has not repaid the loan and net interest
thereon aggregating to ¢ 2,308.63 crore (amount due for more than 90 days is ¢ 2,290.14 crore) to the Parent Company due to
insufficient funds. During the year, the Company has acquired the balance 26% stake in LTSSHF from the JV partner. Pursuant to
this, LTSSHF has become a wholly owned subsidiary of the Company with effect from February 18, 2025. This acquisition of stake is
a part of its strategic plan to restructure and improve financial & operational efficiency of LTSSHF. (Refer note 59)

(ii) During the year, the Company renewed the loan of ¢ 182.06 crore to L&T Sapura Shipping Private Limited (LTSSPL), a subsidiary [1]
on account of shortfall in operational cashflows of the subsidiary. The management is deliberating various options for repayment of
loan.

[1] Subsidiary classification is in accordance with the Companies Act, 2013.

(b) Balances with Struck off Companies

v crore
Relationship Balance Balance
S. No. Name of the Struck off Company Nature of Transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
1 AT and LS Private Limited Accounts Payables NA 0.05 0.05
2 Terra Firma Promoters and Developers Accounts Payables NA 0.13 0.13
Private Limited
3 Genesis Infosolutions Private Limited Accounts Payables NA 0.05 0.05
4 Wipo Teleservices Private Limited Accounts Payables NA 0.07 0.07
5 P S Steel Tubes Limited Accounts Payables NA – –
6 Century Cement Limited Accounts Payables NA – [1]
– [1]

7 Diamond Cements Private Limited Accounts Payables NA – 0.05

8 Tropical Granites India Private Limited Accounts Payables NA – [1]
– [1]

9 P S Steel Tubes Private Limited Accounts Payables NA 0.49 0.03

10 Planet Hard Consultancy Private Accounts Payables NA 0.01 0.01
Limited
11 Payal Synthetics Private Limited Accounts Payables NA – [1]
– [1]

12 RK Gautam Construction Private Accounts Payables NA 0.01 0.01

Limited
13 Ethos Coatings and Engineers Private Accounts Payables NA 0.38 0.53
Limited
14 Probus Infratech Private Limited Accounts Payables NA 0.01 0.01
15 Unique Fabricators andErectors Private Accounts Payables NA – 0.03
Limited
16 Varad Infra Projects (P) Limited Accounts Payables NA 0.01 0.02
17 SI Mallik Infrastructure Private Limited Accounts Payables NA – 0.05
18 Profusion Engineering Private Limited Accounts Payables NA – – [1]

19 Bently Nevada India Private Limited Accounts Payables NA – [1]

0.33
20 Ye Power Transmission Private Limited Accounts Payables NA – [1]
– [1]

21 Aarib Constructions Private Limited Accounts Payables NA 0.02 0.02

22 Sriya Tunnel Construction Private Accounts Payables NA 0.02 0.02
Limited
23 Onella Visions Private Limited Accounts Payables NA 0.01 0.01
24 Sheoveena Construction Private Accounts Payables NA 0.01 0.01
Limited
25 Jatra Services India Private Limited Accounts Payables NA 0.01 0.01

559
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [63]
(b) Balances with Struck off Companies (contd.)
v crore
Relationship Balance Balance
S. No. Name of the Struck off Company Nature of Transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
26 Shri Vedika Engineering Private Limited Accounts Payables NA 0.06 0.09
27 Arj Infra Private Limited Accounts Payables NA – [1]
– [1]

28 Om Pranav Infrastructure Engineering Accounts Payables NA 0.02 0.02

Private Limited
29 Balaji Infrastructure Td Private Limited Accounts Payables NA 0.01 0.01
30 Manish Duggal Telecom Private Limited Accounts Payables NA – [1]
0.01
31 Torobuild Constructions Opc Private Accounts Payables NA – [1]
– [1]

Limited
32 Zaaharveer Projects Private Limited Accounts Payables NA 0.13 0.13
33 Real Construction Private Limited Accounts Payables NA 0.02 0.02
34 Shrishti Technologies Private Limited Accounts Payables NA 0.04 0.04
35 Yira Tranmission Private Limited Accounts Payables NA – [1]
– [1]

36 Raas Infratech Private Limited Accounts Payables NA – [1]

– [1]

37 Marine Outfitting Private Limited Accounts Payables NA 0.04 0.04

38 Advance Mep Solutions Private Limited Accounts Payables NA – [1]
– [1]

39 Aerocon Hyderabad Infraprojects Accounts Payables NA 0.01 0.02

Private Limited
40 Maxtel Constructions Private Limited Accounts Payables NA – [1]
– [1]

41 Complete Health And Enviro Solutions Accounts Payables NA – [1]

0.01
Private Limited
42 S K Modern Construction Accounts Payables NA 0.10 0.10
andEngineering Private Limited
43 Presstech Engineering And Accounts Payables NA 0.03 0.06
Technologies (Chennai) Private Limited
44 Q-Tec Management Services India Accounts Payables NA – [1]
– [1]

Private Limited
45 Domya Contracts Private Limited Accounts Payables NA – [1]
0.02
46 R K Cranes Private Limited Accounts Payables NA – [1]
– [1]

47 Rdengicon Private Limited Accounts Payables NA 0.06 0.06

48 N T Enterprise Private Limited Accounts Payables NA 0.03 0.03
49 Vk Management Services Private. Accounts Payables NA – [1]
– [1]

Limited
50 Rani Aishwarya Infracon Private Accounts Payables NA 0.01 0.01
Limited
51 Gulba Topographical Surveyors Private Accounts Payables NA – [1]
– [1]

Limited
52 JD Safety Efficency Bureau Guarding Accounts Payables NA – [1]
– [1]

Experts Private Limited

53 Ace Industrial Electrical And Accounts Payables NA – [1]
– [1]

Engineering Private Limited

54 Swift Equipments Private Limited Accounts Payables NA 0.01 0.01
55 Sieat Consultancy Private Limited Accounts Payables NA 0.06 0.06

560 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [63]
(b) Balances with Struck off Companies (contd.)
v crore
Relationship Balance Balance
S. No. Name of the Struck off Company Nature of Transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
56 Brightom Hospitality andEvents Private Accounts Payables NA – [1]
– [1]

Limited
57 Escalador Geo-Systems And Accounts Payables NA 0.01 0.01
Engineering Survey Private Limited
58 Priyanka Managment Solution (India) Accounts Payables NA 0.48 0.50
Private Limited
59 Dream Shine Constructions Private Accounts Payables NA – [1]
– [1]

Limited
60 Thought Zone Consulting Private Accounts Payables NA – [1]
– [1]

Limited
61 Rockhard Infrastructure Private Limited Accounts Payables NA – [1]
– [1]

62 Stellent Engineering Solutions Private Accounts Payables NA – [1]

– [1]

Limited
63 Saj Infratech Private Limited Accounts Payables NA 0.01 0.01
64 Kegan Constructions Private Limited Accounts Payables NA 0.03 0.03
65 Kiswa Engineering Private Limited Accounts Payables NA 0.04 0.04
66 Kilimanjaro Energy Resurgence Private Accounts Payables NA – [1]
– [1]

Limited
67 Aircon System Engineers Private Accounts Payables NA – [1]
– [1]

Limited ( Agartala )
68 UKR Infra Private Limited Accounts Payables NA 0.02 0.02
69 Jodhpur Infra-Con Private Limited Accounts Payables NA – [1]
– [1]

70 Mohapatra Infracon Private Limited Accounts Payables NA – [1]

– [1]

71 Artisans Design andBuild Private. Accounts Payables NA – [1]

– [1]

Limited
72 Ham Constructions andEngineering Accounts Payables NA 0.01 0.01
Works Private Limited
73 Elemech Buildcon Private Limited Accounts Payables NA 0.01 0.01
74 Safety And Environment Education For Accounts Payables NA – [1]
– [1]

Development Private Limited

75 Hi-Volt Engineering Private Limited Accounts Payables NA 0.01 0.01
76 Chaudhary Om Parkash Earth Movers Accounts Payables NA 0.04 0.04
Private Limited
77 Amritlaxmi Properties Private Limited Accounts Payables NA 0.02 0.02
78 Float Italino Private Limited Accounts Payables NA – [1]
– [1]

79 Vishnuvedanga Infra-Tech Private Accounts Payables NA – [1]

– [1]

Limited
80 Rattiputra Construction Private Limited Accounts Payables NA 0.01 0.01
81 JRK Infra Projects (India) Private Limited Accounts Payables NA – [1]
– [1]

82 Friends Civil Works Private Limited Accounts Payables NA 0.01 0.01

83 Z Rose Constructions andInteriors Accounts Payables NA – [1]
– [1]

Private Limited
84 Vishwa Infratech andProjects Private Accounts Payables NA 0.01 0.01
Limited

561
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [63]
(b) Balances with Struck off Companies (contd.)
v crore
Relationship Balance Balance
S. No. Name of the Struck off Company Nature of Transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
85 Mei Engineers Private Limited Accounts Payables NA – [1]
– [1]

86 Chandrawati Power Construction Accounts Payables NA – [1]

– [1]

Private Limited
87 Utech Infracon Private Limited Accounts Payables NA – [1]
– [1]

88 Silk Route Infrastructure Private Limited Accounts Payables NA 0.05 0.05

89 Jrc Biuildcon Private Limited Accounts Payables NA – [1]
– [1]

90 Brahmaputra Engitech Private Limited Accounts Payables NA 0.01 0.01

91 Nevil Consultancy Services Private. Accounts Payables NA – [1]
– [1]

Limited
92 Timely Developers Consultants Private Accounts Payables NA 0.02 0.02
Limited
93 Dwarkesh Buildcom Private Limited Accounts Payables NA 0.05 0.06
94 Neon Elecon Services Private Limited Accounts Payables NA – [1]
– [1]

95 Ampere Engineering And Accounts Payables NA – [1]

– [1]

Constructions Private Limited

96 Vertex Realtech Infra Private. Limited Accounts Payables NA 0.49 0.50
97 Janakraj Infraservices Private Limited Accounts Payables NA 0.01 0.01
98 Mordengreen Biotech Private Limited Accounts Payables NA 0.03 0.03
99 Brjs Contractors Private Limited Accounts Payables NA 0.24 0.24
100 Sri Ajant Marketing Private Limited Accounts Payables NA – [1]
– [1]

101 Matrrix Fabs Private Limited Accounts Payables NA – [1]

– [1]

102 Knight Engineers Contractors Accounts Payables NA 0.01 0.02

andConsultants Private Limited
103 Sharma Infrabuild Private Limited Accounts Payables NA 0.05 0.05
104 Banjara Buildtech Private Limited Accounts Payables NA – [1]
– [1]

105 R Square E Service Private Limited Accounts Payables NA – [1]

– [1]

106 Deepak Singh Chouhan Construction Accounts Payables NA 0.01 0.01

Private Limited
107 Rgk Infracon Private Limited Accounts Payables NA 0.05 0.05
108 Paf Infrastructure Private Limited Accounts Payables NA 0.04 0.04
109 CSP Constructions Private Limited Accounts Payables NA – [1]
– [1]

110 Touch Globe Electrical Consortium Accounts Payables NA 0.02 0.02

Private Limited
111 JBS Estcon Private Limited Accounts Payables NA 0.13 0.13
112 Toptech Engineering Company Private Accounts Payables NA 0.01 0.01
Limited
113 Soul And Mind Concrete System Accounts Payables NA 0.06 0.07
Private Limited
114 Sunil Sagar Infracon Private Limited Accounts Payables NA – [1]
– [1]

115 S V Infraproperties Private Limited Accounts Payables NA 0.04 0.04

116 Kissan Land Promoters Private Limited Accounts Payables NA 0.01 0.01
117 Samrat Fabrication And Construction Accounts Payables NA – [1]
– [1]

Private Limited

562 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [63]
(b) Balances with Struck off Companies (contd.)
v crore
Relationship Balance Balance
S. No. Name of the Struck off Company Nature of Transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
118 Hoover Engineers Private Limited Accounts Payables NA – [1]
– [1]

119 Triplex Builders Private Limited Accounts Payables NA 0.04 0.04

120 Dynastyraj Infrastructure Private Accounts Payables NA – [1]
– [1]

Limited
121 Shree Kranti Infracon Private Limited Accounts Payables NA 0.22 0.23
122 Hudor Projects India Private Limited Accounts Payables NA 0.04 0.04
123 Akashdeep Infratech Private Limited Accounts Payables NA – [1]
0.01
124 Vidhatri Engineers Private Limited Accounts Payables NA – [1]
– [1]

125 Shahid Engineers andContractors Accounts Payables NA 0.02 0.02

Private Limited
126 Zain Thermal Solutions Private Limited Accounts Payables NA – [1]
– [1]

127 Basebuild Developer Private Limited Accounts Payables NA – [1]

– [1]

128 ER Infra Innovative Private Limited Accounts Payables NA 0.01 0.01

129 Ayurda Millennium Ventures Private. Accounts Payables NA 0.04 0.04
Limited
130 Essa Infrabuild Private Limited Accounts Payables NA 0.02 0.02
131 North India Infradevelopers Accounts Payables NA – [1]
– [1]

andConsultants Private Limited

132 Paradisegarden Infraproject Private Accounts Payables NA – [1]
0.01
Limited
133 Sbh Shoring Systems Private Limited Accounts Payables NA – [1]
– [1]

134 HSB Projects Private Limited Accounts Payables NA – [1]

– [1]

135 G NXT Energy Private Limited Accounts Payables NA 0.01 0.01

136 Sristi Ventures Construction Private Accounts Payables NA – [1]
– [1]

Limited
137 Muskan Techno Engineering Accounts Payables NA 0.07 0.07
Construction Private Limited
138 ADM Infracon India Private Limited Accounts Payables NA 0.01 0.01
139 RK Build Solutions Private Limited Accounts Payables NA – [1]
– [1]

140 Lanster Developer Private Limited Accounts Payables NA – [1]

– [1]

141 HP Design Private Limited Accounts Payables NA 0.07 0.07

142 Akonn Infra Tech (India) Private Limited Accounts Payables NA 0.03 0.03
143 Set Sanayi Elektrik-Tesisat Taahhut Ve Accounts Payables NA 0.02 0.02
Ticaret India Private Limited
144 SCE Global Steel And Facade Private Accounts Payables NA 0.01 0.01
Limited
145 Alufascia Private.Limited Accounts Payables NA – [1]
– [1]

146 Suhashini Infra Engineering Private Accounts Payables NA – [1]

– [1]

Limited
147 Gogreen Facility Management Private Accounts Payables NA 0.07 0.07
Limited
148 Antilia Facility Management Private Accounts Payables NA 0.15 0.15
Limited

563
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [63]
(b) Balances with Struck off Companies (contd.)
v crore
Relationship Balance Balance
S. No. Name of the Struck off Company Nature of Transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
149 A K Infrasolutions Private Limited Accounts Payables NA 0.02 0.02
150 Active Brain Infra Engg Private Limited Accounts Payables NA – [1]
– [1]

151 Sahu Infrastructure Private Limited Accounts Payables NA – [1]

– [1]

152 M D House Keeping Services Private Accounts Payables NA – [1]

– [1]

Limited
153 Sumera Builders andDevelopers Private Accounts Payables NA – [1]
– [1]

Limited
154 Avn Green Technologies Private Limited Accounts Payables NA – [1]
– [1]

155 Sampada Infratech Private Limited Accounts Payables NA – [1]

– [1]

156 Shreeji Home Infra Private Limited Accounts Payables NA 0.03 0.03
157 A 4 Infra Private Limited Accounts Payables NA 0.02 0.02
158 Sublime Contractors Private Limited Accounts Payables NA – [1]
– [1]

159 Auskini Infraqp Private Limited Accounts Payables NA 0.11 0.12

160 Umansh Infracon Private Limited Accounts Payables NA – [1]
– [1]

161 Galaxy India Realtech Advisory Private Accounts Payables NA 0.01 0.01
Limited
162 Vissa Engineering Private Limited Accounts Payables NA 0.01 0.02
163 Real Tech Engineering And Accounts Payables NA – [1]
– [1]

Construction Private Limited

164 Spectro Testing And Research Centre Accounts Payables NA – [1]
– [1]

Private Limited
165 Supreme Housekeeping Services Accounts Payables NA 0.04 0.10
Private Limited
166 Fairmans Construction Private Limited Accounts Payables NA – [1]
– [1]

167 Alakshya Infracon Private Limited Accounts Payables NA – [1]

– [1]

168 Divaah Adya Facility Solutions (P) Accounts Payables NA – [1]

– [1]

Limited
169 SV Engineering And Contracting Accounts Payables NA 0.03 0.03
Services Private Limited
170 Roy Management And Information Accounts Payables NA 0.01 0.01
Technology Private Limited
171 Nexgen Transcom Private Limited Accounts Payables NA 0.04 0.04
172 Care Infra Engineers Limited Accounts Payables NA – [1]
– [1]

173 Nova Tools andTechnologies Private Accounts Payables NA 0.13 0.13

Limited
174 White Vibes Private Limited Accounts Payables NA – [1]
0.19
175 Shravani Environment Technology Accounts Payables NA 0.03 0.03
Private Limited
176 Global Engineering andMarketing Accounts Payables NA 0.05 0.05
Services Private Limited
177 Infinitypmc Private Limited Accounts Payables NA 0.01 0.01
178 Aayansh Securities Systems Private Accounts Payables NA 0.15 0.15
Limited

564 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [63]
(b) Balances with Struck off Companies (contd.)
v crore
Relationship Balance Balance
S. No. Name of the Struck off Company Nature of Transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
179 Telmax Construction Private Limited Accounts Payables NA 0.02 0.02
180 Posorbis Infrastucture Private Limited Accounts Payables NA 0.01 0.02
181 Nirmal Aircon Private Limited Accounts Payables NA 0.01 0.01
182 Victra Constructions Private Limited Accounts Payables NA 0.01 0.01
183 Maurya Devbuild Private Limited Accounts Payables NA – [1]
– [1]

184 S S D N Infratech Private Limited Accounts Payables NA – [1]

– [1]

185 Innovations Events And Entertainment Accounts Payables NA – [1]

– [1]

Private Limited
186 G-5 Construction Private Limited Accounts Payables NA 0.02 0.02
187 Nirmal Sai Construction Private.Limited Accounts Payables NA – [1]
– [1]

188 DNE Infra Private Limited Accounts Payables NA – [1]

– [1]

189 Cheyuta Infrasturcture Private Limited Accounts Payables NA 0.03 0.03

190 Mecvil Infracon Private Limited Accounts Payables NA – [1]
– [1]

191 Edgecon Engineering Projects Private Accounts Payables NA 0.09 0.13

Limited
192 Kazmi And Sons Builders Private Accounts Payables NA 0.07 0.07
Limited
193 Bramhands Infrastructure Private Accounts Payables NA 0.01 0.01
Limited
194 Om Sai Project Developers And Accounts Payables NA 0.05 0.05
Engineers Private Limited
195 Zafcon Engineering Private Limited Accounts Payables NA 0.03 0.03
196 Alias Management Marketing Private. Accounts Payables NA – [1]
– [1]

Limited
197 Bindra Evolutiion Enterprises Private Accounts Payables NA – [1]
– [1]

Limited
198 Sikar Trading And Contracting Private Accounts Payables NA 0.04 0.04
Limited
199 Alpana Buildtech Private Limited Accounts Payables NA – [1]
– [1]

200 Sudha Rehabs And Hospitality Private Accounts Payables NA 0.01 0.01
Limited
201 Vams Construction Private Limited Accounts Payables NA 0.13 0.13
202 Paramshiv Infra Private Limited Accounts Payables NA – [1]
– [1]

203 Thakurai Engineering Private Limited Accounts Payables NA 0.15 0.15

204 Fundamental Infratech Private Limited Accounts Payables NA 0.01 0.01
205 New Proponent Security Services Accounts Payables NA – [1]
– [1]

Private Limited
206 Honeyed Engineering Private Limited Accounts Payables NA 0.04 0.04
Opc
207 Kiwi Projects Private Limited Accounts Payables NA 0.01 0.03
208 Kishley Constructions Private Limited Accounts Payables NA – [1]
– [1]

209 Csk Engineering And Construction Accounts Payables NA 0.02 0.02

Private Limited

565
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [63]
(b) Balances with Struck off Companies (contd.)
v crore
Relationship Balance Balance
S. No. Name of the Struck off Company Nature of Transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
210 Ramakrishna Power Tech Private Accounts Payables NA 0.29 0.33
Limited
211 Siyaram Construction Private Limited Accounts Payables NA – [1]
– [1]

212 Ifensys Software Solutions Private Accounts Payables NA 0.01 0.01

Limited
213 Narshimha Buildtech Private Limited Accounts Payables NA 0.03 0.03
214 Parim Infocomm Private.Limited Accounts Payables NA – [1]
– [1]

215 Scotnix Solution Private Limited Accounts Payables NA – [1]

– [1]

216 Msp Develco Private Limited Accounts Payables NA – [1]

0.01
217 Harhar Mahadev Infra Developer Accounts Payables NA – [1]
– [1]

Private Limited
218 Expeditive Infotech Private Limited Accounts Payables NA – [1]
– [1]

219 Aahsin India Private Limited Accounts Payables NA – [1]

0.02
220 Sukita Security And Services Private Accounts Payables NA 0.01 0.01
Limited
221 Dv Procon Private Limited Accounts Payables NA 0.01 0.01
222 Indco Engineers andContractors Private Accounts Payables NA – [1]
– [1]

Limited
223 Leadleap Engineers Private Limited Accounts Payables NA – [1]
– [1]

224 Creo Projects Private Limited Accounts Payables NA – [1]

– [1]

225 Abhiraksha Constructions Private Accounts Payables NA 0.03 0.03

Limited
226 Filtm Online Services Private.Limited Accounts Payables NA – [1]
– [1]

227 Sri Abs Lakshn Projects Private Limited Accounts Payables NA 0.03 0.03
228 Veekay Engineering India Private Accounts Payables NA – [1]
– [1]

Limited
229 Dhanamjay Infra Private Limited Accounts Payables NA 0.01 0.01
230 Blueman Construction Projects Private Accounts Payables NA – [1]
– [1]

Limited
231 Opti Tech Infra Projects India Opc Accounts Payables NA – [1]
– [1]

Private Limited
232 Nap Energy And Infratech Private Accounts Payables NA – [1]
– [1]

Limited
233 Jps Engineering Private Limited Accounts Payables NA 0.04 0.06
234 M/S Ganga Mechanical Works Private Accounts Payables NA – [1]
– [1]

Limited
235 Savitri Infrastrcuture Private Limited Accounts Payables NA 0.02 0.02
236 Trunk Facility Management Services Accounts Payables NA – [1]
– [1]

Private Limited
237 Riccardo Readymixs And Infra Projects Accounts Payables NA 0.01 0.01
Private Limited
238 Shreya Infra Venture Private Limited Accounts Payables NA – [1]
– [1]

239 Faithful Creator Infra Private Limited Accounts Payables NA 0.01 0.01

566 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [63]
(b) Balances with Struck off Companies (contd.)
v crore
Relationship Balance Balance
S. No. Name of the Struck off Company Nature of Transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
240 Lakshman Singh Construction Private Accounts Payables NA – [1]
– [1]

Limited
241 Realsharp Infraatech Services Private Accounts Payables NA 0.01 0.01
Limited
242 Ashok Balyan Infra Project Private Accounts Payables NA 0.01 0.01
Limited
243 Pinak Security andManagement Private Accounts Payables NA – [1]
– [1]

Limited
244 Infisoft India Technology Private Accounts Payables NA – [1]
– [1]

Limited
245 Ace Offshore And Engineering Private Accounts Payables NA 0.01 0.01
Limited
246 Farhad Interior And Exterior Private Accounts Payables NA – [1]
– [1]

Limited
247 Dipl Construction Private Limited Accounts Payables NA 0.10 0.10
248 Aadhiraj Projects Private Limited Accounts Payables NA – [1]
– [1]

249 Manha Earthcon Private Limited Accounts Payables NA – [1]

– [1]

250 Bulsar Construction And Consulting Accounts Payables NA 0.07 0.07

Opc Private Limited
251 Acrp Infracon Private Limited Accounts Payables NA – [1]
– [1]

252 Devine Devbuild Private Limited Accounts Payables NA – [1]

– [1]

253 Maxx Ultra Conchem Opc Private Accounts Payables NA – [1]

– [1]

Limited
254 Tmmindustries Private Limited Accounts Payables NA – [1]
– [1]

255 Vee Gee Yem Engineers India Private Accounts Payables NA – [1]
– [1]

Limited
256 Mudra Security Services Private Limited Accounts Payables NA 0.03 0.03
257 Dynamic Enpro Limited Accounts Payables NA 0.01 0.01
258 Star Wire (India) Limited Accounts Payables NA – [1]
0.02
259 Lcz Infrastructure Private Limited Accounts Payables NA – [1]
– [1]

260 D.B.Constructions Private Limited Accounts Payables NA 0.28 0.28

261 Genius Security Services P Limited Accounts Payables NA 0.01 0.01
262 Maa Shakti Power Transmission Private Accounts Payables NA – [1]
– [1]

Limited
263 Geo Engineering India Private Limited Accounts Payables NA 0.33 0.30
264 Shakthi Marketing Private Limited Accounts Payables NA 0.01 0.01
265 Mangalam Consultancy Private Limited Accounts Payables NA – [1]
– [1]

266 Pioneer Tech Engineering Services Accounts Payables NA – [1]

– [1]

Private Limited
267 Atlantic Works Private Limited Accounts Payables NA – [1]
– [1]

268 Kripa S&S Infrastructure Private Limited Accounts Payables NA – [1]

– [1]

269 Ultra-Tech Concretes Works Private. Accounts Payables NA – [1]

– [1]

Limited

567
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [63]
(b) Balances with Struck off Companies (contd.)
v crore
Relationship Balance Balance
S. No. Name of the Struck off Company Nature of Transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
270 Compro Engineers Private Limited Accounts Payables NA – [1]
– [1]

271 Winco Infrastructure Private Limited Accounts Payables NA – [1]

– [1]

272 Imperium Infratech Private Limited Accounts Payables NA – [1]

0.05
273 Aura Metlab Private Limited Accounts Payables NA – [1]
– [1]

274 Netcomonline Solutions India Private Accounts Payables NA – [1]

– [1]

Limited
275 Ms Metallization Private Limited Accounts Payables NA – [1]
– [1]

276 Mecavo (R&D) Private Limited Accounts Payables NA – [1]

–
277 Peass Infra Private Limited Accounts Payables NA – [1]
– [1]

278 Swadeshi Buildtrade Private Limited Accounts Payables NA – [1]

– [1]

279 Swadesh Energy Private Limited Accounts Payables NA – [1]

– [1]

280 Amaravati Rcc Pipes India Private Accounts Payables NA 0.01 0.02
Limited
281 Elena Management andServices Private Accounts Payables NA – [1]
– [1]

Limited
282 Stock And Flow Projects Private Limited Accounts Payables NA – [1]
– [1]

283 Techcon Chemicals Private Limited Accounts Payables NA 0.36 0.08

284 Walls Infra Solution Private Limited Accounts Payables NA 0.01 0.01
285 Geo Engineering Company Private Accounts Payables NA – [1]
– [1]

Limited
286 INL Intech India Automation (P) Limited Accounts Payables NA – [1]
– [1]

287 Inox India Private Limited Accounts Payables NA – [1]

– [1]

288 P S Steel Tubes Private Limited Accounts Payables NA 0.03 0.41

289 Rbc Bearings Private Limited Accounts Payables NA 0.02 – [1]

290 Vankeshwar Hydro Expressways Laines Accounts Payables NA – – [1]

Private Limited
291 Siddhu Shubham Infra Developer Accounts Payables NA – – [1]

Private Limited
292 Earth Paradise Infratech Private Limited Accounts Payables NA – – [1]

293 Handa Infrastructure Private Limited Accounts Payables NA – – [1]

294 CMCS Collaboration Management And Accounts Payables NA – – [1]

Control Solutions India Private Limited

295 Celem Constructions Private Limited Accounts Payables NA – – [1]

296 Sssc Projects Private Limited Accounts Payables NA – – [1]

297 Vitika Global Enterprises Private Accounts Payables NA – 0.05

Limited
298 Archsys Consultancy Services Private Accounts Payables NA – – [1]

Limited
299 Singham Contractors Private Limited Accounts Payables NA – – [1]

300 Mepson Engitech Private Limited Accounts Payables NA – 0.01

301 Garren Labs Private Limited Accounts Payables NA – 0.01
302 Dynamic Eltech Private Limited Accounts Payables NA – 0.02

568 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [63]
(b) Balances with Struck off Companies (contd.)
v crore
Relationship Balance Balance
S. No. Name of the Struck off Company Nature of Transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
303 Sahi Builders And Promoters Private Accounts Payables NA – 0.01
Limited
304 Z Plus Builders And Developers Private Accounts Payables NA – – [1]

Limited
305 Jangra Supertech Construction (Opc) Accounts Payables NA – – [1]

Private Limited
306 Per Square Feet Technocrats Private Accounts Payables NA – – [1]

Limited
307 Devnandhini Construction Private Accounts Payables NA – –
Limited
308 Brahmos Infrastructure Private Limited Accounts Payables NA – 0.02
309 Johny Infrastructure Private Limited Accounts Payables NA – – [1]

310 Chitransh Solution Services Private Accounts Payables NA – – [1]

Limited
311 Fabhomz Interiors Private Limited Accounts Payables NA – 0.03
312 Ravi Murthy Interiors Private Limited Accounts Payables NA – – [1]

313 Mass Ventures Limited Accounts Payables NA – – [1]

314 Svardhan Engineering And Accounts Payables NA – – [1]

Construction Private Limited

315 Quansys Tech Private Limited Accounts Payables NA – – [1]

316 Mandaxa Resources Management Accounts Payables NA – – [1]

Private Limited
317 Orsang Infotech Private Limited Accounts Payables NA – – [1]

318 Zippy Facility Management and Accounts Payables NA – 0.01

Services Private Limited
319 Perfect Office Systems Private Limited Accounts Payables NA – [1]
– [1]

320 Lucky Marketing Company Private Accounts Payables NA – 0.01

Limited
321 Ocean King Construction Private Accounts Payables NA – 0.04
Limited
322 Jain Suppliers Private Limited Accounts Payables NA – [1]
– [1]

323 Purma Plast Private Limited Accounts Payables NA – –

324 CMI Limited Accounts Payables NA – –
325 Trimaax Technologies Private Limited Accounts Payables NA – – [1]

326 Powerline Product Private Limited Accounts Payables NA – [1]

– [1]

Total Accounts Payable (A) 8.03 9.16

1 NCR Aggregate Solutions Private Advance Given to NA 1.79 1.79
Limited
Total Advance Given (B) 1.79 1.79
1 Icon Engineers Private Limited Accounts Receivables NA – –
2 Great Eastern Trading Co Limited Accounts Receivables NA – [1]
– [1]

3 Star Wire (India) Limited Accounts Receivables NA – –

569
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [63]
(b) Balances with Struck off Companies (contd.)
v crore
Relationship Balance Balance
S. No. Name of the Struck off Company Nature of Transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
4 Pranavam Constructions Private Accounts Receivables NA – [1]
– [1]

Limited
5 The Rubber Products Limited Accounts Receivables NA – [1]
– [1]

6 Gen Contours Private Limited Accounts Receivables NA – [1]

– [1]

7 Abc Fire Security Systems Private Accounts Receivables NA – [1]

– [1]

Limited
8 Vankeshwar Hydro Expressways Laines Accounts Receivables NA – [1]
–
Private Limited
9 Unique Fabricators and Erectors Private Accounts Receivables NA – [1]
– [1]

Limited
10 Si Mallik Infrastructure Private Limited Accounts Receivables NA – [1]
– [1]

11 Siddhu Shubham Infra Developer Accounts Receivables NA – [1]

–
Private Limited
12 Dimensions India Private Limited Accounts Receivables NA 0.02 0.02
13 Lavendon Access Services India Private Accounts Receivables NA 0.01 0.01
Limited
14 Firewall Security Solutions Private Accounts Receivables NA – [1]
– [1]

Limited
15 Raxxmo Networks Private Limited Accounts Receivables NA – [1]
– [1]

16 Laxmi Infra Eng Private Limited Accounts Receivables NA – [1]

– [1]

17 Pravalika Infra Private Limited Accounts Receivables NA – [1]

– [1]

18 Earth Paradise Infratech Private Limited Accounts Receivables NA – [1]

–
19 Sai Ashray Infratech Private Limited Accounts Receivables NA 0.01 0.01
20 Angelina Infratech Private Limited Accounts Receivables NA 0.01 0.01
21 Aargee Contracts Private Limited Accounts Receivables NA – [1]
– [1]

22 Bhagwati Prasad Agarwalla Accounts Receivables NA 0.18 –

Engineering Works Private Limited
23 Handa Infrastructure Private Limited Accounts Receivables NA – [1]
–
24 Rpnr Concrete Solutions Private Accounts Receivables NA – [1]
– [1]

Limited
25 Cmcs Collaboration Management And Accounts Receivables NA – [1]
–
Control Solutions India Private Limited
26 Mas Teltech Solutions Private Limited Accounts Receivables NA – [1]
– [1]

27 Calorifique Renewable Energie India Accounts Receivables NA – [1]

– [1]

Private Limited
28 Igniva Engineering Private Limited Accounts Receivables NA – [1]
– [1]

29 Prameela Granites And Marbles Private Accounts Receivables NA – [1]

– [1]

Limited
30 Marvel Technicals Sales And Service Accounts Receivables NA – [1]
– [1]

Privte Limited
31 Ktek Level Engg Private Limited Accounts Receivables NA – [1]
– [1]

32 Janatha Readymix Concrete India Accounts Receivables NA – [1]

– [1]

Private Limited

570 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [63]
(b) Balances with Struck off Companies (contd.)
v crore
Relationship Balance Balance
S. No. Name of the Struck off Company Nature of Transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
33 Venus Fittings And Valves Private Accounts Receivables NA – [1]
– [1]

Limited
34 Texsa India Limited Accounts Receivables NA – [1]
– [1]

35 Tumbi Office Systems Private Limited Accounts Receivables NA – [1]

– [1]

36 Threess Innovative Tech India Private. Accounts Receivables NA – [1]

– [1]

Limited
37 Mars Dsp Waves Private Limited Accounts Receivables NA – [1]
– [1]

Total Accounts Receivables (C) 0.23 0.05

1 Akarsh Portfolio Services Limited L&T 's shareholder NA – [1]
– [1]

2 Alley Fisheries Private Limited L&T 's shareholder NA – [1]

– [1]

3 Dr Sabharwals Manufacturing Labs L&T 's shareholder NA – [1]

– [1]

Private Limited
4 Demuric Holdings Private Limited L&T 's shareholder NA – – [1]

5 Dhamankar Investments Private Limited L&T 's shareholder NA – [1]

– [1]

6 Exponential Financial Services Private L&T 's shareholder NA – [1]

– [1]

Limited
7 Meenakshi (India) Limited L&T 's shareholder NA – [1]
–
8 Siddha Papers Private Limited L&T 's shareholder NA – [1]
– [1]

9 Shivalik Kinema Private Limited L&T 's shareholder NA – [1]

– [1]

10 Satidham Industries Private.Limited L&T 's shareholder NA – [1]

–
11 Upgrade Management Ser Private L&T 's shareholder NA – – [1]

Limited
12 Vms Consultants Private Limited L&T 's shareholder NA – [1]
– [1]

13 Wizard Insurance Services Private L&T 's shareholder NA – [1]

– [1]

Limited
14 Yogesh Investment Private.Limited L&T 's shareholder NA – [1]
– [1]

15 Aloke Speciality Machines And L&T 's shareholder NA – [1]

– [1]

Components Private Limited

16 Agencies Rajasthan Private Limited L&T 's shareholder NA – [1]
–
17 Amersey Brothers Private Limited L&T 's shareholder NA – [1]
– [1]

18 Haji Malang Baba Infrastructure L&T 's shareholder NA – – [1]

Limited
19 Jivdani Infrastructure Limited L&T 's shareholder NA – – [1]

20 Omni Market Research Services Private L&T 's shareholder NA – [1]

– [1]

Limited
21 Thakorlal Hiralal Exports Private L&T 's shareholder NA – [1]
–
Limited
22 Victor Properties Private Limited L&T 's shareholder NA – [1]
– [1]

23 Voyager 2 Infotech Private Limited L&T 's shareholder NA – [1]

– [1]

24 Ayesha Investments Private Limited L&T 's shareholder NA – [1]

– [1]

25 Fairtrade Securities Limited L&T 's shareholder NA – [1]

– [1]

26 Good Team Investment And Trading L&T 's shareholder NA – [1]

–
Co Private Limited

571
 Notes forming part of the
Standalone Financial Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [63]
(b) Balances with Struck off Companies (contd.)
v crore
Relationship Balance Balance
S. No. Name of the Struck off Company Nature of Transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
27 J M Lifestyle Interior Projects Private L&T 's shareholder NA – [1]
–
Limited
28 Kothari Intergroup Limited L&T 's shareholder NA – [1]
– [1]

29 Jabac Consultancies Private Limited L&T 's shareholder NA – [1]

– [1]

30 Alike Trading Private. Limited L&T 's shareholder NA – [1]

– [1]

31 Avni Financial Advisors Private Limited L&T 's shareholder NA – [1]

– [1]

32 Nide India Private Limited L&T 's shareholder NA – [1]

– [1]

33 Satvik Financial Services Limited L&T 's shareholder NA – – [1]

34 Safna Consultancy Private Limited L&T 's shareholder NA – – [1]

Total equity shares held (D) – [1]

– [1]

1 Akarsh Portfolio Services Limited Dividend Payable NA – [1]

– [1]

2 Alley Fisheries Private Limited Dividend Payable NA – [1]

– [1]

3 Dr Sabharwals Manufacturing Labs Dividend Payable NA – [1]

–
Private Limited
4 Demuric Holdings Private Limited Dividend Payable NA – [1]
– [1]

5 Dhamankar Investments Private Limited Dividend Payable NA – [1]

– [1]

6 Exponential Financial Services Private Dividend Payable NA – [1]

– [1]

Limited
7 Meenakshi (India) Limited Dividend Payable NA – –
8 Siddha Papers Private Limited Dividend Payable NA – [1]
– [1]

9 Shivalik Kinema Private Limited Dividend Payable NA – [1]

– [1]

10 Satidham Industries Private.Limited Dividend Payable NA – [1]

–
11 Upgrade Management Ser Private Dividend Payable NA – [1]
– [1]

Limited
12 Vms Consultants Private Limited Dividend Payable NA – [1]
– [1]

13 Wizard Insurance Services Private Dividend Payable NA – [1]

– [1]

Limited
14 Yogesh Investment Private.Limited Dividend Payable NA – [1]
– [1]

15 Aloke Speciality Machines And Dividend Payable NA – [1]

– [1]

Components Private Limited

16 Agencies Rajasthan Private Limited Dividend Payable NA – [1]
– [1]

17 Amersey Brothers Private Limited Dividend Payable NA – [1]

– [1]

18 Haji Malang Baba Infrastructure Dividend Payable NA – [1]

– [1]

Limited
19 Jivdani Infrastructure Limited Dividend Payable NA – [1]
– [1]

20 Omni Market Research Services Private Dividend Payable NA – [1]

– [1]

Limited
21 Thakorlal Hiralal Exports Private Dividend Payable NA – –
Limited
22 Victor Properties Private Limited Dividend Payable NA 0.02 0.02
23 Voyager 2 Infotech Private Limited Dividend Payable NA – [1]
– [1]

24 Ayesha Investments Private Limited Dividend Payable NA – [1]

– [1]

572 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Standalone Financial Statements (contd.)

NOTE [63]
(b) Balances with Struck off Companies (contd.)
v crore
Relationship Balance Balance
S. No. Name of the Struck off Company Nature of Transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
25 Fairtrade Securities Limited Dividend Payable NA – [1]
– [1]

26 Good Team Investment And Trading Dividend Payable NA – –

Co Private Limited
27 J M Lifestyle Interior Projects Private Dividend Payable NA – [1]
–
Limited
28 Kothari Intergroup Limited Dividend Payable NA – [1]
– [1]

29 Jabac Consultancies Private Limited Dividend Payable NA – [1]

– [1]

30 Alike Trading Private. Limited Dividend Payable NA – [1]

– [1]

31 Avni Financial Advisors Private Limited Dividend Payable NA – [1]

– [1]

32 Nide India Private Limited Dividend Payable NA – [1]

– [1]

33 Satvik Financial Services Limited Dividend Payable NA – [1]

– [1]

34 Safna Consultancy Private Limited Dividend Payable NA – – [1]

Total dividend payable (E) 0.02 0.02

Grand Total (A+B+C+D+E) 10.07 11.02
[1]
Less than ¢ 1 Lakhs.

c) i. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

A. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or

B. provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

ii. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:

A. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) or

B. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

NOTE [64]
Figures for the previous year have been regrouped/reclassified to conform to the figures of the current year.

573
Consolidated Financial Statements
 Auditor’s Report on Consolidated
Financial Statements

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF LARSEN & TOUBRO LIMITED
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the accompanying consolidated financial statements of Larsen & Toubro Limited (the “Parent”) and its subsidiaries, (the
Parent and its subsidiaries together referred to as the “Group”) which includes 33 joint operations of Group accounted on proportionate
basis and Group’s share of loss in its associates and joint ventures, which comprise the Consolidated Balance Sheet as at March 31, 2025, and
the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Statement of Cash Flows and the
Consolidated Statement of Changes in Equity for the year ended on that date, and notes to the financial statements, including a summary of
material accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of reports of
the other auditors on separate financial statement of the joint operations, subsidiaries, associates and joint ventures referred to in the “Other
Matters” section below, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013 (the
“Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section
133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally
accepted in India, of the consolidated state of affairs of the Group and its associates and joint ventures as at March 31, 2025, and their
consolidated profit, their consolidated total comprehensive income, their consolidated cash flows and their consolidated changes in equity for
the year ended on that date.

Basis for Opinion

We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (“SA’s”) specified under
section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibility for the Audit of the
consolidated financial statements section of our report. We are independent of the Group, its associates and joint ventures in accordance with
the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant
to our audit of the consolidated financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained
by us and the audit evidence obtained by the other auditors in terms of their reports referred to in the sub-paragraphs (a) and (b) of the
‘Other Matters‘ section below, is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial
statements for the year ended March 31, 2025. These matters were addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined
the matters described below to be the key audit matters to be communicated in our report.

Sr. No. Key Audit Matter Principal Audit Procedures

1. Revenue recognition – accounting for construction Our audit procedures related to the
contracts: (1) identification of distinct performance obligations,
There are significant accounting judgements in estimating (2) evaluation of the process for estimation of costs to complete,
revenue to be recognised on contracts with customers,
(3) evaluation of implications of change orders on costs estimates
including estimation of costs to complete. The Group
of costs to complete and revenue and
recognises revenue on the basis of stage of completion in
proportion of the contract costs incurred at balance sheet (4) evaluation of any variable consideration, included the
date, relative to the total estimated costs of the contract following, amongst others:
at completion. The recognition of revenue is therefore We tested the design, implementation and operating effectiveness
dependent on estimates in relation to total estimated costs of of internal financial controls relating to the:
each such contract.
(a) evaluation of performance obligations and identification of
Significant judgements are involved in determining the those that are distinct.
expected losses, when such losses become probable based
(b) estimation of costs to complete each of the performance
on the expected total contract cost. Cost contingencies are
obligations including the cost contingencies in respect thereof,
included in these estimates to take into account specific risks
as work progresses and the impact thereon as a consequence
of uncertainties or disputed claims against the Group, arising
of change orders.
within each contract. These contingencies are reviewed by
the Group’s Management on a regular basis throughout the (c) the impact of change orders on the transaction price of the
life of the contract and adjusted where appropriate. The related contracts; and
revenue on contracts may also include variable consideration (d) evaluation of the impact of variable consideration on the
(change orders and claims). Variable consideration is transaction price.
recognised when the recovery of such consideration is highly
probable based on company’s contractual rights and /or a
legal assessment.

576 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Sr. No. Key Audit Matter Principal Audit Procedures

Refer to Note No. [1](II)(i) and 34 to the Consolidated We selected a sample of contracts with customers and performed
Financial Statements the following procedures:
a. Obtained and read contract documents for each selection,
change orders, and other documents that were part of the
agreement.
b. Identified significant terms and deliverables in the contract to
assess management’s conclusions regarding the
(i) identification of distinct performance obligations.
(ii) changes to costs to complete as work progresses and as a
consequence of change orders.
(iii) the impact of change orders on the transaction price; and
(iv) the evaluation of the adjustment to the transaction price
on account of variable consideration.
c. Compared costs incurred with group’s estimates of costs
incurred to date to identify significant variations and evaluated
whether those variations have been considered appropriately in
estimating the remaining costs to complete the contract.
d. Tested the estimate for consistency with the status of delivery
of milestones and customer acceptance to identify possible
delays in achieving milestones, which require changes
in estimated costs or efforts to complete the remaining
performance obligation.
We read and verified the presentation and disclosure in the financial
statements are in accordance with applicable accounting standards.
2. Measurement of contract assets in respect of overdue Our audit procedures related to the
milestones and receivables in respect of overdue (1) evaluation of evidence supporting the execution of work;
invoices:
(2) evaluation of recoverability of the overdue amounts including
The Group, in its contract with customers, promises to the impact on the expected credit loss allowance; and
transfer distinct services to its customers, which may be
(3) assessment of adjusting events after the reporting date i.e.
rendered in the form of engineering, procurement, and
March 31, 2025, and the date when the financial statements
construction (“EPC”) services through design-build contracts,
are approved by the Parent’s Board of Directors, included the
and other forms of construction contracts. The recognition of
following, amongst others:
revenue is based on contractual terms, which could be based
on agreed unit price or lump-sum revenue arrangements. At • We tested the design, implementation and operating
each reporting date, revenue is accrued for costs incurred effectiveness of internal financial controls relating to the:
against work performed that may not have been invoiced. (a) gathering and evaluation of evidence supporting the
Identifying whether the Group’s performance has resulted execution of work.
in a service that would be billable and collectable where
(b) evaluation of recoverability of the overdue amounts
the works carried out have not been acknowledged by
including the impact on the expected credit loss
customers as of the reporting date, including in the case
allowance; and
of certain Defence contracts, where the audit evidences of
customer contracts, work carried out and cost incurred are (c) assessment of adjusting events after the reporting
restricted due to confidentiality arrangements and secrecy date i.e. March 31, 2025, and the date when the
commitments made to the Ministry of Defence under the financial statements are approved by the Parent’s
Official Secrets Act, 1923, involves a significant judgement. Board of Directors and the impact thereof on the
Assessing the recoverability of contract assets related to carrying amount of the related contract assets,
overdue milestones and amounts overdue against invoices measurement of contract assets in respect of
raised which have remained unsettled for a significantly long overdue milestones and receivables in respect of
period after the end of the contractual credit period and the overdue invoices.
recognition of provision for expected credit loss involves a • We selected a sample of contracts for testing contract
significant judgment. asset balances and overdue trade receivables and
Refer to Note No. [1](II)(i), [1](II)(r), 13 and 19 to the evaluated the basis for management’s conclusions
Consolidated Financial Statements. regarding the
(1) evidence supporting the execution of work for which
the contract assets were recognised.
(2) reasons for the delays in recovery of invoices and the
basis on which recoverability of the contract assets
was assessed;

577
 Auditor’s Report on Consolidated
Financial Statements

Sr. No. Key Audit Matter Principal Audit Procedures

(3) impact on the allowance for expected credit losses;
and
(4) adjusting events after the reporting date i.e.
March 31, 2025, and the date when the financial
statements are approved by the Parent’s Board of
Directors and the impact thereof on the carrying
amount of the related contract assets.
• In respect of the sample contracts, we compared previous
estimates relating to billing of contract assets and
recoverability of overdue trade receivable with actual
billing and collections during the year.
• In case of certain Defence contracts, (a) performed
alternative procedures over progressive billing and
collections from customer and (b) obtained specific
management representation and also direct confirmation
from the customer with respect to confidentiality
restrictions.
• Read and tested the presentation and disclosure in the
financial statements are in accordance with applicable
accounting standards.
3. Impairment on Assets – Metro Rail Cash Generating Our audit procedures related to forecasts of future traffic, revenue,
Unit : free cash flows generated, selection of the method for estimating
recoverable value and discount rate for the entity:
As per the requirements of Ind AS 36, the Group assesses
at the end of every reporting period, whether there is • We tested the effectiveness of controls over forecasts of future
any indication that cash generating unit (CGU) may be traffic, revenue, free cash flows and selection of the discount
impaired. If any such indication exists, the Group estimates rate;
the recoverable amount of the CGU. The determination of
recoverable amount being value-in-use involves significant • We evaluated the reasons for variation between the
estimates, assumptions and judgements of the long-term Management’s previous estimate of traffic, revenue and cash
financial projections. flow forecasts and obtained our understanding of the manner
in which revised forecasts were obtained;
The Group is carrying Intangible asset, Property Plant &
Equipment and Investment property relating to Metro Rail • With the assistance of our valuation specialists who
have necessary skill and knowledge, we evaluated the
CGU (comprising of Hyderabad Metro operations). During
reasonableness of the methodology and assumptions used by
the year, as the indication exists, the Group has reassessed
testing the source information underlying the determination
its impairment assessment with respect to the above CGU.
of the such assumptions and mathematical accuracy of the
Impairment of assets is a key audit matter considering
calculations; and
the significance of the carrying value, estimations and the
significant judgement involved in impairment assessment. • We performed sensitivity analysis of the discount rate to assess
Refer to Note [1](II)(o), 2 and 5 to the Consolidated Financial the extent of change in discount rate that would be required
Statements for the investment to be impaired.
4. Revenue recognition - Fixed price contracts using the The components’ auditors (being other firms of chartered
percentage of completion method in respect of IT accountants) have performed the following audit procedures:
Segment – LTIMindtree Limited (“the Company”) • Tested the effectiveness of controls relating to:
Revenue from fixed price contracts including software i. recording of costs incurred and estimation of efforts
development and system integration contracts is recognized or costs required to complete the remaining contract
using a percentage of completion method. Use of the performance obligations; and
percentage of completion method requires the Company to
ii. access and application controls pertaining to time
determine the actual costs expended to date as a proportion
recording, allocation and budgeting systems which
of the estimated total costs to be incurred. Costs expended
prevents unauthorized changes to recording of efforts
have been used to measure progress towards completion as
incurred.
there is a direct relationship between input and productivity.

578 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Sr. No. Key Audit Matter Principal Audit Procedures

Revenue recognition of fixed price contracts where the • Selected a sample of fixed price contracts with customers
percentage of completion is identified as Key Audit Matter measured using the percentage-of-completion method and
since – performed the following:
• High inherent risk around accuracy of revenue, given i. Read the contract and based on the terms and conditions
the customized and complex nature of these contracts. evaluated whether recognizing revenue over time using
• High inherent uncertainty and requires consideration percentage of completion method was appropriate, and
of progress of the contract, costs incurred to-date and the contract was included in Management’s calculation of
estimates of costs required to complete the remaining revenue over time;
contract performance obligations over the term of the ii. Compared costs incurred with Company’s estimate of
contract. efforts or costs incurred to date to identify significant
• At year-end, significant amount of work in progress variations and evaluate whether those variations have
(Unbilled revenue), related to these contracts is been considered appropriately in estimating the remaining
recognized on the balance sheet. costs or efforts to complete the contract.
This required a high degree of auditor judgment in evaluating iii. Tested the estimate for consistency with the status of
the audit evidence and a higher extent of audit effort to delivery of milestones and customer acceptances and
evaluate the reasonableness of the total estimated amount of sign off from customers to identify possible delays in
revenue and unbilled revenue recognized on these fixed-price achieving milestones, which require changes in estimated
contracts. costs or efforts to complete the remaining performance
obligations.
Refer to Note No. [1](II)(i) and 34 to the Consolidated
Financial Statements
5. Revenue recognition- Fixed price contracts in respect of The component’s auditors have performed the following audit
technology services segment – L&T Technology Services procedures:
Limited (“the Company”) • Obtained an understanding of the systems, processes and
The Company engages in fixed price contracts with its controls implemented by the Company with respect to
customers wherein revenue from such contracts are recognition of actual cost incurred on each contract, estimation
recognized over time. The Company uses input method of future cost to completion, measurement of unbilled
to recognise revenue, as it represents efforts expended revenue, unearned revenue and the total contract revenue on
towards satisfying a performance obligation relative to the its completion;
total expected efforts or inputs to satisfy the performance • Involved Information technology (‘IT’) specialists to assess
obligation. the design and operating effectiveness of the key IT controls
This involves computation of actual cost incurred and relating to revenue recognition and in particular;
estimation of total cost on each contract to measure progress i. Assessed the IT environment in which the business
towards completion. systems operate and tested system controls over
Amount of revenue recognition in respect of fixed price computation of revenue recognised;
contracts has been identified as a Key Audit Matter ii. Tested the IT controls over appropriateness of cost and
considering that: revenue reports generated by the system;
• these contracts involve identification of actual cost iii. Assessed the appropriateness of actual cost incurred on
incurred on each contract; contracts including the testing of the IT general controls
• these contracts require estimation of future cost for and specific IT application controls over information
completion of each contract; and systems used for capturing these costs; and
• at the period end a significant amount of contract iv. Tested the controls pertaining to allocation of resources
assets (unbilled revenue) or contract liabilities (unearned and budgeting systems which prevent the unauthorized
revenue) related to each contract is to be identified. recording/changes to costs incurred on sample basis.
Refer to Note [1](II)(i) and 34 to the Consolidated Financial • Verified on test check basis that the revenue recognized is in
Statements. accordance with the applicable Indian Accounting Standard,
including:
i. Verification of the underlying agreements and other forms
of supporting documentation to ensure that each party’s
rights and obligations regarding the goods or services
to be transferred and payment terms are identified and
contracts have commercial substance;

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Sr. No. Key Audit Matter Principal Audit Procedures

ii. Inspection of the underlying agreements and other forms
of supporting documentation to ensure that various
performance obligations within a contract have been
properly identified by Management;
iii. Inspection of the underlying agreements and other forms
of supporting documentation to ensure that transaction
price has been properly determined and allocated to
relevant performance obligations on an appropriate basis;
and
iv. Verification of the Company’s computation of revenue to
be recognized over a period of time on a sample basis,
where the component’s auditors have performed the
following;
a) Verified Management’s process relating to the
estimation of contract costs required to complete the
respective projects and assessed that the estimates
of costs to complete were reviewed and approved by
appropriate designated Management personnel and
are appropriate;
b) Verified the reasonableness of Management’s
estimation of cost projections by comparing actual
cost incurred with Management initial/updated
estimation of total cost for that project;
c) Recomputed the amount of revenue recognised on
these contracts and compared the same with the
actual revenue recorded;
d) Assessed the appropriateness of work in progress
(contract assets and contract liabilities) as at the
balance sheet date by evaluating the underlying
documentation to identify possible delays in
achieving milestones which require changes
in estimated costs to complete the remaining
performance obligations; and
• Assessed the adequacy and appropriateness of disclosures
made in the financial statements in compliance with applicable
Indian Accounting Standards and applicable financial reporting
framework.
6. Allowance for Expected Credit Loss on Retail Loan The component’s auditors (being other firm of chartered
Assets in respect of Financial Services segment – L&T accountants) have performed the following audit procedures:
Finance Limited (“the Company”) • Reviewed the Board Approved Policy and procedures &
Significant judgement is used in classifying these loan assets associates design/controls and expected credit loss memo
and applying appropriate measurement principles. ECL on concerning the assessment of credit and other risks.
such loans carried at amortized cost is a critical estimate • Obtained an understanding of the modelling techniques
involving greater level of management judgement. adopted by the Company including the key inputs and
As part of their risk assessment, the component auditors assumptions.
(being other firm of Chartered Accountants) determined that • Assessing the design, implementation and operating
the ECL on such loan assets has a high degree of estimation effectiveness of key internal financial controls including
uncertainty, with a potential range of reasonable outcomes monitoring process of overdue loans (including those which
for the standalone financial statements. The significant became overdue after the reporting date), measurement of
assumptions that they focused in their audit included those provision, stage-wise classification of loans, identification
with greater levels of management judgement and for which of NPA accounts, assessing the reliability of management
variations had the most significant impact on ECL. information.

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Sr. No. Key Audit Matter Principal Audit Procedures

The key areas where they identified greater levels of • Evaluated the appropriateness of the Company’s determination
management judgement and therefore increased levels of Significant Increase in Credit Risk (“SICR”) in accordance
of audit focus in the Company’s estimation of ECLs are: with the applicable accounting standard and the basis for
Each borrower is classified into Stage 1, 2, 3 based on the classification of various exposures into various stages.
objective criteria of Day Past Due (DPD) status as of the Testing key controls relating to selection and implementation
reporting date and other loss indicators, as applicable. of material macro-economic variables and the controls over the
Such classification by borrower is done across all facilities scenario selection and application of probability weights and
provided to the borrower, i.e., maximum of the DPDs from computation of probability of default and loss given default
among the different facilities [“Max DPD”] provided to that percentages.
borrower. Inherently, significant judgment is involved in the
• Reviewed the critical assumptions and input data used in the
use of models to estimate ECL which includes determining
estimation of expected credit loss for specific key credit risk
Exposures at Default (“EAD”), Probabilities of Default (“PD”)
parameters, such as the movement between stages, Exposure
and Loss Given Default (“LGD”). The PD and the LGD are
at default, (EAD), probability of default (PD) or loss given
the key drivers of estimation complexity and as a result are
default (LGD).
considered the most significant judgments in the Company’s
modelling approach. • Involved Information system resource to obtain comfort over
data integrity and process of report generation through
The modelling methodologies used to estimate ECL are
interface of various information systems.
developed using historical experience. The impact of the
prevailing macroeconomic conditions has also resulted in • Tested controls placed over key inputs, data and assumptions
certain limitations in the reliability of these methodologies to impacting ECL calculations to assess the completeness,
forecast the extent and timing of future customer defaults accuracy and relevance of data and reasonableness of
or potential credit risks and therefore in estimates of ECL. economic forecasts, weights, and model assumptions applied
In addition, modelling methodologies do not necessarily as detailed below:
incorporate all factors that are relevant to estimating ECL, i. verified the completeness and accuracy of the Exposure at
such as differentiating the impact on industry sectors and Default (“EAD”) and the classification thereof into stages
economic conditions. These limitations are attempted to consistent with the definitions applied in accordance with
be addressed with management overlay, the measurement the policy approved by the Board of Directors.
of which is inherently judgemental and subject to a high
ii. checked the appropriateness of information used in the
level of estimation uncertainty. Accordingly, the Allowance
estimation of the Probability of Default (“PD”) and Loss
for Expected Credit Loss on Retail Loan Assets has been
given Default (“LGD”) for the different stages depending
determined as Key Audit Matter because it requires a high
on the nature of the portfolio reconciled the total
degree of judgement and estimation uncertainty, with a
retail considered for ECL assessment with the books of
potential range of reasonable outcomes for the financial
accounts to ensure the completeness.
statements.
iii. performed test of details over model calculations testing
Refer to Note [1](II)(r)(i)(D) and 7 to the Consolidated
through re-performance, where possible.
Financial Statements
iv. tested appropriateness of staging of borrowers based on
DPD and other loss indicators.
v. tested the factual accuracy of information such as
period of default and other related information used in
estimating the PD.
vi. evaluated the reasonableness of applicable assumptions
included in LGD computation.
vii. evaluated the methodology used to determine
macroeconomic overlays and adjustments to the output
of the ECL model.
• Assessed whether the disclosures on key judgements,
assumptions and quantitative data with respect to impairment
of loans (including restructuring related disclosures) in the
Financial Statements are appropriate and sufficient.
• Verified the manner of preparation of information w.r.t. to
provisions and disclosures in the Financial Statements.
• Obtained written representations from management and those
charged with governance on whether they believe significant
assumptions used in calculation of expected credit losses are
reasonable.

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Sr. No. Key Audit Matter Principal Audit Procedures

7. Information Technology (“IT”) Systems and Controls The component’s auditors (being other firms of chartered
in respect of Financial Services segment – L&T Finance accountants) have performed the following audit procedures:
Limited (“the Company”) • Involved IT specialists as part of the audit for the purpose
The Company has a complex IT architecture to support of testing the IT general controls and application controls
its day-to-day business operations. High volume of (automated and semi-automated controls) to determine the
transactions are processed and recorded on single or multiple accuracy of the information produced by the Company’s IT
applications. The reliability and security of IT systems plays systems;
a key role in the business operations of the Company. Since • With respect to the “In-scope IT systems” identified as relevant
large volume of transactions are processed daily, IT controls to the audit of the financial statements and financial reporting
are required to ensure that applications process data as process of the Company, evaluated and tested relevant IT
expected and that changes are made in an appropriate general controls;
manner. Appropriate IT general controls and application
On such “In-scope IT systems” performed the following procedures:
controls are required to ensure that such IT systems are able
to process the data, as required, completely, accurately and i. Obtained an understanding of IT applications landscape
consistently for reliable financial reporting. Component implemented by the Company, including an understanding
auditor identified ‘IT systems and controls’ as a key audit of the process, mapping of applications and understanding
matter because of the high-level automation, significant financial risks posed by people-process and technology;
number of systems being used by the Management and ii. Tested design and operating effectiveness of key controls over
the complexity of the IT architecture and its impact on the user access Management (including user access provisioning,
financial reporting system. de-provisioning, user access review, password configuration
review and privilege access), change Management (including
compliance of change release in production environment to the
defined procedures), program development (including review
of data migration activity), computer operations (including
testing of key controls pertaining to, backup, batch processing,
incident. Management and data centre security. Also tested
entity level controls pertaining to IT policy and procedure and
business continuity plan assessment; and
iii. Tested the design and operating effectiveness of certain
automated controls that were considered as key internal
controls over the financial reporting system.
Information Other than the Financial Statements and Auditor’s Report Thereon
• The Parent’s Management and Board of Directors are responsible for the other information. The other information comprises the
information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business
Responsibility and Sustainability Report, Corporate Governance and Shareholder’s Information, but does not include the consolidated
financial statements, standalone financial statements and our auditor’s report thereon.

• Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.

• In connection with our audit of the consolidated financial statements, our responsibility is to read the other information, compare with
the financial statements of the joint operations, subsidiaries, joint ventures and associates audited by the other auditors, to the extent it
relates to these entities and, in doing so, place reliance on the work of the other auditors and consider whether the other information
is materially inconsistent with the consolidated financial statements or our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated. Other information so far as it relates to the joint operations, subsidiaries, joint ventures
and associates, is traced from their financial statements audited by the other auditors.

• If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements
The Parent’s Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to
the preparation of these consolidated financial statements in term of the requirements of the Act that give a true and fair view of the
consolidated financial position, consolidated financial performance including other comprehensive income, consolidated cash flows and
consolidated changes in equity of the Group including its Associates and joint ventures in accordance with the accounting principles generally
accepted in India, including Ind AS specified under section 133 of the Act.

The respective Management and Board of Directors of the companies included in the Group and of its associates and joint ventures are
responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the
Group and its associates and its joint ventures and for preventing and detecting frauds and other irregularities; selection and application

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of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial
statements by the Directors of the Parent, as aforesaid.

In preparing the consolidated financial statements, the respective Management and Board of Directors of the companies included in the
Group and of its associates and joint ventures are responsible for assessing the ability of the respective entities to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective
Management and Board of Directors either intend to liquidate their respective entities or to cease operations, or has no realistic alternative
but to do so.

The respective Management and Board of Directors of the companies included in the Group and of its associates and joint ventures are also
responsible for overseeing the financial reporting process of the Group and of its associates and joint ventures of each Company.

Auditor’s Responsibility for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We
also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in
the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Parent has
adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such
controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made
by the management and Board of Directors.

• Conclude on the appropriateness of management use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group
and its associates and joint ventures to continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Group and its associates and joint ventures to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether
the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial statement of the entities or business activities within the Group and
its associates and joint ventures to express an opinion on the consolidated financial statements. We are responsible for the direction,
supervision and performance of the audit of the financial statements of such entities or business activities included in the consolidated
financial statements of which we are the independent auditors. For the other entities or business activities included in the consolidated
financial statements, which have been audited by the other auditors, such other auditors remain responsible for the direction,
supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the consolidated financial statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable user of the consolidated financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in the consolidated financial statements.

We communicate with those charged with governance of the Parent and such other entities included in the consolidated financial statements
of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal financial controls that we identify during our audit.

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Financial Statements

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the
audit of the consolidated financial statements for the year ended March 31, 2025 and are therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.

Other Matters
(a) We did not audit the financial information of 31 joint operations included in the standalone financial statements of the companies
included in the Group whose financial information reflect total assets of ¢ 3,906.01 crore as at March 31, 2025, total revenue of
¢ 3,440.77 crore and net cash flow amounting to ¢ 134.81 crore for the year ended March 31, 2025, as considered in the respective
standalone financial information of the companies included in the Group. The financial information of these joint operations have been
audited by the other auditors whose reports have been furnished to us by the Parent management, and our opinion in so far as it relates
to the amounts and disclosures included in respect of these joint operations and our report in terms of subsection (3) of Section 143 of
the Act, in so far as it relates to the aforesaid joint operations is based solely on the report of such other auditors.

(b) We did not audit the financial information of 54 subsidiaries, whose financial information reflect total assets of ¢ 1,95,580.97 crore as
at March 31, 2025, total revenues of ¢ 74,309.97 crore and net cash flows amounting to ¢ 24.37 crore for the year ended March 31,
2025, as considered in the consolidated financial statements. The consolidated financial statements also include the Group’s share of
net profit after tax of ¢ 7.15 crore for the year ended March 31, 2025, and total comprehensive income (net) of ¢ 7.25 crore for the year
ended March 31, 2025, as considered in the consolidated financial statements, in respect of 2 associates and 6 joint ventures, whose
financial information have not been audited by us. These financial information have been audited by other auditors whose reports have
been furnished to us by the Parent’s Management and our opinion on the consolidated financial statements, in so far as it relates to the
amounts and disclosures included in respect of these subsidiaries, joint ventures and associates, and our report in terms of subsection (3)
of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries, joint ventures and associates is based solely on the reports
of the other auditors.

(c) The audited consolidated financial information of a subsidiary included in the consolidated audited financial Statement of the Group,
whose audited consolidated financial information reflects total assets of ¢ 32,301.40 crore as at March 31, 2025, total revenues of
¢ 40,640.60 crore and net cash flows of ¢ 240.32 crore for the year ended March 31, 2025, as considered in the consolidated financial
statement, has been audited by one of the joint auditors, whose report has been furnished to us by the Parent’s Management and our
conclusion on the consolidated financial statement, in so far as it relates to the amounts and disclosures included in respect of this
subsidiary, and our report in terms of subsection (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiary is based
solely on the report of the other Joint auditor.

(d) The audited financial information of 2 subsidiaries included in the consolidated audited financial statement of the Group, whose audited
financial information reflects total assets of ¢ 8,961.06 crore as at March 31, 2025, total revenues of ¢ 9,580.69 crore and net cashflow
of ¢ 179.33 crore for the year ended March 31, 2025, as considered in the consolidated financial statement, has been audited by one of
the joint auditors, whose report has been furnished to us by the Parent’s Management and our conclusion on the consolidated financial
statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in terms of
subsection (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries is based solely on the report of the other Joint
auditor.

(e) We did not audit the financial information of 16 subsidiaries, whose financial information reflects total assets of ¢ 356.25 crore as at
March 31, 2025, total revenues of ¢ 294.67 crore and net cash flows amounting to ¢ 140.12 crore for the year March 31, 2025, as
considered in the consolidated financial statements. The consolidated financial statements also include the Group’s share of loss after
tax of ¢ (28.54) crore and total comprehensive loss (net) of ¢ (27.08) crore for the year ended March 31, 2025, as considered in the
consolidated financial statements, in respect of 4 associates and 3 joint ventures, whose financial information has not been audited by
their respective auditors. These aforesaid financial information is unaudited and has been furnished to us by the Parent’s Management
and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of
these subsidiaries, joint ventures and associates, is based solely on such unaudited financial information. In our opinion and according to
the information and explanations given to us by the Management, the aforesaid financial information are not material to the Group.

Our opinion on the consolidated financial statements above and our report on Other Legal and Regulatory Requirements below, is not
modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the
financial statements / financial information certified by the Management.

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(f) The consolidated audited financial Statement of the Company for the year ended March 31, 2024, were audited by Deloitte Haskins
& Sells LLP, one of the joint auditors of the Parent, whose report dated May 8, 2024, expressed an unmodified opinion on those
consolidated audited financial Statement.

Our opinion on the consolidated financial statements above is not modified in respect of the above matter.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit and on the consideration of the reports of the other auditors on the
separate financial information of the joint operations, subsidiaries, associates and joint ventures referred to in the “Other Matters”
section above we report, to the extent applicable that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary
for the purposes of our audit of the aforesaid consolidated financial statements.

b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial
statements have been kept so far as it appears from our examination of those books and the reports of the other auditors.

c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including Other Comprehensive Income, the
Consolidated Statement of Cash Flows and the Consolidated Statement of Changes in Equity dealt with by this Report are in
agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements.

d) In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors of the Parent as on 31st March, 2025 taken on record by
the Management and Board of Directors of the Parent and the reports of the statutory auditors of its joint operation companies,
subsidiary companies, associate companies and joint venture companies incorporated in India, none of the directors of the Group
companies, its associate companies and joint venture companies incorporated in India are disqualified as on 31st March, 2025 from
being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference to consolidated financial statements of the Group, its
associate companies and joint ventures and the operating effectiveness of such controls, refer to our separate Report in “Annexure
A” which is based on the auditors’ reports of the Parent, subsidiary companies, associate companies and joint venture companies
incorporated in India. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of internal financial
controls with reference to consolidated financial statements of those companies.

g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16)
of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us and
based on the auditor’s reports of subsidiary companies, associate companies and joint venture companies incorporated in India,
the remuneration paid by the Parent and such subsidiary companies, associate companies and joint venture companies to their
respective directors during the year is in accordance with the provisions of section 197 of the Act read with Schedule V of the Act
and the rules thereunder.

h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:

i) The consolidated financial statements disclose the impact of pending litigations on the consolidated financial position of the
Group, its associates and joint ventures - Refer Note 32 to the Consolidated Financial Statements;

ii) Provision has been made in the consolidated financial statements, as required under the applicable law or Indian accounting
standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts;

iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by
the Parent and its subsidiary companies, associate companies and joint venture companies incorporated in India except in case
of a subsidiary (Intelliswift Software (India) Private Limited acquired on January 03, 2025) there is an outstanding balance of
¢ 0.004 crore which is required to be transferred to the Investor Education and Protection Fund and the same remains unpaid
as at the date of the report. This subsidiary is considered not material to the consolidated financial statements of the Group

iv) (a) The respective Managements of the Parent and its subsidiaries, associates and joint ventures which are companies
incorporated in India, whose financial statements have been audited under the Act, have represented to us and to the
other auditors of such subsidiaries, associates and joint ventures respectively that, to the best of their knowledge and
belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Parent or any of such subsidiaries, associates and joint ventures to or in any other

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Financial Statements

person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Parent or any of such subsidiaries, associates and joint ventures (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The respective Managements of the Parent and its subsidiaries, associates and joint ventures which are companies
incorporated in India, whose financial statements have been audited under the Act, have represented to us and to the
other auditors of such subsidiaries, associates and joint ventures respectively that, to the best of their knowledge and
belief, no funds have been received by the Parent or any of such subsidiaries, associates and joint ventures from any
person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in
writing or otherwise, that the Parent or any of such subsidiaries, associates and joint ventures shall, directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances
performed by us and that performed by the auditors of the subsidiaries, associates and joint ventures which are
companies incorporated in India whose financial statements have been audited under the Act, nothing has come to our
or other auditor’s notice that has caused us or the other auditors to believe that the representations under sub-clause (i)
and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v) a) The final dividend proposed in the previous year, declared and paid by the Parent, subsidiaries and joint ventures which
are companies incorporated in India, whose financial statements have been audited under the Act, where applicable,
during the year is in accordance with section 123 of the Act, as applicable.

b) The interim dividend declared and paid by the subsidiaries and joint ventures which are companies incorporated in India,
whose financial statements have been audited under the Act, where applicable, during the year and until the date of this
report is in compliance with section 123 of the Act, as applicable.

c) The Board of Directors of the Parent, subsidiaries, associate and joint ventures which are companies incorporated in India,
whose financial statements have been audited under the Act, where applicable, have proposed final dividend for the year
which is subject to the approval of the members of the Parent, subsidiaries, associate and joint ventures at the ensuing
respective Annual General Meetings. Such dividend proposed is in accordance with section 123 of the Act, as applicable.

vi) Based on our examination which included test checks and based on the other auditor’s reports of its subsidiary companies,
associate companies joint venture companies incorporated in India whose financial statements have been audited under
the Act, except for instances mentioned below, the Parent, its subsidiary companies, associate companies and joint venture
companies incorporated in India have used accounting software systems for maintaining their respective books of account
for the financial year ended 31st March 2025 which have the feature of recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant transactions recorded in the software systems. Further, during the course
of audit, we and respective other auditors, whose reports have been furnished to us by the Management of the Parent, have
not come across any instance of the audit trail feature being tampered with. Additionally, the audit trail of prior year has
been preserved by the Parent and above referred subsidiary companies, associate companies and joint venture companies
incorporated in India as per the statutory requirements for record retention.

• In respect of one subsidiary the component auditor was unable to comment whether the accounting software has
a feature of recording audit trail (edit log) facility and whether the same has operated throughout the year for all
relevant transactions recorded in the software or whether there is any instance of audit trail feature being tampered
with. Additionally, the auditor was unable to comment whether the audit trail of prior year has been preserved by the
Company as per the statutory requirements for record retention. This subsidiary was acquired during the year and is
considered not material to the consolidated financial statements of the Group.

• In respect of one subsidiary, audit trail (edit logs) for direct changes made at the database level, if any, were not enabled.
Management has informed the component auditor that an alternate tool is being used to monitor such database-level
changes, however the log of same is not preserved in accordance with statutory requirements for record retention.

2. With respect to the matters specified in clause (xxi) of paragraph 3 and paragraph 4 of the Companies (Auditor’s Report) Order,
2020 (“CARO”/ “the Order”) issued by the Central Government in terms of Section 143(11) of the Act, according to the information
and explanations given to us, and based on the CARO reports issued by us and the auditors of respective companies included in the

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consolidated financial statements to which reporting under CARO is applicable, as provided to us by the Management of the Parent, we
report that in respect of those companies where audits have been completed under section 143 of the Act, there are no qualifications or
adverse remarks by the respective auditors in the CARO reports of the said companies included in the consolidated financial statements
except for the following

Name of the Company CIN Nature of relationship Clause number of the CARO report
which is qualified or adverse*
Larsen and Toubro Limited L99999MH1946PLC004768 Parent Clause iii (c) and (e)
L&T Special Steels and Heavy U27109MH2009PTC193699 Subsidiary Clause ix(a)
Forgings Private Limited
Intelliswift Software (India) U72200GJ2002PTC041725 Subsidiary Clause ii (b) and iv
Private Limited

*Refer to Note No. 63(a) to the Consolidated Financial Statements

For M S K A & Associates For Deloitte Haskins & Sells LLP

Chartered Accountants Chartered Accountants
(Firm’s Regn. No -105047W) (Firm’s Regn. No -117366W/W - 100018)

Vishal Vilas Divadkar Rupen K Bhatt

Partner Partner
(Membership No. 118247) (Membership No. 046930)
UDIN 25118247BMOXWN2732 UDIN 25046930BMODQV5268

Place: Mumbai Place: Mumbai

Date: May 8, 2025 Date: May 8, 2025

587
 Auditor’s Report on Consolidated
Financial Statements

ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph “(f)” under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
Report on the Internal Financial Controls with reference to Consolidated Financial Statements under Clause (i) of Sub-section 3 of
Section 143 of the Companies Act, 2013 (“the Act”)
In conjunction with our audit of the consolidated financial statements of the Group as of and for the year ended March 31, 2025, we have
audited the internal financial controls with reference to consolidated financial statements of LARSEN & TOUBRO LIMITED (hereinafter referred
to as “Parent”) and its subsidiary companies which includes one of the Group’s 33 joint operations which is a company incorporated in India,
its associate companies and joint ventures, which are companies incorporated in India, as of that date.

Management’s Responsibility for Internal Financial Controls

The respective Board of Directors of the Parent, its subsidiary companies, associate companies and joint ventures, which are companies
incorporated in India, are responsible for establishing and maintaining internal financial controls with reference to consolidated financial
statements based on the internal control with reference to consolidated financial statements criteria established by the respective Companies
considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India (“ICAI”). These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to the respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required
under the Companies Act, 2013.

Auditor’s Responsibility
Our responsibility is to express an opinion on the internal financial controls with reference to consolidated financial statements of the Parent,
its subsidiary companies, its associate companies and its joint ventures, which are companies incorporated in India, based on our audit. We
conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance
Note”) issued by the Institute of Chartered Accountants of India and the Standards on Auditing (“SA”), prescribed under Section 143(10) of
the Act, to the extent applicable to an audit of internal financial controls with reference to consolidated financial statements. Those Standards
and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether adequate internal financial controls with reference to consolidated financial statements was established and maintained and if
such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to
consolidated financial statements and their operating effectiveness. Our audit of internal financial controls with reference to consolidated
financial statements included obtaining an understanding of internal financial controls with reference to consolidated financial statements,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained and the audit evidence obtained by other auditors of the subsidiary companies, joint
operation, associate companies and joint ventures, which are companies incorporated in India, in terms of their reports referred to in the
Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with
reference to consolidated financial statements of the Parent, its subsidiary companies, its joint operation, its associate companies and its joint
ventures, which are companies incorporated in India.

Meaning of Internal Financial Controls with reference to Consolidated Financial Statements

A company’s internal financial control with reference to consolidated financial statements is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A company’s internal financial control with reference to consolidated financial statements
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures
of the company are being made only in accordance with authorisations of Management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that
could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to Consolidated Financial Statements
Because of the inherent limitations of internal financial controls with reference to consolidated financial statements, including the possibility
of collusion or improper Management override of controls, material misstatements due to error or fraud may occur and not be detected. Also,
projections of any evaluation of the internal financial controls with reference to consolidated financial statements to future periods are subject
to the risk that the internal financial control with reference to consolidated financial statements may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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Opinion
In our opinion to the best of our information and according to the explanations given to us and based on the consideration of the reports
of the other auditors referred to in the Other Matters paragraph below, the Parent, its subsidiary companies, its joint operation, its associate
companies and joint ventures, which are companies incorporated in India, have, in all material respects, an adequate internal financial controls
system with reference to consolidated financial statements and such internal financial controls with reference to consolidated financial
statements were operating effectively as at March 31, 2025, based on the criteria for internal financial controls with reference to consolidated
financial statements established by the respective companies considering the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Other Matters
Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with
reference to consolidated financial statements in so far as it relates to 34 subsidiary companies, 1 joint operation company, 6 joint ventures
and 2 associates, which are companies incorporated in India, is based solely on the corresponding reports of the auditors of such companies
incorporated in India.

Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with
reference to consolidated financial statements in so far as it relates to 1 subsidiary company, 1 joint venture company and 1 associate
company, which are companies incorporated in India, whose financial information is unaudited and whose efficacy of internal financial
controls with reference to consolidated financial statements is based solely on the Management’s certification provided to us and our opinion
on the adequacy and operating effectiveness of the internal financial controls with reference to consolidated financial statements of the
Group is not affected as the financial information of such entities is not material to the Group.

Our opinion is not modified in respect of the above matters.

For M S K A & Associates For Deloitte Haskins & Sells LLP

Chartered Accountants Chartered Accountants
(Firm’s Regn. No -105047W) (Firm’s Regn. No -117366W/W - 100018)

Vishal Vilas Divadkar Rupen K Bhatt

Partner Partner
(Membership No. 118247) (Membership No. 046930)
UDIN 25118247BMOXWN2732 UDIN 25046930BMODQV5268

Place: Mumbai Place: Mumbai

Date: May 8, 2025 Date: May 8, 2025

589
 Consolidated
Balance Sheet

Consolidated Balance Sheet as at March 31, 2025

v crore
Particulars Note As at 31-3-2025 As at 31-3-2024
ASSETS:
Non-current assets
Property, plant and equipment 2 14128.56 13297.64
Capital work-in-progress 2 2390.86 2897.04
Investment property 3 1157.33 1936.44
Investment property under construction 3 501.30 254.93
Goodwill 4 8348.48 7800.88
Other intangible assets 5 17050.76 17384.52
Intangible assets under development 5 197.82 147.97
Right-of-use assets 61(b)(iii) 2869.02 2289.41
Financial assets
Investments in joint ventures and associates 43(e) 2318.42 1264.25
Other investments 6 9126.23 9425.94
Loans towards financing activities 7 62847.35 52154.76
Other loans 8 348.96 475.46
Other financial assets 9 1863.04 1952.08
76504.00 65272.49
Deferred tax assets (net) 51(d) 3792.88 3863.72
Current Tax Assets (net) 4581.60 4245.78
Other non-current assets 10 2659.78 2156.55
Sub-total - Non-current assets 134182.39 121547.37
Current assets
Inventories 11 7670.55 6620.19
Financial assets
Investments 12 43360.62 34957.63
Trade receivables 13 53713.68 48770.95
Cash and cash equivalents 14 12187.00 11958.50
Other bank balances 15 10778.34 3399.89
Loans towards financing activities 16 36077.51 34814.59
Other loans 17 416.85 106.54
Other financial assets 18 5419.89 5563.92
161953.89 139572.02
Other current assets 19 75559.83 71391.03
Sub-total - Current assets 245184.27 217583.24
Group(s) of assets classified as held for sale 45 157.44 1005.36
TOTAL ASSETS 379524.10 340135.97

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Consolidated Balance Sheet as at March 31, 2025 (contd.)

v crore
Particulars Note As at 31-3-2025 As at 31-3-2024
EQUITY AND LIABILITIES:
Equity
Equity share capital 20 275.04 274.93
Other equity 21 97380.56 86084.31
Equity attributable to owners of the Company 97655.60 86359.24
Non-controlling interests 17748.08 16190.42
TOTAL EQUITY 115403.68 102549.66
Liabilities
Non-current liabilities
Financial liabilities
Borrowings 22 57503.34 56506.97
Lease liabilities 2265.24 1734.78
Other financial liabilities 23 252.18 96.07
60020.76 58337.82
Provisions 24 1124.01 987.38
Deferred tax liabilities (net) 51(d) 410.01 533.63
Other non-current liabilities 25 594.74 618.02
Sub-total - Non-current liabilities 62149.52 60476.85
Current liabilities
Financial liabilities
Borrowings 26 35861.30 27834.27
Current maturities of long term borrowings 27 36194.70 29698.53
Lease liabilities 584.34 547.67
Trade payables:
Due to micro enterprises and small enterprises 1417.65 1018.71
Due to others 28 51041.69 52274.17
Other financial liabilities 29 6273.37 7575.67
131373.05 118949.02
Other current liabilities 30 63326.97 52184.08
Provisions 31 4691.67 4115.89
Current tax liabilities (net) 2579.21 1860.47
Sub-total - Current liabilities 201970.90 177109.46
TOTAL LIABILITIES 264120.42 237586.31
TOTAL EQUITY AND LIABILITIES 379524.10 340135.97
CONTINGENT LIABILITIES 32
COMMITMENTS (capital and others) 33
NOTES FORMING PART OF THE FINANCIAL STATEMENTS 1 to 65

In terms of our report attached For and on behalf of the Board of Directors of Larsen & Toubro Limited
For M S K A & ASSOCIATES For DELOITTE HASKINS & SELLS LLP
Chartered Accountants Chartered Accountants S. N. SUBRAHMANYAN R. SHANKAR RAMAN
Firm’s Registration No. 105047W Firm’s Registration No.117366W/W-100018 Chairman & Managing Director President, Whole-time Director &
by the hand of by the hand of (DIN 02255382) Chief Financial Officer
(DIN 00019798)
VISHAL VILAS DIVADKAR RUPEN K. BHATT
Partner Partner P. R. RAMESH SIVARAM NAIR A
Membership No. 118247 Membership No. 046930 Independent Director Company Secretary & Compliance Officer
(DIN 01915274) Membership No. FCS3939

Mumbai, May 8, 2025

591
 Consolidated Statement of
Profit and Loss

Consolidated Statement of Profit and Loss for the year ended March 31, 2025
v crore
Particulars Note 2024-25 2023-24
INCOME:
Revenue from operations 34 255734.45 221112.91
Other income (net) 35 4124.82 4158.03
Total Income 259859.27 225270.94
EXPENSES:
Manufacturing, construction and operating expenses: 36
Cost of raw materials and components consumed 27655.02 19442.25
Construction materials consumed 63526.44 54813.97
Purchase of stock-in-trade 1402.14 1063.77
Stores, spares and loose tools consumed 4393.39 4432.02
Sub-contracting charges 40570.92 35054.35
Changes in inventories of finished goods, work-in-progress, stock-in-trade (410.79) 1021.07
and property development
Other manufacturing, construction and operating expenses 27533.55 24486.49
Finance cost of financial services business and finance lease activity 6302.23 5714.90
170972.90 146028.82
Employee benefits expense 37 46768.68 41171.02
Sales, administration and other expenses 38 11558.13 10419.42
Finance costs 39 3334.37 3545.85
Depreciation, amortisation, impairment and obsolescence 40 4121.18 3682.33
Total Expenses 236755.26 204847.44
Profit before exceptional items and tax 23104.01 20423.50
Exceptional items before tax (net) [gain/(loss)] 474.78 114.44
Tax expense on exceptional items: 51(a)
Current tax – 20.83
Deferred tax – –
– 20.83
Exceptional items (net of tax) 48 474.78 93.61
Profit before tax 23578.79 20517.11
Tax expense: 51(a)
Current tax 6100.82 5127.70
Deferred tax (209.42) (180.31)
5891.40 4947.39
Profit after tax 17687.39 15569.72
Share in profit/(loss) after tax of joint ventures/associates (net) 43(f) (14.06) (22.62)
Profit for the period 17673.33 15547.10
Other comprehensive income
A Items that will not be reclassified to profit or loss:
Gain/(loss) on remeasurements of the net defined benefit plans (307.75) 28.82
Income tax (expenses)/income on remeasurements of the net defined benefit
plans 69.24 (8.61)
(238.51) 20.21
Share in Other comprehensive income of joint ventures/associates (net) (0.99) 0.27
B Items that will be reclassified to profit or loss:
Debt instruments through Other comprehensive income 311.42 126.80
Income tax (expenses)/income on debt instruments through Other
comprehensive income (55.38) (26.97)
256.04 99.83
Carried forward - Other comprehensive income 16.54 120.31

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Consolidated Statement of Profit and Loss for the year ended March 31, 2025 (contd.)
v crore
Particulars Note 2024-25 2023-24
Brought forward - Other comprehensive income 16.54 120.31
Exchange differences in translating the financial statements of foreign
operations 44.21 13.81
Income tax (expenses)/income on exchange differences in translating the
financial statements of foreign operations 3.92 1.74
48.13 15.55
Effective portion of gains/(losses) on hedging instruments in a cash flow
hedge (193.21) 388.41
Income tax (expenses)/income on effective portion of gains/(losses) on
hedging instruments in a cash flow hedge (6.38) (121.36)
(199.59) 267.05
Cost of hedging reserve 191.13 0.12
Income tax (expenses)/income on cost of hedging reserve (48.10) (0.03)
143.03 0.09
Share in Other comprehensive income of joint ventures/associates (net) 3.18 4.41
Other comprehensive income for the period (net of tax) 11.29 407.41
Total comprehensive income for the period 17684.62 15954.51
Profit for the period attributable to:
Owners of the Company 15037.11 13059.11
Non-controlling interests 2636.22 2487.99
17673.33 15547.10
Other comprehensive income for the period attributable to:
Owners of the Company 37.35 235.70
Non-controlling interests (26.06) 171.71
11.29 407.41
Total comprehensive income for the period attributable to:
Owners of the Company 15074.46 13294.81
Non-controlling interests 2610.16 2659.70
17684.62 15954.51
Earnings per share (EPS) of ¢ 2 each
Basic earnings per equity share (¢) 55 109.36 93.96
Diluted earnings per equity share (¢) 55 109.28 93.88
Face value per equity share (¢) 2.00 2.00
NOTES FORMING PART OF THE FINANCIAL STATEMENTS 1 to 65

In terms of our report attached For and on behalf of the Board of Directors of Larsen & Toubro Limited
For M S K A & ASSOCIATES For DELOITTE HASKINS & SELLS LLP
Chartered Accountants Chartered Accountants S. N. SUBRAHMANYAN R. SHANKAR RAMAN
Firm’s Registration No. 105047W Firm’s Registration No.117366W/W-100018 Chairman & Managing Director President, Whole-time Director &
by the hand of by the hand of (DIN 02255382) Chief Financial Officer
(DIN 00019798)
VISHAL VILAS DIVADKAR RUPEN K. BHATT
Partner Partner P. R. RAMESH SIVARAM NAIR A
Membership No. 118247 Membership No. 046930 Independent Director Company Secretary & Compliance Officer
(DIN 01915274) Membership No. FCS3939

Mumbai, May 8, 2025

593
 Consolidated Statement of
changes in Equity

Consolidated Statement of Changes in Equity for the year ended March 31, 2025
A. Equity share capital
2024-25 2023-24
Particulars Number of v crore Number of v crore
shares shares
Issued, subscribed and fully paid up equity shares outstanding at the beginning of the year 1,37,46,68,619 274.93 1,40,54,82,190 281.10
Add: Shares issued on exercise of employee stock options during the year 5,23,546 0.11 4,36,429 0.08
Less: Shares extinguished on buy-back – – 3,12,50,000 6.25
Issued, subscribed and fully paid up equity shares outstanding at the end of the year 1,37,51,92,165 275.04 1,37,46,68,619 274.93

B. Other equity
v crore
Reserves and surplus Items of Other comprehensive income
Debt Equity
Foreign instruments instruments Total other Non-
Particulars Capital Securities Employee
Capital redemption share Statutory Retained currency Hedging through through equity controlling
interests
Total
reserve reserve premium options reserves earnings translation reserve Other Other
(net) reserve comprehen- comprehen-
sive income sive income
Balance as at 1-4-2023 282.44 328.86 8770.19 467.09 3775.58 74519.94 777.53 141.76 (89.82) 71.28 89044.85 14241.27 103286.12
Profit for the year (a) – – – – – 13059.11 – – – – 13059.11 2487.99 15547.10
Other comprehensive income for the year (b) – – – – – 14.28 13.14 110.34 97.94 – 235.70 171.71 407.41
Total comprehensive income for the year (a+b) – – – – – 13073.39 13.14 110.34 97.94 – 13294.81 2659.70 15954.51
Buyback of equity shares – – (8770.19) – – (1223.56) – – – – (9993.75) – (9993.75)
Tax on buyback of equity shares – – – – – (2253.33) – – – – (2253.33) – (2253.33)
Expenses for buyback of equity shares (net of tax) – – – – – (26.55) – – – – (26.55) – (26.55)
Amount transferred to capital redemption reserve upon
buyback – 6.25 – – – (6.25) – – – – – – –
Issue of equity shares on exercise of employee share
options – – 9.56 – – – – – – – 9.56 – 9.56
Transfer on account of exercise of employee share
options – – 41.00 (41.00) – – – – – – – – –
Transfer to non-financial assets/liabilities – – – – – – – 22.24 – – 22.24 – 22.24
Transfer from/(to) retained earnings – – – (12.17) 455.98 (443.81) – – – – – – –
Employee share options (net) – – – 136.62 – – – – – – 136.62 137.15 273.77
Dividend paid (including special dividend) – – – – – (4216.95) – – – – (4216.95) (855.16) (5072.11)
Increase in non-controlling interest due to dilution/
divestment/acquisition – – – – – 66.81 – – – – 66.81 7.46 74.27
Balance as at 31-3-2024 282.44 335.11 50.56 550.54 4231.56 79489.69 790.67 274.34 8.12 71.28 86084.31 16190.42 102274.73

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Consolidated Statement of Changes in Equity for the year ended March 31, 2025 (contd.)
v crore
Reserves and surplus Items of Other comprehensive income
Debt Equity
Foreign instruments instruments Total other Non-
Particulars Capital Securities Employee
Capital redemption share Statutory Retained currency Hedging through through equity controlling
interests
Total
reserve reserve premium options reserves earnings translation reserve Other Other
(net) reserve comprehen- comprehen-
sive income sive income
Balance as at 1-4-2024 282.44 335.11 50.56 550.54 4231.56 79489.69 790.67 274.34 8.12 71.28 86084.31 16190.42 102274.73
Profit for the period(c) – – – – – 15037.11 – – – – 15037.11 2636.22 17673.33
Other comprehensive income for the period (d) – – – – – (237.09) 62.08 (24.05) 236.42 – 37.36 (26.06) 11.30
Total comprehensive income for the period (c+d) – – – – – 14800.02 62.08 (24.05) 236.42 – 15074.47 2610.16 17684.63
Issue of equity shares on exercise of employee share
options – – 9.22 – – – – – – – 9.22 – 9.22
Transfer on account of exercise of employee share options 78.65 (78.65) – – – – – – – – –
Transfer to non-financial assets/liabilities – – – – – – – 0.13 – – 0.13 – 0.13
Transfer from/(to) retained earning – – – 15.80 533.56 (478.08) – – – (71.28) – – –
Employee share options (net) – – – 11.67 – – – – – – 11.67 131.00 142.67
Dividend paid (including special dividend) – – – – – (3849.57) – – – – (3849.57) (963.85) (4813.42)
Net gain/(loss) on transactions with non-controlling
interests – – – – – (94.36) 37.23 0.91 – – (56.22) 56.22 –
Increase in non-controlling interest due to dilution/
divestment/acquisition/redemption – – – – – 106.55 – – – – 106.55 (275.87) (169.32)
Balance as at 31-3-2025 282.44 335.11 138.43 499.36 4765.12 89974.25 889.99 251.34 244.54 – 97380.56 17748.08 115128.64

In terms of our report attached For and on behalf of the Board of Directors of Larsen & Toubro Limited
For M S K A & ASSOCIATES For DELOITTE HASKINS & SELLS LLP
Chartered Accountants Chartered Accountants S. N. SUBRAHMANYAN R. SHANKAR RAMAN
Firm’s Registration No. 105047W Firm’s Registration No.117366W/W-100018 Chairman & Managing Director President, Whole-time Director &
by the hand of by the hand of (DIN 02255382) Chief Financial Officer
(DIN 00019798)
VISHAL VILAS DIVADKAR RUPEN K. BHATT
Partner Partner P. R. RAMESH SIVARAM NAIR A
Membership No. 118247 Membership No. 046930 Independent Director Company Secretary & Compliance Officer
(DIN 01915274) Membership No. FCS3939

Mumbai, May 8, 2025

595
 Consolidated Statement of
Cash Flows

Consolidated Statement of Cash Flows for the year ended March 31, 2025
v crore
Particulars 2024-25 2023-24
A. Cash flow from operating activities:
Profit before exceptional items and tax 23104.01 20423.50
Adjustments for:
Dividend received (117.05) (208.49)
Depreciation, amortisation, impairment and obsolescence 4121.18 3682.33
Exchange difference on items grouped under financing/investing activities (5.91) (20.53)
Effect of exchange rate changes on cash and cash equivalents (2.17) (2.37)
Finance costs 3334.37 3545.85
Interest income (2449.87) (2447.07)
(Profit)/loss on sale of property, plant and equipment, investment property and intangible assets (net) (187.64) (95.44)
(Profit)/loss on sale/fair valuation of investments (net) (1133.12) (734.20)
Employee stock option-discount 222.60 297.63
(Gain)/loss on disposal of subsidiary – (2.65)
Loss on sale/fair valuation of investments towards financing activity (net) 148.52 1055.47
Profit on transfer of business undertaking in Development Projects business (187.44) (511.73)
(Gain)/loss on de-recognition of lease liability/right-of-use assets (33.29) (52.27)
Others 11.57 1.38
Operating profit before working capital changes 26825.76 24931.41
Adjustments for :
(Increase)/decrease in trade and other receivables (9252.32) (10642.89)
(Increase)/decrease in inventories (539.52) 244.68
Increase/(decrease) in trade and other payables 9683.41 14601.02
Cash generated from operations before financing activities 26717.33 29134.22
(Increase)/decrease in loans and advances towards financing activities (11955.52) (5587.89)
Cash generated from operations 14761.81 23546.33
Direct taxes paid [net] (5601.10) (5280.05)
Net cash generated from/(used in) operating activities 9160.71 18266.28
B. Cash flow from investing activities:
Purchase of property, plant and equipment, investment property and intangible assets (4418.83) (4516.53)
Sale of property, plant and equipment, investment property and intangible assets 878.17 306.06
Purchase of non-current investments (2284.26) (4889.46)
Sale of non-current investments 1726.33 2127.87
(Purchase)/sale of current investments (net) (5950.82) 2803.49
. Change in other bank balance and cash not available for immediate use (7201.57) 2697.75
Deposits/loans given to associates, joint ventures and third parties (448.54) –
Deposits/loans repaid by associates, joint ventures and third parties 318.77 151.72
Interest received 2083.51 2408.16
Dividend received from joint ventures/associates 27.27 129.83
Dividend received from other investments 117.05 96.25
Consideration received on transfer of other business undertaking 52.54 –
Consideration received on disposal of subsidiaries/joint venture 1065.37 214.67
Consideration received on transfer of business undertaking in Development Projects business 634.20 651.33
Consideration paid on acquisition of Subsidiaries (including contingent consideration) (1049.85) (13.14)
Cash and cash equivalents acquired pursuant to acquisition of subsidiaries 29.71 0.01
Cash and cash equivalents of subsidiaries discharged pursuant to divestment/classification to held for sale – (4.97)
Consideration paid on acquisition of stake in an associate/joint venture (1096.56) –
Net cash generated from/(used in) investing activities (15517.51) 2163.04

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Consolidated Statement of Cash Flows for the year ended March 31, 2025 (contd.)
v crore
Particulars 2024-25 2023-24
C. Cash flow from financing activities:
Proceeds from issue of share capital (including share application money) [net] 9.32 9.65
Buy-back of equity shares – (10000.00)
Tax on buy-back of equity shares – (2253.33)
Expenses on buy-back of equity shares – (26.55)
Proceeds from non-current borrowings 38199.71 23125.43
Repayment of non-current borrowings (30782.41) (24356.65)
Proceeds from/ (repayment of) other borrowings (net) 8297.30 (2871.15)
Payment (to)/from non-controlling interest (net) (1196.18) (808.09)
Settlement of derivative contracts related to borrowings 50.24 49.65
Dividends paid (3849.57) (4216.95)
Repayment of lease liability (562.30) (459.89)
Interest paid on lease liability (193.84) (167.21)
Interest paid (including cash flows on account of interest rate swaps) (3415.65) (3438.27)
Net cash generated from/(used in) financing activities 6556.62 (25413.36)
Net increase/(decrease) in cash and cash equivalents (A + B + C) 199.82 (4984.04)
Cash and cash equivalents at beginning of the year 11958.50 16926.69
Effect of exchange rate changes on cash and cash equivalents 28.68 15.85
Cash and cash equivalents at end of the year 12187.00 11958.50

Notes:
1. Statement of Cash Flows has been prepared under the indirect method as set out in the Indian Accounting Standard (Ind AS) 7 “Statement of Cash
Flows” as specified in the Companies (Indian Accounting Standards) Rules, 2015.
2. Property, plant and equipment, investment property and intangible assets are adjusted for movement of (a) capital work-in-progress for property,
plant and equipment and investment property and (b) intangible assets under development during the year.
3. Previous year’s figures have been regrouped/reclassified wherever applicable.

In terms of our report attached For and on behalf of the Board of Directors of Larsen & Toubro Limited
For M S K A & ASSOCIATES For DELOITTE HASKINS & SELLS LLP
Chartered Accountants Chartered Accountants S. N. SUBRAHMANYAN R. SHANKAR RAMAN
Firm’s Registration No. 105047W Firm’s Registration No.117366W/W-100018 Chairman & Managing Director President, Whole-time Director &
by the hand of by the hand of (DIN 02255382) Chief Financial Officer
(DIN 00019798)
VISHAL VILAS DIVADKAR RUPEN K. BHATT
Partner Partner P. R. RAMESH SIVARAM NAIR A
Membership No. 118247 Membership No. 046930 Independent Director Company Secretary & Compliance Officer
(DIN 01915274) Membership No. FCS3939

Mumbai, May 8, 2025

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 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements

NOTE [1](I)
Company Overview
The Consolidated Financial Statements comprise financial statements of “Larsen & Toubro Limited” (“L&T”, the “Parent Company” or the
“Company”) and its subsidiaries (collectively referred to as “the Group”) for the year ended March 31, 2025. The Company is a public limited
company incorporated and domiciled in India and has its registered office at L&T House, Ballard Estate, Mumbai – 400001. The Company’s
share is listed on National Stock Exchange of India Limited (NSE) and BSE Limited.

The Group is an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services, operating across multiple geographies.
Further details of the business operations of the Group are mentioned in Note [46] Segment Information.

NOTE [1](II)
Material Accounting Policy Information
(a) Statement of compliance
The consolidated financial statements have been prepared in accordance with the provisions of the Companies Act, 2013 and the Indian
Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 and amendments thereto issued
by the Ministry of Corporate Affairs under section 133 of the Companies Act, 2013. In addition, the guidance notes/announcements
issued by the Institute of Chartered Accountants of India (ICAI) are also applied except where compliance with other statutory
promulgations require a different treatment. These consolidated financial statements have been approved for issue by the Board of
Directors at its meeting held on May 8, 2025.

(b) Basis of accounting and measurement

The Group maintains its accounts on accrual basis following historical cost convention, except for certain assets and liabilities that are
measured at fair value in accordance with Ind AS.
Fair value measurements are categorised as below based on the degree to which the inputs to the fair value measurements are
observable and the significance of the inputs to the fair value measurement in its entirety:
(i) Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at
measurement date;
(ii) Level 2 inputs are inputs, other than quoted prices included in level 1, that are observable for the assets or liabilities, either directly
or indirectly; and
(iii) Level 3 inputs are unobservable inputs for the valuation of assets or liabilities.
Above levels of fair value hierarchy are applied consistently and generally, there are no transfers between the levels of the fair value
hierarchy unless the circumstances change warranting such transfer.
(c) Presentation of consolidated financial statements
The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss and the Consolidated Statement of Changes in Equity
are prepared and presented in the format prescribed in the Schedule III to the Companies Act, 2013 (the Act). The Consolidated
Statement of Cash Flows has been prepared and presented in accordance with Ind AS 7 “Statement of Cash Flows”. The disclosures with
respect to items in the Balance Sheet and Statement of Profit and Loss, as prescribed in the Schedule III to the Act, are presented by way
of notes forming part of the consolidated financial statements along with the other notes required to be disclosed under Ind AS and the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.
Amounts in the consolidated financial statements are presented in Indian Rupees in crore [1 crore = 10 million] rounded off up to two
decimal places as permitted by Schedule III to the Act. Per share data are presented in Indian Rupees up to two decimal places.
(d) Basis of consolidation
(i) The consolidated financial statements incorporate the financial statements of the Parent Company and its subsidiaries. For this
purpose, an entity which is, directly or indirectly, controlled by the Parent Company is treated as subsidiary. The Parent Company
together with its subsidiaries constitute the Group. Control exists when the Parent Company, directly or indirectly, has power over
the investee, is exposed to variable returns from its involvement with the investee and has the ability to use its power to affect its
returns.
(ii) Consolidation of a subsidiary begins when the Parent Company, directly or indirectly, obtains control over the subsidiary and ceases
when the Parent Company, directly or indirectly, loses control of the subsidiary. Income and expenses of a subsidiary acquired are
included in the Consolidated Statement of Profit and Loss from the date the Parent Company, directly or indirectly, gains control
until the date when the Parent Company, directly or indirectly, ceases to control the subsidiary.
(iii) The consolidated financial statements of the Group combine financial statements of the Parent Company and its subsidiaries
line-by-line by adding together the like items of assets, liabilities, income and expenses. All intra-group assets, liabilities, income,

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NOTE [1](II)
Material Accounting Policy Information (contd.)
expenses and unrealised profits/losses on intra-group transactions are eliminated on consolidation. The accounting policies of
subsidiaries are harmonised to ensure the consistency with the policies adopted by the Parent Company. The consolidated financial
statements are presented to the extent possible, in the same manner as Parent Company’s standalone financial statements.
Profit or loss and other comprehensive income are attributed to the owners of the Parent Company and to the non-controlling
interests, shown separately in the consolidated financial statements.
(iv) Non-controlling interests represent that part of the total comprehensive income and net assets of subsidiaries attributable to the
interest which is not owned, directly or indirectly, by the Parent Company.
(v) The gains/losses in respect of part divestment/dilution of stake in subsidiary companies not resulting in ceding of control, are
recognised directly in other equity attributable to the owners of the Parent Company in the consolidated financial statements of the
Group.
(vi) The gains/losses in respect of divestment of stake resulting in ceding of control in subsidiary companies are recognised in the
Statement of Profit and Loss. The investment representing the interest retained in a former subsidiary, if any, is initially recognised
at its fair value with the corresponding effect recognised in the Statement of Profit and Loss as on the date the control is ceded.
Such retained interest is subsequently accounted as investment in an associate or a joint venture or as a financial asset.
(e) Investments in joint ventures and associates
When the Group has with other entities joint control of the arrangement and rights to the net assets of the joint arrangement, it
recognises its interest as joint ventures. Joint control exists when the decisions about the relevant activities (i.e. activities that significantly
affects the investee’s returns) require unanimous consent of the parties sharing the control. When the Group has significant influence
over the other entity, it recognises such interest as investment in associates. Significant influence is the power to participate in the
financial and operating policy decisions of the entity but is not control or joint control over the entity.
The results, assets and liabilities of joint ventures and associates are incorporated in the consolidated financial statements using equity
method of accounting after making necessary adjustments to achieve uniformity in application of accounting policies, wherever required.
An investment in joint ventures or associates is initially recognised at cost and adjusted thereafter to recognise the Group’s share of profit
or loss and other comprehensive income of the joint ventures or associates. Gain or loss in respect of changes in Other Equity of joint
ventures or associates resulting from divestment or dilution of stake in the joint ventures and associates is recognised in the Statement
of Profit and Loss. On acquisition of investment in a joint venture or associate, any excess of cost of investment over the fair value of the
assets and liabilities of the joint venture and associate, is recognised as goodwill and is included in the carrying value of the investment
in the joint venture and associate. The excess of fair value of assets and liabilities over the investment is recognised directly in equity as
capital reserve.
The unrealised profits/losses on transactions with joint ventures and associates are eliminated by reducing the carrying amount of
investment.
The carrying amount of investment in joint ventures and associates is reduced to recognise impairment, if any, when there is evidence of
impairment.
When the Group’s share of losses of a joint venture or an associate exceeds the Group’s interest in that joint venture or the associate
(which includes any long-term interests that, in substance, form part of the Group’s net investment in the joint venture or the associate),
the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has
incurred legal or constructive obligations or made payments on behalf of the joint venture or the associate.
Upon classification of investment in joint ventures and/or associates as held for sale, equity accounting is discontinued in respect to that
interest.
(f) Interests in joint operations
When the Group has joint control of the arrangement based on contractually determined right to the assets and obligations for liabilities,
it recognises such interests as joint operations. Joint control exists when the decisions about the relevant activities (i.e. activities that
significantly affects the investee’s returns) require unanimous consent of the parties sharing the control. In respect of its interests in joint
operations, the Group recognises its share in assets, liabilities, income and expenses line-by-line in the standalone financial statements
of the entity which is party to such joint arrangement, thereby forms part of the consolidated financial statements. Interests in joint
operations are included in the segments to which they relate.

(g) Business combination/Goodwill on consolidation

The Group accounts for business combinations under acquisition method of accounting. Acquisition-related costs are recognised in the
Statement of Profit and Loss as incurred. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the condition

599
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Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [1](II)
Material Accounting Policy Information (contd.)
for recognition are recognised at their fair values at the acquisition date. Changes in the fair value of the contingent consideration that
qualify as measurement period adjustments, are adjusted retrospectively with corresponding adjustments to goodwill or capital reserve as
the case maybe, else recognised in the Statement of Profit and Loss.
Goodwill arising on consolidation, of acquisitions represents the excess of (a) consideration paid for acquiring control and (b) acquisition
date fair value of previously held ownership interest, if any, in a subsidiary over the Group’s share in the fair value of the net assets
(including identifiable intangibles) of the subsidiary as on the date of acquisition of control. Where the fair value of the identifiable assets
and liabilities exceed the cost of acquisition, the excess is recognised as Capital Reserve.
Goodwill on consolidation is allocated to cash generating units or group of cash generating units that are expected to benefit from the
acquisition.
After initial recognition, goodwill arising on consolidation is tested for impairment annually and measured at cost less accumulated
impairment losses, if any. In the event of cessation of operations of a subsidiary, the unimpaired goodwill is written off fully.
Business combinations arising from transfers of interests in entities that are under common control are accounted using pooling of
interest method. The difference between consideration given and the aggregate historical carrying amounts of assets and liabilities of the
acquired entity are recorded in equity.
(h) Operating cycle for current and non-current classification
Operating cycle for the business activities of the Group covers the duration of the specific project or contract or product line or service
including the defect liability period wherever applicable and extends up to the realisation of receivables (including retention monies)
within the agreed credit period normally applicable to the respective lines of business.

(i) Revenue recognition

Revenue from contracts with customers is recognised when a performance obligation is satisfied by transfer of promised goods or
services to a customer.
For performance obligation satisfied over time, the revenue recognition is done using input method by measuring the progress towards
complete satisfaction of performance obligation. The progress is measured in terms of a proportion of actual cost incurred to date, to
the total estimated cost attributable to the performance obligation as it best depicts the transfer of control that occurs as costs are
incurred.
The Group transfers control of a good or service over time and therefore satisfies a performance obligation and recognises revenue over
a period of time if one of the following criteria is met:
(a) the customer simultaneously consumes the benefit of the company’s performance or
(b) the customer controls the asset as it is being created/enhanced by the company’s performance or
(c) there is no alternative use of the asset and the company has either explicit or implicit right of payment considering legal precedents.
In all other cases, performance obligation is considered as satisfied at a point in time.
The revenue is recognised to the extent of transaction price allocated to the performance obligation satisfied. Transaction price is the
amount of consideration to which the Group expects it to be entitled in exchange for transferring goods or services to a customer
excluding amounts collected on behalf of a third party. The Group includes variable consideration as part of transaction price when
there is a basis to reasonably estimate the amount of the variable consideration and when it is probable that a significant reversal of
cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is resolved.
Variable consideration is estimated using the expected value method or most likely amount as appropriate in a given circumstance.
Payment terms agreed with a customer are as per business practice and the financing component, if significant, is separated from the
transaction price and accounted as interest income.
Costs to obtain a contract which are incurred regardless of whether the contract was obtained are charged off in profit & loss
immediately in the period in which such costs are incurred. Incremental costs of obtaining a contract, if any, and costs incurred to fulfill
a contract are amortised over the period of execution of the contract in proportion to the progress measured in terms of a proportion of
actual cost incurred to date, to the total estimated cost attributable to the performance obligation.
Significant judgments are used in:
a. Determining the revenue to be recognised in case of performance obligation satisfied over a period of time. Revenue recognition is
done by measuring the progress towards complete satisfaction of performance obligation.
b. Determining the expected losses, which are recognised in the period in which such losses become probable based on the expected
total contract cost as at the reporting date.

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NOTE [1](II)
Material Accounting Policy Information (contd.)
c. Determining the method to be applied to arrive at the variable consideration including variations and claims requiring an
adjustment to the transaction price. Variable consideration is recognised when the recovery of such consideration is highly probable.
Revenue includes adjustments made towards liquidated damages and variation wherever applicable. Escalation and other claims, which
are not ascertainable/acknowledged by customers are not taken into account.
A. Revenue from sale of manufactured and traded goods including contracts for supply/commissioning of complex plant and
equipment is recognised as follows:
Revenue is recognised when the control of the same is transferred to the customer and it is probable that the Group will collect
the consideration to which it is entitled for the exchanged goods. Revenue from commissioning of complex plant and equipment is
recognised either ‘over time’ or ‘in time’ based on assessment of the transfer of control as per the terms of the contract.
B. Revenue from construction/project related activity is recognised as follows:
• Cost plus contracts: Revenue from cost plus contracts is recognised over time and is determined with reference to the extent
performance obligations have been satisfied. The amount of transaction price allocated to the performance obligations
satisfied represents the recoverable costs incurred during the period plus the margin as agreed with the customer.
• Fixed price contracts: Contract revenue is recognised over time to the extent of performance obligation satisfied and control
is transferred to the customer. Contract revenue is recognised at allocable transaction price which represents the cost of work
performed on the contract plus proportionate margin, using the percentage of completion method. Percentage of completion
is the proportion of cost of work performed to date, to the total estimated contract costs. With respect to contracts, where
the outcome of the performance obligation cannot be reasonably measured, but the costs incurred towards satisfaction of
performance obligation are expected to be recovered, the revenue is recognised only to the extent of costs incurred.
For contracts where the aggregate of contract cost incurred to date plus recognised profits (or minus recognised losses as the case
may be) exceeds the progress billing, the surplus is shown as contract asset and termed as “Unbilled revenue”. For contracts where
progress billing exceeds the aggregate of contract costs incurred to date plus recognised profits (or minus recognised losses, as the
case may be), the surplus is shown as contract liability and termed as “Excess of billing over revenue”. Amounts received before
the related work is performed are disclosed in the Balance Sheet as contract liability and termed as “Advances from customer”.
The amounts billed on customer for work performed and are unconditionally due for payment i.e. only passage of time is required
before payment falls due, are disclosed in the Balance Sheet as trade receivables. The amount of retention money held by the
customers pending completion of performance milestone is disclosed as part of contract asset and is reclassified as trade receivables
when it becomes due for payment.
The Group recognises impairment loss (termed as provision for expected credit loss in the consolidated financial statements)
on account of credit risk in respect of a contract asset using expected credit loss model on similar basis as applicable to trade
receivables.
C. Revenue from property development activities is recognised when performance obligation is satisfied, customer obtains control of
the property transferred and a reasonable expectation of collection of the sale consideration from the customer exists.
D. In the case of the development project business and the realty business, revenue includes profit on sale of investment properties
or sale of business undertaking/stake in the subsidiary and/or joint venture companies as the sale/divestments are inherent in the
business model.
E. Rendering of services
Revenue from rendering of services is recognised over time as the customer receives the benefit of the company’s performance and
the company has an enforceable right to payment for services transferred.
In respect of information technology business and technology services business, revenue from contracts awarded on time and
material basis is recognised over a period of time when relevant services are rendered and related costs are incurred. Revenue from
fixed price contracts is recognised over a period of time using the proportionate completion method.
Revenue from contracts for rendering of engineering design services and other services which are directly related to the
construction of an asset is recognised on the same basis as stated in (i) B above.
G. In respect of financial services business and finance lease activity, income from interest-bearing loans/lease is recognised on accrual
basis over the life of the loans/lease based on the effective yield. Income from bill discounting, advisory and syndication services and
other financing activities is accounted on accrual basis.
H. Revenue on account of construction services rendered in connection with Build-Operate-Transfer (BOT) projects undertaken by
the Group is recognised during the period of construction using percentage of completion method. After the completion of

601
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Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [1](II)
Material Accounting Policy Information (contd.)
construction period, revenue from fare collection is recognised based on use of tokens, money value of the actual usage in case of
smart cards and other direct fare collection.

I. Commission income is recognised when the terms of the contract are fulfilled.

J. Course fees/subscription income is recognised over time as per the course/subscription duration and agreed terms.

K. Revenue from charter hire is recognised as per the terms of the time charter agreement.

L. Revenue from operation and maintenance services of power plant receivable under the Power Purchase Agreement is recognised on
accrual basis.

M. Other operational revenue represents income earned from the activities incidental to the business and is recognised when the
performance obligation is satisfied and the right to receive the income is established as per the terms of the contract.
N. Warranty and other related obligation

The Group accounts for provision of warranty, return, refund and other similar obligations in accordance with Ind AS 37
“Provisions, Contingent Liabilities and Contingent Assets”. Refer Note [1(II)(ab)] below for policy on provisions, contingent liabilities
and contingent assets.

(j) Other income

A. Interest income on investments and loans is accrued on a time basis by reference to the principal outstanding and the
effective interest rate including interest on investments classified as fair value through profit or loss or fair value through other
comprehensive income. Interest receivable on customer dues is recognised as income in the Statement of Profit and Loss on accrual
basis provided there is no uncertainty of realisation.
B. Dividend income is accounted in the period in which the right to receive the same is established.

C. Government grants, which are revenue in nature and are towards compensation for the qualifying costs incurred by the Group,
are recognised as other income/reduced from underlying expenses in profit or loss in the period in which such costs are incurred.
Government grants related to an asset are reduced from the cost of an asset until the asset is ready to use and the grant post
that is presented as deferred income. Subsequently the grant is recognised as income in profit or loss on a systematic basis over
the expected useful life of the related asset. Government grant receivable in the form of duty credit scrips is recognised as other
income in the Statement of Profit and Loss in the period in which the export is done or the application is made to the government
authorities and to the extent there is no uncertainty towards its receipt.
D. Other items of income are accounted as and when the right to receive such income arises and it is probable that the economic
benefits will flow to the Group and the amount of income can be measured reliably.

(k) Exceptional items

An item of income or expense which by its size, type or incidence requires disclosure in order to improve an understanding of the
performance of the Group is treated as an exceptional item and the same is disclosed in Statement of Profit and Loss and in the notes
forming part of the consolidated financial statements.

(l) Property, Plant and Equipment (PPE)

PPE is recognised when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the
item can be measured reliably. PPE is stated at original cost net of tax/duty credits availed, if any, less accumulated depreciation and
cumulative impairment, if any.

All directly attributable costs related to the acquisition of PPE and borrowing costs in case of qualifying assets are capitalised in
accordance with the Group’s accounting policy.

Own manufactured PPE is capitalised at cost including an appropriate share of overheads. All direct cost that are specifically attributable
to construction or acquisition of PPE or bringing the PPE to working condition are allocated and capitalised as a part of the cost of the
PPE.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable
that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably.

PPE not ready for the intended use on the date of the Balance Sheet are disclosed as “capital work-in-progress”. (Also refer to the
policies on leases, borrowing costs, impairment of assets and foreign currency transactions below).

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NOTE [1](II)
Material Accounting Policy Information (contd.)
Depreciation is recognised using straight-line method so as to write off the cost of the assets (other than freehold land and capital
work-in-progress) less their residual values over their useful life specified in Schedule II to the Act, or in case of assets where the useful
life was determined by technical evaluation, over the useful life so determined. Depreciation method is reviewed at each financial year
end to reflect the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful life and
residual values are also reviewed at each financial year end and the effect of any change in the estimates of useful life/residual value is
accounted on prospective basis.

Depreciation charge for impaired assets is adjusted in future periods in such a manner that the revised carrying amount of the asset is
allocated over its remaining useful life.

Where cost of a part of the asset (“asset component”) is significant to total cost of the asset and useful life of that part is different
from the useful life of the remaining asset then useful life of that significant part is determined separately and such asset component is
depreciated over its separate useful life.
Depreciation on additions to owned assets is calculated pro rata from the date it is ready for use.

PPE is derecognised upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on
derecognition is recognised in the Statement of Profit and Loss in the same period.

(m) Investment property

Properties (including those under construction) held to earn rentals and/or capital appreciation are classified as investment property and
are measured and reported at cost, including transaction costs and borrowing cost capitalised for qualifying assets, in accordance with
the Group’s accounting policy. Policies with respect to depreciation, useful life and derecognition are on the same basis as stated in PPE
above.

(n) Intangible assets

Intangible assets are recognised when it is probable that the future economic benefits that are attributable to the asset will flow to the
Group and the cost of the asset can be measured reliably. Intangible assets are stated at original cost net of tax/duty credits availed, if
any, including borrowing costs capitalised for qualifying assets and reduced by accumulated amortisation and cumulative impairment,
if any. All directly attributable costs and other administrative and other general overhead expenses that are specifically attributable to
acquisition of intangible assets are allocated and capitalised as a part of the cost of the intangible assets.
Research and development expenditure on new products:

(i) Expenditure on research is expensed under respective heads of account in the period in which it is incurred

(ii) Development expenditure on new products is capitalised as intangible asset, if all of the following can be demonstrated:

A. the technical feasibility of completing the intangible asset so that it will be available for use or sale;

B. the Group has intention to complete the intangible asset and use or sell it;

C. the Group has ability to use or sell the intangible asset;

D. the manner in which the probable future economic benefits will be generated including the existence of a market for output
of the intangible asset or intangible asset itself or if it is to be used internally, the usefulness of intangible assets;

E. the availability of adequate technical, financial and other resources to complete the development and to use or sell the
intangible asset; and

F. the Group has ability to reliably measure the expenditure attributable to the intangible asset during its development.

Development expenditure that does not meet the above criteria is expensed in the period in which it is incurred.

Fare collection rights obtained in consideration for rendering construction services represent the right to collect fare during the
concession period in respect of Build-Operate-Transfer (BOT) projects undertaken by the Group. Fare collection rights are capitalised as
intangible asset upon completion of the project at the cumulative construction costs including related margins.

Intangible assets not ready for the intended use on the date of the Balance Sheet are disclosed as “intangible assets under
development”.

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Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [1](II)
Material Accounting Policy Information (contd.)
Intangible assets are amortised on straight-line basis over the estimated useful life. The method of amortisation and useful life are
reviewed at the end of each accounting year and the effect of any changes in the estimate being accounted for on a prospective basis.
The estimated useful life for major categories of the intangible assets are as follows:
(i) Specialised software: over a period of two to ten years;
(ii) Technical know-how: over a period of three to eight years;
(iii) New product design and development: over a period of five years;
(iv) Customer contracts and relationship: over a period of the contract which generally is over three to ten years;
(v) Trade name: over a period of three months to six years;
(vi) Platforms and courses: over a period of five years;
(vii) Rights under licensing agreement: over a period of six years;
(viii) Fare collection rights are amortised using the straight-line method over the period of concession; and
(ix) Amortisation on impaired assets is provided by adjusting the amortisation charge in the remaining periods so as to allocate the
asset’s revised carrying amount over its remaining useful life.

(o) Impairment of assets

As at the end of each financial year, the carrying amounts of PPE, investment property, intangible assets and investments in joint
ventures and associates are reviewed to determine whether there is any indication that those assets have suffered an impairment loss.
If such indication exists, the PPE, investment property, intangible assets and investments in joint ventures and associates are tested for
impairment so as to determine the impairment loss, if any. Goodwill and intangible assets not available for use are tested for impairment
each year.
Impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. Recoverable amount is determined:

(i) in the case of an individual asset, at the higher of fair value less costs of disposal and the value-in-use; and

(ii) in the case of a cash generating unit (the smallest identifiable group of assets that generates independent cash flows), at the higher
of the cash generating unit’s fair value less costs of disposal and the value-in-use.

(The amount of value-in-use is determined as the present value of estimated future cash flows from the continuing use of an asset,
which may vary based on the future performance of the entity and from its disposal at the end of its useful life. For this purpose, the
discount rate (post-tax) is determined based on the weighted average cost of capital of the company suitably adjusted for risks specified
to the estimated cash flows of the asset).

If recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, such deficit is recognised
immediately in the Statement of Profit and Loss as impairment loss and the carrying amount of the asset (or cash generating unit) is
reduced to its recoverable amount. For this purpose, the impairment loss recognised in respect of a cash generating unit is allocated first
to reduce the carrying amount of any goodwill allocated to such cash generating unit and then to reduce the carrying amount of the
other assets of the cash generating unit on a pro-rata basis.

When an impairment loss recognised earlier is subject to full or partial reversal, the carrying amount of the asset (or cash generating
unit), except impairment loss allocated to goodwill, is increased to the revised estimate of its recoverable amount, so that the increased
carrying amount does not exceed the carrying amount that would have been determined had no impairment loss is recognised for
the asset (or cash generating unit) in prior years. A reversal of an impairment loss (other than impairment loss allocated to goodwill) is
recognised immediately in the Statement of Profit and Loss.

(p) Employee benefits

(i) Short-term employee benefits:

Employee benefits such as salaries, wages, short term compensated absences, bonus, ex-gratia, and performance-linked rewards
falling due wholly within twelve months of rendering the service are classified as short-term employee benefits and are expensed in
the period in which the employee renders the service.
(ii) Post-employment benefits:

A. Defined contribution plans: The Group’s superannuation scheme, state governed provident fund scheme, employee state
insurance scheme, social security contributions and employee pension scheme are defined contribution plans. The contribution
paid/payable under the schemes is recognised during the period in which the employee renders the service.

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NOTE [1](II)
Material Accounting Policy Information (contd.)
B. Defined benefit plans: The employees’ gratuity fund schemes and employee provident fund schemes managed by board of
trustees established by the Group, the post-retirement medical care plan and the Parent Company pension plan represent
defined benefit plans. The present value of the obligation under defined benefit plans is determined based on actuarial
valuation using the Projected Unit Credit Method.

The obligation towards defined benefit plans is measured at the present value of the estimated future cash flows using a discount
rate based on the market yield on government securities of a maturity period equivalent to the weighted average maturity profile of
the defined benefit obligations at the Balance Sheet date.

Re-measurement, comprising actuarial gains and losses, the return on plan assets (excluding amounts included in net interest
on the net defined benefit liability or asset) and any change in the effect of asset ceiling (if applicable) is recognised in other
comprehensive income and is reflected in retained earnings and the same is not eligible to be reclassified to profit or loss.
Defined benefit costs comprising current service cost, past service cost and gains or losses on settlements are recognised in the
Statement of Profit and Loss as employee benefits expense. Interest cost implicit in defined benefit employee cost is recognised in
the Statement of Profit and Loss under finance costs. Gains or losses on settlement of any defined benefit plan are recognised when
the settlement occurs. Past service cost is recognised as expense at the earlier of the plan amendment or curtailment and when the
Group recognises related restructuring costs or termination benefits.
In case of funded plans, the fair value of the plan assets is reduced from the gross obligation under the defined benefit plans to
recognise the obligation on a net basis.
(iii) Other long-term employee benefits:
The obligation recognised in respect of other long-term benefits is measured at present value of estimated future cash flows
expected to be made by the Group and is recognised in a similar manner as in the case of defined benefit plans vide (ii) B above.
Long term employee benefit costs comprising current service cost and gains or losses on curtailments and settlements,
re-measurements including actuarial gains and losses are recognised in the Statement of Profit and Loss as employee benefits
expenses. Interest cost implicit in long term employee benefit cost is recognised in the Statement of Profit and Loss under finance
cost.
(iv) Termination benefits:
Termination benefits such as compensation under employee separation schemes are recognised as expense when the Group’s offer
of the termination benefit can no longer be withdrawn or when the Group recognises the related restructuring costs, whichever is
earlier.

(q) Leases
Assets taken on lease are accounted as right-of-use assets and the corresponding lease liability is recognised at the lease commencement
date.

Initially the right-of-use asset is measured at cost which comprises the initial amount of the lease liability adjusted for any lease payments
made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the
underlying asset or to restore the underlying asset or the site on which it is located, as reduced by any lease incentives received.

The lease liability is initially measured at the present value of the lease payments, discounted using the Group’s incremental borrowing
rate. It is remeasured when there is a change in future lease payments arising from a change in an index or a rate, or a change in the
estimate of the guaranteed residual value, or a change in the assessment of purchase, extension or termination option. When the lease
liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in
profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The right-of-use asset is measured by applying cost model i.e. right-of-use asset at cost less accumulated depreciation and impairment
losses, if any. The right-of-use asset is depreciated using the straight-line method from the commencement date to the end of the lease
term or useful life of the underlying asset whichever is earlier. Carrying amount of lease liability is increased by interest on lease liability
and reduced by lease payments made.

Lease payments associated with following leases are recognised as expense on straight-line basis:

(i) Low value leases; and

(ii) Leases which are short term.

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Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [1](II)
Material Accounting Policy Information (contd.)
Assets given on lease are classified either as operating lease or as finance lease. A lease is classified as a finance lease if it transfers
substantially all the risks and rewards incidental to ownership of an underlying asset. Asset held under finance lease is initially recognised
in balance sheet and presented as a receivable at an amount equal to the net investment in the lease. Finance income is recognised over
the lease term, based on a pattern reflecting a constant periodic rate of return on Groups’ net investment in the lease. A lease which is
not classified as a finance lease is an operating lease.

The Group recognises lease payments in case of assets given on operating leases as income on a straight-line basis. The Group presents
underlying assets subject to operating lease in its balance sheet under the respective class of asset.

When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is
classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.
In case of sale and leaseback transactions, the Group first considers whether the initial transfer of the underlying asset to the buyer-
lessor is a sale by applying the requirements of Ind AS 115. If the transfer qualifies as a sale and the transaction is at market terms, the
Group effectively derecognises the asset, recognises a ROU asset (and lease liability) and recognises in Statement of Profit and Loss, the
gain or loss relating to the buyer-lessor’s rights in the underlying asset.
(Also refer to policy on Property, Plant and Equipment above)

(r) Financial instruments

Financial assets and/or financial liabilities are recognised when the Group becomes party to a contract embodying the related financial
instruments. All financial assets, financial liabilities and financial guarantee contracts are initially measured at fair value except for
trade receivables not containing a significant financing component are initially measured at transaction price. Transaction costs that are
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair
value through profit or loss) are added to or deducted from, as the case may be, the fair value of such financial assets or liabilities on
initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through
profit or loss are recognised in profit or loss.
A financial asset and a financial liability is offset and presented on net basis in the balance sheet when there is a current legally
enforceable right to set-off the recognised amounts and it is intended to either settle on net basis or to realise the asset and settle the
liability simultaneously.
(i) Financial assets

A. All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, as follows:

1. Investments in debt instruments that are designated as fair value through profit or loss (FVTPL) - at fair value

2. Other investments in debt instruments – at amortised cost (unless the same are designated as fair value through profit or
loss), subject to following conditions:
• The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows;
and
• The contractual terms of instrument give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.

3. Debt instruments that meet the following conditions are subsequently measured at fair value through other
comprehensive income [FVTOCI] (unless the same are designated as fair value through profit or loss)

• The asset is held within a business model whose objective is achieved both by collecting contractual cash flows and
selling financial assets; and

• The contractual terms of instrument give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.

4. Debt instruments at FVTPL is a residual category for debt instruments, if any, and all changes are recognised in profit or
loss.

5. Investments in equity instruments are classified as FVTPL, unless the related instruments are not held for trading and the
Group irrevocably elects on initial recognition to present subsequent changes in fair value in other comprehensive income.

6. Trade receivables, security deposits, cash and cash equivalents, employee and other advances – at amortised cost.

7. The Group has elected to measure the investments in associates and joint ventures held through unit trusts at FVTPL.

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Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [1](II)
Material Accounting Policy Information (contd.)
B. For financial assets that are measured at FVTOCI, income by way of interest and dividend, provision for impairment and
exchange difference, if any, (on debt instrument) are recognised in profit or loss and changes in fair value (other than on
account of above income or expense) are recognised in other comprehensive income and accumulated in other equity. On
disposal of debt instruments at FVTOCI, the cumulative gain or loss previously accumulated in other equity is reclassified
to profit or loss. In case of equity instruments at FVTOCI, such cumulative gain or loss is not reclassified to profit or loss on
disposal of investments.

C. A financial asset is primarily derecognised when:

1. the right to receive cash flows from the asset has expired, or
2. the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a pass-through arrangement; and a) the group
has transferred substantially all the risks and rewards of the asset, or b) the group has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset.
On derecognition of a financial asset in its entirety, the difference between the carrying amount at the date of derecognition
and the consideration received is recognised in profit or loss.
D. Impairment of financial assets: For trade receivable, the Group applies the simplified approach of Ind AS 109, which require
measurement of loss allowance at an amount equal to lifetime expected credit losses. The Group recognises impairment loss
using expected credit loss model which involves use of a provision matrix constructed on the basis of historical credit loss
experience as permitted under Ind AS 109 and is adjusted for forward looking information.
For all other financial assets, expected credit losses (ECL) are recognised based on the difference between the contractual
cashflows and all the expected cash flows, discounted at the original effective interest rate. ECLs are measured at an amount
equal to 12-month expected credit losses or at an amount equal to lifetime expected credit losses if the credit risk on the
financial asset has increased significantly since initial recognition.
In respect of financial services business, the Group applies a separate model of the expected credit loss for recognising
impairment loss on financial assets measured at amortised cost, debt instruments at FVTOCI, lease receivables, trade
receivables and other contractual rights to receive cash or other financial asset and financial guarantees not designated as at
FVTPL as follows:
• Expected credit losses are the weighted average of credit losses with the respective risks of default occurring as the
weights. Credit loss is the difference between all contractual cash flows that are due to the Group in accordance with
the contract and all the cash flows that the Group expects to receive (i.e. all cash shortfalls), discounted at the original
effective interest rate (or credit-adjusted effective interest rate for purchased or originated credit-impaired financial
assets). The Group estimates cash flows by considering all contractual terms of the financial instrument (for e.g.
prepayment, extension, call and similar options) through the expected life of that financial instrument.
• The loss allowance for a financial instrument is measured at an amount equal to the lifetime expected credit losses if the
credit risk on that financial instrument has increased significantly since initial recognition. If the credit risk on a financial
instrument has not increased significantly since initial recognition, the loss allowance for that financial instrument is
measured at an amount equal to 12-month expected credit losses. 12-month expected credit losses are portion of the
lifetime expected credit losses and represent the lifetime cash shortfalls that will result if default occurs within the 12
months weighted by the probability of default after the reporting date and thus, are not cash shortfalls that are predicted
over the next 12 months.
• When making the assessment of whether there has been a significant increase in credit risk since initial recognition, the
change in the risk of a default occurring over the expected life of the financial instrument is used instead of the change in
the amount of expected credit losses. To make that assessment, the risk of a default occurring on the financial instrument
as at the reporting date is compared with the risk of a default occurring on the financial instrument as at the date of
initial recognition using reasonable and supportable information, that is available without undue cost or effort.
(ii) Financial liabilities
A. Financial liabilities, including derivatives and embedded derivatives, which are designated for measurement at FVTPL are
subsequently measured at fair value. Financial guarantee contracts are subsequently measured at the amount of impairment
loss allowance or the amount recognised at inception net of cumulative amortisation, whichever is higher. All other financial
liabilities including loans and borrowings, trade and other payables are initially recognised at fair value and subsequently
measured at amortised cost using Effective Interest Rate (EIR) method.

B. A financial liability is derecognised when the related obligation expires or is discharged or cancelled.

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Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [1](II)
Material Accounting Policy Information (contd.)
(iii) The Group designates certain hedging instruments such as derivatives, embedded derivatives and in respect of foreign currency risk,
certain non-derivatives as either fair value hedges, cash flow hedges, or hedges of net investments in foreign operations. Hedges of
foreign exchange risk on firm commitments are accounted as cash flow hedges.

A. Fair value hedges: Changes in fair value of the designated portion of derivatives that qualify as fair value hedges are
recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are
attributable to the hedged risk. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated,
or exercised, or when it no longer qualifies for hedge accounting.

B. Cash flow hedges: In case of forward contracts, the forward element/foreign currency basis spread and the spot element are
separated and only the change in the value of the spot element is designated as hedging instrument. In case of options, the
intrinsic value and time value are separated and only the change in intrinsic value is designated as hedging instrument.

(i) Accounting of spot element/intrinsic value of options: The changes in the fair value of hedge instruments that are
designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated in equity
as ‘hedging reserve’. Amounts previously recognised in other comprehensive income and accumulated in equity are
reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same head as the hedged
item.

(ii) Accounting of forward element/foreign currency basis spread/time value of options: The changes in fair value are
recognised in other comprehensive income and accumulated in equity as “cost of hedging reserve”. For a transaction
related hedged item, the amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged
item affects profit or loss, in the same head as the hedged item. For a time related hedged item, the time value on the
date on which the hedged item affects profit or loss are reclassified to profit or loss as a reclassification adjustment on a
straight-line basis over the period of the hedging instrument.

The cash flow hedges are allocated to the forecast transactions on gross exposure basis. Where the hedged forecast transaction
results in the recognition of a non-financial asset, such gains/losses are transferred from hedge reserve (but not as reclassification
adjustment) and included in the initial measurement cost of the non-financial asset.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer
qualifies for hedge accounting. Any gain or loss recognised in other comprehensive income and accumulated in equity at that time
remains in equity and is recognised in profit or loss when the forecast transaction is ultimately recognised in profit or loss. When a
forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised in profit or loss.

(iv) Compound financial instruments issued by the Group which can be converted into fixed number of equity shares at the option
of the holders irrespective of changes in the fair value of the instrument are accounted by recognising the liability and the equity
components separately. The liability component is initially recognised at the fair value of a comparable liability that does not have
an equity conversion option. The equity component is initially recognised at the difference between the fair value of the compound
financial instrument as a whole and the fair value of the liability component. The directly attributable transaction costs are allocated
to the liability and the equity components in proportion to their initial carrying amounts.

Subsequent to initial recognition, the liability component of the compound financial instrument is measured at amortised cost using
the effective interest method. The equity component of a compound financial instrument is not remeasured subsequently.

(s) Inventories
Inventories are valued after providing for obsolescence, as under:

(i) Raw materials, components, construction materials, stores, spares and loose tools at lower of weighted average cost or net
realisable value. However, these items are considered to be realisable at cost if the finished products in which they will be used, are
expected to be sold at or above cost.

(ii) Manufacturing work-in-progress at lower of weighted average cost including related overheads or net realisable value. In some
cases, manufacturing work-in-progress are valued at lower of specifically identifiable cost or net realisable value. In the case of
qualifying assets, cost also includes applicable borrowing costs vide policy relating to borrowing costs.

(iii) Finished goods and stock-in-trade (in respect of goods acquired for trading) at lower of weighted average cost or net realisable
value. Cost includes costs of purchases, costs of conversion and other costs incurred in bringing the inventories to their present
location. Taxes which are subsequently recoverable from taxation authorities are not included in the cost.

(iv) Completed property/work-in-progress (including land) in respect of property development activity at lower of specifically identifiable
cost or net realisable value.

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Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [1](II)
Material Accounting Policy Information (contd.)
Assessment of net realisable value is made at each reporting period end and when the circumstances that previously caused inventories
to be written-down below cost no longer exist or when there is clear evidence of an increase in net realisable value because of changed
economic circumstances, the write-down, if any, in the past period is reversed to the extent of the original amount written-down so that
the resultant carrying amount is the lower of the cost and the revised net realisable value.

(t) Cash and bank balances

Cash and bank balances include fixed deposits, margin money deposits, earmarked balances with banks and other bank balances which
have restrictions on repatriation. Short term and liquid investments being subject to more than insignificant risk of change in value, are
not included as part of cash and bank balances.

(u) Securities premium

(i) Securities premium includes:

A. The difference between the face value of the equity shares and the consideration received in respect of shares issued.

B. The fair value of the stock options which are treated as expense, if any, in respect of shares allotted pursuant to Stock Options
Scheme.

(ii) The issue expenses of securities which qualify as equity instruments are written off against securities premium.
(v) Earnings per share
Basic earnings per share is computed using the net profit or loss after tax for the year attributable to the equity shareholders and
weighted average number of shares outstanding during the year.

Diluted earnings per share is computed using the net profit or loss after tax for the year attributable to the shareholders and weighted
average number of equity and potential equity shares outstanding during the year, except where the result would be anti-dilutive.

(w) Borrowing Costs

Borrowing costs include finance costs calculated using the effective interest method, finance charges in respect of assets acquired on
lease and exchange differences arising on foreign currency borrowings, to the extent they are regarded as an adjustment to finance
costs. In cases where hedging instruments are acquired for protection against exchange rate risk related to borrowings and are
accounted as hedging a time-period related hedge item, the borrowing costs also include the amortisation of premium element of the
forward contract and foreign currency basis spread as applicable, over the period of the hedging instrument.

Borrowing costs net of any investment income from the temporary investment of related borrowings that are attributable to the
acquisition, construction or production of a qualifying asset are capitalised/inventorised as part of cost of such asset till such time the
asset is ready for its intended use or sale. A qualifying asset is an asset that necessarily requires a substantial period of time to get ready
for its intended use or sale. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

(x) Share-based payment arrangements

The stock options granted to employees in terms of the Group’s Stock Options Schemes, are measured at the fair value of the options
at the grant date. The fair value of the options is treated as discount and accounted as employee compensation cost over the vesting
period on a straight-line basis. The amount recognised as expense in each year is arrived at based on the number of grants expected to
vest. If a grant lapses after the vesting period, the cumulative discount recognised as expense in respect of such grant is transferred to
the retained earnings. The share-based payment equivalent to the fair value as on the date of grant of employee stock options granted
to key managerial personnel is disclosed as a related party transaction in the year of grant.

The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share.
(y) Foreign currencies
(i) The functional currency and presentation currency of the Group is Indian Rupee. Functional currency of the Group and foreign
operations has been determined based on the primary economic environment in which the Group and its foreign operations
operate considering the currency in which funds are generated, spent and retained.

(ii) Transactions in currencies other than the Group’s functional currency are recorded on initial recognition using the exchange rate
at the transaction date or a rate that approximates with it at the transaction date. At each Balance Sheet date, foreign currency
monetary items are reported at the closing spot rate. Non- monetary items that are measured in terms of historical cost in foreign
currency are not translated. Exchange differences that arise on settlement of monetary items or on reporting of monetary items at
each Balance Sheet date at the closing spot rate are recognised in the Statement of Profit and Loss in the period in which they arise
except for:

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Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [1](II)
Material Accounting Policy Information (contd.)
A. exchange differences on foreign currency borrowings relating to assets under construction for future productive use, are
included in the cost of those assets when such exchange differences are regarded as an adjustment to finance costs on those
foreign currency borrowings;

B. exchange differences on transactions entered into to hedge certain foreign currency risks; and

C. exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither
planned nor likely to occur or included in the net investment in foreign operation and are recognised initially in other
comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items.

(iii) Exchange rate as of the date on which the non-monetary asset or non-monetary liability is recognised on payment or receipt of
advance consideration is used for initial recognition of related asset, liability, expense or income.
(iv) Financial statements of foreign operations whose functional currency is different than Indian Rupee are translated into Indian Rupee
as follows:
A. assets and liabilities are translated at the closing rate at the date of that Balance Sheet;

B. income and expenses are translated at average exchange rate for the reporting period; and

C. all resulting exchange differences are recognised in other comprehensive income and accumulated in equity as foreign
currency translation reserve for subsequent reclassification to profit or loss on disposal of such foreign operations. The portion
of foreign currency translation reserve attributed to non-controlling interests is reflected as part of non-controlling interests.

(z) Accounting and reporting of information for Operating Segments

Operating segments are those components of the business whose operating results are regularly reviewed by the chief operating decision
making body in the Group to make decisions for performance assessment and resource allocation. The reporting of segment information
is the same as provided to the management for the purpose of the performance assessment and resource allocation to the segments.
Segment accounting policies are in line with the accounting policies of the Group. In addition, the following specific accounting policies
have been followed for segment reporting:
(i) Segment revenue includes sales and other operational revenue directly identifiable with/allocable to the segment including (a)
inter- segment revenue and (b) profit on sale of business undertaking/stake in the subsidiary and/or joint venture companies under
development projects segment and realty business grouped under “Others” segment.
(ii) Expenses that are directly identifiable with/allocable to segments are considered for determining the segment result. In respect of
(a) Financial Services segment and (b) Development Projects segment relating to power generation asset given on finance lease, the
finance costs on borrowings are accounted as segment expenses.
(iii) Most of the common costs are allocated to segments mainly on the basis of the respective segment revenue estimated at the
beginning of the reporting period.

(iv) Income not allocable to segments is included in “Unallocable corporate income net of expenditure”.

(v) Segment result represents profit before interest and tax and includes margins on inter-segment capital jobs, which are reduced
in arriving at the profit before tax of the Group. It also includes the finance costs incurred on interest bearing advances with
corresponding credit included in “Unallocable corporate income net of expenditure”. Segment result are not adjusted for any
exceptional item.

(vi) Segment assets and liabilities include those directly identifiable with the respective segments. In respect of (a) Financial Services
segment, and (b) Development Projects segment relating to power generation asset given on finance lease, segment liabilities
include borrowings as the finance costs on the borrowings are accounted as segment expenses. Investment in joint ventures and
associates identified with a particular segment are reported as part of the segment assets of those respective segments.

Unallocable corporate assets and liabilities represent the assets and liabilities that relate to the Group as a whole.

(vii) Segment non-cash expenses forming part of segment expenses also includes the fair value of the employee stock options which is
accounted as employee compensation cost [Note 1(II)(x) above] and is allocated to the segment.

(viii) Segment revenue resulting from transactions with other business segments is accounted on the basis of transfer price which are
either determined to yield a desired margin or agreed on a negotiated basis

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Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [1](II)
Material Accounting Policy Information (contd.)
(aa) Taxes on income
Tax on income for the current period is determined on the basis of taxable income (or on the basis of book profits wherever minimum
alternate tax is applicable) and tax credits computed in accordance with the provisions of the applicable tax laws, and using estimates
and judgments based on the expected outcome of assessments/appeals and the relevant rulings in the areas of allowances and
disallowances. The computation reflects the effect of uncertainty for each item of allowance and disallowance as appropriate either by i).
expected value method which sums the probability-weighted amounts in a range of possible outcomes or ii). the most likely amount in a
range of possible outcomes.

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Group’s financial
statements and the corresponding tax bases used in computation of taxable profit and quantified using the tax rates and laws enacted or
substantively enacted as on the Balance Sheet date.
Deferred tax liabilities are generally recognised for all taxable temporary differences including the temporary differences associated with
investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the
temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets relating to unabsorbed depreciation/business losses/losses under the head “capital gains”/other temporary
differences are recognised and carried forward to the extent of available taxable temporary differences or where there is convincing
other evidence that sufficient future taxable income will be available against which such deferred tax assets can be realised. The carrying
amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets in respect of unutilised tax credits which mainly relate to minimum alternate tax are recognised, to the extent it is
probable that such unutilised tax credits will get realised, in the period in which such determination is made.
Transaction or event which is recognised outside profit or loss, either in Other comprehensive income or in equity or in case of business
combination, is recorded along with the tax as applicable.

(ab) Provisions, contingent liabilities and contingent assets

Provisions are recognised only when:
(i) the Group has a present obligation (legal or constructive) as a result of a past event; and
(ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and
(iii) a reliable estimate can be made of the amount of the obligation.

Provision is measured using the cash flows estimated to settle the present obligation and when the effect of time value of money
is material, the carrying amount of the provision is the present value of those cash flows. Reimbursement expected in respect of
expenditure required to settle a provision is recognised only when it is virtually certain that the reimbursement will be received.

Contingent liability is disclosed in case of:

(i) a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the entity; or

(ii) a present obligation arising from past events where:

• it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or
• the amount of the obligation cannot be measured with sufficient reliability.

Contingent assets are disclosed where an inflow of economic benefits is probable.

Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date.

Where the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under
such contract, the present obligation under the contract is recognised and measured as a provision for onerous contract/foreseeable
losses.

(ac) Commitments
Commitments are future liabilities for contractual expenditure, classified and disclosed as follows:
a) estimated amount of contracts remaining to be executed on capital account and not provided for;
b) uncalled liability on shares and other investments partly paid;

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Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [1](II)
Material Accounting Policy Information (contd.)
c) funding related commitment to associate and joint venture companies; and

d) other non-cancellable commitments, if any, to the extent they are considered material and relevant in the opinion of management.

Other commitments related to sales/procurements made in the normal course of business are not disclosed to avoid excessive details.

(ad) Discontinued Operations and non-current assets held for sale

Discontinued operation is a component of the Group that has been disposed of or classified as held for sale and represents a major line
of business.

Non-current assets and disposal groups are classified as held for sale if their carrying amount is intended to be recovered principally
through a sale (rather than through continuing use) when the asset (or disposal group) is available for immediate sale in its present
condition subject only to terms that are usual and customary for sale of such asset (or disposal group) and the sale is highly probable and
is expected to qualify for recognition as a completed sale within one year from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured at lower of their carrying amount and fair value less costs
to sell.

(ae) Statement of Cash Flows

Statement of Cash Flows is prepared segregating the cash flows into operating, investing and financing activities. Cash flow from
operating activities is reported using indirect method adjusting the profit before tax excluding exceptional items for the effects of:
i. changes during the period in inventories and operating receivables and payables, transactions of a non-cash nature;

ii. non-cash items such as depreciation, provisions, unrealised foreign currency gains and losses; and

iii. all other items for which the cash effects are investing or financing cash flows.

Cash and cash equivalents (including bank balances) shown in the Statement of Cash Flows exclude items which are not available for
general use as at the date of Balance Sheet.

(af) Key sources of estimation

The preparation of consolidated financial statements in conformity with Ind AS requires that the management of the Group makes
estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets
and liabilities and the disclosures relating to contingent liabilities as of the date of the consolidated financial statements. The estimates
and underlying assumptions made by the management are explained under respective policies. Revisions to accounting estimates
include useful life of property, plant and equipment & intangible assets, allowance for expected credit loss, future obligations in respect
of retirement benefit plans, expected cost of completion of contracts, provision for rectification costs, fair value/recoverable amount
measurement, tax provisions etc. Difference, if any, between the actual results and estimates is recognised in the period in which the
results are known.

NOTE [1](III)
Recent Pronouncement
There are no standards of accounting or any addendum thereto, prescribed by Ministry of Corporate Affairs under section 133 of the
Companies Act, 2013, which are issued and not effective as at March 31, 2025.

612 Integrated Annual Report 2024-25

 Notes forming part of the Consolidated Financial Statements (contd.)
NOTE [2]
Property, Plant and Equipment and Capital work-in-progress
v crore
Cost Depreciation Impairment Book value
Foreign Classified Foreign Classified
Class of assets As at Business As at Up to Business For the Up to Up to As at
Additions Transfer* Currency as held for Deductions Transfer* Currency as held for Deductions
1-4-2024 combination 31-3-2025 31-3-2024 combination period 31-3-2025 31-3-2025 31-3-2025
Fluctuation sale Fluctuation sale
Land
Freehold 854.23 – 46.32 6.50 – – 29.29 877.76 – – – – – – – – – 877.76
leasehold 145.63 – – – – – – 145.63 16.11 – 1.60 – – – – 17.71 – 127.92
Sub-total 999.86 – 46.32 6.50 – – 29.29 1023.39 16.11 – 1.60 – – – – 17.71 – 1,005.68
Buildings 5904.59 481.03 738.51 (9.10) 6.05 22.98 104.85 6993.25 1356.20 71.61 215.27 (2.14) 3.02 4.37 34.42 1605.17 530.09 4857.99
Plant & equipment – – –
Owned 12422.98 907.58 1596.94 (2.88) 12.05 37.14 194.55 14704.98 6996.48 202.16 1565.28 – 8.93 18.70 187.60 8566.55 614.19 5524.24
Leased out 146.60 – 15.37 (0.32) – – 0.23 161.42 80.21 – 12.17 (0.32) – – 0.22 91.84 – 69.58
Sub-total 12569.58 907.58 1612.31 (3.20) 12.05 37.14 194.78 14866.40 7076.69 202.16 1577.45 (0.32) 8.93 18.70 187.82 8658.96 614.19 5593.82
Computers – – –
Owned 2571.65 21.83 432.38 (0.02) 3.77 – 226.35 2803.26 1786.72 17.22 372.71 – 3.56 – 217.24 1,962.97 0.24 840.05
Leased out 6.27 – – – – – 6.27 – 6.27 – – – – – 6.27 – – –
Sub-total 2577.92 21.83 432.38 (0.02) 3.77 – 232.62 2803.26 1792.99 17.22 372.71 – 3.56 – 223.51 1,962.97 0.24 840.05
Overview

Office equipment – – –
Corporate

Owned 761.60 2.03 162.11 0.06 0.84 0.42 55.64 870.58 569.05 1.52 94.77 0.06 0.29 0.24 53.65 611.80 0.05 258.73
Leased out 0.02 – – – – – 0.02 – – – – – – – – – – –
Sub-total 761.62 2.03 162.11 0.06 0.84 0.42 55.66 870.58 569.05 1.52 94.77 0.06 0.29 0.24 53.65 611.80 0.05 258.73
Furniture and
fixtures – – –
Owned 618.20 6.75 110.44 – 1.99 0.23 65.85 671.30 374.69 4.86 71.30 – 1.77 0.02 56.46 396.14 1.60 273.56
Leased out 14.36 – 0.50 – – – 14.36 0.50 7.20 – – – – – 7.20 – – 0.50
Sub-total 632.56 6.75 110.94 – 1.99 0.23 80.21 671.80 381.89 4.86 71.30 – 1.77 0.02 63.66 396.14 1.60 274.06
Management

Vehicles 407.55 0.37 64.12 0.02 1.75 – 48.96 424.85 231.05 0.36 49.58 – 1.31 – 36.36 245.94 0.01 178.90
Other assets – – –
Aircraft 249.92 – – – – – – 249.92 100.34 – 14.80 – – – – 115.14 – 134.78
Ships 323.51 – 17.98 – – – – 341.49 113.43 – 20.95 – – – – 134.38 – 207.11
Discussion and Analysis

Shiplift, marine
structures and related
assets 683.07 – – – – – – 683.07 329.26 – 29.54 – – – – 358.80 – 324.27
Breakwater structures 233.43 – – – – – – 233.43 54.39 – 5.01 – – – – 59.40 – 174.03
Leasehold
Report

Improvements 542.00 0.14 154.11 13.50 2.15 12.81 67.62 631.47 358.23 0.14 63.30 – 2.03 4.76 66.61 352.33 – 279.14
Integrated

Sub-total 2031.93 0.14 172.09 13.50 2.15 12.81 67.62 2139.38 955.65 0.14 133.60 – 2.03 4.76 66.61 1020.05 – 1119.33
Total 25885.61 1419.73 3338.78 7.76 28.60 73.58 813.99 29792.91 12379.63 297.87 2516.28 (2.40) 20.91 28.09 666.03 14518.17 1146.18 14128.56
Add: Capital
work-in-progress 2897.04 1.55 1087.20 (3.55) 5.00 – 1596.38 2390.86 – – – – – – – – 2390.86
16519.42
Reports
Statutory

* Transfer within property, plant and equipment and Transfer (to) / from investment property/inventories
Financial

613
Statements
 Notes forming part of the Consolidated Financial Statements (contd.)

614
NOTE [2] (contd.)

v crore
Cost Depreciation Impairment Book value
Foreign Foreign
Class of assets As at As at Up to Up to Up to As at
Additions Transfer* currency Deductions For the year Transfer* currency Deductions
1-4-2023 31-3-2024 31-3-2023 31-3-2024 31-3-2024 31-3-2024
fluctuation fluctuation
Land
Freehold 855.27 0.71 (1.67) – 0.08 854.23 – – – – – – – 854.23
leasehold 145.63 – – – – 145.63 14.52 1.59 – – – 16.11 – 129.52
Sub-total 1000.90 0.71 (1.67) – 0.08 999.86 14.52 1.59 – – – 16.11 – 983.75
Buildings 4623.52 1319.07 1.51 0.44 39.95 5904.59 1159.55 202.17 1.31 1.12 7.95 1356.20 185.64 4362.75
Plant & equipment
Owned 10506.80 2169.12 8.96 6.11 268.01 12422.98 5833.36 1373.18 8.70 5.27 224.04 6996.48 22.64 5403.86
Leased out 324.22 – – – 177.62 146.60 221.58 13.38 – – 154.75 80.21 – 66.39
Sub-total 10831.02 2169.12 8.96 6.11 445.63 12569.58 6054.94 1386.56 8.70 5.27 378.78 7076.69 22.64 5470.26
Computers – – – –
Owned 2447.28 291.97 – 1.55 169.15 2571.65 1614.29 338.20 – 1.09 166.86 1786.72 – 784.93
Leased out 6.27 – – – – 6.27 6.27 – – – – 6.27 – –
Sub-total 2453.55 291.97 – 1.55 169.15 2577.92 1620.56 338.20 – 1.09 166.86 1792.99 – 784.93
Office equipment – – – –
Owned 715.61 105.76 (18.61) 1.05 42.21 761.60 544.28 76.37 (9.22) 0.85 43.23 569.05 – 192.55
Leased out 0.02 – – – – 0.02 – – – – – – – 0.02
Sub-total 715.63 105.76 (18.61) 1.05 42.21 761.62 544.28 76.37 (9.22) 0.85 43.23 569.05 – 192.57
Furniture and fixtures – – – –
Owned 491.46 178.88 0.91 53.05 618.20 353.29 64.60 – 0.82 44.02 374.69 0.06 243.45
Leased out 14.36 – – – 14.36 7.20 – – – – 7.20 – 7.16
Sub-total 505.82 178.88 – 0.91 53.05 632.56 360.49 64.60 – 0.82 44.02 381.89 0.06 250.61
Vehicles 402.54 72.74 – 1.27 69.00 407.55 244.30 45.11 – 1.06 59.42 231.05 – 176.50
Other assets – – – –
Aircraft 249.83 0.09 – – – 249.92 85.54 14.80 – – – 100.34 – 149.58
Ships 286.39 37.12 – – – 323.51 92.12 21.31 – – – 113.43 – 210.08
Shiplift, marine structures and
related assets 683.07 – – – – 683.07 299.72 29.54 – – – 329.26 – 353.81
Breakwater structures 233.43 – – – – 233.43 49.38 5.01 – – – 54.39 – 179.04
Leasehold Improvements 469.52 125.28 – 1.96 54.76 542.00 351.32 56.69 – 0.13 49.91 358.23 – 183.77
Sub-total 1922.24 162.49 – 1.96 54.76 2031.93 878.08 127.35 – 0.13 49.91 955.65 – 1076.28
Total 22455.22 4300.74 (9.81) 13.29 873.83 25885.61 10876.72 2241.97 0.79 10.34 750.19 12379.63 208.34 13297.64
Add: Capital work-in-progress 2936.53 2476.91 (13.94) 3.10 2505.56 2897.04 – – – – – – – 2897.04
16194.68

* Transfer within property, plant and equipment and Transfer (to) / from investment property / inventories
Notes forming part of the
Consolidated Financial Statements

Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [2] (contd.)
Notes:
(a) Carrying value of property, plant and equipment pledged as collateral for liabilities and/or commitments as at March 31, 2024 ¢ 40.20
crore (previous year: ¢ 37.43 crore)

(b) The movement in impairment is as below:

¢ crore
Particulars 2024-25 2023-24
Opening Balance 208.34 242.22
Foreign currency fluctuation 0.25 –
Addition/(reversal) 1.58 (1.94)
Business combination 936.01 [1]
–
Reduction on sale of assets – (31.94)
Closing Balance 1146.18 208.34

[1]
on account of acquisition of L&T Special Steels and Heavy Forgings Private Limited

(c) Owned assets given on operating lease have been presented separately under respective class of assets as “Leased out” in accordance
with Ind AS 116 “Leases”.

(d) Range of useful life of property, plant and equipment is as below:

Sr. Minimum useful life Maximum useful life

Class of assets
no. (in years) (in years)
1 Leasehold land 15 99
2 Buildings 3 60
3 Plant and equipment 3 35
4 Computers 2 7
5 Office equipment 3 15
6 Furniture and fixtures 3 10
7 Vehicles 3 10
8 Aircraft 18 18
9 Ships 5 14
10 Shiplift, marine structures and related assets and Breakwater structures 20 50
(e) Ageing of Capital work-in-progress
v crore
As at 31-3-2025 As at 31-3-2024
Particulars Less than More than Less than More than
1-2 years 2-3 years Total 1-2 years 2-3 years Total
1 year 3 years 1 year 3 years
Projects in progress 1778.80 454.08 51.52 106.46 2390.86 2209.22 572.91 96.01 18.90 2897.04
As on the date of balance sheet, there is no capital work‐in‐progress project(s) whose completion is overdue or has exceeded the cost,
based on the approved plan.

615
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [3]
Investment Property v crore
Cost Depreciation Impairment Book value
Class of assets Classified Classified
As at As at Up to For the As at As at As at
Additions as Held for Transfer* Deductions as Held for Transfer* Deductions
1-4-2024 31-3-2025 31-3-2024 period 31-3-2025 31-3-2025 31-3-2025
Sale Sale
Land 799.47 1.21 0.22 (51.60) 290.35 458.51 57.77 7.81 – – 35.16 30.42 – 428.09
Buildings 1392.40 121.46 117.91 12.38 498.44 909.89 197.66 62.56 22.28 2.28 59.57 180.65 – 729.24
Total 2191.87 122.67 118.13 (39.22) 788.79 1368.40 255.43 70.37 22.28 2.28 94.73 211.07 – 1157.33
Add: Investment
property under
construction 254.93 614.76 16.10 (281.95) 70.34 501.30 – – – – – – – 501.30
1658.63
* Transfer (to) / from property, plant and equipment/inventories
v crore
Cost Depreciation Impairment Book value
Class of assets As at As at Up to For the As at As at As at
Additions Transfer* Deductions Transfer* Deductions
1-4-2023 31-3-2024 31-3-2023 period 31-3-2024 31-3-2024 31-3-2024
Land 1088.78 – (15.84) 273.47 799.47 59.98 12.66 – 14.87 57.77 – 741.70
Buildings 1730.29 36.50 (1.51) 372.88 1392.40 199.74 28.04 (0.98) 29.14 197.66 – 1194.74
Total 2819.07 36.50 (17.35) 646.35 2191.87 259.72 40.70 (0.98) 44.01 255.43 – 1936.44
Add: Investment
property under
construction 804.54 28.67 (575.39) 2.89 254.93 – – – – – – 254.93
* Transfer (to)/from Property plant & equipment / inventories
Notes:
(a) Carrying value of Investment property pledged as collateral for liabilities and/or commitments and having restriction on title as at March
31, 2025: Nil (previous year: Nil)
(b) Useful life of building included in investment property: 3 to 60 years
(c) Amounts recognised in the Statement of Profit and Loss in respect of investment property:
¢ crore
Sr. no. Particulars 2024-25 2023-24
1 Rental income derived from investment property 143.61 144.64
2 Direct operating expenses arising from investment property that generated rental income 9.93 14.12
(d) Fair value of investment property as at March 31, 2025 is ¢ 3639.50 crore (previous year: ¢ 6024.49 crore).
(e) The fair values of investment property have been determined by internal architectural department or independent valuer, as appropriate.
Fair value of property that are evaluated by registered independent valuers as defined under rule 2 of Companies (Registered Valuers and
Valuation) Rules, 2017, amounted to ¢ 1803.57 crore. (previous year: ¢ 2855.87 crore). Valuation is based on government rates, market
research, market trend and comparable values as considered appropriate.
(f) Impairment on Investment property under construction recognised in the Statement of Profit and Loss during the year is Nil (previous
year: Nil).
(g) Ageing of Investment property under construction v crore
As at 31-3-2025 As at 31-3-2024
Particulars Less than More than Less than More than
1-2 years 2-3 years Total 1-2 years 2-3 years Total
1 year 3 years 1 year 3 years
Projects in progress 191.14 166.85 104.14 39.17 501.30 60.68 12.21 8.32 173.72 254.93
As on the date of balance sheet, there is no Investment property under construction whose completion is overdue or has exceeded the
cost, based on the approved plan.

616 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [4]
Goodwill
v crore
Cost Impairment Book value
Foreign
Class of assets As at Business As at As at As at
currency Deductions
1-4-2024 combination 31-3-2025 31-3-2025 31-3-2025
fluctuation
Goodwill on consolidation 7848.98 535.90 11.70 – 8396.58 48.10 8348.48
Note: Impairment recognised in the Statement of Profit and Loss during the year: Nil (previous year: Nil).
v crore

Cost Impairment Book value

Foreign
Class of assets As at As at As at As at
currency Deductions
1-4-2023 31-3-2024 31-3-2024 31-3-2024
fluctuation
Goodwill on consolidation 7848.57 6.05 5.64 7848.98 48.10 7800.88
Note: Impairment recognised in the Statement of Profit and Loss during the year: Nil (previous year: Nil).
Segment wise Goodwill
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Energy Projects 121.86 121.86
IT & Technology Services 7909.70 7362.10
Development Projects 208.19 208.19
Others 108.73 108.73
Total 8348.48 7800.88

The Goodwill impairment testing is performed at the level of the cash generating unit which represents the smallest identifiable group of
assets that generates independent cash flows. The impairment testing is performed annually or whenever there is an indication that the cash
generating unit to which the Goodwill has been allocated may be impaired. Refer Note 1[II](o) for policy on impairment of assets.
In determining the value-in-use, cash flow projections approved by appropriate level of management are considered. Key assumptions
on which management has based its determination of value-in-use includes estimated growth rates (including terminal growth rates)
and discount rates. In circumstances where a reliable value-in-use estimate is difficult to make and market value of the asset or the cash
generating unit is readily available, the latter is used for the determination of recoverable amount with appropriate adjustments, as applicable.
Cash flow projections are usually considered for next five years except in case of service concession arrangement covering the concession
period. Cash flows projections beyond the five‐year period are extrapolated using terminal growth rates.
NOTE [5]
Other Intangible assets and Intangible assets under development
v crore
Cost Amortisation Impairment ** Book value
Foreign Foreign
Class of assets As at Business As at Up to Business For the Up to Up to As at
Additions currency Transfer * Deductions currency Transfer * Deductions
1-4-2024 combination 31-3-2025 31-3-2024 combination period 31-3-2025 31-3-2025 31-3-2025
fluctuation fluctuation
Fare collection rights 16664.06 – 4.57 – – – 16668.63 1273.48 – 278.81 – – – 1552.29 – 15116.34
Specialised software 2148.55 36.84 173.07 (0.92) (4.73) 94.41 2258.40 1829.84 19.18 222.52 (1.25) (2.96) 96.39 1970.94 0.02 287.44
Technical know-how 174.33 25.19 9.54 – – 4.72 204.34 126.45 24.90 27.17 – – 178.52 0.29 25.53
Trade names 306.14 141.74 – 0.13 (5.42) 3.86 438.73 306.14 – 11.47 0.13 (5.42) 3.86 308.46 – 130.27
New Product Design
and Development 7.45 – – – – 0.82 6.63 6.70 – 0.09 – – 0.45 6.34 – 0.29
Customer contracts
and relationship 3394.62 234.64 – 1.05 10.15 35.52 3604.94 1905.27 – 305.02 0.90 8.38 35.51 2184.06 – 1420.88
Rights under
licensing agreement 141.82 – – 3.48 – – 145.30 74.74 – 47.82 2.35 – – 124.91 – 20.39
Platforms and
Courses 122.81 – 12.81 – – 3.18 132.44 52.65 – 31.34 – – 1.17 82.82 – 49.62
Non-Compete
agreement – 1.59 – – – 0.01 1.58 – 1.38 – – – 0.01 1.37 0.21 –
Total 22959.78 440.00 199.99 3.74 – 142.52 23460.99 5575.26 45.46 924.24 2.13 – 137.39 6409.71 0.52 17050.76
Add: Intangible
assets under
development 147.97 – 90.54 (3.45) – 37.24 197.82 – – – – – – – 197.82
17248.58
* Transfer within other intangible assets
** on account of acquisition of L&T Special Steels and Heavy Forgings Private Limited

617
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [5] (contd.)
v crore
Cost Amortisation Book value
Foreign Foreign
Class of assets As at As at Up to For the Up to As at
Additions currency Deductions currency Deductions
1-4-2023 31-3-2024 31-3-2023 period 31-3-2024 31-3-2024
fluctuation fluctuation
Fare collection rights 16675.53 12.55 – 24.02 16664.06 994.53 278.95 – – 1273.48 15390.58
Specialised software 1942.79 201.96 9.63 5.83 2148.55 1594.29 230.75 9.53 4.74 1829.84 318.71
Technical know-how 120.66 53.66 – – 174.33 104.34 22.11 – – 126.45 47.87
Trade names 306.06 – 0.08 – 306.14 305.86 – 0.28 – 306.14 –
New Product Design
and Development 8.22 0.73 – 1.50 7.45 7.85 0.17 – 1.32 6.70 0.75
Customer contracts
and relationship 3390.98 – 3.64 – 3394.62 1599.51 300.48 5.28 – 1905.27 1489.35
Rights under licensing
agreement 139.70 – 2.12 – 141.82 50.34 23.46 0.94 – 74.74 67.08
Platforms and Courses 105.38 17.43 – – 122.81 24.62 28.03 – – 52.65 70.17
Total 22689.32 286.33 15.48 31.35 22959.78 4681.34 883.95 16.03 6.06 5575.26 17384.52
Add: Intangible assets
under development 116.48 162.42 0.43 131.36 147.97 – – – – – 147.97
17248.58

* Transfer within other intangible assets

Notes:
(a) Details of addition in other intangible assets:
R crore
2024-25 2023-24
Class of assets Internal Acquired Internal Acquired
Total Total
development - external development - external
Fare collecion Rights – 4.57 4.57 – 12.55 12.55
Specialised Software 71.63 101.44 173.07 82.46 119.50 201.96
Technical Know-how – 9.54 9.54 – 53.66 53.66
New Product Design and Development – – – – 0.73 0.73
Platforms and Courses 7.01 5.80 12.81 16.22 1.21 17.43
Total 78.64 121.35 199.99 98.68 187.65 286.33

(b) Ageing of Intangible assets under development

v crore
As at 31-3-2025 As at 31-3-2024
Particulars Less than More than Less than More than
1-2 years 2-3 years Total 1-2 years 2-3 years Total
1 year 3 years 1 year 3 years
Projects in progress 117.89 31.15 41.26 7.52 197.82 98.24 22.65 19.28 7.80 147.97
As on the date of balance sheet, there is no Intangible assets under development whose completion is overdue or has exceeded the cost,
based on the approved plan.

618 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [5] (contd.)
Notes:
(1) Borrowing cost capitalised in accordance with Ind AS 23 “Borrowing Costs” is as follows:
v crore
Class of Assets 2024-25 2023-24
Capital work-in-progress
Property, plant and equipment - building 55.23 52.30
Investment property under construction 10.15 –
Total 65.38 52.30

(2) The average borrowing cost used for capitalisation is 7.59% (previous year : 7.29%).

NOTE [6]
Non-current assets: Financial assets - Other investments
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Equity shares 211.23 124.31
Preference shares 150.75 165.24
Government and trust securities 2100.97 1761.71
Debentures and bonds 440.01 477.76
InvITs 150.00 –
Security receipts 5862.44 6769.51
Units of fund 22.23 27.37
Other investments [1]
188.60 100.04
9126.23 9425.94
[1]
Other investments comprises of Investment in Corporate deposits.

NOTE [7]
Non-current assets: Financial assets - Loans towards financing activities
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Considered good - secured 39050.58 28259.85
Less : Allowance for expected credit loss 1107.03 46.82
37943.55 28213.03
Considered good - unsecured 26823.42 24369.91
Less : Allowance for expected credit loss 378.91 518.06
Less : Impairment 1932.39 1932.39
24512.12 21919.46
Having significant increase in credit risk 352.16 1870.76
Less : Allowance for expected credit loss 100.31 327.40
251.85 1543.36
Credit impaired 1366.58 2270.91
Less : Allowance for expected credit loss 1226.75 1792.00
139.83 478.91
62847.35 52154.76

619
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [8]
Non-current assets: Financial assets - Other loans

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Loans and advances to related parties
Joint ventures and associates, considered good - unsecured 219.21 1319.17
Less: Allowance for expected credit loss – 1139.08
219.21 180.09
Considered good - unsecured 304.98 511.75
Less: Allowance for expected credit loss 175.23 216.38
129.75 295.37
348.96 475.46

NOTE [9]
Non-current assets: Financial assets - Others

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Security deposits
Considered good - unsecured 485.82 487.99
Less: Allowance for expected credit loss – –
485.82 487.99
Considered doubtful 43.48 41.66
Less: Allowance for expected credit loss 43.48 41.66
– –
Cash and bank balances not available for immediate use 131.12 194.91
Fixed deposits with banks (maturity more than 12 months) 225.44 478.52
Forward contract receivables 469.18 757.59
Embedded derivative receivables 41.55 11.94
Other receivables [1]
509.93 21.13
1863.04 1952.08

[1]
Mainly includes receivables towards litigation matters

NOTE [10]
Other non-current assets

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Capital advances:
Secured 4.75 4.21
Unsecured 406.27 76.20
411.02 80.41
Advance recoverable other than in cash [1] 2248.76 2076.14
2659.78 2156.55

[1]
Mainly includes indirect tax balances

620 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [11]
Current assets: Inventories
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Raw materials [include goods-in-transit ¢ 34.65 crore (previous year: ¢ 65.39 crore)] 669.98 840.58
Components [include goods-in-transit ¢ 10.42 crore (previous year: ¢ 12.48 crore)] 434.63 466.95
Construction materials [include goods-in-transit ¢ 30.45 crore (previous year: ¢ 119.58 crore)] 240.56 409.75
Manufacturing work-in-progress 373.82 347.81
Finished goods 139.77 85.13
Stock-in-trade (in respect of goods acquired for trading) [include goods-in-transit ¢ 88.08 crore
(previous year: ¢ 53.45 crore)] 470.16 228.30
Stores and spares [include goods-in-transit ¢ 6.90 crore (previous year: ¢ 2.56 crore)] 390.97 299.41
Loose tools [include goods-in-transit ¢ 0.02 crore (previous year: ¢ Nil)] 10.75 9.36
Property development projects (including land) 4939.91 3932.90
7670.55 6620.19

Note: During the year ¢ 10.28 crore (previous year: ¢ 24.76 crore) was recognised as expense towards write-down of inventories (net).

NOTE [12]
Current assets: Financial assets - Investments
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Equity shares 10.23 16.14
Preference shares 53.02 –
Government and trust securities 11787.00 6747.58
Debentures and bonds 8279.34 6713.72
Mutual funds 14516.71 11387.59
Collateral borrowing and lending obligation (CBLO) 299.95 699.87
Commercial Paper 589.82 937.25
InvITs 4178.97 2694.57
Treasury bills and other investments 3645.58 5760.91
43360.62 34957.63

NOTE [13]
Current assets: Financial assets - Trade receivables
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Considered good - secured 18.38 13.05
Considered good - unsecured 58448.85 53103.21
Less: Allowance for expected credit loss 4753.55 4353.75
53695.30 48749.46
Credit impaired 213.20 248.34
Less: Allowance for expected credit loss 213.20 239.90
– 8.44
53713.68 48770.95

621
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [13][a]
Current assets: Financial assets - Trade receivables ageing
v crore
As at 31-3-2025
Outstanding for following periods from due date of payment
Particulars
Not due Less than 6 months - More than Total
1-2 years 2-3 years
6 months 1 year 3 years
Undisputed:
- Considered good 33897.53 12921.76 2645.75 4103.16 1066.06 2622.49 57256.75
- Credit impaired – 1.22 – 18.44 2.60 26.15 48.41
Disputed:
- Considered good 107.76 0.22 23.02 46.41 103.56 929.51 1210.48
- Credit impaired – – – – – 164.79 164.79
Gross trade receivables 34005.29 12923.18 2668.77 4168.01 1172.22 3742.94 58680.43
Less: Allowance for expected credit loss 4966.75
53713.68

v crore
As at 31-3-2024
Outstanding for following periods from due date of payment
Particulars
Not due Less than 6 months - More than Total
1-2 years 2-3 years
6 months 1 year 3 years
Undisputed:
- Considered good 29895.27 12893.57 2748.51 2007.31 1360.25 2481.88 51386.79
- Credit impaired – 10.72 11.20 2.90 8.62 50.02 83.46
Disputed:
- Considered good 105.90 253.84 0.33 141.00 10.91 1217.49 1729.47
- Credit impaired – – – – – 164.88 164.88
Gross trade receivables 30001.17 13158.13 2760.04 2151.21 1379.78 3914.27 53364.60
Less: Allowance for expected credit loss 4593.65
48770.95

NOTE [14]
Current assets: Financial assets - Cash and cash equivalents

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Balance with banks 8595.35 8536.70
Cheques and drafts on hand 677.71 520.18
Cash on hand 7.18 7.17
Fixed deposits with banks (maturity less than 3 months) 2906.76 2894.45
12187.00 11958.50

622 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [15]
Current assets: Financial assets - Other bank balances
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Fixed deposits with banks 5046.39 1716.13
Earmarked balances with banks - unclaimed dividend 146.52 137.16
Earmarked balances with banks - Section 4(2)(l)(D) of RERA[1] 11.52 12.85
Earmarked balances with banks - others 375.20 175.23
Margin money deposits with banks 4726.21 941.61
Cash and bank balances not available for immediate use 472.50 416.91
10778.34 3399.89
[1]
Real Estate (Regulation and Development) Act, 2016

NOTE [16]
Current Assets: Financial Assets - Loans towards financing activities
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Considered good - secured 15111.86 15320.61
Less : Allowance for expected credit loss 156.87 33.28
Less : Net fair value changes 451.66 330.42
14503.33 14956.91
Considered good - unsecured 21864.30 19225.57
Less : Allowance for expected credit loss 483.81 726.08
Less : Impairment 56.25 56.25
21324.24 18443.24
Having significant increase in credit risk 333.46 1418.88
Less : Allowance for expected credit loss 83.52 94.55
Less : Net fair value changes – 91.83
249.94 1232.50
Credit Impaired – 427.07
Less : Net fair value changes – 245.13
– 181.94
36077.51 34814.59

NOTE [17]
Current assets: Financial assets - Other loans
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Loans and advances to related parties
Considered good - unsecured 0.29 26.94
Others loans
Considered good - unsecured 489.74 79.60
Less : Allowance for expected credit loss 73.18 –
Considered good - unsecured 416.56 79.60
416.85 106.54

623
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [18]
Current assets: Financial assets - Others

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Security deposits
Considered good - unsecured 744.19 685.25
Less: Allowance for expected credit loss 0.76 0.76
743.43 684.49
Receivables from related parties:
Joint ventures 105.39 107.03
Fixed Deposit (existing maturity less than 12 months) 140.01 –
Forward contract receivables 691.09 407.38
Unbilled Revenue 1898.23 1416.41
Embedded derivative receivables 264.81 158.39
Doubtful advances:
Deferred credit sale of ships 27.11 27.11
Other loans and advances 181.97 192.16
209.08 219.27
Less: Allowance for expected credit loss 209.08 219.27
– –
Other recoverables[1] 1576.93 2790.22
5419.89 5563.92

[1]
Mainly includes receivables from joint operators and other parties

NOTE [19]
Other current assets
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Contract assets [Note 47(d)(i)]
Unbilled revenue 46517.69 46439.63
Retention money 15108.45 14194.43
61626.14 60634.06
Advance recoverable other than in cash [1]
13913.95 10744.85
Government grant receivable 19.74 12.12
Other loans and advances 6.64 0.99
Less: Allowance for expected credit loss 6.64 0.99
– –
75559.83 71391.03

[1]
Mainly includes advances to suppliers and indirect tax balances

624 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [20]
Equity share capital
(a) Share capital authorized, issued, subscribed and paid up:
As at 31-3-2025 As at 31-3-2024
Particulars Number of Number of
v crore v crore
shares shares
Authorised [1]
Equity shares of ¢ 2 each 40,37,25,00,000 8074.50 40,18,50,00,000 8037.00
Issued, subscribed and fully paid up:
Equity shares of ¢ 2 each 1,37,51,92,165 275.04 1,37,46,68,619 274.93
P ursuant to the approval of Scheme of Amalgamation of merger of L&T Energy Hydrocarbon Engineering Limited (“LTEHE”) and L&T Offshore
[1]

Private Limited (“LTOPL”) with the Company, the authorised share capital of both LTEHE and LTOPL is added to the share capital of the
Company with effect from appointed date April 1, 2024.
(b) Reconciliation of the number of equity shares and share capital:
As at 31-3-2025 As at 31-3-2024
Particulars Number of Number of
v crore v crore
shares shares
Issued, subscribed and fully paid-up equity share outstanding at the beginning of the year 1,37,46,68,619 274.93 1,40,54,82,190 281.10
Add: Shares issued on exercise of employee stock options during the year 5,23,546 0.11 4,36,429 0.08
Less: Shares extinguished on buy-back – – 3,12,50,000 6.25
Issued, subscribed and fully paid-up equity shares outstanding at the end of the year 1,37,51,92,165 275.04 1,37,46,68,619 274.93

(c) Terms/rights attached to equity shares:

The company has only one class of share capital, i.e., equity shares having face value of ¢ 2 per share. Each holder of equity share is
entitled to one vote per share.

(d) Shareholders holding more than 5% of equity shares as at the end of the year:
As at 31-3-2025 As at 31-3-2024
Name of the shareholders Number of Shareholding Number of Shareholding
shares % shares %
L&T Employees Trust 19,48,87,516 14.17 19,48,87,516 14.18
Life Insurance Corporation of India 18,01,42,821 13.10 15,17,12,116 11.04
Note: The Company’s Promoter shareholding as on March 31, 2025 is NIL (previous year: NIL).
(e) Shares reserved for issue under options outstanding on un-issued share capital:
As at 31-3-2025 As at 31-3-2024
Number of Number of
Particulars R crore R crore
equity shares equity shares
(at face (at face
to be issued to be issued
value) value)
as fully paid as fully paid
Employee stock options granted and outstanding [1] 10,77,384 0.22 [2]
16,29,198 0.33[2]
[1]
Note 20(i) below for terms of employee stock option schemes
[2]
The equity shares will be issued at a premium of ¢ 17.34 crore (previous year: ¢ 27.41 crore)
(f) The aggregate number of equity shares allotted as fully paid up by way of bonus shares in immediately preceding five years ended March
31, 2025 are NIL (previous period of five years ended March 31, 2024: NIL).
(g) The aggregate number of equity shares issued pursuant to contract, without payment being received in cash in immediately preceding
five years ended on March 31, 2025 are NIL (previous period of five years ended March 31, 2024: NIL).
(h) The aggregate number of fully paid up equity shares bought back in immediately preceding five years ended March 31, 2025 are
3,12,50,000 (previous period of five years ended March 31, 2024: 3,12,50,000 shares).
(i)
Stock option scheme of the Parent Company:
(A) Terms:
i. The grant of options to the employees under the stock option schemes is on the basis of their performance and other eligibility
criteria. The options are vested equally over a period of 4 years [5 years in the case of series 2006(A)], subject to the discretion
of the management and fulfillment of certain conditions.

625
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [20] (contd.)
ii. Options can be exercised anytime within a period of 7 years from the date of grant and would be settled by way of issue of
equity shares. Management has discretion to modify the exercise period.

(B) The details of the grants under the aforesaid schemes are summarized below:
Sr. 2003(B) 2006(A) 2006(B)
Series reference
No. 2024-25 2023-24 2024-25 2023-24 2024-25 2023-24
i. Grant price (¢) 7.80 7.80 267.10 267.10 267.10 267.10
ii. Grant dates 23-5-2003 onwards 1-7-2007 onwards 8-7-2023 onwards
iii. Vesting commences on 23-5-2004 onwards 1-7-2008 onwards 8-7-2024 onwards
iv. Options granted and outstanding at the beginning
of the year 608,486 214,553 547,652 960,021 473,060 –
v. Options lapsed 6,837 20,995 26,235 53,320 8,800 5,600
vi. Options granted 11,108 492,308 – – 2,496 478,660
vii. Options exercised 179,843 77,380 245,087 359,049 98,616 –
viii. Options granted and outstanding at the end of the
year, of which 432,914 608,486 276,330 547,652 368,140 473,060
Options vested 18,519 12,880 149,744 238,138 19,249 –
Options yet to vest 414,395 595,606 126,586 309,514 348,891 473,060
ix. Weighted average remaining contractual life of
options (in years) 5.02 5.78 2.35 2.97 5.31 6.31
(C) The number and weighted average exercise price of stock options are as follows:

2024-25 2023-24
Weighted Weighted
Particulars No. of stock average No. of stock average
options exercise price options exercise price
(R) (R)
(A) Options granted and outstanding at the beginning of the year 1,629,198 170.25 1,174,574 219.74
(B) Options granted 13,604 55.38 970,968 135.63
(C) Options allotted 523,546 178.03 436,429 221.13
(D) Options lapsed 41,872 224.76 79,915 198.98
(E) Options granted and outstanding at the end of the year 1,077,384 162.91 1,629,198 170.25
(F) Options exercisable at the end of the year out of (E) above 187,512 241.49 251,018 253.80
(D) Weighted average share price at the date of exercise for stock options exercised during the year is ¢ 3493.67 (previous year:
¢ 2945.59) per share.

(E) The fair value of the options granted under the stock option scheme is treated as discount and accounted as employee
compensation over the vesting period.

(F) Weighted average fair values of options granted during the year is ¢ 3205.92 (previous year: ¢ 2314.37) per option.

(G) The fair value of the options granted during the year has been calculated using the Black-Scholes Option Pricing Model using the
following significant assumptions and inputs:
Sr.
Particulars 2024-25 2023-24
No.
i. Weighted average risk-free interest rate 6.78% 7.05%
ii. Weighted average expected life of options 2.91 Years 2.75 Years
iii. Weighted average expected volatility 21.64% 18.64%
iv. Weighted average expected dividends over the life of the options ¢ 81.38 per option ¢ 65.90 per option
v. Weighted average share price ¢ 3317.04 per option ¢ 2479.86 per option
vi. Weighted average exercise price ¢ 55.38 per option ¢ 135.63 per option
vii. Method used to determine expected volatility Expected volatility is based on the historical volatility
of the company’s share price applicable to the total
expected life of each option.

626 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [20] (contd.)
(j) Stock option scheme of subsidiary companies:
(A) LTIMindtree Limited
The Nomination and Remuneration Committee (‘NRC’) administers all stock option plans through a trust established specifically for
this purpose, called the LTIMindtree Employee Welfare Trust (formerly Mindtree Employee Welfare Trust)(‘ESOP Trust’).

(i) Employee Stock Option Scheme 2015 (ESOS 2015)

Shares are granted to employees at an exercise price of not less than ¢ 1 per equity share or such higher price as determined
by the Board but shall not exceed the market price as defined in the Regulations. Shares shall vest over such term as
determined by the Nomination and Remuneration Committee not exceeding 5 years from the date of the grant. These options
are exercisable within 7 years from the date of grant. These options are exercisable within 7 years from the date of grant.
(a) The details of the grant under the aforesaid scheme is summarized below:

Sr. ESOS 2015

No. Particulars 2024-25 2023-24
i. Grant price ¢1 ¢1
ii. Grant dates 10-6-2016 onwards
iii. Vesting commences on 10-6-2017 onwards
iv. Options granted and outstanding at the beginning of the year 6,41,976 9,27,942
v. Options lapsed/cancelled 85,390 1,60,172
vi. Options granted 86,392 30,872
vii. Options exercised 2,16,630 1,56,666
viii. Options granted and outstanding at the end of the year, of which 4,26,348 6,41,976
Options vested 88,956 1,32,537
Options yet to vest 3,37,392 5,09,439
ix. Weighted average remaining contractual life of options (in years) 4.86 5.35
(b) Weighted average share price at the date of exercise for stock options exercised during the year is ¢ 5549 per share
(previous year: ¢ 5298 per share).

(c) The fair value of the options granted during the year has been calculated using the Black-Scholes Option Pricing Model
using the following significant assumptions and inputs:

Sr. No. Particulars 2024-25 2023-24

i. Weighted average risk-free interest rate 6.74% 7.12%
ii. Weighted average expected life of options 2.5 Years 2.5 years
iii. Weighted average expected volatility 29.15% 32.98%
iv. Weighted average expected dividends over the life of the ¢ 213.40 ¢ 205.59
options
v. Weighted average share price ¢ 5,321 ¢ 4,970
vi. Weighted average exercise price ¢1 ¢1
vii. Weighted average fair value of options ¢ 5,319 ¢ 4,969
viii. Method used to determine expected volatility Expected volatility is based on the historical
volatility of the company’s share price
(ii) Employee Restricted Stock Purchase Plan 2012 (ERSP 2012)
ERSP 2012 was instituted with effect from July 16, 2012 to issue equity shares of nominal value of ¢ 1 each. Shares under
this program are granted to employees at an exercise price of not less than ¢ 10 per equity share or such higher price
as determined by the Nomination and Remuneration Committee. Shares shall vest over such term as determined by the
Nomination and Remuneration Committee not exceeding ten years from the date of the grant. All shares will have a minimum
lock in period of one year from the date of allotment. During the year ended March 31, 2024, the term of ERSP 2012 ended
and there were no outstanding options under the said scheme. During the year ended March 31, 2024, the term of ERSP 2012
ended and there were no outstanding options under the said scheme.

627
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [20] (contd.)
(a) The details of the grant under the aforesaid scheme is summarised below:

Sr. ERSP 2012

No. Particulars 2024-25 2023-24
i. Grant price ¢ 10 ¢ 10
ii. Grant dates 24-7-2019 onwards
iii. Vesting commences on 24-7-2020 onwards
iv. Options granted and outstanding at the beginning of the year – 7,409
v. Options lapsed
vi. Options granted – –
vii. Options exercised – 7,409
viii. Options granted and outstanding at the end of the year, of which – –
Options vested – –
Options yet to vest – –
ix. Weighted average remaining contractual life of options (in years) – –
(iii) Employee Stock Option Plan 2021 (ESOP 2021)
On May 22, 2021, the shareholders of the Company have approved the Employee Stock Option Plan 2021 (‘ESOP 2021’) for
the issue of upto 20,00,000 options (including the unutilised options under ERSP 2012) to employees of the Company.

The Nomination & Remuneration Committee (‘NRC’) shall determine the exercise price which will not be less than the face
value of the shares. Options under this program are granted to employees at an exercise price periodically determined by the
NRC. All stock options have a four-year vesting term. These options are exercisable within 6 years from the date of vesting.
(a) The details of the grant under the aforesaid scheme is summarised below:

Series A Series B
Sr. No. Particulars
2024-25 2023-24 2024-25 2023-24
i. Grant price ¢ 10 ¢ 10 ¢ 3268 ¢ 3268
ii. Grant dates 9-8-2021 onwards 9-8-2021 onwards
iii. Vesting commences on 9-8-2022 onwards 9-8-2021 onwards
iv. Options granted & outstanding at the
beginning of the year 91,948 1,71,624 86,959 1,01,141
v. Options lapsed 9,587 46,412 7,380 9,168
vi. Options granted – – – –
vii. Options exercised 35,848 33,264 11,369 5,014
viii. Options granted and outstanding at the end
of the year, of which 46,513 91,948 68,210 86,959
Options vested 18,768 23,707 48,389 41,128
Options yet to vest 27,745 68,241 19,821 45,831
ix. Weighted average remaining contractual life
of options (in years) 5.8 6.0 5.2 6.0

628 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [20] (contd.)
(B) L&T Technology Services Limited
(i) Employee stock option plan (ESOP)
(a) ESOP Scheme 2016, include Series A, in which the options are vested equally over a period of 5 years and Series B, in
which the options are vested equally over period of 4 years, subject to the discretion of the management and fulfillment
of certain conditions.

(b) The exercise period for the options granted under the ESOP Scheme, 2016 would be seven years from the date of grant
of options or six years from the date of first vesting or three years from the date of retirement/death, whichever is
earlier, subject to any change as may be approved by the Board. The exercise price may be decided by the Board, in such
manner, during such period, in one or more tranches and on such terms and conditions as it may deem fit, provided that
the exercise price per option shall not be less than the par value of the equity share of company and shall not be more
than the market price as defined in the SEBI (Share Based Employee Benefits) Regulations,2021 and shall be subject to
compliance with accounting policies under the said regulation. The number of shares to be allotted on exercise of options
should not exceed the total number of unexercised vested options that may be exercised by the employee. Details of
grant under ESOP Scheme, 2016 is summarised below:

Sr. ESOP Scheme, 2016

No. Particulars
2024-25 2023-24
i. Grant price ¢2 ¢2
ii. Grant dates 28-7-2016 onwards
iii. Vesting commences on 28-7-2017 onwards
iv. Options granted and outstanding at the beginning of the year 3,60,550 5,14,250
v. Options lapsed 10,900 24,400
vi. Options granted 80,200 16,400
vii. Options exercised 1,25,851 1,45,700
viii. Options granted and outstanding at the end of the year, of which 3,03,999 3,60,550
Options vested 39,399 47,150
Options yet to vest 2,64,600 3,13,400
ix. Weighted average remaining contractual life of options (in years) 2.80 2.89
(c) Weighted average share price at the date of exercise for stock options exercised during the year is ¢ 5029.55 per share
(previous year: ¢ 4320.68 per share).
(d) In respect of stock options granted pursuant to the company’s stock options schemes, the fair value of the options is
treated as discount and accounted as employee compensation over the vesting period.
(e) There were 80,200 new options granted during the year ended March 31, 2025. The fair value at grant date of options
granted during the year ¢ 5069.76 & ¢ 5242.38 (previous year: ¢ 3369.55). The fair value at grant date is determined
using the Black-Scholes Option Pricing Model which takes into account the exercise price, term of option, share price at

629
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [20] (contd.)
grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate
for the term of the option. The model inputs for options granted during the year included:

Sr. No. Particulars 2024-25 2023-24

i. Weighted average exercise price 2 2 ¢2
ii. Grant date 25-Apr-24 16-Oct-24 26-Apr-23
iii. Expiry date 25-Apr-31 16-Oct-31 25-Apr-30
iv. Weighted average share price at grant date ¢ 5,182.85 per ¢ 5,356.90 per ¢ 3447.00 per
option option option
v. Weighted average expected price volatility of company’s 29.32% 28.20%
39.00%
share
vi. Weighted average expected dividend yield over life of 2.64% 2.56%
2.65%
option
vii. Weighted average risk-free interest 7.15% 6.69% 6.96%
viii. Method used to determine expected volatility The expected price volatility is based on the
historic volatility (based on the remaining life of
the options), adjusted for any expected changes
to future volatility based on publicly available
information.
(C) L&T Finance Limited
The company has formulated Employee Stock Option Schemes 2010 (Scheme 2010) and 2013 (Scheme 2013). The grant of options
to the employees under the stock option schemes is on the basis of their performance and other eligibility criteria. The options
allotted under the Scheme 2010 are vested over a period of four years in the ratio of 15%, 20%, 30% and 35% respectively from
the end of 12 months from the date of grant, subject to the discretion of the management and fulfillment of certain conditions.
The options granted under the Scheme 2013 are vested in a graded manner over a period of four years with 0%, 33%, 33% and
34% of grants vesting each year, commencing from the end of 24 months from the date of grant or w.e.f. July 10, 2019 vested in
a graded manner over a period of four years with 25%, 25%, 25% and 25% of grants vesting each year, commencing from the
end of 12 months from the date of grant.

(i) The details of the grants are summarised below:

Sr. Scheme 2010 Scheme 2013

No. Particulars
2024-25 2023-24 2024-25 2023-24
i. Grant Price ¢ 44.20 ¢ 10.00 /Market Price
[1]

ii. Options granted & outstanding at the beginning of the year 65,000 5,63,750 2,22,60,003 2,75,38,744
iii. Options lapsed – – 7,82,948 32,49,742
iv. Options granted – – 21,40,000 67,41,444
v. Options exercised 65,000 4,98,750 58,62,791 87,70,443
vi. Options granted and outstanding at the end of the year, of
which
Options vested – 65,000 90,47,375 1,13,32,467
Options yet to vest – – 87,06,889 1,09,27,536
vii. Weighted average remaining contractual life of options (in
years) – 0.75 4.80 4.18
[1] w.e.f. from July 10, 2019

630 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [20] (contd.)
(ii) Weighted average fair values of options granted during the year is ¢ 142.71 (Previous year: ¢ 118.74) per options.
(ii) The fair value has been calculated using the Black-Scholes Option Pricing Model and the significant assumptions and inputs to
estimate the fair value of options granted during the year are as follows:

Sr. No. Particulars 2024-25 2023-24

i. Weighted average risk-free interest rate 6.99% 7.20%
ii. Weighted average expected life of options 3 years 2.77 years
iii. Weighted average expected volatility 36.78% 36.53%
iv. Weighted average expected dividends (¢) 7.49 per option 5.54 per option
v. Weighted average share price (¢) 156.80 per option 131.38 per option
vi. Weighted average exercise price (¢) 10 per option 10 per option
vii. Method used to determine expected volatility Expected volatility is based on the historical volatility of
the company’s shares price applicable to the expected
life of each option.

(k) Capital Management Note

The Company continues its policy of a conservative capital structure which has ensured that it retains the highest credit rating even
amidst an adverse economic environment. Low gearing levels also enable the Company to navigate business challenges on one hand and
raise growth capital on the other. This policy also provides flexibility of fund-raising options for future, which is especially important in
times of global economic volatility. The gross debt equity ratio is 1.12:1 as at March 31, 2025 (as at March 31, 2024: 1.11:1).
During the previous year ended March 31, 2024, the shareholders had approved the proposal of buyback of equity shares of the
Company, as recommended by its Board of Directors. The settlement of all valid bids and extinguishment of equity shares bought back
were completed on September 28, 2023.
Accordingly, the Company has bought back 3,12,50,000 equity shares of face value of ¢ 2 each, representing 2.22% of the number of
equity shares in the paid-up share capital, at a price of ¢ 3,200 per share aggregating to ¢ 10,000 crore. Consequently, the equity share
capital stands reduced by ¢ 6.25 crore. The premium on buyback of ¢ 9993.75 crore, transaction cost (net of tax) with respect to the
buyback of ¢ 26.37 crore and the tax on buyback of ¢ 2253.33 crore have been adjusted against securities premium account and free
reserves.
During the year ended March 31, 2025, the Company paid the final dividend of ¢ 28 per equity share for the year ended March 31,
2024 amounting to ¢ 3849.57 crore.
The Board of directors, at their meeting held on May 8, 2025 recommended the final dividend of ¢ 34 per equity share for the year
ended March 31, 2025 subject to approval from shareholders. On approval, the total dividend outgo is expected to be ¢ 4675.65 crore
based on number of shares outstanding as at March 31, 2025.

631
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [21]
Other equity

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Capital reserve [Note 1(II)(g)]
Capital reserve 10.52 10.52
Capital reserve on consolidation 271.92 271.92
282.44 282.44
Capital redemption reserve [1]
335.11 335.11
Securities premium [Note 1(II)(u)] 138.43 50.56
Employee share options (net) [Note 1(II)(x)]
Employee share options outstanding 666.63 839.15
Deferred employee compensation expense (167.27) (288.61)
499.36 550.54
Statutory reserves
Debenture redemption reserve [2]
3.12 3.12
Reserve u/s 45-IC of the Reserve Bank India Act, 1934 [3]
3657.25 3133.69
Reserve u/s 29C of the National Housing Bank Act, 1987 [4] 11.09 11.09
Reserve u/s 36(1)(viii) of the Income-tax Act, 1961 [5]
1061.27 1051.27
Impairment reserve as per Reserve Bank of India [6] 32.39 32.39
4765.12 4231.56
Retained earnings 89974.25 79489.69
Foreign currency translation reserve [Note 1(II)(y)(iv)] 889.98 790.67
Hedging reserve [Note 1(II)(r)(iii)(B)]
Cash flow hedging reserve 112.98 279.01
Cost of hedging reserve 138.35 (4.67)
251.33 274.34
Debt instruments through Other comprehensive income [Note 1(II)(r)(i)(B)] 244.54 8.12
Equity instruments through Other comprehensive income [Note 1(II)(r)(i)(B)] – 71.28
97380.56 86084.31
[1]
Capital redemption reserve: Created on:
a. Buyback of equity shares out of free reserves and securities premium in accordance with Section 69 of the Companies Act, 2013
b. Redemption of preference shares out of profits in accordance with Section 55(2)(c) of the Companies Act, 2013.
[2]
Debenture redemption reserve: Created on non-convertible debentures in accordance with the Companies (Share capital and Debenture) Rules,
2014 (as amended).
[3]
Reserve u/s-45 IC of the Reserve Bank of India Act, 1934: Created by subsidiary(ies) by transferring amount not less than twenty per cent of its net
profit every year.
[4]
Reserve u/s 29C of the National Housing Bank Act, 1987: Created by subsidiary(ies) by transferring amount not less than twenty per cent of its net
profit every year.
[5]
Reserve u/s 36(1)(viii) of Income tax Act, 1961: Created by subsidiary(ies) by transferring an amount not exceeding twenty percent of the profits
derived from eligible business every year.
[6]
Impairment reserve as per Reserve Bank of India: Created pursuant to circular issued by Reserve Bank of India where impairment allowance as per
Ind AS 109 is lower than the provisioning required as per extant prudential norms.

632 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [22]
Non-current liabilities: Financial liabilities - Borrowings

v crore
As at 31-3-2025 As at 31-3-2024
Particulars
Secured Unsecured Total Secured Unsecured Total
Redeemable non-convertible fixed rate debentures 20363.91 9906.71 30270.62 26242.71 11577.02 37819.73
Term loans from banks 23741.26 – 23741.26 12757.14 2138.92 14896.06
Term loans from others – 341.41 341.41 – 318.09 318.09
Loans from financial institutions 3150.05 – 3150.05 3473.09 – 3473.09
47255.22 10248.12 57503.34 42472.94 14034.03 56506.97
Notes:
(a) Loans guaranteed by directors: ¢ Nil (previous year: ¢ Nil)

(b) Non-convertible debentures and borrowings from banks and financial institutions are secured by charge on the specified movable and
immovable assets of the respective entities.

NOTE [23]
Non-current liabilities: Other financial liabilities

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Forward contract payables 63.68 18.30
Embedded derivative payables 50.83 –
Financial guarantee contracts 0.56 0.03
Due to others [1]
137.11 77.74
252.18 96.07
[1]
Mainly includes security deposits, liabilities towards capital goods and liability for other expenses

NOTE [24]
Non-current liabilities: Provisions

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Employee pension scheme [Note 52(b)(i)] 371.37 351.87
Post-retirement medical benefits plan [Note 52(b)(i)] 433.58 375.92
Provision for other employee benefits 8.50 13.90
Other provisions [Note 56(a)] 310.56 245.69
1124.01 987.38
NOTE [25]
Other non-current liabilities

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Deferred Income in respect of Government Grants 575.17 585.00
Other payables [1]
19.57 33.02
594.74 618.02
[1]
Includes payable towards tax matters

633
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [26]
Current liabilities: Financial liabilities - Borrowings
v crore
As at 31-3-2025 As at 31-3-2024
Particulars
Secured Unsecured Total Secured Unsecured Total
Loans repayable on demand 8196.52 3750.00 11946.52 5785.00 3550.00 9335.00
Short-term loans and advances from banks 12051.75 693.09 12744.84 7565.67 814.58 8380.25
Loans from related parties – 1.28 1.28 – 207.67 207.67
Commercial paper – 11168.66 11168.66 – 9911.35 9911.35
20248.27 15613.03 35861.30 13350.67 14483.60 27834.27

Note: The secured portion of loans payable on demand and bank borrowings are secured by charge on the specified movable and immovable
assets of the respective entities.

NOTE [27]
Current liabilities: Financial liabilities - Current maturities of long term borrowings
v crore
As at 31-3-2025 As at 31-3-2024
Particulars
Secured Unsecured Total Secured Unsecured Total
Redeemable non-convertible fixed rate debentures 10357.68 7970.80 18328.48 7845.26 6549.07 14394.33
Term loans from banks 15322.70 2199.06 17521.76 14797.67 42.20 14839.87
Loans from financial institutions 344.46 – 344.46 464.33 – 464.33
26024.84 10169.86 36194.70 23107.26 6591.27 29698.53

Notes:
(a) Loans guaranteed by directors: ¢ Nil (previous year: ¢ Nil)
(b) Non-convertible debentures and borrowings from banks and financial institutions are secured by charge on the specified movable and
immovable assets of the respective entities.

NOTE [28]
Current liabilities: Financial liabilities - Other trade payables

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Acceptances 145.58 93.89
Due to related parties:
Associates 14.14 5.97
Joint ventures 758.97 1286.39
773.11 1292.36
Due to others 50123.00 50887.92
51041.69 52274.17

634 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [28][a]
Current liabilities: Financial liabilities - Trade payables ageing
v crore
As at 31-3-2025
Outstanding for following periods from due date of payment
Particulars Unbilled
Not due Less than More than Total
Dues 1-2 years 2-3 years
1 year 3 years
Undisputed:
Micro and small enterprises 63.37 1179.05 148.99 11.27 4.88 10.09 1417.65
Others 15591.31 25867.61 8041.71 370.68 195.94 971.22 51038.47
Disputed:
Micro and small enterprises – – – – – – –
Others 0.52 2.56 0.04 – – 0.10 3.22
15655.20 27049.22 8190.74 381.95 200.82 981.41 52459.34

v crore
As at 31-3-2024
Outstanding for following periods from due date of payment
Particulars Unbilled
Not due Less than More than Total
Dues 1-2 years 2-3 years
1 year 3 years
Undisputed:
Micro and small enterprises 18.05 938.76 51.05 5.49 2.91 2.45 1018.71
Others 16324.39 25192.16 8638.94 436.12 379.97 1295.49 52267.07
Disputed:
Micro and small enterprises – – – – – – –
Others – 7.06 0.04 – – – 7.10
16342.44 26137.98 8690.03 441.61 382.88 1297.94 53292.88

NOTE [29]
Current liabilities: Other financial liabilities
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Unclaimed dividend 137.78 129.90
Unclaimed interest on debentures 156.86 166.34
Financial guarantee contracts 0.47 0.17
Forward contract payables 432.56 325.49
Embedded derivative payables 27.50 41.64
Due to others [1] [2] 5518.20 6912.13
6273.37 7575.67
[1]
Due to others include due to directors: ¢ 137.43 crore (previous year: ¢ 125.36 crore)
[2]
Mainly includes security deposits, liability towards employee benefits and capital goods

NOTE [30]
Other current liabilities
v crore
Particulars As at 31-3-2025 As at 31-3-2024
Contract liabilities [Note 47(d)(i)]
Excess of billing over revenue 28524.41 20497.73
Advances from customers 29086.96 26874.76
57611.37 47372.49
Deferred income in respect of Government Grants 2.04 1.06
Other payables [1] 5713.56 4810.53
63326.97 52184.08
[1]
Mainly includes statutory dues, employee benefits and liabilities towards joint operations

635
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [31]
Current liabilities: Provisions

v crore
Particulars As at 31-3-2025 As at 31-3-2024
Provision for employee benefits:
Gratuity [Note 52(b)(i)] 405.99 301.67
Compensated absences 1999.06 1598.68
Employee pension scheme [Note 52(b)(i)] 31.26 30.39
Post-retirement medical benefits plan [Note 52(b)(i)] 21.58 19.84
Others 0.24 0.28
2458.13 1950.86
Other provisions [Note 56(a)] 2233.54 2165.03
4691.67 4115.89

NOTE [32]
Contingent Liabilities
v crore

Particulars As at 31-3-2025 As at 31-3-2024

(a) Claims against the Group not acknowledged as debts 4552.83 4624.58
(b) Sales tax/GST liability that may arise in respect of matters in appeal 6118.60 1430.04
(c) Excise duty/service tax/custom duty/entry tax/stamp duty/municipal cess liability that may
arise, including those in respect of matters in appeal/challenged by the Group in Writ 954.36 1118.68
(d) Income tax liability (including penalty) that may arise in respect of which the Group is in appeal 3422.21 3929.85
(e) Guarantees or letter of credit or letter of comfort given to third parties 56.00 56.00
(f) Corporate guarantees for financial obligations of joint ventures 211.67 210.56
(g) Bank guarantees given on behalf of joint venture 19.41 32.66
(h) Contingent liabilities incurred in relation to interests in joint operations 3079.22 3006.66
(i) Share in contingent liabilities of joint operations for which the Group is contingently liable 153.79 123.84
(j) Contingent liabilities in respect of liabilities of other joint operators of joint operations 5055.57 4364.24
(k) Share of joint ventures’ contingent liabilities in respect of a legal claim lodged against the
entity 13.50 33.95
(l) Indemnities for performance given on behalf of third parties 9.65 56.79
Notes:
(i) The Group expects reimbursements of ¢ 1.91 crore (previous year:¢ 1.91 crore) in respect of the above contingent liabilities except
in respect of matters at (l)
(ii) It is not practicable to estimate the timing of cash outflows, if any, in respect of matters at (a) to (d) above pending resolution of the
abitration / appellate proceedings. Further, the liability mentioned in (a) to (d) above includes interest in cases where the company has
determined that the possibility of such levy is remote.
(iii) In respect of matters at (e), the cash flows, if any, could occur any time during the subsistence of the underlying agreement.
(iv) In respect of matters at (f), the cash outflows, if any, could generally occur up to four years, being the period over which the validity
of the guarantees extends except in a few cases where the cash outflows, if any, could occur any time during the subsistence of the
borrowing to which the guarantees relate.
(v) In respect of matters at (g), the cash outflows, if any, could generally occur up to four years, being the period over which the validity of
the guarantees extends.
(vi) In respect of matters at (h) to (j), the cash outflows, if any, could generally occur upto completion of projects undertaken by the
respective joint operations.
(vii) In respect of matters at (k), the cash outflows, in any, could generally occur any time up to settlement of claims or during subsistence of
the underlying agreements.
(viii) In respect of matters at (l), the cash outflows, if any, is fully reimbursable by the third parties under an agreement entered in to with
them.

636 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [33]
Commitments
v crore
Particulars As at 31-3-2025 As at 31-3-2024
(a) Estimated amount of contracts remaining to be executed on capital account (net of advances):
(i) Property, plant and equipment 1530.73 984.57
(ii) Investment property 445.31 252.69
(iii) Intangible assets 98.92 43.41
(b) Other funding commitments:
(i) Undrawn/undisbursed commitments to other companies (in Financial Services segment) 2035.76 972.34
(ii) Purchase of additional stake in associate company 327.75 –
(iii) Share of joint ventures’ capital commitments 1.30 5.38
NOTE [34]
Revenue from operations
v crore
Particulars 2024-25 2023-24
Sales & service:
Construction and project related activity 174161.52 147603.49
Manufacturing and trading activity 5292.70 4828.33
Engineering service fees 12686.28 8940.19
Software development products and services 37617.79 35119.11
Income from financing activity/annuity based projects 16137.89 14074.87
Property development activity 2410.45 2804.71
Fare collection and related activity 622.99 602.98
Servicing fees 1956.96 1871.31
Commission 144.36 130.37
Fees for operation and maintenance of power plant 3177.71 3140.33
254208.65 219115.69
Other operational income:
Lease rentals 187.42 166.11
Property maintenance recoveries 76.67 86.44
Gain on sale of subsidiary/business undertaking 187.44 511.73
Premium earned (net) on related forward exchange contracts 45.09 28.83
Net gain on sale of investment property 142.39 21.93
Miscellaneous income 886.79 1182.18
1525.80 1997.22
255734.45 221112.91

637
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [35]
Other income
v crore
Particulars 2024-25 2023-24
Interest income on: [Note 46(a)]
Loans and advances to joint ventures and associates 9.89 22.91
Investments 1510.65 1540.43
Others 950.77 883.73
2471.31 2447.07
Dividend income on:
From long term investments:
Joint venture – 114.98
Trade investments 19.55 6.37
Current investments 46.16 55.74
Others 51.34 31.40
117.05 208.49
Net gain/(loss) on fair valuation of investments 640.55 242.63
Net gain/(loss) on sale of investments 492.57 491.57
Net gain/(loss) on derivatives at fair value through profit or loss 36.65 (6.18)
Net gain/(loss) on sale of property, plant and equipment 45.25 73.51
Lease rentals 7.71 8.44
Miscellaneous income (net of expenses) 313.73 692.50
4124.82 4158.03

NOTE [36]
Manufacturing, construction and operating expenses

v crore
Particulars 2024-25 2023-24
Cost of raw materials and components consumed:
Raw materials and components 27851.01 19625.81
Less: Scrap sales 195.99 183.56
27655.02 19442.25
Construction materials consumed 63526.44 54813.97
Purchase of stock-in-trade 1402.14 1063.77
Stores, spares and loose tools consumed 4393.39 4432.02
Sub-contracting charges 40570.92 35054.35
Changes in inventories of finished goods, stock-in-trade, work-in-progress and property
development:
Closing stock:
Finished goods 137.00 82.09
Stock-in-trade 470.16 228.30
Work-in-progress 8964.20 9470.98
Cost of built-up space and property development land:
Work-in-progress 4577.08 3710.77
Completed property 362.83 222.13
14511.27 13714.27
Carried forward 14511.27 137547.91 13714.27 114806.36

638 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [36]
Manufacturing, construction and operating expenses (contd.)

v crore
Particulars 2024-25 2023-24
Brought forward 14511.27 137547.91 13714.27 114806.36
Less: Opening stock:
Finished goods 82.09 94.95
Stock-in-trade 228.30 364.92
Work-in-progress 9579.05 10005.68
Cost of built-up space and property development land:
Work-in-progress 3710.77 3998.29
Completed property 222.13 271.50
13822.34 14735.34
(688.93) 1021.07
Inventorisation of investment property 278.14 –
(410.79) 1021.07
Other manufacturing, construction and operating expenses:
Power and fuel 2299.81 2526.75
Royalty and technical know-how fees 87.34 127.09
Packing and forwarding 847.89 749.95
Rent and hire charges 7129.61 5724.39
Bank guarantee charges 356.08 309.75
Engineering, professional, technical and consultancy fees 4425.90 4226.57
Insurance 907.46 821.43
Rates and taxes 1086.52 955.76
Travelling and conveyance 1904.15 1704.92
Repairs to plant and equipment 363.36 155.23
Repairs to buildings 72.64 19.74
General repairs and maintenance 923.38 759.27
Provision/(reversal) for onerous construction contracts (89.11) 207.86
Other provisions/(reversal of provisions) 77.60 18.18
Expenses on construction job in realty business 1245.33 994.82
Software development expenses 4509.58 4130.13
Miscellaneous expenses 1386.01 1054.65
27533.55 24486.49
Finance cost of financial services business and finance lease activity 6302.23 5714.90
170972.90 146028.82

639
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [37]
Employee benefits expense
v crore
Particulars 2024-25 2023-24
Salaries, wages and bonus 42045.73 37042.85
Contribution to and provision for:
Provident fund and pension fund 1032.05 883.75
Superannuation/employee pension and social security schemes 1312.85 1202.48
Gratuity funds [Note 52(b)(ii)] 308.23 285.52
2653.13 2371.75
Expenses on employee stock option scheme 222.60 297.63
Employee medical and other insurance premium expenses 439.53 347.07
Staff welfare expenses 1534.64 1287.71
Recoveries on account of deputation charges (126.95) (175.99)
46768.68 41171.02

NOTE [38]
Sales, administration and other expenses
v crore
Particulars 2024-25 2023-24
Power and fuel 234.61 218.44
Packing and forwarding 89.68 80.20
Insurance 145.22 135.27
Rent and hire charges 330.37 333.89
Rates and taxes 557.74 478.86
Travelling and conveyance 943.60 711.54
Repairs to buildings 168.00 125.52
General repairs and maintenance 817.83 784.64
Professional fees 1615.28 1550.32
Directors’ fees 5.84 7.18
Telephone, postage and telegrams 215.51 193.76
Advertising and publicity 378.27 345.49
Stationery and printing 84.96 80.23
Commission:
Distributors and agents 69.98 34.86
Others 3.47 7.94
73.45 42.80
Bank charges 288.18 251.42
Corporate social responsibility expenses 322.62 271.29
Collection cost (Financial Services business) 557.47 520.30
Miscellaneous expenses 1433.86 1108.90
Bad debts and advances written off (net of written back) 3081.04 2129.70
Less: Allowances for expected credit loss written back 2759.90 1567.90
321.14 561.80
Allowances for expected credit loss 3210.94 2350.80
(Gain)/loss on fair valuation/sale of investments towards financing activities (net) 148.52 1106.66
(Gain)/loss on fair valuation of loans towards financing activities (net) (215.72) (675.20)
(Gain)/loss on sale of loans towards financing activities (96.98) –
Recoveries from joint ventures and associates – (26.65)
Exchange (gain)/loss [net] (124.15) (145.20)
Other provisions 51.04 7.16
Provision/(reversal of provision) on investments in joint venture [1] (1622.03) –
Loss on divestment of equity shares in joint venture [1] 1622.88 –
11558.13 10419.42
[1]
[Refer Note 45(b)]

640 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [39]
Finance costs
v crore
Particulars 2024-25 2023-24
Interest expenses 3137.24 3369.30
Interest on lease liabilities 193.60 167.21
Exchange (gain)/loss [net] 3.53 9.34
3334.37 3545.85

39(a) Aggregation of expenses disclosed vide Note 36 - Manufacturing, construction and operating expenses, Note 37 - Employee benefits
expense, Note 38 - Sales, administration and other expenses and Note 39 - Finance costs
R crore

Sr. 2024-25 2023-24

Nature of expenses
No. Note 36 Note 37 Note 38 Note 39 Total Note 36 Note 37 Note 38 Note 39 Total
1 Power and fuel 2299.81 – 234.61 – 2534.42 2526.75 – 218.44 – 2745.19
2 Packing and forwarding 847.89 – 89.68 – 937.57 749.95 – 80.20 – 830.15
3 Insurance 907.46 439.53 145.22 – 1492.21 821.43 347.07 135.27 – 1303.77
4 Rent and hire charges 7129.61 – 330.37 – 7459.98 5724.39 – 333.89 – 6058.28
5 Rates and taxes 1086.52 – 557.74 – 1644.26 955.76 – 478.86 – 1434.62
6 Travelling and conveyance 1904.15 – 943.60 – 2847.75 1704.92 – 711.54 – 2416.46
7 Repairs to plant and
equipment 363.36 – – – 363.36 155.23 – – – 155.23
8 Repairs to buildings 72.64 – 168.00 – 240.64 19.74 – 125.52 – 145.26
9 General repairs and
maintenance 923.38 – 817.83 – 1741.21 759.27 – 784.64 – 1543.91
10 Engineering, professional,
technical and consultancy
fees 4425.90 – 1615.28 – 6041.18 4226.57 – 1550.32 – 5776.89
11 Finance Costs 6302.23 – – 3334.37 9636.60 5714.90 – – 3545.85 9260.75
12 Miscellaneous expenses 1386.01 – 1433.86 – 2819.87 1054.65 – 1108.90 – 2163.56
NOTE [40]
Depreciation, amortisation, impairment and obsolescence
v crore
Particulars 2024-25 2023-24
Depreciation on:
Property, plant and equipment 2516.28 2241.97
Investment property 70.37 40.70
2586.65 2282.67
Amortisation of:
Intangible assets 924.24 883.95
Right-of-use assets 587.33 508.08
1511.57 1392.03
Impairment on Property, plant and equipment 1.58 –
Obsolescence on Property, plant and equipment 21.38 7.63
4121.18 3682.33

641
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [41]
The list of subsidiaries, associates, joint ventures and joint operations included in the Consolidated Financial Statements are as under:

As at 31-3-2025 As at 31-3-2024
Proportion Proportion
Sr. Principal place of effective of effective
Name of subsidiaries
No. of business ownership ownership
interest /voting interest /voting
power(%) power(%)
Indian subsidiaries
1 Hi-Tech Rock Products and Aggregates Limited India 100.00 100.00
2 L&T Geostructure Private Limited India 100.00 100.00
3 LTIMindtree Limited India 68.58 68.64
4 L&T Technology Services Limited India 73.66 73.74
5 Intelliswift Software (India) Private Limited [a] India 73.66 –
6 L&T Thales Technology Services Private Limited India 54.51 54.57
7 L&T Network Services Private Limited India 100.00 100.00
8 L&T Semiconductor Technologies Limited India 100.00 100.00
9 Siliconch Systems Private Limited[b] India 100.00 –
10 L&T Finance Limited India 66.24 65.86
11 L&T Infra Investment Partners Advisory Private Limited India 66.24 65.86
12 L&T Infra Investment Partners Trustee Private Limited India 66.24 65.86
13 L&T Financial Consultants Limited India 66.24 65.86
14 L&T Infra Investment Partners India 36.38 36.17
15 L&T Energy Hydrocarbon Engineering Limited [c] India – 100.00
16 L&T Offshore Private Limited[c] India – 100.00
17 L&T Metro Rail (Hyderabad) Limited[d] India 99.99 99.99
18 L&T Himachal Hydropower Limited India 100.00 100.00
19 L&T Power Development Limited India 100.00 100.00
20 Nabha Power Limited India 100.00 100.00
21 Chennai Vision Developers Private Limited India 100.00 100.00
22 Elevated Avenue Realty LLP (formerly known as L&T Avenue Realty LLP) India 100.00 100.00
23 Elante Properties Private Limited (formerly known as L&T Parel Project Private Limited) India 100.00 100.00
24 L&T Westend Project LLP India 100.00 100.00
25 L&T Realty Properties Limited (formerly known as L&T Seawoods Limited) India 100.00 100.00
26 L&T Realty Developers Limited India 100.00 100.00
27 Prime Techpark (Chennai) Private Limited India 100.00 100.00
28 Avenue Techpark (Bangalore) Private Limited [e] India – 100.00
29 Bangalore Spectrum Techpark Private Limited [e] India – 100.00
30 Bangalore Galaxy Techpark Private Limited India 100.00 100.00
31 Chennai Nova Techpark Private Limited India 100.00 100.00
32 Business Park (Powai) Private Limited India 100.00 100.00
33 Millennium Techpark (Chennai) Private Limited India 100.00 100.00
34 Bangalore Fortune Techpark Private Limited [e] India – 100.00
35 Corporate Park (Powai) Private Limited India 100.00 100.00
36 LH Residential Housing Private Limited India 100.00 100.00
37 LH Uttarayan Premium Realty Private Limited India 100.00 100.00
38 L&T Construction Equipment Limited India 100.00 100.00
39 L&T Valves Limited India 100.00 100.00

642 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [41] (contd.)

As at 31-3-2025 As at 31-3-2024
Proportion Proportion
Sr. Principal place of effective of effective
Name of subsidiaries
No. of business ownership ownership
interest /voting interest /voting
power(%) power(%)
Indian subsidiaries
40 L&T Energy Green Tech Limited India 100.00 100.00
41 L&T Electrolysers Limited India 100.00 100.00
42 L&T Special Steels and Heavy Forgings Private Limited [f] India 100.00 –
43 Bhilai Power Supply Company Limited India 99.90 99.90
44 L&T Aviation Services Private Limited India 100.00 100.00
45 L&T Capital Company Limited India 100.00 100.00
[a]
Acquired on January 3, 2025
[b]
Acquired on August 9, 2024
[c]
Merged with Larsen & Toubro Limited w.e.f. April 1, 2024
[d]
One equity share (the Golden Share) is held by the Government of Telangana in pursuance of the Shareholders’ Agreement
[e]
Struck off from register of companies w.e.f January 07, 2025
[f]
Reclassified as a Wholly Owned Subsidiary of Larsen & Toubro Limited w.e.f February 18, 2025 due to purchase of balance stake

As at 31-3-2025 As at 31-3-2024
Proportion Proportion
Sr. Principal place of of effective of effective
Name of subsidiaries
No. business ownership ownership
interest /voting interest /voting
power(%) power(%)
Foreign subsidiaries
1 Larsen & Toubro (Oman) LLC Sultanate of Oman 80.00 65.00
2 Larsen & Toubro Qatar LLC [a] Qatar 49.00 49.00
3 Larsen & Toubro Saudi Arabia LLC Kingdom of Saudi Arabia 100.00 100.00
4 Larsen and Toubro T&D SA Proprietary Limited South Africa 72.50 72.50
5 Larsen & Toubro CIS FE LLC [b] Uzbekistan 100.00 –
6 Larsen & Toubro Heavy Engineering LLC[a] Sultanate of Oman 70.00 70.00
7 L&T Modular Fabrication Yard LLC Sultanate of Oman 70.00 70.00
8 Larsen Toubro Arabia LLC Kingdom of Saudi Arabia 75.00 75.00
9 L&T Hydrocarbon Saudi Company Kingdom of Saudi Arabia 100.00 100.00
10 Larsen & Toubro Kuwait Construction General Contracting Co. W.L.L. Kuwait 49.00 49.00
11 Larsen & Toubro Electromech LLC Sultanate of Oman 70.00 70.00
12 LTIMindtree Information Technology Services (Shanghai) Co, Ltd. China 68.58 68.64
13 LTIMindtree Financial Services Technologies Inc. Canada 68.58 68.64
14 LTIMindtree Canada Limited Canada 68.58 68.64
15 LTIMindtree LLC[c] USA – 68.64
16 LTIMindtree South Africa (Pty) Limited South Africa 47.73 47.77
17 LTIMindtree GmBH Germany 68.58 68.64
18 LTIMindtree Spain, S.L Spain 68.58 68.64
19 LTIMindtree Norge AS Norway 68.58 68.64
20 LTIMindtree, Sociedad De Responsibilidad Limitada De Capital Variable Mexico 68.58 68.64
21 LTIMindtree S.A. Luxembourg 68.58 68.64
22 Syncordis SARL, France[d] France – 68.64
23 Syncordis Limited UK[a] UK 68.58 68.64

643
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [41] (contd.)
As at 31-3-2025 As at 31-3-2024
Proportion Proportion
Sr. Principal place of of effective of effective
Name of subsidiaries
No. business ownership ownership
interest /voting interest /voting
power(%) power(%)
Foreign subsidiaries
24 LTIMindtree PSF S.A. Luxembourg 68.58 68.64
25 Nielsen+Partner Unternehmensberater GmbH[e] Germany – 68.64
26 LTIMindtree Switzerland AG Switzerland 68.58 68.64
27 Nielsen+Partner Pte Ltd Singapore 68.58 68.64
28 LTIMindtree (Thailand) Limited Thailand 68.58 68.64
29 Nielsen&Partner Pty Ltd[f] Australia – 68.64
30 LTIMindtree UK Limited UK 68.58 68.64
31 LTIMindtree Middle East FZ-LLC UAE 68.58 68.64
32 LTIMindtree USA Inc. USA 68.58 68.64
33 LTIMindtree Consulting Brazil LTDA[g] Brazil 68.64 –
34 L&T Technology Services LLC USA 73.66 73.74
35 Intelliswift Software Inc.[h] USA 73.66 –
36 Intelliswift Software (Hungary) Kft[h] Hungary 73.66 –
37 Intelliswift Software (Costa Rica) Limitada [h] Costa Rica 73.66 –
38 Intelliswift Software (Canada) Inc[h] Canada 73.66 –
39 Global Infotech Corporation[h] USA 73.66 –
40 P. Murphy & Associates Inc[h] USA 73.66 –
41 L&T Technology Services Pte. Ltd. Singapore 73.66 73.74
42 Graphene Solutions SDN. BHD. Malaysia 73.66 73.74
43 Graphene Solutions Taiwan Limited Taiwan 73.66 73.74
44 L&T Technology Services (Shanghai) Co. Ltd China 73.66 73.74
45 L&T Technology Services (Canada) Ltd Canada 73.66 73.74
46 L&T Technology Services Poland spółka z ograniczoną odpowiedzialnością Poland 73.66 73.74
47 Larsen & Toubro (East Asia) Sdn.Bhd. Malaysia 30.00 30.00
48 PT Larsen and Toubro Indonesia 100.00 100.00
49 Larsen & Toubro International FZE UAE 100.00 100.00
50 L&T Global Holdings Limited UAE 100.00 100.00
51 L&T Valves Arabia Manufacturing LLC Kingdom of Saudi Arabia 100.00 100.00
52 L&T Valves USA LLC USA 100.00 100.00
[a]
Under liquidation
[b]
Incorporated on July 10, 2024
[c]
Dissolved w.e.f January 21, 2025
[d]
Dissolved w.e.f November 29, 2024
[e]
Merged with LTIMindtree GmbH w.e.f October 2, 2024
[f]
Dissolved w.e.f October 23, 2024
[g]
Incorporated w.e.f September 26, 2024
[h]
Acquired on January 3, 2025

644 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [41] (contd.)
As at 31-3-2025 As at 31-3-2024
Proportion Proportion
Sr. Principal place of of effective of effective
Name of associates
No. business ownership ownership
interest /voting interest /voting
power(%) power(%)
1 Larsen & Toubro Qatar & HBK Contracting Co. WLL[a] Qatar 50.00 50.00
2 L&T Camp Facilities LLC [a] UAE 49.00 49.00
3 Gujarat Leather Industries Limited[a] India 50.00 50.00
4 Magtorq Private Limited India 42.85 42.85
5 Magtorq Engineering Solutions Private Limited [b] India – 39.28
6 Indian Foundation For Quality Management[c] India – –
7 E2E Networks Limited[d] India 14.92 –
[a]
Under liquidation
[b]
Ceased to be an associate w.e.f September 27, 2024
[c]
Acquired on September 19, 2024 and ceased to be an associate w.e.f December 16, 2024
[d]
Acquired on December 4, 2024
As at 31-3-2025 As at 31-3-2024
Proportion Proportion
Sr. Principal place of effective of effective
Name of joint ventures
No. of business ownership ownership
interest /voting interest /voting
power(%) power(%)
1 L&T - MHI Power Boilers Private Limited India 51.00 51.00
2 L&T - MHI Power Turbine Generators Private Limited India 51.00 51.00
3 L&T Howden Private Limited India 50.10 50.10
4 L&T-Sargent & Lundy Limited India 50.00 50.00
5 L&T MBDA Missile Systems Limited India 51.00 51.00
6 L&T Sapura Shipping Private Limited India 60.00 60.00
7 EPIC Concesiones 3 Limited (formerly known as L&T Infrastructure Development Projects India – 51.00
Limited)[a]
8 Rewin Infrastructure Limited[a] India – 51.00
9 Chennai-Tada Tollway Limited (formerly known as L&T Chennai-Tada Tollway Limited) [a] India – 51.00
10 Rajkot-Vadinar Tollway Limited (formerly known as L&T Rajkot-Vadinar Tollway Limited) [a] India – 51.00
11 Deccan Tollways Limited (formerly known as L&T Deccan Tollways Limited) [a] India – 51.00
12 Samakhiali Bhachau Gandhidham Tollway Limited (formerly known as L&T Samakhiali India – 51.00
Gandhidham Tollway Limited)[a]
13 Kudgi Transmission Limited[a] India – 51.00
14 Sambalpur-Rourkela Tollway limited (formerly known as L&T Sambalpur-Rourkela Tollway India – 51.00
Limited)[a]
15 Panipat Elevated Corridor Limited[a] India – 51.00
16 Vadodara Bharuch Tollway Limited[a] India – 51.00
17 Neelampur Madukkarai Tollway Limited (formerly known as L&T Transportation India – 51.00
Infrastructure Limited)[a]
18 Palanpur-Swaroopgunj Road Project Limited (formerly known as L&T Interstate Road India – 51.00
Corridor Limited)[a]
19 Ahmedabad - Maliya Tollway Limited[a] India – 51.00
20 PNG Tollway Limited[a] India – 37.74
21 Watrak Infrastructure Private Limited[a] India – 51.00
22 Raykal Aluminium Company Private Limited India 75.50 75.50
23 Indiran Engineering Projects and Systems Kish PJSC Iran 50.00 50.00
24 GH4India Private Limited India 33.33 33.33
25 Hydrocarbon Arabia Limited Company Kingdom of Saudi 60.00 60.00
Arabia
26 LTIM Aramco Digital Solutions for Information Technology[b] Kingdom of Saudi 34.97 –
Arabia
27 L&T Special Steels and Heavy Forgings Private Limited [c] India – 74.00
[a]
Divested w.e.f April 10, 2024
[b]
Incorporated on November 22, 2024
[c]
Reclassified as a Wholly Owned Subsidiary of Larsen & Toubro Limited w.e.f February 18, 2025 due to purchase of balance stake

645
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [41] (contd.)

As at 31-3-2025 As at 31-3-2024
Proportion Proportion
Sr. Principal place
Name of joint operations (with specific ownership interest in the arrangement) of effective of effective
No. of business
ownership ownership
interest (%) interest (%)
1 Desbuild L&T Joint Venture India 49.00 49.00
2 Larsen and Toubro Limited-Shapoorji Pallonji & Co. Ltd. Joint Venture India 50.00 50.00
3 Al Balagh Trading & Contracting Co W.L.L- L&T Joint Venture Qatar 80.00 80.00
4 L&T-AM Tapovan Joint Venture India 65.00 65.00
5 HCC-L&T Purulia Joint Venture India 43.00 43.00
6 International Metro Civil Contractors Joint Venture India 26.00 26.00
7 Metro Tunneling Group India 26.00 26.00
8 L&T-Hochtief Seabird Joint Venture India 90.00 90.00
9 Metro Tunneling Chennai-L&T Shanghai Urban Construction (Group) Corporation Joint India 75.00 75.00
Venture
10 Metro Tunneling Delhi-L&T Shanghai Urban Construction (Group) Corporation Joint Venture India 60.00 60.00
11 L&T-Shanghai Urban Construction (Group) Corporation Joint Venture CC27 Delhi India 68.00 68.00
12 Aktor-Larsen & Toubro-Yapi Merkezi-STFA-Al Jaber Engineering Joint Venture Qatar 22.00 22.00
13 Civil Works Joint Venture Kingdom of Saudi 29.00 29.00
Arabia
14 L&T-Shanghai Urban Construction (Group) Corporation Joint Venture India 51.00 51.00
15 DAEWOO and L&T Joint Venture India 50.00 50.00
16 L&T-STEC JV MUMBAI India 65.00 65.00
17 L&T-ISDPL JV India 100.00 100.00
18 L&T-IHI Consortium India 100.00 100.00
19 Larsen and Toubro Limited-Scomi Engineering BHD Consortium-Residual Joint Works Joint India 60.00 60.00
Venture
20 Larsen and Toubro Limited-Scomi Engineering BHD Consortium-O&M Joint Venture India 50.00 50.00
21 L&T- Inabensa JV India 100.00 100.00
22 L&T-Delma Mafraq Joint Venture UAE 100.00 100.00
23 L&T-AL-Sraiya LRDP 6 Joint Venture Qatar 75.00 75.00
24 Larsen & Toubro Limited & NCC Limited Joint Venture India 55.00 55.00
25 Besix - Larsen & Toubro Joint Venture UAE 50.00 50.00
26 Larsen & Toubro Ltd - Passavant Energy & Environment JV India 50.00 50.00
27 Larsen and Toubro Shriram EPC JV Tanzania 90.00 90.00
28 LTH Milcom Private Limited India 56.67 56.67
29 L&T - Tecton JV India 60.00 60.00
30 L&T - Powerchina JV UAE 55.00 55.00
31 L&T - PCIPL JV India 99.00 99.00
32 Bauer- L&T Geo Joint Venture India 50.00 50.00
33 Larsen Toubro Arabia LLC - Subsea Seven Saudi Company Ltd. Kingdom of Saudi 50.00 50.00
Arabia

646 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [42]
Disclosure pursuant to Ind AS 112 “Disclosure of interest in other entities”: Subsidiaries

(a) Change in the Group’s ownership interest in a subsidiary:

(i) On account of acquisition of part stake (from open market/ direct purchase from NCI):

v crore
2024-25 2023-24
(Gain)/Loss (Gain)/ (Gain)/Loss (Gain)/
Name of Group company accounted Loss accounted Loss
Acquisition Payment Acquisition Payment
in Non- accounted in Non- accounted
(%) made (%) made
controlling in Other controlling in Other
interest [1] Equity interest [1] Equity
L&T Finance Limited 0.53% 227.77 134.96 92.81 – – – –
Larsen & Toubro (Oman) LLC 15.00% 26.14 62.74 (36.60) – – – –
Total 253.91 197.70 56.21
[1] Represents proportionate share of the net assets of subsidiaries.

(ii) On account of dilution due to exercise of Employee Stock Options (without ceding control):

v crore
2024-25 2023-24

Name of Group (Dr)/Cr to (Dr)/Cr (Dr)/Cr to (Dr)/Cr

company Dilution Proceeds Non- to Dilution Proceeds Non- to
(%) received controlling Other (%) received controlling Other
interest [1] Equity interest [1] Equity
L&T Finance Limited 0.15% 40.40 63.28 (22.88) 0.25% 9.27 90.92 (81.65)
LTIMindtree Limited 0.06% 3.51 49.73 (46.22) 0.04% 0.02 28.65 (28.63)
L&T Technology
Services Limited 0.08% 0.03 17.49 (17.46) 0.10% 0.03 16.82 (16.79)
Total 43.94 130.50 (86.56) 9.32 136.39 (127.07)
[1] Represents proportionate share of the net assets of subsidiaries.

(b) The effect of divestment with ceding of control in subsidiaries during the year is as under:

v crore
Effect on consolidated Line item in Statement of
Sr. profit before non- Profit & Loss in which the gain
Name of company controlling interest is recognised
No.
2024-25 2023-24
1 Think Tower Developers Private Limited [1] – – Revenue from Operations
2 Mudit Cement Private Limited – 5.88 Other income
3 L&T Infrastructure Engineering Limited – (3.24) Other income
Total – 2.64
[1]
Less than v 1 Lakh

647
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [42] (contd.)
(c) Disclosure of subsidiaries having material non-controlling interest:

(i) Summarised Statement of Profit and Loss

v crore
L&T Technology Services
L&T Finance Limited
Particulars Limited
2024-25 2023-24 2024-25 2023-24
Revenue 15193.58 13107.78 9533.08 8678.87
Profit/(loss) for the year 2617.81 2286.23 1220.94 1258.48
Other comprehensive income 24.47 6.22 (32.11) 41.61
Total comprehensive income 2642.28 2292.45 1188.83 1300.09
Effective % of non-controlling interest 33.76% 34.14% 26.34% 26.26%
Profit/(loss) allocated to non-controlling interest (including
consolidation adjustments) 893.55 776.36 320.94 322.10
Dividend to non-controlling interest 209.33 168.77 138.94 129.92

v crore
LTIMindtree Limited
Particulars
2024-25 2023-24
Revenue 36682.51 34253.44
Profit/(loss) for the year 4446.45 4485.76
Other comprehensive income (48.68) 484.95
Total comprehensive income 4397.77 4970.71
Effective % of non-controlling interest 31.42% 31.36%
Profit/(loss) allocated to non-controlling interest (including consolidation adjustments) 1323.46 1319.03
Dividend to non-controlling interest 604.32 556.54
(ii) Summarised Balance Sheet

v crore
L&T Technology Services
L&T Finance Limited
Limited
Particulars
As at As at As at As at
31-3-2025 31-3-2024 31-3-2025 31-3-2024
Current assets (a) 52813.12 45007.28 5717.95 5789.91
Current liabilities (b) 55039.37 46077.81 2597.43 2374.14
Net current assets (c)=(a)-(b) (2226.25) (1070.53) 3120.52 3415.77
Non-current assets (d) 67219.67 57343.55 3144.44 2214.72
Non-current liabilities (e) 39698.70 33078.06 516.77 579.47
Net non-current assets (f)=(d)-(e) 27520.97 24265.49 2627.67 1635.25
Net assets (g)=(c)+(f) 25294.72 23194.96 5748.19 5051.02
Accumulated non-controlling interest 8524.44 7900.69 1620.14 1430.26

648 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [42] (contd.)

v crore
LTIMindtree Limited
Particulars As at As at
31-3-2025 31-3-2024
Current assets (a) 19913.87 18181.60
Current liabilities (b) 5537.64 5469.21
Net current assets (c)=(a)-(b) 14376.23 12712.39
Non-current assets (d) 9302.73 8276.10
Non-current liabilities (e) 1845.18 1689.98
Net non-current assets (f)=(d)-(e) 7457.55 6586.12
Net assets (g)=(c)+(f) 21833.78 19298.51
Accumulated non-controlling interest 6977.96 6230.41
(iii) Summarised statement of cash flows

v crore
L&T Technology Services
L&T Finance Limited
Particulars Limited
2024-25 2023-24 2024-25 2023-24
Cash flows from operating activities (16607.67) 649.61 1428.40 1341.30
Cash flows from investing activities 499.13 858.79 (554.30) (231.40)
Cash flows from financing activities 15440.76 (7052.67) (704.70) (646.60)
Net increase/(decrease) in cash and cash equivalents (667.78) (5544.27) 169.40 463.30

v crore
LTIMindtree Limited
Particulars
2024-25 2023-24
Cash flows from operating activities 4039.70 5529.60
Cash flows from investing activities (1688.00) (3832.50)
Cash flows from financing activities (2514.80) (2162.60)
Net increase/(decrease) in cash and cash equivalents (163.10) (465.50)

649
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [43]
Disclosures pursuant to Ind AS 112 “Disclosure of interest in other entities” : Joint Ventures and Associates

(a) Summarised Balance Sheet of material joint ventures and associates:

v crore
Material
Material Joint Venture
Associate
E2E
L&T - MHI Power L&T - MHI Power Turbine
Particulars Networks
Boilers Private Limited Generators Private Limited
Limited #
As at As at As at As at As at
31-3-2025 31-3-2024 31-3-2025 31-3-2024 31-3-2025
Current assets
Cash and bank balances 420.80 365.40 61.73 6.94 1356.94
Other assets 1554.01 1763.13 544.40 548.86 191.67
Total current assets (A) 1974.81 2128.53 606.14 555.80 1548.61
Total non-current assets (B) 348.75 353.60 410.92 447.43 1876.58*
Current liabilities
Financial liabilities (excluding trade payables) 170.33 178.09 110.96 119.42 875.74
Other liabilities (including trade payables) 666.63 783.41 258.07 356.47 37.75
Total current liabilities (C ) 836.96 961.50 369.03 475.89 913.49
Non-current liabilities
Financial liabilities (excluding trade payables) 0.63 0.18 272.18 137.60 49.94
Other liabilities (including trade payables) – – 81.74 69.77 24.53
Total non-current liabilities (D) 0.63 0.18 353.92 207.37 74.47
Net assets (A+B-C-D) 1485.97 1520.45 294.11 319.97 2437.23
#
Group acquired 15% stake on December 4, 2024, subsequently reduced to 14.92% on account of exercise of ESOP
* including fair value of Goodwill & Other intangible assets

(b) Reconciliation of carrying amounts of material joint ventures and associates:

v crore
Material
Material Joint Venture
Associate
E2E
L&T - MHI Power L&T - MHI Power Turbine
Particulars Networks
Boilers Private Limited Generators Private Limited
Limited #
As at As at As at As at As at
31-3-2025 31-3-2024 31-3-2025 31-3-2024 31-3-2025
Opening net assets 1520.45 1546.77 319.97 340.10 NA
Net assets on the date of acquisition – – – – 492.98
Infusion during the year – – – – 1079.28
Profit/(loss) for the year (37.19) (30.91) (26.02) (21.30) 17.00
Other comprehensive income 2.71 4.59 (2.31) 1.18 (0.16)
Equity component of other financial instruments & changes in Other
Equity – – 2.47 – 3.69
Other adjustments – – – – 0.74
Closing net assets 1485.97 1520.45 294.11 319.97 1593.52
Group's share in % 51.00% 51.00% 51.00% 51.00% 14.92%
Group's share 757.84 775.43 150.00 163.19 1082.83
Carrying amount 757.84 775.43 150.00 163.19 1082.83
Fair value of the investment based on the quoted price on reporting date NA NA 631.61
#
Group acquired 15% stake on December 4, 2024, subsequently reduced to 14.92% on account of exercise of ESOP

650 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [43] (contd.)
(c) Summarised Statement of Profit and Loss of material joint ventures and associates:
v crore
Material
Material Joint Venture
Associate
E2E
L&T - MHI Power L&T - MHI Power Turbine
Particulars Networks
Boilers Private Limited Generators Private Limited
Limited #
As at As at As at As at As at
31-3-2025 31-3-2024 31-3-2025 31-3-2024 31-3-2025
Revenue 920.00 1182.72 292.45 275.78 44.79
Interest income 26.46 20.05 – 1.23 –
Depreciation and amortisation (30.11) (37.95) (46.11) (46.34) (25.16)
Finance cost (0.31) (0.60) 33.08 50.20 (3.59)
Tax expense 11.28 8.34 – – 7.92
Profit/(loss) for the year (37.19) (30.91) (26.02) (21.30) 17.00
Other comprehensive income 2.71 4.59 (2.31) 1.18 (0.16)
Total comprehensive income (34.48) (26.32) (28.33) (20.13) 16.84
#
From the date of acquisition
(d) Financial information in respect of individually not material joint ventures/associates:
v crore
As at As at
Particulars
31-3-2025 31-3-2024
Aggregate carrying amount of investment in individually not material joint venture/associate 327.75 325.63
Aggregate amounts of the Group’s share of:
Profit/(loss) for the year 15.64 4.01
Other comprehensive income for the year 1.99 1.74
Total comprehensive income for the year 17.63 5.75
(e) Carrying amount of investments in joint ventures/associates:
v crore
As at As at
Particulars
31-3-2025 31-3-2024
Non-material associates 10.64 8.96
Non-material joint ventures 317.11 316.67
Sub-total 327.75 325.63
Material joint ventures 907.84 938.62
Material associates 1082.83 –
Total 2318.42 1264.25
(f) Share in profit/(loss) of joint ventures/associates (net):
v crore
Particulars 2024-25 2023-24
Non-material associates 2.44 0.90
Non-material joint ventures 13.20 3.11
Sub-total 15.64 4.01
Material joint ventures (32.24) (26.63)
Material associates 2.54 –
Total (14.06) (22.62)

651
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [44]
Disclosures pursuant to Indian Accounting Standard (Ind AS 103) “Business Combinations”:

(a) Acquisition of L&T Special Steels and Heavy Forgings Private Limited

(i) On February 18, 2025, the Parent Company acquired the balance 26% stake in L&T Special Steels and Heavy Forgings Private
Limited (LTSSHF). Post this transaction, LTSSHF became a wholly owned subsidiary of the Parent Company. It operates in the Hi-tech
Manufacturing segment.

(ii) The fair value of assets acquired and liabilities recognised on the date of acquisition are as follows:

v crore
Assets
Non-current assets
Property, Plant & Equipment 182.51
Capital work-in-progress 1.55
Other intangible assets 0.33
Other non -current assets 9.62 194.01
Current assets
Inventories 221.77
Trade receivables 312.61
Other current assets 31.63 566.01
Total Assets 760.02
Liabilities
Non-current Liabilities 13.77
Current Liabilities
Borrowings 629.94
Financial liabilities 63.28
Other current liabilities 50.26
Provisions 2.77 746.25
Total Liabilities 760.02
Net Assets acquired –

No Goodwill has been recognised on above acquistion.

The above transaction results into a gain of ¢ 459.94 crore on settlement of pre-existing relationship, in line with principles of Ind
AS 103. The gain is accounted as an exceptional item [Refer Note 48(a)].

(iii) The entity has reported revenue of ¢ 83.43 crore and profit after tax of ¢ 296.71 crore from the date of acquisition till March 31,
2025. Had the entity been acquired from April 1, 2024, they would have reported revenue of ¢ 617.33 crore and profit after tax of
¢ 303.89 crore during 2024-25.

(iv) Out of ¢ 312.61 crore of trade receivables acquired, ¢ 70.00 crore have been collected during the year.

652 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [44] (contd.)
(b) Acquisition of Intelliswift Software (India) Private Limited and Intelliswift Software Inc. (Consolidated)

(i) On January 3, 2025, L&T Technology Services Limited, a Subsidiary of the Company and L&T Technology Services LLC, a wholly-
owned subsidiary of L&T Technology Services Limited have acquired 100% stake in Intelliswift Software (India) Private Limited and
Intelliswift Software Inc. (Consolidated) respectively. These companies operate in the IT&TS segment.

(ii) The fair value of assets acquired and liabilities recognised on the date of acquisition are as follows:

v crore

Intelliswift Software Intelliswift Software

Particulars
(India) Private Limited Inc. (Consolidated)

Assets

Non-current assets

Property, plant and equipment 1.49 1.74

Right-of-use assets 12.39 –

Customer relationships 0.52 199.87

Tradename – 34.31

Deferred tax assets (net) 3.73 –

Other non-current assets 2.46 20.59 – 235.92

Current assets

Trade receivables 58.98 139.24

Cash and cash equivalents 3.60 22.99

Bank balances other than cash and cash equivalents 1.90 –

Other current assets 11.46 75.94 8.97 171.20

Total Assets 96.53 407.12

Liabilities

Non-current liabilities 17.89 –

Current liabilities

Trade payables 16.77 76.30

Other current liabilities & Provisions 11.85 25.36

Current tax liabilities (net) 2.07 30.69 0.14 101.80

Total Liabilities 48.58 101.80

Net Assets acquired 47.95 305.32

653
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [44] (contd.)
(iii) Calculation of Goodwill:
v crore
Intelliswift Intelliswift
Particulars Software (India) Software Inc.
Private Limited (Consolidated)
Cash consideration upfront (A) 84.89 653.60
Consideration Payable (Provisional) (B) – 141.54
Total (A+B) 84.89 795.14
Less: Fair value of net assets acquired 47.95 305.32
Goodwill 36.94 489.82
(iv) Goodwill is attributable to future growth of business out of synergies from the acquisition and assembled workforce. The Goodwill
of ¢ 36.94 crore is not deductible for income tax purposes in respect of acquisition of Intelliswift Software (India) Private Limited,
while Goodwill of ¢ 489.82 crore in the case of Intelliswift Software Inc. (Consolidated) is deductible for income tax purposes.
(v) Intelliswift Software (India) Private Limited has reported revenue of ¢ 47.61 crore and profit after tax of ¢ 3.95 crore from the date
of acquisition till March 31, 2025. Had the entity been acquired from April 1, 2024, it would have reported revenue of ¢ 190.43
crore and profit after tax of ¢ 15.78 crore during 2024-25.
Intelliswift Software Inc. (Consolidated) has reported revenue of ¢ 215.97 crore and profit after tax of ¢ 7.17 crore from the date of
acquisition till March 31, 2025. Had the entity been acquired from April 1, 2024, it would have reported revenue of ¢ 863.89 crore
and profit after tax of ¢ 28.67 crore during 2024-25.
(vi) In respect of Intelliswift Software (India) Private Limited, out of ¢ 59.21 crore of trade receivables acquired, substantial amount has
been collected till March 31, 2025.
In respect of Intelliswift Software Inc. (Consolidated), out of ¢ 139.38 crore of trade receivables acquired, substantial amount has
been collected till March 31, 2025.
(vii) The Group has recognised consideration payable in accordance with terms of share purchase agreement. The consideration of
¢ 158.70 crore is payable to the erstwhile promoters of Intelliswift Software Inc. (Consolidated) upon the achievement of financial
targets subject to finalisation of certain working capital adjustments. The change between provisional and final consideration will
be adjusted in Goodwill during measurement period.
(c) Acquisition of Siliconch Systems Private Limited
(i) On August 9, 2024, L&T Semiconductor Technologies Limited, a Wholly Owned Subsidiary (WOS) of Larsen & Toubro Limited has
acquired a 100% stake in SiliConch Systems Private Limited. Post this transaction, the said Company has now become a WOS of the
Group. SiliConch Systems Private Limited operates in the IT&TS segment.

(ii) The fair value of assets acquired and liabilities recognised on the date of acquisition are as follows:

v crore
Assets
Non-current assets
Property, plant and equipment 0.14
Intellectual property 141.74
Other intangible assets 17.28 159.16
Current assets
Trade receivables 0.89
Cash and cash equivalents 1.09
Bank balances other than cash and cash equivalents 2.03
Other assets 1.82 5.83
Total Assets 164.99

654 Integrated Annual Report 2024-25

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Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [44] (contd.)

v crore
Liabilities
Non- current liabilities
Provisions 0.73
Deferred Tax Liability (net) 0.37 1.10
Current liabilities
Borrowings 0.25
Trade payables 0.93
Other current liabilities and provisions 1.73 2.91
Total Liabilities 4.01
Net Assets acquired 160.98

(iii) Calculation of Goodwill:

v crore
Cash consideration upfront (A) 129.97
Fair value of Contingent consideration (B) 40.16
Total (A+B) 170.13
Less: Fair value of net assets acquired 160.98
Goodwill 9.15
(iv) Goodwill is attributable to future growth of business out of synergies from this acquisition. The goodwill is not deductible for
income tax purposes.
(v) The entity has reported revenue of v 5.31 crore and profit/(loss) after tax of v (10.95) crore from the date of acquisition till March
31, 2025. Had the entity been acquired from April 1, 2024, they would have reported revenue of v 13.36 crore and profit/(loss)
after tax of v (15.62) crore during 2024-25.
(vi) Acquired trade receivables of v 0.89 crore have been fully collected till March 31, 2025.

(vii) L&T Semiconductor Technologies Limited has recognised consideration payable in accordance with terms of share purchase
agreement. The consideration of ¢ 48.29 crore is payable to the erstwhile promoters of SiliConch Systems Private Limited upon the
achievement of certain targets and other conditions. The change between provisional and final consideration will be adjusted in
Goodwill during measurement period.

NOTE [45]
Disclosure pursuant to Ind AS 105 “Non-current Assets Held for Sale and Discontinued Operations”:

(a) Assets held for sale as at March 31, 2025, includes mainly building and plant & equipment of ¢ 157.44 crore situated at Faridabad,
Haryana. The asset forms part of Realty Business which is reported under “Others” segment.

(b) The Company entered into a Share Purchase Agreement dated December 16, 2022 to sell its stake in Epic Concesiones 3 Limited
(formerly known as L&T Infrastructure Development Projects Limited), a joint venture, primarily engaged in the development and
operation of toll roads and power transmission assets. As on March 31, 2024, the investment in the joint venture is of ¢ 1005.36 crore is
classified as “Held for Sale”. Subsequently, the Company completed the sale on April 10, 2024, consequent to completion of customary
conditions precedent as per the Share Purchase Agreement. The investment forms part of “Development Projects” segment.

655
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [46]
Disclosure pursuant to Ind AS 108 “Operating Segment”:

(a) Information about reportable segments:

v crore
2024-25 2023-24
Particulars Inter- Inter-
External Total External Total
segment segment
Revenue
Infrastructure Projects 129896.83 1417.69 131314.52 112550.76 1457.45 114008.21
Energy Projects 40668.18 20.99 40689.17 29538.91 31.99 29570.90
Hi-Tech Manufacturing 9695.14 485.72 10180.86 8195.95 569.34 8765.29
IT & Technology Services 47844.88 608.44 48453.32 44472.68 443.63 44916.31
Financial Services 15193.95 – 15193.95 13108.62 – 13108.62
Development Projects 5370.81 1.60 5372.41 5620.29 7.72 5628.01
Others 7064.66 751.74 7816.40 7625.70 867.19 8492.89
Total 255734.45 3286.18 259020.63 221112.91 3377.32 224490.23
Inter-segment revenue – (3286.18) (3286.18) – (3377.32) (3377.32)
Total 255734.45 – 255734.45 221112.91 – 221112.91
Segment result [Profit/(loss) before interest and tax]
Infrastructure Projects 6921.45 5720.93
Energy Projects 3137.07 2700.63
Hi-Tech Manufacturing 1459.05 1139.77
IT & Technology Services 7682.15 7658.79
Financial Services 3491.31 3028.41
Development Projects 757.16 1014.73
Others 1934.81 1507.70
Total 25383.00 22770.96
Inter-segment margins on capital jobs (116.53) (248.61)
Finance costs (3334.37) (3545.85)
Unallocated corporate income net of expenditure 1171.91 1447.00
Profit before exceptional items and tax 23104.01 20423.50
Exceptional items (net of tax) 474.78 93.61
Profit before tax 23578.79 20517.11
Tax expense:
Current tax (6100.82) (5127.70)
Deferred tax 209.42 180.31
Profit after tax 17687.39 15569.72
Share in profit/(loss) after tax of joint ventures/associates
(net) (14.06) (22.62)
Profit for the year 17673.33 15547.10
Non-controlling interest (2636.22) (2487.99)
Profit for the year attributable to Owners of the
Company 15037.11 13059.11

656 Integrated Annual Report 2024-25

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Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [46] (contd.)
(a) Information about reportable segments:
v crore
Segment assets Segment liabilities
Particulars As at As at As at As at
31-3-2025 31-3-2024 31-3-2025 31-3-2024
Infrastructure Projects 97183.24 97086.86 72180.50 73038.85
Energy Projects 29853.88 24833.09 27371.57 19041.27
Hi-Tech Manufacturing 13342.06 10280.09 11092.05 8926.79
IT & Technology Services 49124.05 43582.80 11420.88 10548.67
Financial Services 118627.16 100863.03 94750.56 79165.68
Development Projects 24608.87 26212.32 6546.11 7020.30
Others 16312.19 15215.84 7649.19 7240.61
Segment total 349051.45 318074.03 231010.86 204982.17
Unallocable 35248.15 27146.71 37885.06 37688.91
Inter-segment (4775.50) (5084.77) (4775.50) (5084.77)
Consolidated total 379524.10 340135.97 264120.42 237586.31
v crore
Depreciation, amortisation, Non-cash expenses other
impairment & obsolescence
than depreciation included
Particulars included in segment
expense in segment expense

2024-25 2023-24 2024-25 2023-24

Infrastructure Projects 1440.98 1262.73 42.41 48.14
Energy Projects 292.23 245.64 13.73 12.29
Hi-Tech manufacturing 222.37 196.84 8.21 7.60
IT & Technology Services 1633.72 1402.73 98.01 168.01
Financial Services 138.89 114.77 39.53 37.85
Development Projects 312.76 318.67 – –
Others 127.16 110.41 4.54 3.34
Segment total 4168.11 3651.79 206.43 277.23
Unallocable 106.70 101.69 16.17 20.40
Inter-segment (153.63) (71.15) – –
Consolidated total 4121.18 3682.33 222.60 297.63
Note: Impairment loss included in segment expense: Energy Projects segment: ¢ 1.58 crore (previous year: Nil).

657
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [46] (contd.)
(a) Information about reportable segments:
v crore
Profit/(loss) of
associates and joint
Interest income included in Finance costs included in ventures accounted
Particulars segment income segment expense applying equity
method not included
in segment result
2024-25 2023-24 2024-25 2023-24 2024-25 2023-24
Infrastructure Projects 153.82 68.86 150.91 231.60 1.36 3.97
Energy Projects 12.81 26.04 – – (20.73) (29.14)
Hi-Tech manufacturing 0.02 0.49 – – 3.91 3.93
IT & Technology Services 410.52 392.04 – – 2.54 –
Financial Services 547.06 467.80 5996.73 5377.19 – –
Development Projects 20.88 23.52 375.07 423.97 (1.13) (1.37)
Others 174.48 145.92 – – (0.01) (0.01)
Segment total 1319.59 1124.67 6522.71 6032.76 (14.06) (22.62)
Unallocable 1375.38 1719.00 (150.91) (231.60) – –
Inter-segment (223.66) (396.60) (69.57) (86.26) – –
Consolidated total 2471.31 2447.07 6302.23 5714.90 (14.06) (22.62)

v crore
Investment in associates and
Additions to non-current joint ventures accounted
assets applying equity method
Particulars
included in segment assets
As at As at
2024-25 2023-24
31-3-2025 31-3-2024
Infrastructure Projects 3721.15 2914.42 0.60 –
Energy Projects 955.79 1266.25 1127.59 1161.72
Hi-Tech manufacturing 618.77 558.96 106.81 102.90
IT & Technology Services 2833.37 3845.40 1083.42 –
Financial Services 323.33 145.99 – –
Development Projects 50.91 44.00 – (0.37)
Others 888.00 926.33 – –
Segment total 9391.32 9701.35 2318.42 1264.25
Unallocable 105.09 2228.96 – –
Inter-segment (799.01) (1437.77) – –
Consolidated total 8697.40 10492.54 2318.42 1264.25

658 Integrated Annual Report 2024-25

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Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [46] (contd.)
(b) Geographical information

v crore
Revenue [1]
Particulars
2024-25 2023-24
India (i) 128168.58 126027.04
Foreign countries (ii):
United States of America 33448.58 30881.10
Kingdom of Saudi Arabia 61002.04 40166.35
United Arab Emirates 9469.87 3160.74
Qatar 4160.25 2472.64
United Kingdom 2080.87 2172.29
Bangladesh 1188.69 1495.57
Sultanate of Oman 2373.87 1342.51
Algeria 114.82 664.19
Kuwait 1392.57 660.86
Other countries 12334.31 12069.62
Total foreign countries (ii) 127565.87 95085.87
Total (i+ii) 255734.45 221112.91
[1]
Geography wise break up of revenue is based on location of project other than service industries where it is based on location of customer.

v crore
Non-current assets
Particulars As at As at
31-3-2025 31-3-2024
India 50796.87 50127.31
Foreign countries 3088.65 2283.85
Total 53885.52 52411.16

(c) Revenue contributed by any single customer in any of the operating segments, whether reportable or otherwise, does not exceed 10%
of the Group’s total revenue.

(d) The identification of operating segments is consistent with performance assessment and resource allocation by the management.
(e) Segment reporting: basis of identifying operating segments, reportable segments and definition of each reportable segment:

(i) Basis of identifying operating segments:

Operating segments are identified as those components of the Group (a) that engage in business activities to earn revenues
and incur expenses (including transactions with any of the Group’s other components); (b) whose operating results are regularly
reviewed by the Group’s Corporate Executive Management to make decisions about resource allocation and performance
assessment; and (c) for which discrete financial information is available.

The Group has seven reportable segments [described under “segment composition”] which are the Group’s independent
businesses. The nature of products and services offered by these businesses are different and are managed separately given the
different sets of technology and competency requirements.

In arriving at the reportable segment, the seven operating segments have been aggregated and reported as “Infrastructure
Projects” as these operating segments have similar economic characteristics in terms of long term average gross margins, nature
of the products and services, type of customers, methods used to distribute the products and services and the nature of regulatory
environment applicable to them.

659
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [46] (contd.)
(ii) Reportable segments:

An operating segment is classified as reportable segment if reported revenue (including inter-segment revenue) or absolute amount
of result or assets exceed 10% or more of the combined total of all the operating segments.

(iii) Performance of a segment is measured based on segment profit (before interest and tax), as included in the internal management
reports that are reviewed by the Group’s Corporate Executive Management. The performance of financial services segment and
finance lease activities of power development segment are measured based on segment profit (before tax) after deducting the
interest expense.

The Segment Composition:

• Infrastructure Projects segment comprises engineering and construction of (a) building and factories, (b) transportation
infrastructure, (c) heavy civil infrastructure, (d) power transmission & distribution, (e) renewable, (f) water & effluent treatment
and (g) minerals and metals.
• Energy Projects segment comprises of (a) Hydrocarbon Onshore and Offshore businesses covering EPC solutions in oil &
gas, refineries, petrochemicals & offshore wind energy sectors, from front-end design through detailed engineering, modular
fabrication, procurement, project management, construction, installation and commissioning, (b) CarbonLite Solutions business
covering EPC solutions for power generation plants including power generation equipment with associated systems and/or
carbon capture utilisation & utility packages and (c) EPC solutions in green and clean energy space.
• Hi-Tech Manufacturing segment comprises design, manufacture/construct, supply and revamp/retrofit of (a) custom
designed, engineered critical equipment & systems to the process plant, nuclear energy and green hydrogen sectors (b) marine
and land platforms including related equipment & systems; aerospace products & systems; precision and electronic products &
systems for the defence, security, space and industrial sectors and (c) electrolysers.
• IT & Technology Services segment comprises (a) information technology and integrated engineering services (including
smart infrastructure & communication projects), (b) e-commerce/digital platforms, cloud services & data centres and (c)
semiconductor chip design.
• Financial Services segment primarily comprises retail finance.

• Development Projects segment comprises (a) development, operation and maintenance of metro project, including transit
oriented development, (b) toll roads (upto the date of divestment) and (c) power generation & development – (i) thermal
power and (ii) green energy.
• Others segment includes (a) realty, (b) manufacture and sale of industrial valves, (c) manufacture (upto the date of sale),
marketing and servicing of construction equipment, mining machinery and parts thereof, (d) manufacture and sale of
components of construction equipment and (e) manufacture and sale of rubber processing machinery. None of the businesses
reported as part of others segment meet any of the quantitative thresholds for determining reportable segments for the year
ended March 31, 2025.

660 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [47]
Disclosure pursuant to Ind AS 115 “Revenue from Contracts with Customers”:

(a) Disaggregation of revenue into operating segments and geographical areas:

v crore
2024-25
Revenue as per Ind AS 115 Total as per
Statement
Segment
Other revenue of Profit and
Domestic Foreign Total
Loss/Segment
report
Infrastructure Projects 75739.21 53810.10 129549.31 347.52 129896.83
Energy Projects 13899.37 26675.28 40574.65 93.53 40668.18
Hi-Tech Manufacturing 7620.76 2061.11 9681.87 13.27 9695.14
IT & Technology Services 3726.38 44118.50 47844.88 – 47844.88
Financial Services 0.37 – 0.37 15193.58 15193.95
Development Projects 4125.65 – 4125.65 1245.16 5370.81
Others 5963.06 881.26 6844.32 220.34 7064.66
Total 111074.80 127546.25 238621.05 17113.40 255734.45
v crore
2023-24
Revenue as per Ind AS 115 Total as per
Statement
Segment
Other revenue of Profit and
Domestic Foreign Total
Loss/Segment
report
Infrastructure Projects 78375.15 33813.10 112188.25 362.51 112550.76
Energy Projects 12074.71 17130.31 29205.02 333.89 29538.91
Hi-Tech Manufacturing 5636.37 2530.94 8167.31 28.64 8195.95
IT & Technology Services 3654.62 40818.06 44472.68 – 44472.68
Financial Services 0.84 – 0.84 13107.78 13108.62
Development Projects 4037.64 – 4037.64 1582.65 5620.29
Others 6794.47 746.90 7541.37 84.33 7625.70
Total 110573.80 95039.31 205613.11 15499.80 221112.91
(b) Break up of revenue into over a period of time and at a point in time:
v crore
Year Over a period of time At a point in time Total
2024-25 214110.40 24510.65 238621.05
2023-24 191680.32 13932.79 205613.11

661
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [47] (contd.)
(c) Movement in expected credit loss (“ECL”) during the year:

v crore
Provision on trade Provision on contract assets
Particulars receivables
2024-25 2023-24 2024-25 2023-24
Provision as at April 1 4593.65 4414.84 2024.69 1602.44
Changes in allowance for ECL:
Provision/(reversal) of allowance for ECL 595.70 332.45 11.18 427.52
Additional provision (net) 302.39 402.46 (2.45) (4.48)
Writen off as bad debts (524.71) (561.45) – –
Translation adjustment (0.28) 5.35 0.23 (0.79)
Provision as at March 31 4966.75 4593.65 2033.65 2024.69

(d) Contract balances:

(i) Movement in contract balances during the year:

v crore
2024-25 2023-24

Particulars Contract Contract Net contract Contract Contract Net contract

assets liabilities balances assets liabilities balances
(A) (B) (A-B) (A) (B) (A-B)
Balance as at April 1 60634.06 47372.49 13261.57 55951.05 38759.52 17191.53
Balance as at March 31 61626.14 57611.37 4014.77 60634.06 47372.49 13261.57
Net increase/(decrease) 992.08 10238.88 (9246.80) 4683.01 8612.97 (3929.96)

Note:
Decrease in net contract balances is primarily due to lower revenue recognition as compared to progress bills raised in both the
years.

(ii) Revenue recognised from opening balance of contract liabilities amounts to ¢ 16107.88 crore (previous year: ¢ 11846.91 crore).

(iii) Revenue recognised from the performance obligation satisfied (or partially satisfied) upto previous year (arising out of contract
modifications) amounts to ¢ 1369.62 crore (previous year: ¢ 940.22 crore).

(e) Cost to obtain/fulfil the contract:

(i) Amortisation in Statement of Profit and Loss: ¢ 22.93 crore (previous year: ¢ 31.84 crore).

(ii) Recognised as contract assets as at March 31, 2025: ¢ 110.48 crore (as at March 31, 2024: ¢ 80.78 crore).

662 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [47] (contd.)
(f) Reconciliation of contracted price with revenue during the year:

v crore
Particulars 2024-25 2023-24
Opening contracted price of orders on hand as at April 1 [1] 1139986.52 978212.48
Add:
Fresh orders/change orders received (net) 320378.94 278518.15
Increase due to additional consideration recognised as per contractual 11851.40 4015.43
terms/(decrease) due to scope reduction (net)
Addition/(deletion) on account of business combination/divestment 472.65 (306.26)
Increase/(decrease) due to exchange rate movements (net) and others 6703.73 3829.86
Less:
Orders completed during the year 107012.58 124283.14
Closing contracted price of orders on hand as at March 31 [1] 1372380.66 1139986.52
Total revenue recognised during the year 238621.05 205613.11
Less: Revenue out of orders completed during the year 33082.47 29418.23
Revenue out of orders under execution at the end of the year (i) 205538.58 176194.88
Revenue recognised upto previous year (from orders pending 562908.01 459443.34
completion at the end of the year) (ii)
Increase/(Decrease) due to exchange rate movements (net) (iii) (5005.29) (1339.81)
Balance revenue to be recognised in future viz. Order book (iv) 608939.36 505688.11
Closing contracted price of orders on hand as at March 31 [1] (i+ii+iii+iv) 1372380.66 1139986.52
[1]
including full value of partially executed contracts

(g) Outstanding performance and time for its expected conversion into revenue:

v crore
Time for expected conversion in revenue
Outstanding performance Total Upto Beyond
1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years
1 Year 5 years
As at March 31, 2025 608939.36 271918.79 179848.18 93847.88 37962.08 17143.40 8219.03
As at March 31, 2024 505688.11 219544.63 158114.25 67877.58 27805.89 12857.99 19487.77
(h) The Group has undertaken a project for construction, operation and maintenance of the Metro Rail System on Design-Build-Finance-
Operate-Transfer (DBFOT) basis as per the concession agreement with the government authorities. The significant terms of the
arrangement are as under:

Period of the concession Initial period of 35 years and extendable by another 25 years at the option of the concessionaire
subject to fulfilment of certain conditions under concession agreement. Considered further extension
of initial concession period by 7 years in terms of Article 29 of Concession Agreement.
Remuneration Fare collection rights from the users of the Metro Rail System, license to use land provided by the
government for constructing depots and for transit oriented development and earn lease rental
income on such development and grant of viability gap fund.
Funding from grantor Viability Gap Funding of ¢ 1458 crore.
Infrastructure return at the Being DBFOT project, the project assets have to be transferred at the end of concession period.
end of the concession period

663
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [47] (contd.)

Renewal and termination Further extension of 25 years will be granted at the option of the concessionaire upon satisfaction of
options Key Performance Indicators laid under the concession agreement. This option is to be exercised by the
concessionaire during the 33rd year of the initial concession period. Termination of the concession
agreement can either be due to (a) force majeure (b) non political event (c) Indirect political event
(d) political event. On occurrence of any of the above events, the obligations, dispute resolution,
termination payments etc are as detailed in the concession agreement.
Rights & Obligations Major obligations of the concessionaire are relating to:
(a) project agreements
(b) change in ownership
(c) issuance of Golden Share to the Government
(d) maintenance of aesthetic quality of the Rail System
(e) operation and maintenance of the rolling stock and equipment necessary and sufficient for
handling users equivalent to 110% of the Average PHPDT etc.
Major obligations of the Government are:
(a) providing required constructible right of way for construction of rail system and land required for
construction of depots and transit oriented development
(b) providing reasonable support and assistance in procuring applicable permits required for
construction
(c) providing reasonable assistance in obtaining access to all necessary infrastructure facilities and
utilities
(d) obligations relating to competing facilities
(e) obligations relating to supply of electricity etc.
Classification of service The service arrangement has been classified as a Service Concession Arrangement for a PPP project
arrangement as per Appendix C to Ind AS 115- Revenue from contracts with customers. Accordingly, construction
revenues and expenses are accounted during construction phase and intangible asset is recognised
towards rights to charge the users of the system.
Construction revenue ¢ 4.12 crore (previous year: ¢ 8.50 crore) [included in Note 47(a) above]
recognised

NOTE [48]
(a) Exceptional Items (net of tax) for 2024-25 represents:

The Parent Company entered into a Joint Venture Termination Agreement with Nuclear Power Corporation of India Limited (NPCIL) on
February 18, 2025 for purchase of NPCIL’s 26% equity and preference shareholdings in L&T Special Steels and Heavy Forgings Private
Limited (LTSSHF) and assignment of NPCIL loan to LTSSHF for a consideration of ¢ 170 crore. Pursuant to this, LTSSHF has become a
wholly owned subsidiary of the Parent and accordingly consolidated in the financial statements of the Group with effect from February
18, 2025. The exceptional item during the year ended March 31, 2025 of ¢ 474.78 crore represents (i) partial reversal of funded
resources impaired in earlier years: ¢ 459.94 crore [Note 44(a)] and (ii) reversal of provision towards constructive obligation: ¢ 14.84
crore.

(b) Exceptional Items (net of tax) for 2023-24 include:

(i) Gain on divestment of stake in Neelambur Madukkarai Tollway Limited (formerly known as L&T Transportation Infrastructure
Limited), a subsidiary of Epic Concesiones 3 Limited (formerly known as L&T Infrastructure Development Projects Limited) [L&T IDPL]:
¢ 60.56 crore.
(ii) Reversal of impairment of investment in L&T IDPL net off customary closing adjustments: ¢ 33.05 crore.

664 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [49]
Disclosure pursuant to Ind AS 1 ”Presentation of Financial Statements“:

(a) Current assets expected to be recovered within twelve months and after twelve months from the reporting date:
v crore
As at 31-3-2025 As at 31-3-2024
Sr. Within After Within After
Particulars Note
No. twelve twelve Total twelve twelve Total
months months months months
1 Inventories 11 5650.00 2020.55 7670.55 4255.68 2364.51 6620.19
2 Trade receivables 13 52693.55 1020.13 53713.68 47423.41 1347.55 48770.95
3 Other loans 17 416.85 – 416.85 106.54 – 106.54
4 Other financial assets 18 5342.05 77.84 5419.89 5415.40 148.51 5563.92
5 Other current assets 19 64702.69 10857.14 75559.83 54879.89 16511.14 71391.03
(b) Current liabilities expected to be settled within twelve months and after twelve months from the reporting date:
v crore
As at 31-3-2025 As at 31-3-2024
Sr. Within After Within After
Particulars Note
No. twelve twelve Total twelve twelve Total
months months months months
1 Lease liability 563.17 21.17 584.34 513.61 34.06 547.67
2 Trade payables:
Due to micro enterprises and small
enterprises 1399.71 17.94 1417.65 995.75 22.96 1018.71
Due to others 28 50276.29 765.40 51041.69 51532.67 741.50 52274.17
3 Other financial liabilities 29 6240.61 32.76 6273.37 7553.13 22.54 7575.67
4 Other current liabilities 30 54406.69 8920.28 63326.97 41953.10 10230.98 52184.08
5 Provisions 31 4450.02 241.65 4691.67 3853.82 262.07 4115.89

665
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [50]
Disclosure with regard to changes in liabilities arising from financing activities as required by Ind AS 7 “Statement of Cash Flows”:

v crore

Current
maturities Non-
Non-current Current Current
Sr. of long- current
Particulars borrowings borrowings lease Total
No. term lease
(Note 22) (Note 26) liability
borrowings liability
(Note 27)
i Balance as at 1-4-2023 61217.68 30896.32 26399.38 1646.31 490.75 120650.44
ii Additions to lease liability – – – 686.21 98.84 785.05
iii Changes from financing cash flows 22084.03 (2871.15) (23315.25) (275.10) (184.79) (4562.26)
iv Effect of changes in foreign exchange rates 34.16 6.12 0.01 21.32 27.33 88.94
v Interest accrued (net of interest paid) 819.62 (195.29) (516.85) 0.18 (0.18) 107.48
vi Other changes (transfer within categories) (27131.24) – 27131.24 (116.43) 116.43 –
vii De-recognition on termination/divestment – (1.73) – (227.71) (0.71) (230.15)
viii Classified as deferred government grant (517.28) – – – – (517.28)
ix Balance as at 31-3-2024 (ix = i to viii) 56506.97 27834.27 29698.53 1734.78 547.67 116322.22
x Additions to lease liability – – – 1063.69 186.41 1250.10
xi Changes from financing cash flows 37101.00 8297.43 (29683.70) (71.52) (490.91) 15152.30
xii Effect of changes in foreign exchange rates 4.22 – 57.82 (12.22) (0.06) 49.76
xiii Interest accrued (net of interest paid) 142.94 (265.22) (129.74) – – (252.02)
xiv Other changes (transfer within categories) (36251.79) – 36251.79 (417.47) 417.47 –
xv De-recognition/addition on termination/divestment/
business combination – (5.18) – (32.02) (76.24) (113.44)
xvi Balance as at 31-3-2025 (xvi = x to xv) 57503.34 35861.30 36194.70 2265.24 584.34 132408.92

Amounts reported in Statement of Cash Flows under financing activities:

v crore

Sr. No. Particulars 2024-25 2023-24

a Proceeds from non-current borrowings 38199.71 23125.43
b Repayment of non-current borrowings (30782.41) (24356.65)
c Proceeds from/(repayment of) other borrowings (net) 8297.30 (2871.15)
d Repayment of lease liability (562.30) (459.89)
e Total changes from financing cash flows (e = a to d) 15152.30 (4562.26)

666 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [51]
Disclosure pursuant to Ind AS 12 “Income Taxes”:

(a) Major components of tax expense/(income):

v crore

Sr.
Particulars 2024-25 2023-24
No.
Consolidated Statement of Profit and Loss:
(a) Profit and Loss section:
(i) Current income tax:
Current income tax expense 6249.57 5566.44
Effect of previously unrecognised tax losses and tax offsets used during the year (265.33) (311.90)
Tax expense of earlier years 116.58 (106.01)
6100.82 5148.53
(ii) Deferred tax:
Tax expense on origination and reversal of temporary differences (160.17) (182.58)
Effect of previously unrecognised tax losses and tax offsets on which deferred tax benefit is
recognised (49.25) 2.27
(209.42) (180.31)
Income tax expense/(income) [(i)+(ii)] 5891.40 4968.22
(b) Other comprehensive income section:
(i) Items that will not be reclassified to profit or loss:
(A) Current tax expense/(income):
On remeasurement of net defined benefit plans (68.28) 7.62
(68.28) 7.62
(B) Deferred tax expense/(income):
On remeasurement of net defined benefit plans (0.96) 0.99
(0.96) 0.99
(ii) Items that will be reclassified to profit or loss:
(A) Current tax expense/(income):
On gain/(loss) on cash flow hedges other than mark to market (46.65) (44.52)
On exchange differences in translating the financial statements of foreign operations (3.92) –
(50.57) (44.52)
(B) Deferred tax expense/(income):
On gain/(loss) on cost of hedging reserve 48.10 0.03
On mark to market gain/(loss) on cash flow hedges 53.03 165.88
On gain/(loss) on fair valuation of debt instruments 55.38 26.97
On exchange differences in translating the financial statements of foreign operations – (1.74)
156.51 191.14
Income tax expense/(income) [(i)+(ii)] 36.70 155.23

667
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [51] (contd.)
(b) Reconciliation of Income tax expense and accounting profit multiplied by domestic tax rate applicable in India:

v crore

Sr.
Particulars 2024-25 2023-24
No.
(a) Profit before tax (including exceptional items): 23578.79 20537.94
(b) Corporate tax rate as per Income Tax Act, 1961 25.17% 25.17%
(c) Tax on accounting profit [(c)=(a)*(b)] 5934.31 5168.99
(d) (i) Tax effect on Corporate Social Responsibility expenses, not tax deductible 81.84 69.03
(ii) Tax effect on impairment/(reversal) and fair valuation losses/(gains) recognised on which
deferred tax asset is not recognised (5.90) (140.82)
(iii) Tax effect of losses of current year on which no deferred tax asset is recognised 227.28 248.08
(iv) Effect of previously unrecognised tax losses used to reduce tax expense (314.58) (309.63)
(v) Effect of lower tax rate on capital gains (88.09) (15.06)
(vi) Tax expense of earlier years 116.58 (106.01)
(vii) Tax effect on various other Items (60.04) 53.64
Total effect of tax adjustments [(i) to (vii)] (42.91) (200.77)
(e) Tax expense recognised during the year [(e)=(c)+(d)] 5891.40 4968.22
(f) Effective tax rate [(f)=(e)/(a)] 24.99% 24.19%
(c) (i) Unused tax losses for which no deferred tax asset is recognised in Balance Sheet:

As at 31-3-2025 As at 31-3-2024
Particulars
v crore Expiry year v crore Expiry year
Tax losses (Business loss and unabsorbed depreciation)
- Amount of losses having expiry 5688.04 FY 2025-26 to 5155.05 FY 2024-25 to
FY 2032-33 FY 2031-32
- Amount of losses having no expiry 5224.94 NA 4667.98 NA
Tax losses (Capital loss) 6870.82 FY 2025-26 to 2629.33 FY 2024-25 to
FY 2031-32 FY 2031-32
Total 17783.80 12452.36
(ii) Unrecognised deductible temporary differences for which no deferred tax asset is recognised in Balance Sheet:

v crore
Sr. As at As at
Particulars
No. 31-3-2025 31-3-2024
(a) Towards provision for diminution in value of investments/loans 790.21 1929.03
(b) Arising out of upward revaluation of tax base of assets (on account of indexation
benefit*) – 4156.49
(c) Other items giving rise to temporary differences 1371.25 1371.25
Total 2161.46 7456.77
* Pursuant to amendment in Finance Act 2024, indexation benefit is no longer available on long term capital asset.

668 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [51] (contd.)
(d) Major components of deferred tax liabilities and deferred tax assets:

v crore

Charge/ Charge/ Debit/(credit)

Deferred tax Deferred tax
(credit) to (credit) to hedge Recognised
liabilities/ Effect due to Exchange liabilities/
Particulars Statement to Other reserve (other through Balance
(assets) as at disposal difference (assets) as at
of Profit and comprehensive than through Sheet
1-4-2023 31-3-2024
Loss income (OCI) OCI)

Deferred tax liabilities:

- Difference between book base and tax base

of property, plant and equipment, investment
property and intangible assets 2886.37 186.65 0.02 – – – 0.09 3073.13

- Disputed statutory liabilities paid and claimed

as deduction for tax purposes but not debited
to Statement of Profit and Loss 198.95 1.77 – – – – – 200.72

- Net gain/(loss) on derivative transactions to be

offered for tax purposes in the year of transfer/
settlement (1.72) (0.19) – 165.91 (4.48) – – 159.52

- Other items giving rise to temporary differences 732.15 70.96 – (0.19) – – 1.53 804.45

Deferred tax liabilities 3815.75 259.19 0.02 165.72 (4.48) – 1.62 4237.82

Offsetting of deferred tax liabilities with deferred

tax (assets) (3185.32) (3704.19)

Net deferred tax liabilities 630.43 533.63

Deferred tax (assets):

- Provision on expected credit loss (ECL) (2970.65) 294.09 3.44 – – – – (2673.12)

- Unpaid statutory liabilities (331.76) 33.62 0.88 – – – – (297.26)

- Unabsorbed depreciation (2688.82) (235.97) – – – – – (2924.79)

- Brought forward tax losses (26.73) 24.22 – – – – (0.26) (2.77)

- Unutilised MAT credit (176.20) (41.92) – – – 5.26 – (212.86)

- Other items giving rise to temporary differences (975.95) (513.54) 2.49 26.41 – 3.89 (0.41) (1457.11)

Deferred tax (assets) (7170.11) (439.50) 6.81 26.41 – 9.15 (0.67) (7567.91)

Offsetting of deferred tax (assets) with deferred tax

liabilities 3185.32 3704.19

Net deferred tax (assets) (3984.79) (3863.72)

Net deferred tax liability/(assets) (3354.36) (180.31) 6.83 192.13 (4.48) 9.15 0.95 (3330.09)

669
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [51] (contd.)

v crore

Charge/ Charge/ Debit/(credit)

Deferred tax Recognised Deferred tax
(credit) to (credit) to hedge
liabilities/ Effect due to through Exchange liabilities/
Particulars Statement to Other reserve (other
(assets) as at acquisition Balance difference (assets) as at
of Profit and comprehensive than through
31-3-2024 Sheet 31-3-2025
Loss income (OCI) OCI)

Deferred tax liabilities:

- Difference between book base and tax base

of property, plant and equipment, investment
property and intangible assets 3073.13 85.68 0.50 – – – (0.48) 3158.83

- Disputed statutory liabilities paid and claimed

as deduction for tax purposes but not debited
to Statement of Profit and Loss 200.72 60.33 – – – – – 261.05

- Net gain/(loss) on derivative transactions to be

offered for tax purposes in the year of transfer/
settlement 159.52 0.53 – 101.13 (0.03) – – 261.15

- Other items giving rise to temporary differences 804.45 76.74 4.51 (0.20) – – 8.18 893.68

Deferred tax liabilities 4237.82 223.28 5.01 100.93 (0.03) – 7.70 4574.71

Offsetting of deferred tax liabilities with deferred

tax (assets) (3704.19) (4164.70)

Net deferred tax liabilities 533.63 410.01

Deferred tax (assets):

- Provision on expected credit loss (ECL) (2673.12) (87.82) – – – – – (2760.94)

- Unpaid statutory liabilities (297.26) (109.45) – – – – – (406.71)

- Unabsorbed depreciation (2924.79) (172.82) – – – – – (3097.61)

- Brought forward tax losses (2.77) (96.76) – – – – – (99.53)

- Unutilised MAT credit (212.86) 59.14 – – – 0.05 – (153.67)

- Other items giving rise to temporary differences (1457.11) (24.99) (10.57) 54.62 – 3.89 (4.96) (1439.12)

Deferred tax (assets) (7567.91) (432.70) (10.57) 54.62 – 3.94 (4.96) (7957.58)

Offsetting of deferred tax (assets) with deferred tax

liabilities 3704.19 4164.70

Net deferred tax (assets) (3863.72) (3792.88)

Net deferred tax liability/(assets) (3330.09) (209.42) (5.56) 155.55 (0.03) 3.94 2.74 (3382.87)

670 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [52]
Disclosure pursuant to Ind AS 19 “Employee Benefits” [Note 1(II)(p)]:

(a) Defined contribution plans: ¢ 1776.86 crore (previous year: ¢ 1579.73 crore) has been incurred and is included in “Employee benefits
expense”.

(b) Defined benefit plans:

(i) The amounts recognised in Balance Sheet are as follows:

v crore
Post-retirement Trust-managed
Gratuity plan Pension plan
medical benefit plan provident fund plan
Particulars
As at As at As at As at As at As at As at As at
31-3-2025 31-3-2024 31-3-2025 31-3-2024 31-3-2025 31-3-2024 31-3-2025 31-3-2024
A) Present value of defined benefit obligation
– Wholly funded 2008.27 1572.21 – – – – 10727.71 9173.37
– Wholly unfunded 405.99 301.67 455.16 395.76 402.63 382.26 – –
2414.26 1873.88 455.16 395.76 402.63 382.26 10727.71 9173.37
Less: Fair value of plan assets 1531.52 1375.36 – – – – 11277.55 9596.45
Add: Amount not recognised as an asset
[limit in para 64(b)] 0.01 0.16 – – – – 549.84 423.08
Amount to be recognised as liability/(asset) 882.75 498.68 455.16 395.76 402.63 382.26 – –
B) Amounts reflected in the Balance Sheet:
Liabilities 882.75 499.06 455.16 395.76 402.63 382.26 140.44 119.63
Assets – (0.38) – – – – – –
Net liability/(asset) 882.75 498.68 455.16 395.76 402.63 382.26 140.44 [1] 119.63 [1]
Net liability/(asset) - Current 882.75 498.68 21.58 19.84 31.26 30.39 140.44 119.63
Net liability/(asset) - Non-current – – 433.58 375.92 371.37 351.87 – –
[1] Employer’s and employee’s contribution due towards Provident Fund.

(ii) The amounts recognised in Statement of Profit and Loss are as follows:

v crore
Post-retirement Trust-managed
Gratuity plan Pension plan
Particulars medical benefit plan provident fund plan
2024-25 2023-24 2024-25 2023-24 2024-25 2023-24 2024-25 2023-24
1 Current service cost 313.31 280.73 16.80 22.37 2.80 3.14 605.26 [2] 534.16 [2]
2 Interest cost 114.60 100.83 27.74 25.72 26.36 26.92 778.74 641.14
3 Interest income on plan assets (95.12) (80.13) – – – – (778.74) (641.14)
4 Actuarial (gains)/losses - Difference
between actual return on plan assets and
interest income (21.53) (48.31) – – – – (128.23) (243.28)
5 Actuarial (gains)/losses - Others 276.73 30.02 36.05 (15.23) 16.50 4.72 – –
6 Past service cost (4.81) 5.13 – 27.18 4.02 – – –
7 Actuarial gains/(losses) not recognised
in books – – – – – – 128.23 243.28
8 Translation adjustments (0.36) (0.38) – – – – – –
Total (1 to 8) 582.82 287.89 80.59 60.04 49.68 34.78 605.26 534.16
[2] Employer’s contribution to provident fund.

671
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [52] (contd.)

v crore
Post-retirement Trust-managed
Gratuity plan Pension plan
Particulars medical benefit plan provident fund plan
2024-25 2023-24 2024-25 2023-24 2024-25 2023-24 2024-25 2023-24
I. Amount included in “Employee benefits
expense” 308.23 285.52 16.80 49.55 6.82 3.14 605.26 534.16
II. Amount included as part of
“Manufacturing, construction and
operating expenses” 0.27 0.80 – – – – – –
III. Amount included as part of “Finance
costs” 19.12 19.86 27.74 25.72 26.36 26.92 – –
IV. Amount included as part of “Other
comprehensive income” 255.20 (18.29) 36.05 (15.23) 16.50 4.72 – –
Total (I+II+III+IV) 582.82 287.89 80.59 60.04 49.68 34.78 605.26 534.16
Actual return on plan assets 116.65 128.44 – – – – 906.97 884.42
(iii) The changes in the present value of defined benefit obligation representing reconciliation of opening and closing balances thereof
are as follows:

v crore
Post-retirement Trust-managed
Gratuity plan Pension plan
Particulars medical benefit plan provident fund plan
2024-25 2023-24 2024-25 2023-24 2024-25 2023-24 2024-25 2023-24
Opening balance of the present value of
defined benefit obligation 1873.88 1623.58 395.76 352.74 382.26 375.27 9173.37 6992.32
Add: Current service cost 313.31 280.73 16.80 22.37 2.80 3.14 605.26 [2] 534.16 [2]
Add: Interest cost 114.60 100.83 27.74 25.72 26.36 26.92 778.74 641.14
Add: Contribution by plan participants
- Employee – – – – – – 1020.70 920.17
Add/(less): Actuarial (gains)/losses arising
from changes in -
i) Demographic assumptions 213.60 (8.71) (3.84) (35.62) – – – –
ii) Financial assumptions 60.12 35.51 27.41 9.83 13.67 7.58 – –
iii) Experience adjustments 3.01 3.22 12.48 10.56 2.83 (2.86) – –
Less: Benefits paid (202.94) (166.94) (21.19) (16.76) (29.31) (27.79) (1388.36) (1081.79)
Add: Past service cost (4.81) 5.13 – 27.18 4.02 – – –
Add: Liabilities assumed/(transferred) 30.09 0.29 – (0.26) – – 534.15 1165.03
Add: Business combination/disposal 12.80 (2.84) – – – – – –
Add: Adjustment for earlier years – – – – – – 3.85 1.75
Add/(less): Translation/other adjustments 0.60 3.08 – – – – – 0.59
Closing balance of the present value of
defined benefit obligation 2414.26 1873.88 455.16 395.76 402.63 382.26 10727.71 9173.37
[2] Employer’s contribution to provident fund.

672 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [52] (contd.)
(iv) Changes in the fair value of plan assets representing reconciliation of the opening and closing balances thereof are as follows:

v crore
Trust-managed provident
Gratuity plan
Particulars fund plan
2024-25 2023-24 2024-25 2023-24
Opening balance of the fair value of the plan assets 1375.36 1094.48 9596.45 7165.44
Add: Interest income on plan assets [3] 95.12 80.13 778.74 641.14
Add/(Less): Actuarial gains/(losses) - Difference between
actual return on plan assets and interest income 21.53 48.31 128.23 243.28
Add: Contribution by the employer 203.74 273.85 596.14 528.76
Add: Contribution by plan participants – – 1023.13 934.54
Add: Assets assumed/(transferred) (1.78) (0.74) 534.15 1165.03
Add: Business combination/disposal (net) 2.07 (0.79) – –
Less: Benefits paid (154.75) (119.88) (1388.36) (1081.79)
Add: Adjustment for earlier years – – 9.07 0.05
Less: Translation/other adjustments (9.77) – – –
Closing balance of the plan assets 1531.52 1375.36 11277.55 9596.45
Notes: The fair value of the plan assets under the trust managed provident fund plan has been determined at amounts based on their value
at the time of redemption, assuming a constant rate of return to maturity.
[3] Basis used to determine interest income on plan assets:
The Trust formed by the Parent Company and a few subsidiaries manage the investments of provident funds and gratuity fund. Interest
income on plan assets is determined by multiplying the fair value of the plan assets by the discount rate stated in (vii) below both
determined at the start of the annual reporting period.”
The Group expects to fund ¢ 464.27 crore (previous year: ¢ 193.49 crore) towards its gratuity plan and ¢ 280.75 crore (previous year:
¢ 282.75 crore) towards its trust-managed provident fund plan during the year 2025-26.

(v) The fair value of major categories of plan assets are as follows:

v crore
Gratuity plan
Particulars As at 31-3-2025 As at 31-3-2024
Quoted Unquoted Total Quoted Unquoted Total
Cash and cash equivalents – 3.42 3.42 – 4.35 4.35
Equity instruments 43.05 – 43.05 46.51 – 46.51
Debt instruments - Corporate bonds 266.98 – 266.98 252.62 – 252.62
Debt instruments - Central Government bonds 129.27 – 129.27 134.93 – 134.93
Debt instruments - State Government bonds 216.23 – 216.23 210.18 – 210.18
Debt instruments - Public Sector Unit bonds 18.55 – 18.55 19.16 – 19.16
Mutual funds - Equity 38.96 87.97 126.93 36.61 73.85 110.46
Mutual funds - Debt – – – 2.25 4.01 6.26
Special deposit scheme – 1.48 1.48 – 1.48 1.48
Fixed deposits – 5.16 5.16 – 3.84 3.84
Insurer managed fund – 711.46 711.46 – 571.78 571.78
Others 1.02 7.97 8.99 0.58 13.21 13.79
Closing balance of the plan assets 714.06 817.46 1531.52 702.84 672.52 1375.36

673
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [52] (contd.)

v crore
Trust-managed provident fund plan
Particulars As at 31-3-2025 As at 31-3-2024
Quoted Unquoted Total Quoted Unquoted Total
Cash and cash equivalents – 13.27 13.27 – 12.22 12.22
Equity instruments 439.25 – 439.25 485.07 – 485.07
Debt instruments - Corporate bonds 3866.07 – 3866.07 3175.01 – 3175.01
Debt instruments - Central Government bonds 945.90 – 945.90 963.00 – 963.00
Debt instruments - State Government bonds 4233.98 – 4233.98 3358.65 – 3358.65
Debt instruments - Public Sector Unit bonds 137.49 – 137.49 334.97 – 334.97
Mutual funds - Equity 213.84 911.76 1125.60 193.57 611.72 805.29
Mutual funds - Debt – – – 27.30 6.68 33.98
Mutual funds - Others – – – 7.51 – 7.51
Special deposit scheme – 215.83 215.83 – 231.72 231.72
Fixed deposits – 9.53 9.53 – 1.36 1.36
InvIT instruments 271.54 – 271.54 165.43 – 165.43
Others 12.65 6.44 19.09 2.42 19.82 22.24
Closing balance of the plan assets 10120.72 1156.83 11277.55 8712.93 883.52 9596.45
(vi) The average duration (in number of years) of the defined benefit obligation at the Balance Sheet date is as follows:

Plans As at 31-3-2025 As at 31-3-2024

1. Gratuity 5.97 5.57
2. Post-retirement medical benefit plan 12.50 12.13
3. Pension plan 7.37 7.26
(vii) Principal actuarial assumptions at the Balance Sheet date (expressed as weighted average):

Plans As at 31-3-2025 As at 31-3-2024

(A) Discount rate:
(a) Gratuity plan 6.60% 7.15%
(b) Post-retirement medical benefit plan 6.60% 7.15%
(c) Pension plan 6.60% 7.15%
(B) Annual increase in healthcare costs 0% 0%
(C) Salary growth rate:
(a) Gratuity plan 6.97% 6.71%
(b) Pension plan 9.00% 9.00%
(D) Attrition rate for various age groups:

(a) For gratuity plan, the entity wise attrition rate varies from 1% to 48% (previous year: 1% to 48%).

(b) For post-retirement medical benefit plan, the entity wise attrition rate varies from 1% to 23% (previous year: 1% to
30%).

(c) For pension plan, the entity wise attrition rate varies from 0% to 2% (previous year: 0% to 2%).

(E) The estimates of future salary increases, considered in actuarial valuation, take into account inflation, seniority, promotion and
other relevant factors, such as supply and demand in the employment market.

(F) The interest payment obligation of trust-managed provident fund is expected to be adequately covered by the interest income
on long term investments of the fund. Any shortfall in the interest income over the interest obligation is recognised in the
Statement of Profit and Loss as actuarial losses.

(G) The obligation of the Group under the post-retirement medical benefit plan is limited to the overall ceiling limits.

674 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [52] (contd.)
(H) A one percentage point change in actuarial assumptions would have the following effects on defined benefit obligation:
v crore
Effect of 1% increase Effect of 1% decrease
Particulars As at As at As at As at
31-3-2025 31-3-2024 31-3-2025 31-3-2024
Gratuity
Impact of change in salary growth rate 142.79 101.44 (130.48) (93.05)
Impact of change in discount rate (129.29) (92.23) 144.55 102.29
Post-retirement medical benefit plan
Impact of change in health care cost 10.23 8.24 (10.48) (9.10)
Impact of change in discount rate (52.56) (44.42) 65.50 55.12
Pension plan
Impact of change in discount rate (27.51) (25.84) 31.44 29.46
(viii) Characteristics of defined benefit plans and associated risks:
(A) Gratuity plan:
The Parent Company operates gratuity plan through a trust whereby every employee is entitled to the benefit equivalent to
fifteen days salary last drawn for each completed year of service. The same is payable to vested employees at retirement, death
while in employment or on termination of employment. The benefit vests after five years of continuous service. The Company’s
scheme is more favourable as compared to the obligation under The Payment of Gratuity Act, 1972.
The defined benefit plans for gratuity of the Parent Company and material domestic subsidiary companies are administered by
separate gratuity funds that are legally separate from the Parent Company and the material domestic subsidiary companies.
The trustees nominated by the Group are responsible for the administration of the plans. There are no minimum funding
requirements of these plans. The funding of these plans is based on gratuity fund’s actuarial measurement framework set
out in the funding policies of the plan. These actuarial measurements are similar compared to the assumptions set out in (vii)
above. An insignificant portion of the gratuity plan of the Group attributable to subsidiary companies is administered by the
respective subsidiary companies and is funded through insurer managed funds. A part of the gratuity plan is unfunded and
managed within the Group. Further, the unfunded portion also includes amounts payable in respect of the Group’s foreign
operations which result in gratuity payable to employees engaged as per the local laws of country of operation. Employees do
not contribute to any of these plans.
(B) Post-retirement medical care plan:
The post-retirement medical benefit plan provides for reimbursement of health care costs to certain categories of employees
post their retirement. The reimbursement is subject to an overall ceiling sanctioned based on cadre of the employee at the
time of retirement. The plan is unfunded. Employees do not contribute to the plan.
(C) Pension plan:
In addition to contribution to State-managed pension plan (EPS scheme), the Group operates a post-retirement pension
scheme, which is discretionary in nature for certain cadres of employees. The quantum of pension depends on the cadre of the
employee at the time of retirement. The plan is unfunded. Employees do not contribute to the plan.

(D) Trust-managed provident fund plan:

The Parent Company and a few subsidiaries manage provident fund plan through a provident fund trust for its employees
which is permitted under The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The plan mandates
contribution by employer at a fixed percentage of employee’s salary. Employees also contribute to the plan at a fixed
percentage of their salary as a minimum contribution and additional sums at their discretion. The plan guarantees interest
at the rate notified by the provident fund authority. The contribution by employer and employee together with interest are
payable at the time of separation from service or retirement whichever is earlier. The benefit under this plan vests immediately
on rendering of service.
Any loss/gain arising out of the investment risk and actuarial risk associated with the plan is also recognised as expense or
income in the period in which such loss/gain occurs.
All the above defined benefit plans expose the Group to general actuarial risks such as interest rate risk and market
(investment) risk.

675
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [53]
Disclosure pursuant to Ind AS 20 “Accounting for Government Grants and Disclosure of Government Assistance”:
During the year, the Group has recognised the Government Grants as below:
v crore
Particulars 2024-25 2023-24
(i) Income/reduction from underlying expenses recognised towards export incentives, duty drawback and
other schemes 177.35 98.38
(ii) Benefit towards employee benefit expenses for COVID-19 pandemic – 1.59
(iii) Tax credit for Research & Development in foreign jurisdiction(s) 7.59 4.46
(iv) Incentives under the Investment Promotion Scheme for manufacturing facility 2.26 1.38
NOTE [54]
Disclosure of related parties/related party transactions pursuant to Ind AS 24 “Related Party Disclosures”:
(a) List of related parties:
(i) Name of associate entities with whom transactions were carried out during the year:
Associate entities:
1 Magtorq Private Limited 2 Magtorq Engineering Solutions Private Limited[1]
3 Larsen & Toubro Qatar & HBK Contracting Co. WLL[2] 4 L&T Camp Facilities LLC[2]
5 Indian Foundation For Quality Management[3]
[1]
Divested w.e.f September 27, 2024 [2]
Under liquidation
[3] Acquired on September 19, 2024 and ceased to be an associate on December 16, 2024
(ii) Name of joint venture entities with whom transactions were carried out during the year:
Joint Venture entities:
1 EPIC Concesiones 3 Limited (formerly known as L&T 2 Palanpur-Swaroopgunj Road Project Limited (formerly known
Infrastructure Development Projects Limited)[5] as L&T Interstate Road Corridor Limited)[5]
3 Ahmedabad ‐ Maliya Tollway Limited[5] 4 Hydrocarbon Arabia Limited Company[1]
5 Panipat Elevated Corridor Limited[5] 6 Rajkot - Vadinar Tollway Limited (formerly known as L&T
Rajkot‐Vadinar Tollway Limited)[5]
7 Vadodara Bharuch Tollway Limited[5] 8 Deccan Tollways Limited (formerly known as L&T Deccan
Tollways Limited)[5]
9 Samkhiali Bhachau Gandhidham Tollway Limited 10 Kudgi Transmission Limited[5]
(formerly known as L&T Samakhiali Gandhidham
Tollway Limited)[5]
11 Sambalpur - Rourkela Tollway Limited (formerly known 12 Neelambur Madukkarai Tollway Limited (formerly known as
as L&T Sambalpur‐Rourkela Tollway Limited)[5] L&T Transportation Infrastructure Limited)[5]
13 L&T - MHI Power Boilers Private Limited 14 L&T - MHI Power Turbine Generators Private Limited
15 L&T‐Sargent & Lundy Limited 16 L&T Howden Private Limited
17 L&T Sapura Shipping Private Limited 18 L&T Offshore Private Limited (formerly known as L&T
Sapura Offshore Private Limited)[3]
19 L&T Special Steels and Heavy Forgings Private Limited[7] 20 L&T MBDA Missile Systems Limited
21 Raykal Aluminium Company Private Limited 22 L&T Infrastructure Engineering Limited and LEA Associates
South Asia Private Limited JV LLP[4]
23 GH4India Private Limited[2] 24 Rewin Infrastructure Limited[5]
25 L&T Hydrocarbon Caspian LLC[6] 26 LTIM Aramco Digital Solutions for Information Technology[8]
[1]
Incorporated on June 19, 2023 [2]
Incorporated on August 25, 2023
[3] Merged with Larsen & Toubro Limited w.e.f. April 1, 2024 [4]
Divested w.e.f January 3, 2024
[5] Divested w.e.f April 10, 2024 [6]
Liquidated w.e.f September 25, 2023
[7] Reclassified as a Wholly Owned Subsidiary of Larsen & Toubro Limited [8]
Incorporated on November 22, 2024
w.e.f February 18, 2025 due to purchase of balance stake

676 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [54] (contd.)
(iii) Name of post-employment benefit plans with whom transactions were carried out during the year:
(A) Provident Fund Trusts:
1 Larsen & Toubro Officers & Supervisory Staff Provident 2 Larsen & Toubro Limited Provident Fund of 1952
Fund
3 Larsen & Toubro Limited Provident Fund 4 L&T Kansbahal Officers & Supervisory Provident Fund
5 L&T Kansbahal Staff & Workmen Provident Fund 6 L&T Construction Equipment Employees Provident Fund Trust
7 L&T Valves Employees Provident Fund 8 L&T Energy Hydrocarbon Engineering Staff Provident Fund
(B) Gratuity Trusts:
1 Larsen & Toubro Officers & Supervisors Gratuity Fund 2 Larsen & Toubro Gratuity Fund
3 L&T Technology Services Limited Employee Group 4 Nabha Power Limited Employees’ Group Gratuity Assurance
Gratuity Scheme Scheme
5 LTIMindtree Employees’ Group Gratuity Assurance 6 LTIMindtree Limited Employees Gratuity Fund Trust
Scheme
7 L&T Valves Workmen Gratuity Trust 8 L&T Energy Hydrocarbon Engineering Officers and
Supervisors Gratuity Fund
(C) Superannuation Trust:
1 Larsen & Toubro Limited Senior Officers’ Superannuation Scheme
(iv) Name of Key Management Personnel (of the Parent Company) and close members of their family with whom transactions were
carried out during the year:
(A) Executive Directors:
1 Mr. S. N. Subrahmanyan[1] (Chairman & Managing Director) 2 Mr. R. Shankar Raman (President, Whole‐time Director &
Chief Financial Officer)
3 Mr. Subramanian Sarma (Deputy Managing Director and 4 Mr. D. K. Sen (Whole‐time Director)[2]
President)
5 Mr. M. V. Satish (Whole‐time Director)[3] 6 Mr. S. V. Desai (Whole‐time Director)
7 Mr. T. Madhava Das (Whole-time Director) 8 Mr. Anil Parab (Whole-time Director)
[1] Designated as Chairman w.e.f October 1, 2023 [2]
Ceased w.e.f April 7, 2023 on account of completion of term
[3] Ceased w.e.f April 07, 2024 on account of completion of term
(B) Non-executive/Independent Directors:
1 Mr. A. M. Naik[1] 2 Mr. M. M. Chitale[2]
3 Mr. M. Damodaran[2] 4 Mr. Vikram Singh Mehta[2]
5 Mr. Adil Zainulbhai[3] 6 Mr. Sanjeev Aga
7 Mr. Narayanan Kumar 8 Mr. Hemant Bhargava[6]
9 Ms. Preetha Reddy 10 Mr. Pramit Jhaveri
11 Mr. Rajnish Kumar[4] 12 Mr. Jyoti Sagar[4]
13 Mr. Ajay Tyagi[5] 14 Mr. P. R. Ramesh[5]
15 Mr. Siddhartha Mohanty [7]
[1] Ceased to be Non-executive Chairman w.e.f September 30, 2023 Ceased w.e.f March 31, 2024 on account of completion of term
[2]

Ceased w.e.f. May 28, 2024

[3] [4]
Appointed w.e.f May 10, 2023 [5]
Appointed w.e.f October 31, 2023
[6] Ceased w.e.f. May 27, 2024 [7]
Appointed w.e.f. May 28, 2024
(C) Company Secretary
1 Mr. Sivaram Nair A
(D) Close Member of Key Management Personnel’s (KMP’S) family:
1 Ms.Meena Subrahmanyan 2 Ms.Vasanti Narayanan
3 Mr. S.N. Venkataramanan 4 Ms. Harsha
5 Mr.Ajinkya Anil Parab 6 Ms.Sulabha Anil Parab
7 Ms. Shital Ajinkya Parab 8 Ms.Bhagyasree Joshi
9 Ms. Tanya Mallavarapu 10 Ms.Kalavathi S Desai
11 Mr.Anand V Desai 12 Ms.Mukeeta Pramit Jhaveri
13 Mr.Raghavendra V Desai 14 Ms. Toral Sanjay Chinai
15 Mr.Harshad Reddy 16 Ms. Shashikala Narayan Sarang
17 Mr. Karthik Anand Reddy 18 Mr. Ashwin Shete
(v) Entity with common Key Managerial Personnel with whom transactions were carried out during the year:
1 LTIMindtree Foundation (Formerly known as Mindtree Foundation)

677
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [54] (contd.)
(b) Disclosure of related party transactions:
v crore
2024-25 2023-24
Sr. Amounts Amounts
Nature of transaction/relationship/major parties
No. Amount for major Amount for major
parties parties
(i) Purchase of goods & services (including commission paid)
Joint ventures, including: 666.26 870.37
L&T - MHI Power Boilers Private Limited 180.21 332.06
L&T - MHI Power Turbine Generators Private Limited 9.43 32.48
L&T Special Steels and Heavy Forgings Private Limited 447.67 457.43
Associates, including: 34.16 28.30
Magtorq Private Limited 34.16 28.30
Total 700.42 898.67
(ii) Sale of goods/contract revenue & services
Joint ventures, including: 17.88 40.10
L&T - MHI Power Boilers Private Limited 10.11 23.56
L&T Special Steels and Heavy Forgings Private Limited 3.11 9.99
L&T MBDA Missile Systems Limited 4.66 4.69
Total 17.88 40.10
(iii) Purchase/lease of property, plant and equipment
Joint venture: 2.45 0.42
L&T - MHI Power Boilers Private Limited 2.45 –
L&T - MHI Power Turbine Generators Private Limited – 0.42
Total 2.45 0.42
(iv) Investment as equity/Contribution towards equity
Joint ventures, including: 5.04 1.66
L&T - MHI Power Turbine Generators Private Limited 1.26 –
GH4India Private Limited – 1.00
Hydrocarbon Arabia Limited Company 3.19 0.66
LTIM Aramco Digital Solutions for Information Technology 0.59
Associates, including: 12.50 –
Indian Foundation For Quality Management 12.50 –
Total 5.04 1.66
(v) Sale/Redemption of investments
Joint ventures, including: – 129.26
EPIC Concesiones 3 Limited (formerly known as L&T Infrastructure – 128.88
Development Projects)
Total – 129.26
(vi) Inter-corporate deposits repaid by
Joint venture: – 151.72
L&T Sapura Shipping Private Limited – 151.72
Total – 151.72
(vii) Inter-corporate borrowing taken from
Joint ventures: 435.55 557.16
L&T-MHI Power Turbine Generators Private Limited 435.55 224.16
L&T MBDA Missile Systems Limited – 333.00
Total 435.55 557.16

678 Integrated Annual Report 2024-25

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Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [54] (contd.)

v crore
2024-25 2023-24
Sr. Amounts Amounts
Nature of transaction/relationship/major parties
No. Amount for major Amount for major
parties parties
(viii) Inter-corporate borrowing repaid to
Joint ventures: 641.87 551.56
L&T-MHI Power Turbine Generators Private Limited 477.87 220.56
L&T MBDA Missile Systems Limited 164.00 331.00
Total 641.87 551.56
(ix) Charges paid for miscellaneous services
Joint ventures, including: 3.72 9.04
L&T-Sargent & Lundy Limited 1.88 7.83
L&T - MHI Power Boilers Private Limited 1.78 1.15
Total 3.72 9.04
(x) Rent paid, including lease rentals under leasing
arrangements
Joint ventures, including: 170.79 182.27
L&T Sapura Shipping Private Limited 145.15 164.58
L&T - MHI Power Turbine Generators Private Limited 20.66 13.58
Total 170.79 182.27
(xi) Rent received, overheads recovered and miscellaneous
income
Joint ventures, including: 60.68 74.18
L&T - MHI Power Boilers Private Limited 23.23 28.83
L&T-Sargent & Lundy Limited 14.20 12.61
L&T - MHI Power Turbine Generators Private Limited 10.72 9.42
L&T Special Steels and Heavy Forgings Private Limited 6.53 6.67
EPIC Concesiones 3 Limited (formerly known as L&T Infrastructure
Development Projects) – 7.84
Total 60.68 74.18
(xii) Charges recovered for deputation of employees to related parties
Joint ventures: 7.04 9.71
EPIC Concesiones 3 Limited (formerly known as L&T Infrastructure
Development Projects) – 0.92
L&T Special Steels and Heavy Forgings Private Limited 1.23 1.03
L&T Sapura Shipping Private Limited 5.81 7.76
Total 7.04 9.71
(xiii) Dividend received from
Joint ventures, including: 27.27 132.57
EPIC Concesiones 3 Limited (formerly known as L&T Infrastructure – 112.24
Development Projects Limited)
L&T Howden Private Limited 15.03 12.02
L&T-Sargent & Lundy Limited 12.24 5.57
Total 27.27 132.57
(xiv) Buyback of shares from
Key Management Personnel, including: – 20.14
Mr. R. Shankar Raman – 10.20
Mr. Subramanian Sarma – 5.47
Mr. Anil Parab – 3.20
Close member of KMP’s family, including: – 2.62
Ms. Meena Subrahmanyan – 2.61
Total – 22.76

679
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [54] (contd.)
v crore
2024-25 2023-24
Sr. Amounts Amounts
Nature of transaction/relationship/major parties
No. Amount for major Amount for major
parties parties
(xv) Dividend Paid
Key Management Personnel, including: 5.52 4.93
Mr. A.M Naik – 1.88
Mr. R. Shankar Raman 1.42 0.99
Mr. S. N. Subrahmanyan 3.01 0.80
Mr. Subramanian Sarma 0.52 0.53
Close member of KMP’s family, including: 0.33 0.32
Ms. Meena Subrahmanyan 0.29 0.25
Total 5.85 5.25
(xvi) Guarantee charges recovered from
Joint venture: 10.20 0.67
Hydrocarbon Arabia Limited Company 9.62 –
L&T - MHI Power Turbine Generators Private Limited 0.58 0.67
Total 10.20 0.67
(xvii) Guarantee given on behalf of
Joint ventures: 139.74 –
L&T MHI Power Turbine Generators Private Limited 139.74 –
Total 139.74 –
(xviii) Interest paid to
Joint ventures: 4.95 12.82
L&T MBDA Missile Systems Limited 0.93 11.64
L&T - MHI Power Turbine Generators Private Limited 4.02 1.18
Total 4.95 12.82
(xix) Interest received from
Joint ventures: 9.84 81.22
L&T Special Steels and Heavy Forgings Private Limited – 4.84
Kudgi Transmission Limited – 58.31
L&T Sapura Shipping Private Limited 9.84 18.07
Total 9.84 81.22
(xx) Amount written off as bad debts
Joint venture: – 20.37
L&T - MHI Power Boilers Private Limited – 20.37
Total – 20.37
(xxi) Allowance/(reversal) for expected credit loss
Joint ventures, including: (0.22) (27.32)
L&T - MHI Power Boilers Private Limited 0.03 (22.41)
L&T-MHI Power Turbine Generators Private Limited (0.35) 0.12
Raykal Aluminium Company Private Limited – 0.01
L&T-Sargent & Lundy Limited (0.05) 0.02
GH4India Private Limited 0.18 –
Total (0.22) (27.32)
(xxii) Amount recognised in Profit or Loss on account of impairment/(reversal
of impairment) loss on investment and reversal of provision towards
constructive obligation
Joint venture: (474.78) (33.05)
EPIC Concesiones 3 Limited (formerly known as L&T Infrastructure – (33.05)
Development Projects)
L&T Special Steels and Heavy Forgings Private Limited (474.78) –
Associates, including: 12.50 –
Indian Foundation For Quality Management 12.50 –
Total (462.28) (33.05)

680 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [54] (contd.)
v crore
2024-25 2023-24
Sr. Amounts Amounts
Nature of transaction/relationship/major parties
No. Amount for major Amount for major
parties parties
(xxiii) Donation given
Entity with common Key Management Personnel: 87.80 81.70
LTIMindtree Foundation (Formerly known as Mindtree Foundation) 87.80 81.70
Total 87.80 81.70
(xxiv) Contribution to post employment benefit plan
(A) Towards Employer’s contribution to provident fund trusts, including: 600.11 533.53
Larsen & Toubro Officers & Supervisory Staff Provident Fund 585.46 516.34
Total 600.11 533.53
(B) Towards Employer’s contribution to gratuity fund trusts, including: 183.91 261.98
Larsen & Toubro Officers & Supervisors Gratuity Fund 43.38 123.95
LTIMindtree Employees’ Group Gratuity Assurance Scheme 94.37 94.57
L&T Technology Services Limited Employee Group Gratuity Scheme 39.49 30.50
Total 183.91 261.98
(C) Towards Employer’s contribution to superannuation trust: 20.61 16.09
Larsen & Toubro Limited Senior Officers’ Superannuation Scheme 20.61 16.09
Total 20.61 16.09
“Major parties” denote entities accounting for 10% or more of the aggregate for that category of transaction during respective year.

(xxiv) Compensation/benefits to Key Management Personnel (KMP):

v crore
2024-25 2023-24
ESOP
Short term Post Short term Post
Key Management Personnel Other Long Other long granted
employee employment Total employee employment Total
benefits term benefit term benefit during the
benefits benefits benefits
year[5]
Executive Directors:
(i) Remuneration excluding commission
(a) Mr. S. N. Subrahmanyan 45.82 12.30 – 58.12 39.15 10.50 – 32.40 82.05
(b) Mr. R. Shankar Raman 28.31 7.60 – 35.91 24.26 6.50 – – 30.76
(c) Mr. Subramanian Sarma 24.74 6.63 – 31.37 20.81 5.57 – – 26.38
(d) Mr. D. K. Sen – – – – 0.21 15.31 [1] 6.94 [2] – 22.46
(e) Mr. M. V. Satish 0.22 17.05 [1] 13.58 [2] 30.85 10.53 2.78 – – 13.31
(g) Mr. S. V. Desai 15.82 4.22 – 20.04 14.82 3.95 – 9.26 28.03
(h) Mr. Anil Parab 11.87 3.16 – 15.03 9.85 2.61 – – 12.46
(i) Mr. T. Madhava Das 18.98 5.08 – 24.06 14.47 3.86 – – 18.33
Non-executive/Independent Directors:
(j) Remuneration
(a) Mr. A. M. Naik – – – – 4.14 1.5 [3] – – 5.64
(b) Other Non-executive/Independent 6.33 – – 6.33 5.76 – – – 5.76
Directors
Company Secretary
(a) Mr. Sivaram Nair A 1.85 0.02 – 1.87 1.70 0.02 – – 1.72
Total 153.94 56.06 13.58 223.58 145.70 52.60 6.94 41.66 246.90
[1] Post retirement benefits include gratuity ¢ 16.99 crore [2]
Represents encashment of past service accumulated leave
[3] Represents pension [4]
Post retirement benefits include gratuity ¢ 15.25 crore
[5] Represents fair value of ESOPs granted during the year which will be vested equally over a period of 4 years.

681
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [54] (contd.)
(c) Amount due to/from related parties (including commitments):
v crore
As at 31-3-2025 As at 31-3-2024
Sr. Amounts Amounts
Category of balance/relationship/major parties
No. Amount for major Amount for major
parties parties
(i) Accounts receivable
Joint ventures, including: 25.72 29.37
L&T - MHI Power Boilers Private Limited 15.41 17.79
L&T Special Steels and Heavy Forgings Private Limited – 3.19
GH4India Private Limited 3.56 –
L&T-Sargent & Lundy Limited 2.77 2.66
Associate: 0.23 0.23
Larsen & Toubro Qatar & HBK Contracting Co. WLL 0.23 0.23
Total 25.95 29.60
(ii) Accounts payable including other payable
Joint ventures, including: 759.47 1288.16
L&T - MHI Power Boilers Private Limited 498.14 750.63
L&T - MHI Power Turbine Generators Private Limited 195.38 268.01
L&T Special Steels and Heavy Forgings Private Limited – 210.84
Associates, including: 14.14 5.89
Magtorq Private Limited 13.78 5.51
Total 773.61 1294.05
(iii) Investment in debt securities [including preference shares
(debt portion)]
Joint ventures: – 949.43
L&T Special Steels and Heavy Forgings Private Limited* – 213.17
Kudgi Transmission Limited# – 736.26
Total – 949.43
* Before set-off of losses under equity accounting
#
Secured
(iv) Loans & advances recoverable
Joint ventures, including: 266.12 2036.29
L&T Special Steels and Heavy Forgings Private Limited* – 1790.93
L&T Sapura Shipping Private Limited 220.79 208.23
Associates: 19.31 7.13
L&T Camp Facilities LLC 0.29 2.58
Magtorq Private Limited 19.01 4.54
Total 285.43 2043.42
* Before set-off of losses under equity accounting and impairment
(v) Impairment/provision of loans & advances recoverable
Joint ventures, including: 0.88 1139.90
Raykal Aluminium Company Private Limited 0.88 0.87
L&T Special Steels and Heavy Forgings Private Limited – 1139.03
Total 0.88 1139.90
(vi) Provision towards constructive obligation
Joint venture: – 14.84
L&T Special Steels and Heavy Forgings Private Limited – 14.84
Total – 14.84
(vii) Unsecured loans taken
Joint ventures: 1.28 207.68
L&T MBDA Missile Systems Limited – 164.06
L&T - MHI Power Turbine Generators Private Limited 1.28 43.62
Total 1.28 207.68

682 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [54] (contd.)
v crore
As at 31-3-2025 As at 31-3-2024
Sr. Amounts Amounts
Category of balance/relationship/major parties
No. Amount for major Amount for major
parties parties
(viii) Advances from customers
Joint ventures, including: 0.46 2.39
L&T - MHI Power Boilers Private Limited 0.46 2.39
Key Management Personnel, including: 1.31
Mr. Anil Parab 1.31
Close member of KMP’s family: – 0.11
Ms. Meena Subrahmanyan – 0.11
Total 1.77 2.50
(ix) Due to Key Management Personnel [a]: 137.43 125.36
Key Management Personnel, including:
Mr. A. M. Naik – 1.22
Mr. S. N. Subrahmanyan 41.58 35.28
Mr. R. Shankar Raman 25.73 21.83
Mr. D. K. Sen – 0.18
Mr. M. V. Satish 0.18 8.57
Mr. Subramanian Sarma 22.37 18.56
Mr. S. V. Desai 14.29 13.41
Mr. T. Madhava Das 17.45 13.06
Mr. Anil Parab 10.55 8.62
Total 137.43 125.36
(x) Provision towards unspent CSR expenses
Entity with common Key Management Personnel: 4.40 0.90
LTIMindtree Foundation (Formerly known as Mindtree 4.40 0.90
Foundation)
Total 4.40 0.90
(xi) Post employment benefit plans
(A) Due to provident fund trusts, including: 142.22 138.71
Larsen & Toubro Officers & Supervisory Staff Provident Fund 138.03 134.57
Total 142.22 138.71
(B) Due to gratuity trusts, including: 470.69 182.73
Larsen & Toubro Officers & Supervisors Gratuity Fund 258.18 44.12
L&T Technology Services Limited Employee Group Gratuity 39.28 39.42
Scheme
LTIMindtree Employees’ Group Gratuity Assurance Scheme 147.26 94.37
Larsen & Toubro Gratuity Fund 24.91 3.45
Total 470.69 182.73
(C) Due to superannuation fund: 19.82 17.93
Larsen & Toubro Limited Senior Officers’ Superannuation 19.82 17.93
Scheme
Total 19.82 17.93
(xii) Revenue commitment given
Joint ventures, including: 300.40 1028.34
L&T - MHI Power Boilers Private Limited 227.76 570.11
L&T Special Steels and Heavy Forgings Private Limited – 370.22
L&T Howden Private Limited 33.73 68.47
Associates, including: 65.74 31.76
Magtorq Private Limited 65.74 31.76
Total 366.14 1060.10

[a]
includes commission due to other Non‐executive directors ¢ 5.17 crore (previous year: ¢ 4.63 crore)

683
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [54] (contd.)
v crore
As at 31-3-2025 As at 31-3-2024
Sr. Amounts Amounts
Category of balance/relationship/major parties
No. Amount for major Amount for major
parties parties
(xiii) Revenue commitment received
Joint ventures, including: 5.47 15.48
L&T - MHI Power Boilers Private Limited 5.47 10.68
L&T MBDA Missile Systems Limited – 4.80
Key Management Personnel, including: 8.29 –
Mr. Anil Parab 8.29 –
Close Member of KMP’s family: – 7.68
Ms. Meena Subrahmanyan – 7.68
Total 13.76 23.16
(xiv) Provision for expected credit loss
Joint ventures, including: 0.34 2.74
L&T - MHI Power Boilers Private Limited 0.15 0.12
L&T - MHI Power Turbine Generators Private Limited 0.01 0.36
EPIC Concesiones 3 Limited (formerly known as L&T – 0.45
Infrastructure Development Projects)
Total 0.34 2.74
(xv) Guarantees given on behalf of
Joint ventures, including: 231.08 243.22
L&T - MHI Power Turbine Generators Private Limited 211.67 210.56
Total 231.08 243.22
“Major parties” denote entities accounting for 10% or more of the aggregate for that category of balance during respective year.

Note: 1. All the related party contracts/arrangements have been entered into on arm’s length basis.
2. The amount of outstanding balances as shown above are unsecured and will be settled/recovered in cash.
3. The interest rate charged on loans given to related parties are as per market rates.

NOTE [55]
Basic and Diluted Earnings per share [EPS] computed in accordance with Ind AS 33 ”Earnings per Share”:

Particulars 2024-25 2023-24

Basic EPS
Profit after tax (¢ crore) A 15037.11 13059.11
Weighted average number of equity shares outstanding B 1,374,993,122 1,389,817,026
Basic EPS (¢) A/B 109.36 93.96
Diluted EPS
Profit after tax (¢ crore) A 15037.11 13059.11
Weighted average number of equity shares outstanding B 1,374,993,122 1,389,817,026
Add: Weighted average number of potential equity shares on account of employee C
stock options 1,046,884 1,233,876
Weighted average number of equity shares outstanding for diluted EPS D=B+C 1,376,040,006 1,391,050,903
Diluted EPS (¢) A/D 109.28 93.88
Face value per share (¢) 2.00 2.00

684 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [56]
Disclosure pursuant to Ind AS 37 “Provisions, Contingent Liabilities and Contingent Assets”:

(a) Movement in provisions:

v crore
Class of provisions
Expected Contractual
Sr. tax liability Litigation- rectification
Particulars Product Onerous
No. in respect related cost- Total
warranties Contracts
of indirect obligations construction
taxes contracts
1 Balance as at 1-4-2024 20.87 333.51 528.35 777.53 750.46 2410.72
2 Additional provision during the year 4.64 53.92 36.12 385.13 297.02 776.83
3 Provision used during the year (2.27) (0.56) – (73.44) (279.96) (356.23)
4 Unused provision reversed during the year (5.34) (2.39) (20.35) (170.26) (92.99) (291.33)
5 Translation adjustments – – – 0.65 1.39 2.04
6 Addition on account of business combination – – – – 2.07 2.07
7 Balance as at 31-3-2025 (1 to 6) 17.90 384.48 544.12 919.61 677.99 2544.10

Breakup of provisions:
v crore
Particulars Note 24 Note 31 Total
Balance as at 1-4-2024 245.69 2165.03 2410.72
Balance as at 31-3-2025 310.56 2233.54 2544.10

(b) Nature of provisions:

(i) Product warranties: The Group gives warranties on certain products and services, undertaking to repair or replace the items that fail
to perform satisfactorily during the warranty period.

Provision made as at March 31, 2025 represents the amount of the expected cost of meeting such obligations of rectification/
replacement. The timing of the outflows is expected to be within a period of three years from the date of Balance Sheet.

(ii) Expected tax liability in respect of indirect taxes represents mainly the differential sales tax liability on account of non-collection of
declaration forms and liability for goods and services tax, customs duty and excise duty.

(iii) Provision for litigation-related obligations represents liabilities that are expected to materialise in respect of matters in appeal.
(iv) Contractual rectification cost represents the estimated cost the Group is likely to incur during defect liability period as per the
contract obligations and in respect of completed construction contracts accounted under Ind AS 115 “Revenue from contracts with
customers”.

(v) Onerous contracts provision includes provision for foreseeable losses on construction contracts wherever it was probable that total
contract costs will exceed total contract price.

(vi) It is not practicable to estimate the timings of cash outflows, if any, in respect of provisions (ii) to (v).

(c) Disclosure in respect of contingent liabilities is given in Note 32.

685
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [57]
Research & Development

The expenditure on research and development activities is as follows:

v crore
Sr.
Particulars 2024-25 2023-24
No.
(i) Recognised as expense in the Statement of Profit and Loss 236.52 187.43
(ii) Capital expenditure on:
(a) tangible assets 2.40 5.61
(b) intangible assets being expenditure on new product development – 58.79
(c) other intangible assets 28.34 1.32
(iii) Expenditure Customer Funded 1.89 –

NOTE [58]
Disclosure pursuant to Ind AS 107 “Financial Instruments: Disclosures”: Market risk management

(a) Foreign exchange rate and interest rate risk:

The Group regularly reviews its foreign currency and interest rate related exposures - both hedged and open. The Group primarily
follows cash flow hedge accounting for Highly Probable Forecasted Exposures (HPFE), hence, the movement in mark to market (MTM)
of the hedge contracts undertaken for such exposures is likely to be offset by contra movements in the underlying exposures values.
However, till the point of time that the HPFE becomes an on-balance sheet exposure, the changes in MTM of the hedge contracts will
impact the Balance Sheet of the Group. Further, given the effective horizons of the Group’s risk management activities which coincide
with the duration of the projects under execution, which could extend across 3-4 years and given the business uncertainties associated
with the timing and estimation of the project exposures, the recognition of the gains and losses related to these instruments may not
always coincide with the timing of gains and losses related to the underlying economic exposures and, therefore, may affect the Group’s
financial condition and operating results. The Group monitors the potential risk arising out of the market factors like exchange rates,
interest rates, price of traded investment products etc. on a regular basis. For on-balance sheet exposures, the Group monitors the risks
on net unhedged exposures.
(i) Foreign exchange rate risk:

The Group has both receivable and payable exposure in foreign currency. Accordingly, changes in exchange rates, may adversely
affect the Group’s revenue, cost and profitability. There is a risk that the Group may also have to adjust local currency product
pricing due to competitive pressures when there has been significant volatility in foreign currency exchange rates.
The Group may enter foreign currency forward and option contracts with financial institutions to protect against foreign exchange
risks associated with existing assets and liabilities, firmly committed transactions, forecasted future cash flows and net investments
in foreign subsidiaries. In addition, the Group has entered, and may enter in the future, into non-designated foreign currency
contracts to partially offset the foreign currency exchange gains and losses on its foreign-denominated debt issuances. The Group’s
practice is to hedge a portion of its material net foreign exchange exposures with tenors in line with the project/business life cycle.
The Group may also choose not to hedge certain foreign exchange exposures.

686 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [58] (contd.)
The net exposure to foreign currency risk (based on notional amount) in respect of recognised financial assets, recognised financial
liabilities and derivatives for major currencies is as follows:

v crore
As at 31-3-2025
Particulars US Dollar including
EURO British Pound Canadian Dollar Japanese Yen Kuwaiti Dinar
pegged currencies
Net exposure to foreign currency risk in respect of recognised financial assets/
(recognised financial liabilities) 6432.45 (940.79) 359.33 564.80 (87.53) (86.14)
Derivatives including embedded derivatives for hedging receivable/(payable)
exposure with respect to non-financial assets/(non-financial liabilities) 10.43 – – – – 11.59
Derivatives including embedded derivatives for hedging receivable/(payable)
exposures with respect to firm commitments and highly probable forecast
transactions 28914.40 (11276.84) 114.59 (2.26) 1438.65 1069.94
Receivable/(payable) exposures with respect to forward contracts and embedded
derivatives not designated as cash flow hedge (1970.81) (44.63) (73.89) – 7.17 –

v crore
As at 31-3-2024
Particulars US Dollar including
EURO British Pound Canadian Dollar Japanese Yen Kuwaiti Dinar
pegged currencies
Net exposure to foreign currency risk in respect of recognised financial assets/
(recognised financial liabilities) 982.08 627.16 88.55 (433.05) (134.53) 137.81
Derivatives including embedded derivatives for hedging receivable/(payable)
exposure with respect to non-financial assets/(non-financial liabilities) 208.69 (331.95) – – (11.01) –
Derivatives including embedded derivatives for hedging receivable/(payable)
exposures with respect to firm commitments and highly probable forecast
transactions 43047.38 (15828.85) (55.54) – 1442.30 490.23
Receivable/(payable) exposures with respect to forward contracts and embedded
derivatives not designated as cash flow hedge 1221.52 (424.23) 2.36 – 10.27 –
To provide a meaningful assessment of the foreign currency risk associated with the Group’s foreign currency derivative positions
against off-balance sheet exposures and unhedged portion of on-balance sheet financial assets and liabilities, the Group uses a
multi-currency correlated value-at-risk (“VAR”) model. The VAR model uses a Monte Carlo simulation to generate thousands of
random market price paths for foreign currencies against Indian Rupee taking into account the correlations between them. The
VAR is the expected loss in value of the exposure due to overnight movement in spot exchange rates, at 95% confidence interval.
The VAR model is not intended to represent actual losses but is used as a risk estimation tool. The model assumes normal market
conditions and is a historical best fit model. Because the Group uses foreign currency instruments for hedging purposes, the loss in
fair value incurred on those instruments is generally offset by increase in the fair value of the underlying exposures for on-balance
sheet exposures. The overnight VAR for the Group at 95% confidence level is ¢ 102.14 crore as at March 31, 2025 and ¢ 140.87
crore as at March 31, 2024.

Actual future gains and losses associated with the Group’s investment portfolio and derivative positions may differ materially from
the sensitivity analysis performed as at March 31, 2025 due to the inherent limitations associated with predicting the timing and
amount of changes in foreign currency exchange rates and the Group’s actual exposures and position.

(ii) Interest rate risk:

The Group’s exposure to changes in interest rates relates primarily to the Group’s outstanding floating rate debt and lending. The
Group’s outstanding debt in local currency is a combination of fixed rate and floating rate. For the portion of local currency debt
on fixed rate basis, there is no interest rate risk. For the portion of local currency debt on floating rate basis, there exists a natural
hedge with receivables in respect of financial services business. There is a portion of debt that is linked to international interest rate
benchmarks like SOFR. The Group also hedges a portion of these risks by way of derivative instruments.

The exposure of the Group’s borrowing to interest rate changes is ¢ 24480.39 crore (as at March 31, 2024 ¢ 24652.62 crore).

687
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [58] (contd.)
A hypothetical 50 basis point shift in respective currency SOFR and other benchmarks, holding all other variables constant, on the
unhedged loans would result in a corresponding increase/decrease in interest cost for the Group on a yearly basis as follows:
v crore
Increase/(decrease) in Profit after tax Increase/(decrease) in Equity
Particulars
2024-25 2023-24 As at 31-3-2025 As at 31-3-2024
INR loans given (net of INR borrowings)
Interest rates - increase by 0.50% in INR interest rate 13.82 3.72 13.82 3.72
Interest rates - decrease by 0.50% in INR interest rate (13.82) (3.72) (13.82) (3.72)
USD (including pegged currencies) borrowings
Interest rates - increase by 0.50% in USD interest rate (1.85) (10.20) (1.85) (10.20)
Interest rates - decrease by 0.50% in USD interest rate 1.85 10.20 1.85 10.20
(b) Liquidity risk management:
The Group manages liquidity risk by maintaining sufficient cash and marketable securities and by having access to funding through an
adequate committed credit lines. Given the need to fund diverse businesses, the Group maintains flexibility by needbased drawing from
committed credit lines. Management regularly monitors the position of cash and cash equivalents. The maturity profiles of financial
assets/liabilities including debt financing plans and liquidity ratios are considered while reviewing the liquidity position.

The Group’s investment policy and strategy are focused on preservation of capital and supporting the Group’s liquidity requirements. The
Group uses a combination of internal and external tools to execute its investment strategy and achieve its investment objectives. The
Group typically invests in money market funds, large debt funds, Government of India securities, equity and equity marketable securities
and other highly rated securities under an exposure limit framework. The investment policy focusses on minimising the potential risk
of principal loss. To provide a meaningful assessment of the price risk associated with the Group’s investment portfolio, the Group
performed a sensitivity analysis to determine the impact of change in price of the securities on the value of the investment portfolio
assuming a 0.50% movement in the fair market value of debt funds and debt securities and a 5% movement in the NAV of the equity
and equity marketable securities as below:
v crore
Increase/(decrease) in investment value
Particulars
As at 31-3-2025 As at 31-3-2024
Debt funds and debt securities - increase by 0.50% in fair market value 142.63 101.58
Debt funds and debt securities - decrease by 0.50% in fair market value (142.63) (101.58)
Equity and equity marketable securities - increase by 5% in NAV 4.67 8.90
Equity and equity marketable securities - decrease by 5% in NAV (4.67) (8.90)
The investments in money market funds are for the purpose of liquidity management only and hence not subject to any material price
risk.

(c) Credit risk management:

(i) Financial services business:
Financial services business has a risk management framework that monitors and ensures that the business lines operate within
the defined risk appetite and risk tolerance levels defined by the management. Risk management function is closely involved in
management and control of credit risk, portfolio monitoring, market risks including liquidity risk and operational risks. The credit
risk function independently evaluates proposals based on well-established sector specific internal frameworks, in order to identify,
mitigate and allocate risks as well as to enable risk-based pricing of assets. Regulatory and process risks are identified, mitigated
and managed by a separate group. Risk management policies are made under the guidance of Risk Management Committee and
are approved by Board of Directors.
(ii) Other than financial services business:
The Group’s customer profile include public sector enterprises, state owned companies and large private corporates. Accordingly,
the Group’s customer credit risk is low. The Group’s average project execution cycle is around 24 to 36 months. General payment
terms include mobilisation advance, monthly progress payments with a credit period ranging from 45 to 90 days and certain
retention money to be released at the end of the project. In some cases, retentions are substituted with bank/corporate guarantees.
The Group has a detailed review mechanism of overdue customer receivables at various levels within organisation to ensure proper
attention and focus for realisation.

688 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [58] (contd.)
(iii) Reconciliation of loss allowance provision for financial services business - Loans:
v crore
Particulars Stage 1 Stage 2 Stage 3 Total
Loss allowance as at 1-4-2023 1176.65 366.04 1743.32 3286.01
New assets originated or purchased 993.25 68.54 177.98 1239.77
Amount written off – (13.37) (947.49) (960.86)
Transfers to Stage 1 25.53 (13.13) (12.40) –
Transfers to Stage 2 (6.24) 13.30 (7.06) –
Transfers to Stage 3 (15.28) (72.22) 87.50 –
Impact on year end ECL of exposure transferred between stages during
the year (25.17) 103.60 1008.72 1087.15
Increase/ (Decrease) in provision on existing financial assets (Net of
recovery) (824.44) (30.73) (258.71) (1113.88)
Loss allowance as at 31-3-2024 1324.30 422.03 1791.86 3538.19
New assets originated or purchased 712.20 89.11 289.44 1090.75
Amount written off – – (2382.15) (2382.15)
Transfers to Stage 1 21.29 (9.84) (11.45) –
Transfers to Stage 2 (17.48) 23.83 (6.35) –
Transfers to Stage 3 (50.06) (113.44) 163.50 –
Impact on year end ECL of exposure transferred between stages during
the year (21.01) 246.27 2142.86 2368.12
Increase/ (Decrease) in provision on existing financial assets (Net of
recovery) (917.38) (189.12) 28.79 (1077.71)
Loss allowance as at 31-3-2025 1051.86 468.84 2016.50 3537.20
(iv) Reconciliation of allowance for expected credit loss (“ECL”) on trade receivables (other than financial services business):
v crore
Particulars 2024-25 2023-24
Provision as at April 1 4593.65 4414.84
Changes in allowance for ECL:
Provision/(reversal) of allowance for ECL 595.70 332.45
Additional provision (net) 302.39 402.46
Write off as bad debts (524.71) (561.45)
Translation adjustment (0.28) 5.35
Provision as at March 31 (Note 13) 4966.75 4593.65
(v) Amounts written off:
v crore
Particulars 2024-25 2023-24
Amount of financial assets written off during the year but still enforceable 2512.13 947.78

(d) Commodity price risk management:

The Group bids for and executes EPC projects. These projects entail procurement of various equipment and materials which may have
direct or indirect linkages to commodity prices like steel (both long and flat steel), copper, aluminium, zinc, lead, nickel, cement etc.
Accordingly, the Group is exposed to the price risk on these commodities. To mitigate the risk of commodity prices, the Group relies on
contractual provisions like pass through of prices, price variation provisions and further uses hedging instruments where available [Note
59 (k)(iii)]. There is a certain residual risk carried by the Group that cannot be hedged.

The Group is also exposed to contingent risk on account of commodity price movements that may not be fully offset by contractual
provisions in the projects that it has bid for but which are not awarded yet. Commodity prices have been volatile and have witnessed
substantial two-way movements during the financial year. This may impact the margin on projects where the Group has submitted bids
on a firm price basis. However, for projects where the Group is eligible for an adjustment, based on price variation clause, the actual
impact will depend on the exact project wins and the relative contractual provisions therein.

689
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [59]
Other disclosure pursuant to Ind AS 107 “Financial Instruments: Disclosures”:

(a) Category-wise classification for applicable financial assets:

v crore
Sr. As at As at
Particulars Note
No. 31-3-2025 31-3-2024
I. Measured at Fair Value through Profit or Loss (FVTPL):
(a) Mandatorily measured:
(i) Investment in equity shares 6,12 170.46 140.35
(ii) Investment in preference shares 6,12 168.78 130.25
(iii) Investment in mutual funds and units of fund 6,12 14538.94 11414.96
(iv) Investment in government securities, debentures and bonds 6,12 383.55 553.03
(v) Derivative instruments not designated as cash flow hedges 9,18 56.19 20.66
(vi) Embedded derivatives not designated as cash flow hedges 9,18 229.14 113.47
(vii) Investment in security receipts 6 5862.44 6769.51
(viii) Investment in Invit 6,12 4328.97 2694.57
Sub-total (a) 25738.47 21836.80
(b) Designated:
(i) Loans 16 2130.59 4861.56
Sub-total (b) 2130.59 4861.56
Sub-total (I = a+b) 27869.06 26698.36
II. Measured at amortised cost:
(i) Loans 7,8,16,17 97560.08 82689.79
(ii) Investment in government securities, debentures, bonds and CBLO 6,12 3632.05 2922.22
(iii) Investment in commercial paper 12 589.82 937.25
(iv) Treasury Bills and other Investments 6,12 3834.18 5860.95
(v) Trade receivables 13 53713.68 48770.95
(vi) Other recoverable 18 1576.93 2790.22
(vii) Unbilled revenue 18 1898.23 1416.41
(viii) Cash and cash equivalents and bank balances 9,14,15,18 23461.91 16031.82
(ix) Other receivables 1844.57 1300.64
Sub-total (II) 188111.45 162720.25
III. Measured at Fair Value through Other comprehensive income (FVTOCI):
(c) Mandatorily measured:
(i) Investment in government securities, debentures and bonds 6,12 18891.67 12925.39
(ii) Investment in preference shares 6 34.99 34.99
(iv) Derivative instruments designated as cash flow hedges 9,18 1104.08 1144.31
(v) Embedded derivative designated as cash flow hedges 9,18 77.22 56.86
Sub-total (c) 20107.96 14161.55
(d) Designated: .
(i) Investment in equity shares 6 51.00 0.10
Sub-total (d) 51.00 0.10
Sub-total (III = c+d) 20158.96 14161.65
Total (I+II+III) 236139.47 203580.26

690 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [59] (contd.)
(b) Category-wise classification for applicable financial liabilities:
v crore
Sr. As at As at
Particulars Note
No. 31-3-2025 31-3-2024
I. Measured at Fair Value through Profit or Loss (FVTPL):
(i) Derivative instruments not designated as cash flow hedges 23,29 20.05 32.86
(ii) Embedded derivatives not designated as cash flow hedges 23,29 22.02 20.55
(iii) Contingent consideration 183.19 10.22
Sub-total (I) 225.26 63.63
II. Measured at amortised cost:
(i) Borrowings 22,26,27 129559.34 114039.77
(ii) Trade payables:
Due to micro enterprises and small enterprises 1417.65 1018.71
Due to others 28 51041.69 52274.17
(iii) Lease liability 2849.58 2282.45
(iv) Others 5766.76 7275.89
Sub-total (II) 190635.02 176890.99
III. Measured at Fair Value through Other comprehensive income (FVTOCI):
(i) Derivative instruments designated as cash flow hedges 23,29 476.19 310.93
(ii) Embedded derivatives designated as cash flow hedges 23,29 56.31 21.09
Sub-total (III) 532.50 332.02
IV. Financial guarantee contracts 23,29 1.03 0.20
Total (I+II+III+IV) 191393.81 177286.84
(c) Items of income, expenses, gains or losses related to financial instruments:

v crore
Sr.
Particulars 2024-25 2023-24
No.
I. Net gains/(losses) on financial assets and financial liabilities measured at Fair Value through Profit
or Loss (FVTPL) and amortised cost:
A. Financial asset or financial liabilities measured at FVTPL:
1. Gains/(losses) on fair valuation or sale of investments 1116.04 698.90
2. Gains/(losses) on fair valuation or sale of investments and loans (Financial Services) 164.18 (431.46)
3. Gains/(losses) on fair valuation/settlement of derivative:
(a) Gains/(losses) on fair valuation or settlement of forward contracts not designated as
cash flow hedges (56.55) 97.76
(b) Gains/(losses) on fair valuation or settlement of embedded derivative contracts not
designated as cash flow hedges 191.33 18.72
(c) Gains/(losses) on fair valuation or settlement of futures not designated as cash flow
hedges 36.65 (6.18)
Sub-total (A) 1451.65 377.74
B. Financial assets measured at amortised cost:
(i) Exchange difference gains/(losses) on revaluation or settlement of items denominated in
foreign currency (trade receivables, loans given etc.) 362.50 (8.09)
(ii) (Allowance)/reversal for expected credit loss (ECL) during the year (2789.06) (1650.85)
(iii) (Provision)/reversal for impairment loss (other than ECL) [net] 96.99 (306.42)
(iv) Gains/(losses) on derecognition:
(a) Bad debts written off (net) (46.11) (104.09)
(b) Gains/(losses) on transfer of financial assets (including non-recourse basis) (292.93) (473.42)
Sub-total (B) (2668.61) (2542.87)

691
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [59] (contd.)
v crore
Sr.
Particulars 2024-25 2023-24
No.
C. Financial liabilities measured at amortised cost:
(i) Exchange difference gains/(losses) on revaluation or settlement of items denominated in
foreign currency (trade payables, borrowing availed etc.) (327.41) (80.04)
(ii) Unclaimed credit balances written back 267.42 575.54
Sub-total (C) (59.99) 495.50
Total (I = A+B+C) (1276.95) (1669.63)
II. Net gains/(losses) on financial assets and financial liabilities measured at fair value through Other
comprehensive income (FVTOCI):
A. Gains recognised in Other comprehensive income:
(i) Financial assets measured at FVTOCI:
(a) Gains/(losses) on fair valuation or sale of government securities, bonds, debentures etc. 328.49 159.44
(ii) Derivative measured at FVTOCI:
(b) Gains/(losses) on fair valuation or settlement of forward contracts designated as cash
flow hedges (82.07) 383.83
(c) Gains/(losses) on fair valuation or settlement of embedded derivative contracts
designated as cash flow hedges (20.55) (13.72)
Sub-total (A) 225.87 529.55
Less:
B. Gains reclassified to Profit and Loss from Other comprehensive income
(i) Financial assets measured at FVTOCI:
(a) On government securities, bonds, debentures etc. upon sale 17.07 32.63
(ii) Derivative measured at FVTOCI:
(b) On forward contracts upon hedged future cash flows affecting the Profit and Loss or
related assets or liabilities (102.72) 91.94
(c) On embedded derivative contracts upon hedged future cash flows affecting the Profit
and Loss or related assets or liabilities 15.80 16.89
Sub-total (B) (69.85) 141.46
Net gains recognised in Other comprehensive income (A-B) 295.72 388.09
III. Interest and other income/expense:
A. Dividend income:
(i) Dividend income from investments measured at FVTPL 117.05 96.25
(ii) Dividend income from Joint Venture (classified as held for sale) – 112.24
Sub-total (A) 117.05 208.49
B. Interest income:
(i) Financial assets measured at amortised cost 17089.86 13746.37
(ii) Financial assets measured at fair value through Other comprehensive income 1405.91 1192.11
(iii) Financial assets measured at fair value through Profit or Loss 88.40 1581.12
Sub-total (B) 18584.17 16519.60
C. Interest expense:
(i) Financial liabilities measured at amortised cost (9300.82) (8841.65)
(ii) Financial liabilities measured at FVTPL (21.23) (23.80)
Sub-total (C) (9322.05) (8865.45)
Total (III = A+B+C) 9379.17 7862.64

692 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [59] (contd.)
(d) Fair value of financial assets and financial liabilities measured at amortised cost:
v crore
As at 31-3-2025 As at 31-3-2024
Particulars Carrying Carrying
Fair value Fair value
amount amount
Financial assets:
Loans 62847.34 62847.34 52155.25 52155.25
Government securities, debentures and bonds 2374.03 2374.03 1957.57 1957.57
Total 65221.37 65221.37 54112.82 54112.82
Financial liabilities:
Borrowings 48599.10 48683.21 52214.07 52061.62
Total 48599.10 48683.21 52214.07 52061.62
Notes:

1. Carrying amount of loans are net of provision for expected credit losses.

2. The carrying amounts of current investments, trade and other receivables, cash and cash equivalents, trade and other payables
are considered to be the same as their fair values due to their short term nature. The carrying amounts of loans given, borrowings
taken for short term or borrowings taken on floating rate of interest are considered to be close to the fair value. Accordingly, these
items have not been included in the above table.

(e) Disclosure pursuant to Ind AS 113 “Fair Value Measurement” - Fair value hierarchy of financial assets and financial liabilities measured at
amortised cost:

v crore
Valuation technique for
As at 31-3-2025 Level 1 Level 2 Level 3 Total
level 3 items
Financial assets:
Loans – 4934.91 57912.43 62847.34 Discounted cash flow
Government securities, debentures and bonds 2374.03 – – 2374.03
Total 2374.03 4934.91 57912.43 65221.37
Financial liabilities:
Borrowings – 24321.10 24362.11 48683.21 Discounted cash flow
Total – 24321.10 24362.11 48683.21

v crore
Valuation technique for
As at 31-3-2024 Level 1 Level 2 Level 3 Total
level 3 items
Financial assets:
Loans – 5142.68 47012.57 52155.25 Discounted cash flow
Government securities, debentures and bonds 1957.57 – – 1957.57
Total 1957.57 5142.68 47012.57 54112.82
Financial liabilities:
Borrowings – 24290.93 27770.69 52061.62 Discounted cash flow
Total – 24290.93 27770.69 52061.62
Valuation technique Level 2: Future cash flows discounted using market rates.

693
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [59] (contd.)
(f) Fair value hierarchy of financial assets and financial liabilities at fair value:
v crore
As at 31-3-2025 As at 31-3-2024
Particulars Note
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial assets:
Financial assets at FVTPL:
(i) Equity shares 6,12 17.13 – 153.33 170.46 26.29 – 114.06 140.35
(ii) Preference shares 6,12 – – 168.78 168.78 – – 130.25 130.25
(iii) Mutual funds and units of fund 6,12 14516.71 – 22.23 14538.94 11387.59 – 27.37 11414.96
(iv) Debt instruments viz. government securities,
bonds and debentures 6,12 237.82 – 145.73 383.55 347.73 – 205.30 553.03
(v) Derivative instruments not designated as cash
flow hedges 9,18 – 56.19 – 56.19 – 20.66 – 20.66
(vi) Embedded derivative instruments not
designated as cash flow hedges 9,18 – 229.14 – 229.14 – 113.47 – 113.47
(vii) Security receipts 6 – – 5862.44 5862.44 – – 6769.51 6769.51
(viii) InvITs 6,12 4328.97 – – 4328.97 2694.57 – – 2694.57
(ix) Loans (Financial Services) 16 – – 2130.59 2130.59 – – 4861.56 4861.56
Financial assets at FVTOCI:
(i) Debt instruments viz. government securities,
bonds and debentures 6,12 13294.52 5596.86 0.29 18891.67 10072.95 2852.15 0.29 12925.39
(ii) Preference shares 6 – – 34.99 34.99 – – 34.99 34.99
(iii) Equity shares 6 – – 51.00 51.00 – – 0.10 0.10
(iv) Derivative instruments designated as cash flow
hedges 9,18 – 1104.08 – 1104.08 – 1144.31 – 1144.31
(v) Embedded derivative instruments designated as
cash flow hedges 9,18 – 77.22 – 77.22 – 56.86 – 56.86
Total 32395.15 7063.49 8569.38 48028.02 24529.13 4187.45 12143.43 40860.01
Financial liabilities:
(a) Designated at FVTPL:
(i) Derivative instruments not designated as
cash flow hedges 23,29 – 20.05 – 20.05 – 32.86 – 32.86
(ii) Embedded derivative instruments not
designated as cash flow hedges 23,29 – 22.02 – 22.02 – 20.55 – 20.55
(iii) Contingent Consideration – – 183.19 183.19 – – 10.22 10.22
(b) Designated at FVTOCI:
(i) Derivative instruments designated as cash
flow hedges 23,29 – 476.19 – 476.19 – 310.93 – 310.93
(ii) Embedded derivative instruments
designated as cash flow hedges 23,29 – 56.31 – 56.31 – 21.09 – 21.09
Total – 574.57 183.19 757.76 – 385.43 10.22 395.65
Valuation technique and key inputs used to determine fair value:

A. Level 1: Mutual funds, bonds, debentures and government securities - Quoted price in the active market.

B. Level 2: (a) Derivative Instruments – Present value technique using forward exchange rates as at balance sheet date.
(b) Preference share and government securities, bonds and debentures – Future cash flows are discounted using G-sec rates
as at balance sheet date.

694 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [59] (contd.)
(g) Movement of items measured using unobservable inputs (Level 3):
v crore
Equity Preference Debt Other
Particulars Loans Total
shares shares instruments Investments
Balance as at 1-4-2023 292.48 180.69 197.57 17056.78 6349.66 24077.18
Addition during the year – – 113.84 2025.85 2504.10 4643.79
Disposal during the year (224.00) – (249.88) (16005.39) (725.39) (17204.66)
Exchange Differences – 0.98 – – – 0.98
Gains/(losses) recognised in Statement of
Profit and Loss 45.68 (16.43) 144.06 1784.32 (1331.49) 626.14
Balance as at 31-3-2024 114.16 165.24 205.59 4861.56 6796.88 12143.43
Addition during the year – 53.02 11.22 265.20 709.19 1038.63
Disposal during the year – – (70.14) (3211.91) (1469.53) (4751.58)
Exchange Differences – 1.66 – – – 1.66
Gains/(losses) recognised in Statement of
Profit and Loss 90.17 (16.15) (0.65) 215.74 (151.87) 137.24
Balance as at 31-3-2025 204.33 203.77 146.02 2130.59 5884.67 8569.38
(h) Sensitivity disclosure for level 3 fair value measurements:

Fair value as at
31-3-2025 31-3-2024 Significant unobservable
Particulars Sensitivity
inputs
v crore
113.90 27.57 Book value Increase/(decrease) of 5% in the book value would result in impact on profit or
loss by ¢ 4.25 crore (previous year: ¢ 0.89 crore)

90.43 86.59 31-3-2025 and 31-3-2024: Increase/(decrease) of 1% in net realisation would result in impact on profit or
Equity shares 1. Net realization per month loss by ¢ 1.31 crore (previous year: ¢ 0.31 crore)
¢ 38 and ¢ 35 per sqft Increase/(decrease) of 0.25% in capitalisation rate would result in impact on
respectively. profit or loss by ¢ 0.50 crore (previous year: ¢ 0.66 crore)
2. Capitalisation rate 12% and
11.50% respectively

66.77 66.77 Book value Increase/(decrease) of 5% in the book value would result in impact on profit or
loss by ¢ 3.11 crore (previous year: ¢ 3.34 crore)
Preference
53.02 – Not applicable The valuation is based on expected settlement
shares
83.98 98.47 Expected yield Increase/(decrease) in the fair value by 5% would result in impact on profit or loss
by ¢ 3.08 crore (previous year: ¢ 3.20 crore)

146.02 205.59 Expected yield Increase/(decrease) in fair value by 0.25% would result in impact on profit or loss
Debt instruments
by ¢ 0.24 crore (previous year: ¢ 0.31 crore)

2130.59 4861.56 Expected yield Increase/(decrease) in fair value by 0.25% would result in impact on profit or loss
Loans
by ¢ 3.99 crore (previous year: ¢ 7.91 crore)

Other 5884.67 6796.88 Net Assets Value (NAV) Increase/(decrease) in the NAV by 5% would result in impact on profit or loss by
Investments ¢ 220.18 crore (previous year: ¢ 221.09 crore)

695
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [59] (contd.)
(i) Movement of financial liabilities measured using unobservable inputs (Level 3):
v crore
Particulars Contingent consideration
Balance as at 1-4-2023 35.12
Charge recognised in Statement of Profit and Loss (12.05)
Settled during the year (13.09)
Foreign exchange difference 0.24
Balance as at 31-3-2024 10.22
Addition during the year 181.70
Charge recognised in Statement of Profit and Loss 2.62
Settled during the year (10.84)
Foreign exchange difference (0.51)
Balance as at 31-3-2025 183.19
Note:

A 1% point change in the unobservable inputs used in fair valuation of Level 3 liabilities does not have a significant impact on the value.
(j) Maturity profile of financial liabilities based on undiscounted cash flows:
v crore
As at 31-3-2025 As at 31-3-2024

Particulars Note Within After Within After

twelve twelve Total twelve twelve Total
months months months months
A. Non-derivative liabilities:
Borrowings 22, 26 ,27 76661.17 69003.50 145664.67 60775.18 66408.51 127183.69
Trade payables:
Due to micro enterprises and small enterprises 1399.71 17.94 1417.65 995.75 22.96 1018.71
Due to others 28 50276.29 765.40 51041.69 51532.67 741.50 52274.17
Other financial liabilities 23, 29 5788.84 161.12 5949.96 7151.78 134.67 7286.45
Lease Liability 690.22 2707.05 3397.27 566.24 1839.90 2406.14
Total 134816.23 72655.01 207471.24 121021.62 69147.54 190169.16
B. Derivative liabilities:
Forward contracts 23, 29 415.64 88.82 504.46 327.69 19.35 347.04
Embedded derivatives 23, 29 27.50 50.83 78.33 41.64 – 41.64
Total 443.14 139.65 582.79 369.33 19.35 388.68

696 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [59] (contd.)
(k) Details of outstanding hedge instruments for which hedge accounting is followed:
(i) Outstanding currency exchange rate hedge instruments:

(A) Forward covers taken to hedge exchange rate risk and accounted as cash flow hedge:

As at 31-3-2025 As at 31-3-2024
Within After Within After
Nominal Average Nominal Average
Particulars twelve twelve twelve twelve
amount rate amount rate
months months months months
(v crore) (v) (v crore) (v)
(v crore) (v crore) (v crore) (v crore)
(a) Receivable hedges:
US Dollar 51036.06 88.93 27240.53 23795.53 56596.51 86.59 29715.54 26880.97
EURO 2491.11 95.38 2033.82 457.29 1554.78 93.16 1090.98 463.80
Malaysian Ringgit 389.74 19.48 227.87 161.87 190.06 18.03 190.06 –
Omani Riyal 38.88 223.39 38.88 – 10.91 219.16 10.91 –
Arab Emirates Dirham 734.74 23.46 723.77 10.97 705.19 22.68 605.11 100.08
British Pound 208.96 109.98 147.06 61.90 – – – –
Japanese Yen 3203.80 0.62 1407.35 1796.45 2674.33 0.56 1411.98 1262.35
Kuwaiti Dinar 1549.55 279.66 1367.67 181.88 795.30 275.25 790.64 4.66
Qatari Riyal 1349.16 23.57 1341.84 7.32 1816.12 22.89 1777.62 38.50
Saudi Riyal 167.47 23.14 167.47 – – – – –
Chinese Yuan 7.39 12.00 7.39 – – – – –
Indonesian Rupiah 52.92 0.01 52.92 – – – – –
Thai Baht – – – – 22.93 2.43 22.93 –
(b) Payable hedges:
US Dollar 29806.87 87.17 21994.65 7812.22 16054.45 84.48 9582.47 6471.98
EURO 16561.34 93.73 12829.06 3732.28 19973.80 91.86 18515.09 1458.71
Qatari Riyal 493.38 23.79 493.38 – 120.39 22.87 120.39 –
Arab Emirates Dirham 918.71 23.60 918.71 – 562.70 22.85 562.70 –
British Pound 82.10 111.43 73.05 9.05 158.29 104.59 146.59 11.70
Japanese Yen 1671.83 0.59 1326.49 345.34 1152.07 0.56 1130.91 21.16
Kuwaiti Dinar 218.07 281.22 218.07 – 171.79 273.47 171.79 –
Swiss Franc 304.25 100.10 297.55 6.70 459.01 92.41 457.81 1.20
Chinese Yuan 15.57 12.00 15.57 – 17.86 11.75 17.86 –
Saudi Riyal 702.32 22.80 702.32 – – – – –
Swedish Krona 0.53 8.59 0.53 – – – – –
Canadian Dollar – – – – 1.80 61.55 1.80 –
(B) Options taken to hedge exchange rate risk and accounted as cash flow hedge:

As at 31-3-2025 As at 31-3-2024
Within After Within After
Nominal Average Nominal Average
Particulars twelve twelve twelve twelve
amount rate amount rate
months months months months
(v crore) (v) (v crore) (v)
(v crore) (v crore) (v crore) (v crore)
(a) Receivable hedges:
US Dollar/Indian Rupees 115.02 [1]
– 115.02 402.56 [1]
402.56 –
EURO/US Dollar 922.77 [1]
379.28 543.49 795.62 [1]
605.13 190.48
US Dollar/EURO – – – – 169.08 [1]
169.08 –
US Dollar/British Pound – – – – 92.93 [1]
92.93 –
US Dollars/Japanese Yen 508.95 [1]
– 508.95 446.07 [1]
– 446.07
(b) Payable hedges:
US Dollar/EURO – – – – 169.08 [1]
169.08 –
EURO/US Dollar – – – – 73.29 [1]
73.29 –
British Pound/US Dollar – – – – 39.91 [1]
39.91 –
US Dollar/British Pound – – – – 92.93 [1]
92.93 –
The options contracts include a combination of calls and puts (including cross currency) with different maturities and strike prices.
[1]

697
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [59] (contd.)
(C) Forward covers taken to hedge exchange rate risk and accounted as fair value hedge:

As at 31-3-2025 As at 31-3-2024
Within After Within After
Particulars Nominal Average Nominal Average
twelve twelve twelve twelve
amount rate amount rate
months months months months
(v crore) (v) (v crore) (v)
(v crore) (v crore) (v crore) (v crore)
(a) Receivable hedges:
US Dollar 2234.22 86.43 2234.22 – 2347.53 83.39 2347.53 –
British Pound – – – – 21.09 105.46 21.09 –
EURO 252.88 91.96 252.88 – 285.74 90.71 285.74 –
(D) Forward covers taken to hedge exchange rate risk and accounted as net investment hedge:
As at 31-3-2025 As at 31-3-2024
Within After Within After
Particulars Nominal Average Nominal Average
twelve twelve twelve twelve
amount rate amount rate
months months months months
(v crore) (v) (v crore) (v)
(v crore) (v crore) (v crore) (v crore)
(a) Receivable hedges:
US Dollar 318.13 86.92 318.13 – – – – –
Arab Emirates Dirham 15.92 23.49 15.92 – 32.57 22.82 32.57 –
Saudi Riyal – – – – 194.58 22.28 194.58 –
(ii) Outstanding interest rate hedge instruments:
(A) Interest rate swaps taken to hedge interest rate risk and accounted as cash flow hedge:
As at 31-3-2025 As at 31-3-2024
Within After Within After
Particulars Nominal Average Nominal Average
twelve twelve twelve twelve
amount rate amount rate
months months months months
(v crore) (%) (v crore) (%)
(v crore) (v crore) (v crore) (v crore)
Floating interest rate borrowings – – – – 400.00 6.23 – 400.00
- INR
(iii) Outstanding commodity price hedge instruments:
(A) Commodity forward contract:
As at 31-3-2025 As at 31-3-2024
Within After Within After
Particulars Nominal Average Nominal Average
twelve twelve twelve twelve
amount rate amount rate
months months months months
(v crore) (v) (v crore) (v)
(v crore) (v crore) (v crore) (v crore)
Copper (Tn) 1569.90 800523.94 1561.75 8.15 919.23 711972.13 919.23 –
Aluminium (Tn) 1644.14 220652.26 1558.84 85.30 939.98 191859.90 930.05 9.93
Iron Ore (Tn) 7.40 7252.07 7.40 – 14.29 7309.80 6.95 7.34
Lead (Tn) 36.55 177848.50 36.55 – 63.70 174699.52 63.70 –
Nickel (Tn) 89.58 1468458.31 89.58 – 130.21 1778778.54 130.21 –
(B) Commodity option contract:

As at 31-3-2025 As at 31-3-2024
Within After Within After
Particulars Nominal Average Nominal Average
twelve twelve twelve twelve
amount rate amount rate
months months months months
(v crore) (v) (v crore) (v)
(v crore) (v crore) (v crore) (v crore)
Aluminium (Tn) 183.97 [1]
183.97 – 112.48 [1]
112.48 –
Copper (Tn) 173.52 [1]
173.52 – 301.25 [1]
301.25 –
[1] The options contracts include a combination of calls and puts with different maturities and strike prices.

698 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [59] (contd.)
(l) Carrying amounts of hedge instruments for which hedge accounting is followed:
(A) Cash flow hedge:
v crore
As at 31-3-2025 As at 31-3-2024
Particulars Commodity Commodity
Currency Interest rate Currency Interest rate
price price
exposure exposure exposure exposure
exposure exposure
(i) Forward contracts
(a) Current:
Asset - Other financial assets 542.37 – 56.84 323.57 – 64.14
Liability - Other financial liabilities 349.67 – 54.04 278.93 – 36.86
(b) Non-current:
Asset - Other financial assets 417.62 – 0.34 750.61 6.47 –
Liability - Other financial liabilities 85.94 – 0.27 13.90 – –
(ii) Option contracts
(a) Current:
Asset - Other financial assets 80.39 – 16.97 40.10 – 13.60
Liability - Other financial liabilities 4.94 – 9.34 1.95 – –
(b) Non-current:
Asset - Other financial assets 43.80 – 20.78 2.67 – –
Liability - Other financial liabilities 8.19 – 20.11 – – –
(B) Fair value hedge:
v crore
As at 31-3-2025 As at 31-3-2024
Particulars Currency Currency
exposure exposure
Forward contracts
(a) Current:
Asset - Other financial assets 17.99 1.90
Liability - Other financial liabilities 1.93 4.28
(C) Net investment hedge:
v crore
As at 31-3-2025 As at 31-3-2024
Particulars Currency Currency
exposure exposure
(i)
Forward contracts
(a) Current:
Asset - Other financial assets 2.23 0.01
Liability - Other financial liabilities – 0.38
(m) Breakup of cash flow hedging reserve and cost of hedging reserve:
v crore
As at 31-3-2025 As at 31-3-2024
Cash flow Cost of Cash flow Cost of
Particulars
hedging hedging hedging hedging
reserve reserve reserve reserve
Balance towards continuing hedges (45.84) 138.35 197.17 (4.67)
Balance for which hedge accounting discontinued 158.82 – 81.84 –
Total 112.98 138.35 279.01 (4.67)

699
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [59] (contd.)
(n) Reclassification of hedging reserve and cost of hedging reserve to Profit or Loss:
v crore
Particulars 2024-25 2023-24
(A) Future cash flows are no longer expected to occur:
(i) Sales, administration and other expenses (53.18) 0.64
(B) Hedged expected future cash flows affecting Profit or loss:
(i) Progress billing (61.19) 5.78
(ii) Revenue from operations (24.52) 50.12
(iii) Manufacturing, construction and operating expenses (6.84) (60.09)
(iv) Sales, administration and other expenses (2.38) 118.16
(o) Movement of cash flow hedging reserve and cost of hedging reserve:
v crore
Cash flow hedging reserve 2024-25 2023-24
Opening balance 279.01 146.53
Changes in the spot element of the forward contracts which is designated as hedging instruments
for time period related hedges 5.76 21.09
Changes in fair value of forward contracts designated as hedging instruments (240.30) 344.80
Changes in intrinsic value of option contracts (4.30) 13.51
Changes in fair value of swaps (28.02) (6.21)
Amount reclassified to Profit or Loss 60.04 (112.04)
Amount included in non-financial asset/liability (13.73) (1.58)
Amount included in progress billing in Balance Sheet 61.19 (5.78)
Translation adjustment (0.29) 0.05
Taxes related to above (6.38) (121.36)
Closing balance 112.98 279.01

v crore
Cost of hedging reserve 2024-25 2023-24
Opening balance (4.67) (4.77)
Changes in the forward element of the forward contracts where changes in spot element of forward
contract is designated as hedging instruments for time period related hedges 164.24 (3.08)
Amount reclassified to Profit or Loss 26.88 3.21
Taxes related to above (48.10) (0.03)
Closing balance 138.35 (4.67)

NOTE [60]
Value of financial assets and inventories hypothecated as collateral for liabilities and/or commitments and/or contingent liabilities:
v crore
As at As at
Particulars
31-3-2025 31-3-2024
Current:
Investments – 25.01
Inventories and trade receivables 9207.33 9743.23
Cash and cash equivalents 171.77 63.08
Loans 33758.89 30881.61
Other assets 4686.30 1510.36
Total inventories and current financial assets hypothecated as collateral 47824.29 42223.29
Non-current:
Investments 1162.65 1147.50
Loans 54517.89 42268.67
Total non-current financial assets hypothecated as collateral 55680.54 43416.17

700 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [61]
Disclosure pursuant to Ind AS 116 “Leases”:

(a) Where the Group is a lessor:

(i) Finance leases:

A. Assets given under leases mainly include power plant where the Group has agreed to manufacture/construct an asset and
convey, in substance, a right to the beneficiary to use the asset over a major part of its economic life, for a pre-determined
consideration.

B. Finance lease income recognised in the Statement of Profit and Loss: ¢ 944.45 crore (previous year: ¢ 966.49 crore). Out of
above, ¢ 831.49 crore (previous year: ¢ 895.71 crore) is on the net investment in finance lease and ¢ 112.96 crore (previous
year: ¢ 70.78 crore) is income relating to variable lease payments not included in the measurement of the net investment in
finance leases.
C. Sub-lease income recognised on finance leases: ¢ Nil (previous year: ¢ Nil).

D. The gross investment in these leases and the present value of minimum lease payments receivable are as under:
v crore
Present value of minimum
Minimum lease payments
Sr. lease payments
Particulars
No. As at As at As at As at
31-3-2025 31-3-2024 31-3-2025 31-3-2024
1 Receivable not later than 1 year 1017.80 1291.51 327.79 542.84
2 Receivable later than 1 year and not later than 2 years 1008.68 1017.80 264.14 244.98
3 Receivable later than 2 years and not later than 3 years 1002.33 1008.68 288.43 264.14
4 Receivable later than 3 years and not later than 4 years 977.77 1002.33 296.39 288.43
5 Receivable later than 4 years and not later than 5 years 981.40 977.77 334.92 296.39
6 Receivable later than 5 years 8489.34 9470.75 4638.27 4973.20
7 Unguaranteed residual value 990.36 990.36 990.36 990.36
8 Gross investment in leases (1+2+3+4+5+6+7) 14467.68 15759.20 7140.30 7600.34
9 Less: Unearned finance income 7327.38 8158.86
10 Present value of minimum lease payments receivable (8-9) 7140.30 7600.34
11 Less: Impairment [in Developmental Projects Segment/
Expected credit loss on lease receivables 1988.64 1988.64 1988.64 1988.64
Net lease receivables (10-11) 5151.66 5611.70 5151.66 5611.70
E. Reconciliation of carrying amount of net investment in finance lease receivables:
v crore
Sr. No. Particulars 2024-25 2023-24
1 Opening balance 5611.70 6234.57
2 Finance income/sub-lease income recognised during the year 831.49 895.71
3 Addition/(Deletion) to finance lease during the year 0.01 0.17
4 Lease rental received during the year (1291.54) (1518.75)
5 (Impairment)/(Expected credit loss)/reversal during the year – –
6 Closing balance (1+2+3+4+5) 5151.66 5611.70
(ii) Operating leases:
A. The Group has given, on non-cancellable lease, certain assets such as buildings, plant & equipment, furniture & fixtures and
vehicles. Leases are renewed only on mutual consent and at a prevalent market price and sub-lease is generally restricted.
B. Operating lease income recognised in the Statement of Profit and Loss: ¢ 195.13 crore (previous year: ¢ 174.55 crore).

C. Sub-lease income recognised on operating leases: ¢ Nil (previous year: ¢ 1.90 crore).

701
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [61] (contd.)
D. Annual undiscounted lease payments receivable is as under:

v crore
As at As at
Sr. No. Particulars
31-3-2025 31-3-2024
1 Receivable not later than 1 year 80.52 95.13
2 Receivable later than 1 year and not later than 2 years 69.21 79.58
3 Receivable later than 2 years and not later than 3 years 58.81 71.07
4 Receivable later than 3 years and not later than 4 years 51.87 64.67
5 Receivable later than 4 years and not later than 5 years 49.53 58.12
6 Receivable later than 5 years 334.34 384.95
Total (1+2+3+4+5+6) 644.28 753.52
(b) Where the Group is a lessee:

(i) The Group has taken on lease various assets such as plant & equipment, buildings, furniture & fixtures, vehicles and computers.
Generally, leases are renewed only on mutual consent and at a prevalent market price.
(ii) The Group during the year has leased out surplus capacity in leased assets and has accounted an income of ¢ Nil (previous year:
¢ 1.90 crore) on such sub-leases.
(iii) Details with respect to right-of-use assets:

v crore
Depreciation for the year Additions during the year Carrying amount
Class of asset
2024-25 2023-24 2024-25 2023-24 As at 31-3-2025 As at 31-3-2024
Land 30.90 23.68 299.25 13.72 679.26 426.33
Buildings 537.78 464.36 885.79 776.29 2092.63 1846.44
Plant & equipment 6.94 18.73 0.20 1.06 3.97 10.71
Furniture & fixtures – 0.83 – – – –
Vehicles 11.71 0.14 99.74 6.08 93.16 5.93
Computers – 0.34 – – – –
Total 587.33 508.08 1284.98* 797.15 2869.02 2289.41
* Includes addition on account of business combination ¢ 49.03 crore

(iv) Interest expense on lease liabilities amounts to ¢ 193.60 crore (previous year: ¢ 166.95 crore)

(v) Amounts not included in the measurement of the lease liability and recognised as expense in the Statement of Profit and Loss
during the year are as follows:

A. Short term leases - ¢ 6798.12 crore (previous year: ¢ 5634.83 crore);

B. Low value leases - ¢ 109.29 crore (previous year: ¢ 75.90 crore)

(vi) Total cash outflow for leases amounts to ¢ 7534.33 crore (previous year: ¢ 5496.32 crore) during the year including cash outflow of
short term and low value leases.

(vii) The Group has entered into certain lease agreements, which had not commenced by the year end and as a result, a lease liability
and right-of-use asset has not been recognised. The aggregate future cash flows to which the Group is exposed in respect of these
contracts are:
Fixed payments of ¢ 28.11 crore per year for a lease term of 5 years (previous year: ¢ 16.20 crore per year for a lease term of 5
years)

702 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [62]
Additional information pursuant to Schedule III to the Companies Act, 2013 for the year ended 31-3-2025:

Net Assets, i.e., total assets Share in Other comprehensive Share in Total comprehensive
Share in profit or (loss)
minus total liabilities income income
As % of As % of
Name of the entity As % of As % of consolidated consolidated
Amount Amount Amount Amount
consolidated consolidated Other Total
(R crore) (R crore) (R crore) (R crore)
net assets profit or loss comprehensive comprehensive
income income
Parent company
Larsen and Toubro Limited 73.62% 71895.84 72.29% 10870.72 694.11% 259.25 73.83% 11129.97
Indian Subsidiaries
Infrastructure:
Hi-Tech Rock Products and
Aggregates Limited 0.02% 24.24 0.00% 0.48 – – 0.00% 0.48
L&T Geostructure Private Limited 0.54% 529.16 0.56% 84.88 1.79% 0.67 0.57% 85.55
Energy:
L&T Energy Green Tech Limited 0.21% 203.63 (0.28%) (42.77) (0.11%) (0.04) (0.28%) (42.81)
Hi-Tech Manufacturing:
L&T Electrolysers Limited 0.10% 96.63 (0.25%) (38.25) (0.67%) (0.25) (0.26%) (38.50)
L&T Special Steels and Heavy
Forgings Private Limited (1.99%) (1939.31) 1.97% 296.71 (1.23%) (0.46) 1.97% 296.25
IT & Technology Services:
LTIMindtree Limited 22.36% 21833.78 29.57% 4446.45 (130.33%) (48.68) 29.17% 4397.77
L&T Technology Services Limited 5.89% 5748.19 8.12% 1220.94 (85.97%) (32.11) 7.89% 1188.83
L&T Thales Technology Services
Private Limited 0.07% 65.91 (0.08%) (12.43) 0.64% 0.24 (0.08%) (12.19)
L&T Network Services Private
Limited 0.02% 15.60 (0.02%) (2.50) – – (0.02%) (2.50)
L&T Semiconductor Technologies
Limited 0.13% 130.77 (1.08%) (162.81) (0.37%) (0.14) (1.08%) (162.95)
Siliconch Systems Private Limited 0.01% 12.33 (0.04%) (6.68) (0.62%) (0.23) (0.05%) (6.91)
Intelliswift Software (India) Private
Limited 0.05% 51.63 0.03% 3.95 0.35% 0.13 0.03% 4.08
Financial Services:
L&T Finance Limited 25.90% 25294.72 17.41% 2617.81 65.52% 24.47 17.53% 2642.28
L&T Infra Investment Partners
Advisory Private Limited 0.03% 29.36 0.00% 0.53 – – 0.00% 0.53
L&T Infra Investment Partners
Trustee Private Limited 0.00% 0.11 0.00% 0.01 – – 0.00% 0.01
L&T Financial Consultants Limited 0.41% 404.17 0.16% 24.33 (0.03%) (0.01) 0.16% 24.32
L&T Infra Investment Partners
(The Fund) 0.15% 150.86 0.01% 0.88 – – 0.01% 0.88
Developmental Projects:
L&T Metro Rail (Hyderabad)
Limited 0.83% 807.49 (4.16%) (625.88) (0.72%) (0.27) (4.15%) (626.15)
L&T Himachal Hydropower Limited (0.00%) (2.10) (0.00%) (0.32) – – (0.00%) (0.32)
L&T Power Development Limited 2.76% 2690.64 0.00% 0.66 – – 0.00% 0.66
Nabha Power Limited 5.35% 5225.96 2.94% 441.93 (0.51%) (0.19) 2.93% 441.74

703
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [62] (contd.)
Net Assets, i.e., total assets Share in Other comprehensive Share in Total comprehensive
Share in profit or (loss)
minus total liabilities income income
As % of As % of
Name of the entity As % of As % of consolidated consolidated
Amount Amount Amount Amount
consolidated consolidated Other Total
(R crore) (R crore) (R crore) (R crore)
net assets profit or loss comprehensive comprehensive
income income
Realty:
Chennai Vision Developers Private
Limited (0.00%) (0.05) (0.00%) (0.01) – – (0.00%) (0.01)
Elevated Avenue Realty LLP 0.34% 334.89 (2.18%) (328.06) 0.03% 0.01 (2.18%) (328.05)
Elante Properties Private
Limited [a] 0.29% 284.49 (0.09%) (13.04) (0.03%) (0.01) (0.09%) (13.05)
L&T Realty Developers Limited 1.52% 1488.83 3.20% 480.76 – – 3.19% 480.76
L&T Realty Properties Limited [b] 2.78% 2718.40 1.59% 239.34 (0.11%) (0.04) 1.59% 239.30
L&T Westend Project LLP – – – – – – – –
Prime Techpark (Chennai) Private
Limited (0.00%) (0.02) (0.00%) (0.03) – – (0.00%) (0.03)
Avenue Techpark (Bangalore)
Private Limited – – (0.00%) (0.03) – – (0.00%) (0.03)
Bangalore Spectrum Techpark
Private Limited – – (0.00%) (0.05) – – (0.00%) (0.05)
Bangalore Galaxy Techpark Private
Limited 0.00% 0.04 – – – – – –
Chennai Nova Techpark Private
Limited 0.00% 0.03 (0.00%) (0.01) – – (0.00%) (0.01)
Business Park (Powai) Private
Limited 0.19% 186.74 (0.01%) (1.14) – – (0.01%) (1.14)
Millennium Techpark (Chennai)
Private Limited 0.00% 0.03 (0.00%) (0.01) – – (0.00%) (0.01)
Bangalore Fortune Techpark
Private Limited – – (0.00%) (0.03) – – (0.00%) (0.03)
Corporate Park (Powai) Private
Limited 0.20% 200.17 (0.00%) (0.15) – – (0.00%) (0.15)
LH Residential Housing Private
Limited (0.06%) (61.97) (0.34%) (51.66) – – (0.34%) (51.66)
LH Uttarayan Premium Realty
Private Limited (0.00%) (0.01) (0.00%) (0.06) – – (0.00%) (0.06)
Valves, Construction Equipment
and Others:
L&T Construction Equipment
Limited 0.22% 210.83 0.11% 16.66 (0.37%) (0.14) 0.11% 16.52
L&T Valves Limited 0.61% 594.85 1.23% 184.55 (9.02%) (3.37) 1.20% 181.18
Others:
Bhilai Power Supply Company
Limited 0.00% 0.05 – – – – – –
L&T Aviation Services Private
Limited 0.04% 37.62 (0.00%) (0.44) (0.03%) (0.01) (0.00%) (0.45)
L&T Capital Company Limited 0.00% 4.39 0.00% 0.17 – – 0.00% 0.17

704 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [62] (contd.)
Net Assets, i.e., total assets Share in Other comprehensive Share in Total comprehensive
Share in profit or (loss)
minus total liabilities income income
As % of As % of
Name of the entity As % of As % of consolidated consolidated
Amount Amount Amount Amount
consolidated consolidated Other Total
(R crore) (R crore) (R crore) (R crore)
net assets profit or loss comprehensive comprehensive
income income
Foreign Subsidiaries
Infrastructure:
Larsen & Toubro (Oman) LLC 0.49% 482.20 0.82% 123.19 21.42% 8.00 0.87% 131.19
Larsen & Toubro Qatar LLC (0.00%) (0.96) (0.00%) (0.06) (0.05%) (0.02) (0.00%) (0.08)
Larsen & Toubro Saudi Arabia LLC 0.94% 913.31 1.70% 256.11 35.26% 13.17 1.79% 269.28
Larsen & Toubro T&D SA
(Proprietary) Limited 0.00% 4.19 0.00% 0.41 0.75% 0.28 0.00% 0.69
Larsen & Toubro (East Asia) Sdn.
Bhd. 0.03% 29.64 0.08% 12.03 4.77% 1.78 0.09% 13.81
PT Larsen and Toubro 0.01% 10.44 (0.00%) (0.74) (0.54%) (0.20) (0.01%) (0.94)
Larsen & Toubro International FZE 1.83% 1790.21 7.65% 1149.85 55.07% 20.57 7.76% 1170.42
Larsen & Toubro CIS FE LLC (0.01%) (6.84) (0.05%) (7.12) 0.05% 0.02 (0.05%) (7.10)
Larsen & Toubro Kuwait
Construction General Contracting
Co. W.L.L. 0.01% 9.70 (0.00%) (0.65) 0.62% 0.23 (0.00%) (0.42)
Energy:
Larsen & Toubro Heavy
Engineering LLC 0.00% 2.07 1.09% 163.34 (5.62%) (2.10) 1.07% 161.24
L&T Modular Fabrication Yard LLC 0.31% 301.63 0.10% 14.40 19.25% 7.19 0.14% 21.59
Larsen Toubro Arabia LLC 0.06% 54.27 0.84% 127.00 (9.05%) (3.38) 0.82% 123.62
L&T Hydrocarbon Saudi Company (0.94%) (917.92) (0.96%) (144.79) (637.72%) (238.19) (2.54%) (382.98)
Larsen & Toubro Electromech LLC 0.10% 100.15 0.50% 74.65 4.04% 1.51 0.51% 76.16
IT & Technology Services:
LTIMindtree Information
Technology Services (Shanghai)
Co., Ltd 0.01% 6.23 0.02% 2.72 0.24% 0.09 0.02% 2.81
LTIMindtree Financial Services
Technologies Inc. 0.66% 644.50 0.74% 110.93 (43.91%) (16.40) 0.63% 94.53
LTIMindtree Canada Limited 0.14% 132.30 0.25% 37.23 (8.70%) (3.25) 0.23% 33.98
LTIMindtree South Africa (Pty)
Limited 0.04% 42.40 0.07% 10.68 6.48% 2.42 0.09% 13.10
LTIMindtree GmbH 0.51% 497.10 0.01% 1.70 71.03% 26.53 0.19% 28.23
LTIMindtree Spain S.L. 0.00% 1.60 (0.00%) (0.59) 0.11% 0.04 (0.00%) (0.55)
LTIMindtree Norge AS 0.02% 17.30 0.01% 2.20 2.49% 0.93 0.02% 3.13
LTIMindtree S.De.RL.De.C.V. 0.02% 21.45 0.07% 9.93 (5.57%) (2.08) 0.05% 7.85
LTIMindtree S.A. (0.04%) (42.28) (0.75%) (112.28) (1.42%) (0.53) (0.75%) (112.81)
Syncordis France SARL – – 0.05% 8.24 (0.29%) (0.11) 0.05% 8.13
Syncordis Limited – – 0.48% 72.03 (5.06%) (1.89) 0.47% 70.14
LTIMindtree PSF S.A. 0.03% 28.99 (0.05%) (7.35) 2.06% 0.77 (0.04%) (6.58)
LTIMindtree Swizerland AG (0.00%) (0.92) (0.09%) (14.18) (4.69%) (1.75) (0.11%) (15.93)
Nielsen+Partner Pte Ltd (0.05%) (51.20) (0.06%) (9.56) (3.67%) (1.37) (0.07%) (10.93)
LTIMindtree (Thailand) Limited (0.01%) (7.75) (0.03%) (3.84) (0.72%) (0.27) (0.03%) (4.11)
Nielsen&Partner Pty Ltd – – 0.07% 11.15 (0.56%) (0.21) 0.07% 10.94

705
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [62] (contd.)
Net Assets, i.e., total assets Share in Other comprehensive Share in Total comprehensive
Share in profit or (loss)
minus total liabilities income income
As % of As % of
Name of the entity As % of As % of consolidated consolidated
Amount Amount Amount Amount
consolidated consolidated Other Total
(R crore) (R crore) (R crore) (R crore)
net assets profit or loss comprehensive comprehensive
income income
LTIMindtree USA Inc 0.00% 1.39 0.02% 2.27 (1.04%) (0.39) 0.01% 1.88
L&T Technology Services LLC 1.18% 1149.66 0.38% 57.68 26.56% 9.92 0.45% 67.60
L&T Technology Services Pte. Ltd. 0.00% 0.25 (0.00%) (0.09) 0.03% 0.01 (0.00%) (0.08)
Graphene Solutions SDN. BHD. 0.00% 0.07 (0.00%) (0.01) 0.03% 0.01 – –
Graphene Solutions Taiwan
Limited 0.00% 0.17 0.00% 0.13 – – 0.00% 0.13
L&T Technology Services
(Shanghai) Co. Ltd. 0.00% 4.23 (0.00%) (0.28) 0.05% 0.02 (0.00%) (0.26)
LTIMindtree UK Limited 0.08% 81.58 0.17% 26.06 9.37% 3.50 0.20% 29.56
LTIMindtree Middle East FZ-LLC 0.05% 46.75 0.08% 12.20 2.57% 0.96 0.09% 13.16
L&T Technology Services (Canada)
Ltd (0.00%) (2.59) (0.00%) (0.38) 0.19% 0.07 (0.00%) (0.31)
L&T Technology Services
Poland spółka z ograniczoną
odpowiedzialnością – – (0.00%) (0.01) – – (0.00%) (0.01)
LTIMindtree Consulting Brazil
LTDA 0.00% 2.75 (0.00%) (0.14) 0.24% 0.09 (0.00%) (0.05)
Intelliswift Software Inc.
(Consolidated) 0.09% 88.07 0.05% 7.02 (0.56%) (0.21) 0.05% 6.81
Valves, Construction Equipment
and Others:
L&T Valves Arabia Manufacturing
LLC (0.00%) (3.47) (0.04%) (6.27) (0.03%) (0.01) (0.04%) (6.28)
L&T Valves USA LLC 0.01% 6.38 (0.01%) (1.78) 0.48% 0.18 (0.01%) (1.60)
Others:
L&T Global Holdings Limited 0.69% 678.67 2.81% 422.58 60.88% 22.74 2.95% 445.32
Total Subsidiaries 73488.80 11180.29 (211.76) 10968.53
Non-controlling Interest in all
subsidiaries (18.17%) (17748.08) (17.53%) (2636.22) 69.77% 26.06 (17.32%) (2610.16)
Indian Associates
Gujarat Leather Industries Limited – – – – – – – –
Magtorq Private Limited 0.01% 8.74 0.01% 1.34 – – 0.01% 1.34
E2E Networks Limited 0.24% 237.64 0.02% 2.54 (0.05%) (0.02) 0.02% 2.52
Foreign Associates
Larsen & Toubro Qatar & HBK
Contracting Co. WLL (0.00%) (4.55) – – (0.59%) (0.22) (0.00%) (0.22)
L&T Camp Facilities LLC – – 0.01% 1.36 (1.82%) (0.68) 0.00% 0.68
Total Associates 241.83 5.24 (0.92) 4.32

706 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [62] (contd.)
Net Assets, i.e., total assets Share in Other comprehensive Share in Total comprehensive
Share in profit or (loss)
minus total liabilities income income
As % of As % of
Name of the entity As % of As % of consolidated consolidated
Amount Amount Amount Amount
consolidated consolidated Other Total
(R crore) (R crore) (R crore) (R crore)
net assets profit or loss comprehensive comprehensive
income income
Indian Joint Ventures
Energy:
L&T - MHI Power Boilers Private
Limited 0.78% 757.84 (0.13%) (18.97) 3.69% 1.38 (0.12%) (17.59)
L&T - MHI Power Turbine
Generators Private Limited 0.15% 150.00 (0.09%) (13.27) (3.16%) (1.18) (0.10%) (14.45)
L&T Howden Private Limited 0.08% 80.99 0.09% 13.70 (0.08%) (0.03) 0.09% 13.67
L&T-Sargent & Lundy Limited 0.05% 51.00 0.17% 26.07 (0.19%) (0.07) 0.17% 26.00
L&T Sapura Shipping Private
Limited 0.09% 87.33 (0.12%) (18.15) 6.29% 2.35 (0.10%) (15.80)
Hi-Tech Manufacturing:
L&T MBDA Missile Systems
Limited 0.10% 96.77 0.02% 2.83 – – 0.02% 2.83
Developmental Projects:
GH4India Private Limited (0.00%) (1.50) (0.01%) (1.13) – – (0.01%) (1.13)
Others:
Raykal Aluminium Company
Private Limited (0.00%) (0.66) (0.00%) (0.01) – – (0.00%) (0.01)
Foreign Joint Ventures
Energy:
Indiran Engineering Projects &
Systems Kish PJSC 0.00% 0.09 0.00% 0.03 – – 0.00% 0.03
Hydrocarbon Arabia Limited
Company (0.01%) (8.38) (0.07%) (10.13) – – (0.07%) (10.13)
IT & Technology Services:
LTIM Aramco Digital Solutions for
Information Technology 0.00% 0.59 – – – – – –
Total Joint Ventures 1214.07 (19.03) 2.45 (16.58)
CFS adjustment and elimination (32.17%) (31436.86) (29.05%) (4363.89) (101.02%) (37.73) (29.20%) (4401.62)
Total 97655.60 15037.11 37.35 15074.46
[a]
formerly known as L&T Parel Project Private Limited
[b]
formerly known as L&T Seawoods Limited

707
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [63]
a) Notes with respect to remarks in CARO Report:

(i) During the year, the Parent Company renewed the loan of ¢ 182.06 crore to L&T Sapura Shipping Private Limited (LTSSPL), a
subsidiary [1] on account of shortfall in operational cashflows of the subsidiary. The management is deliberating various options for
repayment of loan.

(ii) L&T Special Steels and Heavy Forgings Private Limited (LTSSHF), a wholly owned subsidiary, has not repaid the loan and net
interest thereon aggregating to ¢ 2308.63 (amount due for more than 90 days is ¢ 2,290.14 crore) to the Parent Company due to
insufficient funds. During the year, the Company has acquired the balance 26% stake in LTSSHF from the JV partner. Pursuant to
this, LTSSHF has become a wholly owned subsidiary of the Company with effect from February 18, 2025. This acquisition of stake is
a part of its strategic plan to restructure and improve financial & operational efficiency of LTSSHF [Refer note 48(a)].

(iii) Intelliswift Software (India) Private Limited, a wholly owned subsidiary of L&T Technology Services limited (LTTS), had granted
loans to its directors in earlier years which were non-compliant with the provisions of section 185 and 186 of the Companies Act,
2013. Further, it has been sanctioned working capital limit in excess of ¢ 5 crores in aggregate from Banks/financial institutions
on the basis of security of their current assets. The company has not filed quarterly returns/statements with such Banks/financial
institutions. Such non-compliances pertains to the period before the acquisition of the said company by LTTS i.e. January 03, 2025.
The above mentioned loan has been repaid and closing balance as on March 31, 2025 is Nil.
[1]
Subsidiary classification is in accordance with the Companies Act, 2013.

b) Miscellaneous expenses under the heading Sales, Administration and Other Expenses [Note 38] during the year include contribution paid
to a Trust: ¢ 300.00 crore (previous year: ¢ 200.00 crore).

c) Balance outstanding with struck off companies:

v crore
Relationship Balance Balance
Sr. No. Name of struck off company Nature of transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
1 AT and LS Private Limited Accounts Payables NA 0.05 0.05
2 Terra Firma Promoters andDevelopers Accounts Payables NA 0.13 0.13
Private Limited
3 Genesis Infosolutions Private Limited Accounts Payables NA 0.05 0.05
4 Wipo Teleservices Private Limited Accounts Payables NA 0.07 0.07
5 P S Steel Tubes Limited Accounts Payables NA – –
6 Century Cement Limited Accounts Payables NA – [1] – [1]
7 Diamond Cements Private Limited Accounts Payables NA – 0.05
8 Tropical Granites India Private Limited Accounts Payables NA – [1] – [1]
9 P S Steel Tubes Private Limited Accounts Payables NA 0.49 0.03
10 Planet Hard Consultancy Private Limited Accounts Payables NA 0.01 0.01
11 Payal Synthetics Private Limited Accounts Payables NA – [1] – [1]
12 RK Gautam Construction Private Limited Accounts Payables NA 0.01 0.01
13 Ethos Coatings andEngineers Private Accounts Payables NA 0.38 0.53
Limited
14 Probus Infratech Private Limited Accounts Payables NA 0.01 0.01
15 Unique Fabricators andErectors Private Accounts Payables NA – 0.03
Limited
16 Varad Infra Projects (P) Limited Accounts Payables NA 0.01 0.02
17 SI Mallik Infrastructure Private Limited Accounts Payables NA – 0.05
18 Profusion Engineering Private Limited Accounts Payables NA – – [1]
19 Bently Nevada India Private Limited Accounts Payables NA – [1] 0.33
20 Ye Power Transmission Private Limited Accounts Payables NA – [1] – [1]
21 Aarib Constructions Private Limited Accounts Payables NA 0.02 0.02
22 Sriya Tunnel Construction Private Accounts Payables NA 0.02 0.02
Limited
23 Onella Visions Private Limited Accounts Payables NA 0.01 0.01
24 Sheoveena Construction Private Limited Accounts Payables NA 0.01 0.01

708 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [63]
c) Balance outstanding with struck off companies: (contd.)

v crore
Relationship Balance Balance
Sr. No. Name of struck off company Nature of transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
25 Jatra Services India Private Limited Accounts Payables NA 0.01 0.01
26 Shri Vedika Engineering Private Limited Accounts Payables NA 0.06 0.09
27 Arj Infra Private Limited Accounts Payables NA – [1] – [1]
28 Om Pranav Infrastructure Engineering Accounts Payables NA 0.02 0.02
Private Limited
29 Balaji Infrastructure Td Private Limited Accounts Payables NA 0.01 0.01
30 Manish Duggal Telecom Private Limited Accounts Payables NA – [1] 0.01
31 Torobuild Constructions Opc Private Accounts Payables NA – [1] – [1]
Limited
32 Zaaharveer Projects Private Limited Accounts Payables NA 0.13 0.13
33 Real Construction Private Limited Accounts Payables NA 0.02 0.02
34 Shrishti Technologies Private Limited Accounts Payables NA 0.04 0.04
35 Yira Tranmission Private Limited Accounts Payables NA – [1] – [1]
36 Raas Infratech Private Limited Accounts Payables NA – [1] – [1]
37 Marine Outfitting Private Limited Accounts Payables NA 0.04 0.04
38 Advance Mep Solutions Private Limited Accounts Payables NA – [1] – [1]
39 Aerocon Hyderabad Infraprojects Private Accounts Payables NA 0.01 0.02
Limited
40 Maxtel Constructions Private Limited Accounts Payables NA – [1]
– [1]
41 Complete Health And Enviro Solutions Accounts Payables NA – [1]
0.01
Private Limited
42 S K Modern Construction Accounts Payables NA 0.10 0.10
andEngineering Private Limited
43 Presstech Engineering And Technologies Accounts Payables NA 0.03 0.06
(Chennai) Private Limited
44 Q-Tec Management Services India Accounts Payables NA – [1]
– [1]

Private Limited
45 Domya Contracts Private Limited Accounts Payables NA – [1] 0.02
46 R K Cranes Private Limited Accounts Payables NA – [1] – [1]
47 Rdengicon Private Limited Accounts Payables NA 0.06 0.06
48 N T Enterprise Private Limited Accounts Payables NA 0.03 0.03
49 Vk Management Services Private.Limited Accounts Payables NA – [1] – [1]
50 Rani Aishwarya Infracon Private Limited Accounts Payables NA 0.01 0.01
51 Gulba Topographical Surveyors Private Accounts Payables NA – [1] – [1]
Limited
52 JD Safety Efficency Bureau Guarding Accounts Payables NA – [1]
– [1]

Experts Private Limited

53 Ace Industrial Electrical And Engineering Accounts Payables NA – [1]
– [1]

Private Limited
54 Swift Equipments Private Limited Accounts Payables NA 0.01 0.01
55 Sieat Consultancy Private Limited Accounts Payables NA 0.06 0.06
56 Brightom Hospitality andEvents Private Accounts Payables NA – [1] – [1]
Limited
57 Escalador Geo-Systems And Engineering Accounts Payables NA 0.01 0.01
Survey Private Limited
58 Priyanka Managment Solution (India) Accounts Payables NA 0.48 0.50
Private Limited

709
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [63]
c) Balance outstanding with struck off companies: (contd.)
v crore
Relationship Balance Balance
Sr. No. Name of struck off company Nature of transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
59 Dream Shine Constructions Private Accounts Payables NA – [1] – [1]
Limited
60 Thought Zone Consulting Private Accounts Payables NA – [1]
– [1]

Limited
61 Rockhard Infrastructure Private Limited Accounts Payables NA – [1]
– [1]

62 Stellent Engineering Solutions Private Accounts Payables NA – [1]

– [1]

Limited
63 Saj Infratech Private Limited Accounts Payables NA 0.01 0.01
64 Kegan Constructions Private Limited Accounts Payables NA 0.03 0.03
65 Kiswa Engineering Private Limited Accounts Payables NA 0.04 0.04
66 Kilimanjaro Energy Resurgence Private Accounts Payables NA – [1] – [1]
Limited
67 Aircon System Engineers Private Limited Accounts Payables NA – [1]
– [1]

( Agartala )
68 UKR Infra Private Limited Accounts Payables NA 0.02 0.02
69 Jodhpur Infra-Con Private Limited Accounts Payables NA – [1] – [1]
70 Mohapatra Infracon Private Limited Accounts Payables NA – [1] – [1]
71 Artisans Design andBuild Private.Limited Accounts Payables NA – [1] – [1]
72 Ham Constructions andEngineering Accounts Payables NA 0.01 0.01
Works Private Limited
73 Elemech Buildcon Private Limited Accounts Payables NA 0.01 0.01
74 Safety And Environment Education For Accounts Payables NA – [1] – [1]
Development Private Limited
75 Hi-Volt Engineering Private Limited Accounts Payables NA 0.01 0.01
76 Chaudhary Om Parkash Earth Movers Accounts Payables NA 0.04 0.04
Private Limited
77 Amritlaxmi Properties Private Limited Accounts Payables NA 0.02 0.02
78 Float Italino Private Limited Accounts Payables NA – [1] – [1]
79 Vishnuvedanga Infra-Tech Private Accounts Payables NA – [1] – [1]
Limited
80 Rattiputra Construction Private Limited Accounts Payables NA 0.01 0.01
81 JRK Infra Projects (India) Private Limited Accounts Payables NA – [1] – [1]
82 Friends Civil Works Private Limited Accounts Payables NA 0.01 0.01
83 Z Rose Constructions andInteriors Accounts Payables NA – [1] – [1]
Private Limited
84 Vishwa Infratech andProjects Private Accounts Payables NA 0.01 0.01
Limited
85 Mei Engineers Private Limited Accounts Payables NA – [1]
– [1]

86 Chandrawati Power Construction Accounts Payables NA – [1]

– [1]

Private Limited
87 Utech Infracon Private Limited Accounts Payables NA – [1] – [1]
88 Silk Route Infrastructure Private Limited Accounts Payables NA 0.05 0.05
89 Jrc Biuildcon Private Limited Accounts Payables NA – [1] – [1]
90 Brahmaputra Engitech Private Limited Accounts Payables NA 0.01 0.01
91 Nevil Consultancy Services Private. Accounts Payables NA – [1] – [1]
Limited
92 Timely Developers Consultants Private Accounts Payables NA 0.02 0.02
Limited

710 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [63]
c) Balance outstanding with struck off companies: (contd.)
v crore
Relationship Balance Balance
Sr. No. Name of struck off company Nature of transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
93 Dwarkesh Buildcom Private Limited Accounts Payables NA 0.05 0.06
94 Neon Elecon Services Private Limited Accounts Payables NA – [1] – [1]
95 Ampere Engineering And Constructions Accounts Payables NA – [1] – [1]
Private Limited
96 Vertex Realtech Infra Private. Limited Accounts Payables NA 0.49 0.50
97 Janakraj Infraservices Private Limited Accounts Payables NA 0.01 0.01
98 Mordengreen Biotech Private Limited Accounts Payables NA 0.03 0.03
99 Brjs Contractors Private Limited Accounts Payables NA 0.24 0.24
100 Sri Ajant Marketing Private Limited Accounts Payables NA – [1] – [1]
101 Matrrix Fabs Private Limited Accounts Payables NA – [1] – [1]
102 Knight Engineers Contractors Accounts Payables NA 0.01 0.02
andConsultants Private Limited
103 Sharma Infrabuild Private Limited Accounts Payables NA 0.05 0.05
104 Banjara Buildtech Private Limited Accounts Payables NA – [1] – [1]
105 R Square E Service Private Limited Accounts Payables NA – [1] – [1]
106 Deepak Singh Chouhan Construction Accounts Payables NA 0.01 0.01
Private Limited
107 Rgk Infracon Private Limited Accounts Payables NA 0.05 0.05
108 Paf Infrastructure Private Limited Accounts Payables NA 0.04 0.04
109 CSP Constructions Private Limited Accounts Payables NA – [1] – [1]
110 Touch Globe Electrical Consortium Accounts Payables NA 0.02 0.02
Private Limited
111 JBS Estcon Private Limited Accounts Payables NA 0.13 0.13
112 Toptech Engineering Company Private Accounts Payables NA 0.01 0.01
Limited
113 Soul And Mind Concrete System Private Accounts Payables NA 0.06 0.07
Limited
114 Sunil Sagar Infracon Private Limited Accounts Payables NA – [1] – [1]
115 S V Infraproperties Private Limited Accounts Payables NA 0.04 0.04
116 Kissan Land Promoters Private Limited Accounts Payables NA 0.01 0.01
117 Samrat Fabrication And Construction Accounts Payables NA – [1] – [1]
Private Limited
118 Hoover Engineers Private Limited Accounts Payables NA – [1] – [1]
119 Triplex Builders Private Limited Accounts Payables NA 0.04 0.04
120 Dynastyraj Infrastructure Private Limited Accounts Payables NA – [1] – [1]
121 Shree Kranti Infracon Private Limited Accounts Payables NA 0.22 0.23
122 Hudor Projects India Private Limited Accounts Payables NA 0.04 0.04
123 Akashdeep Infratech Private Limited Accounts Payables NA – [1] 0.01
124 Vidhatri Engineers Private Limited Accounts Payables NA – [1] – [1]
125 Shahid Engineers andContractors Accounts Payables NA 0.02 0.02
Private Limited
126 Zain Thermal Solutions Private Limited Accounts Payables NA – [1] – [1]
127 Basebuild Developer Private Limited Accounts Payables NA – [1] – [1]
128 ER Infra Innovative Private Limited Accounts Payables NA 0.01 0.01
129 Ayurda Millennium Ventures Private. Accounts Payables NA 0.04 0.04
Limited
130 Essa Infrabuild Private Limited Accounts Payables NA 0.02 0.02

711
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [63]
c) Balance outstanding with struck off companies: (contd.)
v crore
Relationship Balance Balance
Sr. No. Name of struck off company Nature of transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
131 North India Infradevelopers Accounts Payables NA – [1] – [1]
andConsultants Private Limited
132 Paradisegarden Infraproject Private Accounts Payables NA – [1]
0.01
Limited
133 Sbh Shoring Systems Private Limited Accounts Payables NA – [1] – [1]
134 HSB Projects Private Limited Accounts Payables NA – [1] – [1]
135 G NXT Energy Private Limited Accounts Payables NA 0.01 0.01
136 Sristi Ventures Construction Private Accounts Payables NA – [1] – [1]
Limited
137 Muskan Techno Engineering Accounts Payables NA 0.07 0.07
Construction Private Limited
138 ADM Infracon India Private Limited Accounts Payables NA 0.01 0.01
139 RK Build Solutions Private Limited Accounts Payables NA – [1] – [1]
140 Lanster Developer Private Limited Accounts Payables NA – [1] – [1]
141 HP Design Private Limited Accounts Payables NA 0.07 0.07
142 Akonn Infra Tech (India) Private Limited Accounts Payables NA 0.03 0.03
143 Set Sanayi Elektrik-Tesisat Taahhut Ve Accounts Payables NA 0.02 0.02
Ticaret India Private Limited
144 SCE Global Steel And Facade Private Accounts Payables NA 0.01 0.01
Limited
145 Alufascia Private.Limited Accounts Payables NA – [1]
– [1]

146 Suhashini Infra Engineering Private Accounts Payables NA – [1]

– [1]

Limited
147 Gogreen Facility Management Private Accounts Payables NA 0.07 0.07
Limited
148 Antilia Facility Management Private Accounts Payables NA 0.15 0.15
Limited
149 A K Infrasolutions Private Limited Accounts Payables NA 0.02 0.02
150 Active Brain Infra Engg Private Limited Accounts Payables NA – [1] – [1]
151 Sahu Infrastructure Private Limited Accounts Payables NA – [1] – [1]
152 M D House Keeping Services Private Accounts Payables NA – [1] – [1]
Limited
153 Sumera Builders andDevelopers Private Accounts Payables NA – [1]
– [1]

Limited
154 Avn Green Technologies Private Limited Accounts Payables NA – [1] – [1]
155 Sampada Infratech Private Limited Accounts Payables NA – [1] – [1]
156 Shreeji Home Infra Private Limited Accounts Payables NA 0.03 0.03
157 A 4 Infra Private Limited Accounts Payables NA 0.02 0.02
158 Sublime Contractors Private Limited Accounts Payables NA – [1] – [1]
159 Auskini Infraqp Private Limited Accounts Payables NA 0.11 0.12
160 Umansh Infracon Private Limited Accounts Payables NA – [1] – [1]
161 Galaxy India Realtech Advisory Private Accounts Payables NA 0.01 0.01
Limited
162 Vissa Engineering Private Limited Accounts Payables NA 0.01 0.02
163 Real Tech Engineering And Construction Accounts Payables NA – [1] – [1]
Private Limited
164 Spectro Testing And Research Centre Accounts Payables NA – [1]
– [1]

Private Limited

712 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [63]
c) Balance outstanding with struck off companies: (contd.)
v crore
Relationship Balance Balance
Sr. No. Name of struck off company Nature of transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
165 Supreme Housekeeping Services Private Accounts Payables NA 0.04 0.10
Limited
166 Fairmans Construction Private Limited Accounts Payables NA – [1]
– [1]

167 Alakshya Infracon Private Limited Accounts Payables NA – [1]

– [1]

168 Divaah Adya Facility Solutions (P) Accounts Payables NA – [1]

– [1]

Limited
169 SV Engineering And Contracting Accounts Payables NA 0.03 0.03
Services Private Limited
170 Roy Management And Information Accounts Payables NA 0.01 0.01
Technology Private Limited
171 Nexgen Transcom Private Limited Accounts Payables NA 0.04 0.04
172 Care Infra Engineers Limited Accounts Payables NA – [1] – [1]
173 Nova Tools andTechnologies Private Accounts Payables NA 0.13 0.13
Limited
174 White Vibes Private Limited Accounts Payables NA – [1] 0.19
175 Shravani Environment Technology Accounts Payables NA 0.03 0.03
Private Limited
176 Global Engineering andMarketing Accounts Payables NA 0.05 0.05
Services Private Limited
177 Infinitypmc Private Limited Accounts Payables NA 0.01 0.01
178 Aayansh Securities Systems Private Accounts Payables NA 0.15 0.15
Limited
179 Telmax Construction Private Limited Accounts Payables NA 0.02 0.02
180 Posorbis Infrastucture Private Limited Accounts Payables NA 0.01 0.02
181 Nirmal Aircon Private Limited Accounts Payables NA 0.01 0.01
182 Victra Constructions Private Limited Accounts Payables NA 0.01 0.01
183 Maurya Devbuild Private Limited Accounts Payables NA – [1] – [1]
184 S S D N Infratech Private Limited Accounts Payables NA – [1] – [1]
185 Innovations Events And Entertainment Accounts Payables NA – [1] – [1]
Private Limited
186 G-5 Construction Private Limited Accounts Payables NA 0.02 0.02
187 Nirmal Sai Construction Private.Limited Accounts Payables NA – [1] – [1]
188 DNE Infra Private Limited Accounts Payables NA – [1] – [1]
189 Cheyuta Infrasturcture Private Limited Accounts Payables NA 0.03 0.03
190 Mecvil Infracon Private Limited Accounts Payables NA – [1] – [1]
191 Edgecon Engineering Projects Private Accounts Payables NA 0.09 0.13
Limited
192 Kazmi And Sons Builders Private Limited Accounts Payables NA 0.07 0.07
193 Bramhands Infrastructure Private Limited Accounts Payables NA 0.01 0.01
194 Om Sai Project Developers And Accounts Payables NA 0.05 0.05
Engineers Private Limited
195 Zafcon Engineering Private Limited Accounts Payables NA 0.03 0.03
196 Alias Management Marketing Private. Accounts Payables NA – [1] – [1]
Limited
197 Bindra Evolutiion Enterprises Private Accounts Payables NA – [1]
– [1]

Limited
198 Sikar Trading And Contracting Private Accounts Payables NA 0.04 0.04
Limited

713
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [63]
c) Balance outstanding with struck off companies: (contd.)
v crore
Relationship Balance Balance
Sr. No. Name of struck off company Nature of transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
199 Alpana Buildtech Private Limited Accounts Payables NA – [1] – [1]
200 Sudha Rehabs And Hospitality Private Accounts Payables NA 0.01 0.01
Limited
201 Vams Construction Private Limited Accounts Payables NA 0.13 0.13
202 Paramshiv Infra Private Limited Accounts Payables NA – [1] – [1]
203 Thakurai Engineering Private Limited Accounts Payables NA 0.15 0.15
204 Fundamental Infratech Private Limited Accounts Payables NA 0.01 0.01
205 New Proponent Security Services Private Accounts Payables NA – [1] – [1]
Limited
206 Honeyed Engineering Private Limited Accounts Payables NA 0.04 0.04
Opc
207 Kiwi Projects Private Limited Accounts Payables NA 0.01 0.03
208 Kishley Constructions Private Limited Accounts Payables NA – [1] – [1]
209 Csk Engineering And Construction Accounts Payables NA 0.02 0.02
Private Limited
210 Ramakrishna Power Tech Private Limited Accounts Payables NA 0.29 0.33
211 Siyaram Construction Private Limited Accounts Payables NA – [1] – [1]
212 Ifensys Software Solutions Private Accounts Payables NA 0.01 0.01
Limited
213 Narshimha Buildtech Private Limited Accounts Payables NA 0.03 0.03
214 Parim Infocomm Private.Limited Accounts Payables NA – [1] – [1]
215 Scotnix Solution Private Limited Accounts Payables NA – [1] – [1]
216 Msp Develco Private Limited Accounts Payables NA – [1] 0.01
217 Harhar Mahadev Infra Developer Private Accounts Payables NA – [1] – [1]
Limited
218 Expeditive Infotech Private Limited Accounts Payables NA – [1] – [1]
219 Aahsin India Private Limited Accounts Payables NA – [1] 0.02
220 Sukita Security And Services Private Accounts Payables NA 0.01 0.01
Limited
221 Dv Procon Private Limited Accounts Payables NA 0.01 0.01
222 Indco Engineers andContractors Private Accounts Payables NA – [1] – [1]
Limited
223 Leadleap Engineers Private Limited Accounts Payables NA – [1] – [1]
224 Creo Projects Private Limited Accounts Payables NA – [1] – [1]
225 Abhiraksha Constructions Private Accounts Payables NA 0.03 0.03
Limited
226 Filtm Online Services Private.Limited Accounts Payables NA – [1] – [1]
227 Sri Abs Lakshn Projects Private Limited Accounts Payables NA 0.03 0.03
228 Veekay Engineering India Private Limited Accounts Payables NA – [1] – [1]
229 Dhanamjay Infra Private Limited Accounts Payables NA 0.01 0.01
230 Blueman Construction Projects Private Accounts Payables NA – [1] – [1]
Limited
231 Opti Tech Infra Projects India Opc Private Accounts Payables NA – [1]
– [1]

Limited
232 Nap Energy And Infratech Private Accounts Payables NA – [1]
– [1]

Limited
233 Jps Engineering Private Limited Accounts Payables NA 0.04 0.06

714 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [63]
c) Balance outstanding with struck off companies: (contd.)
v crore
Relationship Balance Balance
Sr. No. Name of struck off company Nature of transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
234 M/S Ganga Mechanical Works Private Accounts Payables NA – [1] – [1]
Limited
235 Savitri Infrastrcuture Private Limited Accounts Payables NA 0.02 0.02
236 Trunk Facility Management Services Accounts Payables NA – [1] – [1]
Private Limited
237 Riccardo Readymixs And Infra Projects Accounts Payables NA 0.01 0.01
Private Limited
238 Shreya Infra Venture Private Limited Accounts Payables NA – [1] – [1]
239 Faithful Creator Infra Private Limited Accounts Payables NA 0.01 0.01
240 Lakshman Singh Construction Private Accounts Payables NA – [1] – [1]
Limited
241 Realsharp Infraatech Services Private Accounts Payables NA 0.01 0.01
Limited
242 Ashok Balyan Infra Project Private Accounts Payables NA 0.01 0.01
Limited
243 Pinak Security andManagement Private Accounts Payables NA – [1]
– [1]

Limited
244 Infisoft India Technology Private Limited Accounts Payables NA – [1] – [1]
245 Ace Offshore And Engineering Private Accounts Payables NA 0.01 0.01
Limited
246 Farhad Interior And Exterior Private Accounts Payables NA – [1]
– [1]

Limited
247 Dipl Construction Private Limited Accounts Payables NA 0.10 0.10
248 Aadhiraj Projects Private Limited Accounts Payables NA – [1] – [1]
249 Manha Earthcon Private Limited Accounts Payables NA – [1] – [1]
250 Bulsar Construction And Consulting Accounts Payables NA 0.07 0.07
Opc Private Limited
251 Acrp Infracon Private Limited Accounts Payables NA – [1]
– [1]

252 Devine Devbuild Private Limited Accounts Payables NA – [1]

– [1]

253 Maxx Ultra Conchem Opc Private Accounts Payables NA – [1]

– [1]

Limited
254 Tmmindustries Private Limited Accounts Payables NA – [1]
– [1]

255 Vee Gee Yem Engineers India Private Accounts Payables NA – [1]
– [1]

Limited
256 Mudra Security Services Private Limited Accounts Payables NA 0.03 0.03
257 Dynamic Enpro Limited Accounts Payables NA 0.01 0.01
258 Star Wire (India) Limited Accounts Payables NA 0.19 0.21
259 Lcz Infrastructure Private Limited Accounts Payables NA – [1] – [1]
260 D.B.Constructions Private Limited Accounts Payables NA 0.28 0.28
261 Genius Security Services P Limited Accounts Payables NA 0.01 0.01
262 Maa Shakti Power Transmission Private Accounts Payables NA – [1] – [1]
Limited
263 Geo Engineering India Private Limited Accounts Payables NA 0.33 0.30
264 Shakthi Marketing Private Limited Accounts Payables NA 0.01 0.01
265 Mangalam Consultancy Private Limited Accounts Payables NA – [1] – [1]
266 Pioneer Tech Engineering Services Accounts Payables NA – [1] – [1]
Private Limited
267 Atlantic Works Private Limited Accounts Payables NA – [1]
– [1]

715
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [63]
c) Balance outstanding with struck off companies: (contd.)
v crore
Relationship Balance Balance
Sr. No. Name of struck off company Nature of transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
268 Kripa S&S Infrastructure Private Limited Accounts Payables NA – [1] – [1]
269 Ultra-Tech Concretes Works Private. Accounts Payables NA – [1] – [1]
Limited
270 Compro Engineers Private Limited Accounts Payables NA – [1]
– [1]
271 Winco Infrastructure Private Limited Accounts Payables NA – [1]
– [1]
272 Imperium Infratech Private Limited Accounts Payables NA – [1]
0.05
273 Aura Metlab Private Limited Accounts Payables NA – [1]
– [1]
274 Netcomonline Solutions India Private Accounts Payables NA – [1]
– [1]
Limited
275 Ms Metallization Private Limited Accounts Payables NA – [1] – [1]

276 Mecavo (R&D) Private Limited Accounts Payables NA – [1] –

277 Peass Infra Private Limited Accounts Payables NA – [1] – [1]
278 Swadeshi Buildtrade Private Limited Accounts Payables NA – [1] – [1]
279 Swadesh Energy Private Limited Accounts Payables NA – [1] – [1]
280 Amaravati Rcc Pipes India Private Accounts Payables NA 0.01 0.02
Limited
281 Elena Management andServices Private Accounts Payables NA – [1]
– [1]

Limited
282 Stock And Flow Projects Private Limited Accounts Payables NA – [1] – [1]
283 Techcon Chemicals Private Limited Accounts Payables NA 0.36 0.08
284 Walls Infra Solution Private Limited Accounts Payables NA 0.01 0.01
285 Geo Engineering Company Private Accounts Payables NA – [1] – [1]
Limited
286 INL Intech India Automation (P) Limited Accounts Payables NA – [1] – [1]
287 Inox India Private Limited Accounts Payables NA – [1] – [1]
288 P S Steel Tubes Private Limited Accounts Payables NA 0.03 0.41
289 Rbc Bearings Private Limited Accounts Payables NA 0.02 – [1]
290 Vankeshwar Hydro Expressways Laines Accounts Payables NA – – [1]
Private Limited
291 Siddhu Shubham Infra Developer Private Accounts Payables NA – – [1]

Limited
292 Earth Paradise Infratech Private Limited Accounts Payables NA – – [1]

293 Handa Infrastructure Private Limited Accounts Payables NA – – [1]

294 CMCS Collaboration Management And Accounts Payables NA – – [1]

Control Solutions India Private Limited

295 Celem Constructions Private Limited Accounts Payables NA – – [1]
296 Sssc Projects Private Limited Accounts Payables NA – – [1]
297 Vitika Global Enterprises Private Limited Accounts Payables NA – 0.05
298 Archsys Consultancy Services Private Accounts Payables NA – – [1]
Limited
299 Singham Contractors Private Limited Accounts Payables NA – – [1]
300 Mepson Engitech Private Limited Accounts Payables NA – 0.01
301 Garren Labs Private Limited Accounts Payables NA – 0.01
302 Dynamic Eltech Private Limited Accounts Payables NA – 0.02
303 Sahi Builders And Promoters Private Accounts Payables NA – 0.01
Limited
304 Z Plus Builders And Developers Private Accounts Payables NA – – [1]

Limited

716 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [63]
c) Balance outstanding with struck off companies: (contd.)
v crore
Relationship Balance Balance
Sr. No. Name of struck off company Nature of transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
305 Jangra Supertech Construction (Opc) Accounts Payables NA – – [1]
Private Limited
306 Per Square Feet Technocrats Private Accounts Payables NA – – [1]

Limited
307 Devnandhini Construction Private Accounts Payables NA – –
Limited
308 Brahmos Infrastructure Private Limited Accounts Payables NA – 0.02
309 Johny Infrastructure Private Limited Accounts Payables NA – – [1]
310 Chitransh Solution Services Private Accounts Payables NA – – [1]
Limited
311 Fabhomz Interiors Private Limited Accounts Payables NA – 0.03
312 Ravi Murthy Interiors Private Limited Accounts Payables NA – – [1]
313 Mass Ventures Limited Accounts Payables NA – – [1]
314 Svardhan Engineering And Construction Accounts Payables NA – – [1]
Private Limited
315 Quansys Tech Private Limited Accounts Payables NA – – [1]

316 Mandaxa Resources Management Accounts Payables NA – – [1]

Private Limited
317 Orsang Infotech Private Limited Accounts Payables NA – – [1]
318 Zippy Facility Management and Services Accounts Payables NA – 0.01
Private Limited
319 Perfect Office Systems Private Limited Accounts Payables NA – [1]
– [1]
320 Lucky Marketing Company Private Accounts Payables NA – 0.01
Limited
321 Ocean King Construction Private Limited Accounts Payables NA – 0.04
322 Jain Suppliers Private Limited Accounts Payables NA – [1]
– [1]
323 Purma Plast Private Limited Accounts Payables NA – –
324 CMI Limited Accounts Payables NA – –
325 Trimaax Technologies Private Limited Accounts Payables NA – – [1]
326 Powerline Product Private Limited Accounts Payables NA – [1] – [1]
327 Ommshree Construction And Building Accounts Payables NA 0.01 0.01
Repair Engineers Private Limited
328 Logu Infra India Private Limited Accounts Payables NA – [1] – [1]
329 Evergreen Traffic Management and Accounts Payables NA 0.02 0.11
Manpower Services
330 Santosh Infrastructure Private Limited Accounts Payables NA – 0.01
331 Ramtec Construction covers and blocks Accounts Payables NA – [1]
– [1]
Private Limited
332 S M Infracon Private Limited Accounts Payables NA 0.05 – [1]
333 Shiv Gauri Developers Private Limited Accounts Payables NA – [1] – [1]
334 B K Equipments Private Limited Accounts Payables NA 0.01 0.01
335 H and L Gases Private Limited Accounts Payables NA – –
336 Kryfs Engineering Private Limited Accounts Payables NA – –
337 9 Media Networks Private Limited Accounts Payables NA – 2.38
338 Buildness Infra & Tech Private Limited Accounts Payables NA 5.62 6.16
339 Nisarg Landscapes Private Limited Accounts Payables NA 2.91 2.91
340 Banadurga Tele Service Private Limited Accounts Payables NA – [1] –
Total payables (A) 16.84 20.94

717
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [63]
c) Balance outstanding with struck off companies: (contd.)
v crore
Relationship Balance Balance
Sr. No. Name of struck off company Nature of transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
1 Akarsh Portfolio Services Limited Holding Parent NA – [1] – [1]
Company's equity shares
2 Alley Fisheries Private Limited Holding Parent NA – [1]
– [1]

Company's equity shares

3 Dr Sabharwals Manufacturing Labs Holding Parent NA – [1]
– [1]

Private Limited Company's equity shares

4 Demuric Holdings Private Limited Holding Parent NA – – [1]

Company's equity shares

5 Dhamankar Investments Private Limited Holding Parent NA – [1]
– [1]

Company's equity shares

6 Exponential Financial Services Private Holding Parent NA – [1]
– [1]

Limited Company's equity shares

7 Meenakshi (India) Limited Holding Parent NA – [1]
–
Company's equity shares
8 Siddha Papers Private Limited Holding Parent NA – [1]
– [1]

Company's equity shares

9 Shivalik Kinema Private Limited Holding Parent NA – [1]
– [1]

Company's equity shares

10 Satidham Industries Private.Limited Holding Parent NA – [1]
–
Company's equity shares
11 Upgrade Management Ser Private Holding Parent NA – – [1]

Limited Company's equity shares

12 Vms Consultants Private Limited Holding Parent NA – [1]
– [1]

Company's equity shares

13 Wizard Insurance Services Private Holding Parent NA – [1]
– [1]

Limited Company's equity shares

14 Yogesh Investment Private.Limited Holding Parent NA – [1]
– [1]

Company's equity shares

15 Aloke Speciality Machines And Holding Parent NA – [1]
– [1]

Components Private Limited Company's equity shares

16 Agencies Rajasthan Private Limited Holding Parent NA – [1]
–
Company's equity shares
17 Amersey Brothers Private Limited Holding Parent NA – [1]
– [1]

Company's equity shares

18 Haji Malang Baba Infrastructure Limited Holding Parent NA – – [1]

Company's equity shares

19 Jivdani Infrastructure Limited Holding Parent NA – – [1]

Company's equity shares

20 Omni Market Research Services Private Holding Parent NA – [1]
– [1]

Limited Company's equity shares

21 Thakorlal Hiralal Exports Private Limited Holding Parent NA – [1]
–
Company's equity shares
22 Victor Properties Private Limited Holding Parent NA – [1]
– [1]

Company's equity shares

23 Voyager 2 Infotech Private Limited Holding Parent NA – [1]
– [1]

Company's equity shares

24 Ayesha Investments Private Limited Holding Parent NA – [1]
– [1]

Company's equity shares

718 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [63]
c) Balance outstanding with struck off companies: (contd.)
v crore
Relationship Balance Balance
Sr. No. Name of struck off company Nature of transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
25 Fairtrade Securities Limited Holding Parent NA – [1] – [1]
Company's equity shares
26 Good Team Investment And Trading Co Holding Parent NA – [1]
–
Private Limited Company's equity shares
27 J M Lifestyle Interior Projects Private Holding Parent NA – [1]
–
Limited Company's equity shares
28 Kothari Intergroup Limited Holding Parent NA – [1]
– [1]

Company's equity shares

29 Jabac Consultancies Private Limited Holding Parent NA – [1]
– [1]

Company's equity shares

30 Alike Trading Private. Limited Holding Parent NA – [1]
– [1]

Company's equity shares

31 Avni Financial Advisors Private Limited Holding Parent NA – [1]
– [1]

Company's equity shares

32 Nide India Private Limited Holding Parent NA – [1]
– [1]

Company's equity shares

33 Satvik Financial Services Limited Holding Parent NA – – [1]

Company's equity shares

34 Safna Consultancy Private Limited Holding Parent NA – – [1]

Company's equity shares

Total equity shares held (B) – [1]
– [1]

1 Akarsh Portfolio Services Limited Dividend payable NA – [1]

– [1]

2 Alley Fisheries Private Limited Dividend payable NA – [1]

– [1]

3 Dr Sabharwals Manufacturing Labs Dividend payable NA – [1]

–
Private Limited
4 Demuric Holdings Private Limited Dividend payable NA – [1]
– [1]

5 Dhamankar Investments Private Limited Dividend payable NA – [1]

– [1]

6 Exponential Financial Services Private Dividend payable NA – [1]

– [1]

Limited
7 Meenakshi (India) Limited Dividend payable NA – –
8 Siddha Papers Private Limited Dividend payable NA – [1]
– [1]

9 Shivalik Kinema Private Limited Dividend payable NA – [1]

– [1]

10 Satidham Industries Private.Limited Dividend payable NA – [1]

–
11 Upgrade Management Ser Private Dividend payable NA – [1]
– [1]

Limited
12 Vms Consultants Private Limited Dividend payable NA – [1]
– [1]

13 Wizard Insurance Services Private Dividend payable NA – [1]

– [1]

Limited
14 Yogesh Investment Private.Limited Dividend payable NA – [1]
– [1]

15 Aloke Speciality Machines And Dividend payable NA – [1]

– [1]

Components Private Limited

16 Agencies Rajasthan Private Limited Dividend payable NA – [1]
– [1]

17 Amersey Brothers Private Limited Dividend payable NA – [1]

– [1]

18 Haji Malang Baba Infrastructure Limited Dividend payable NA – [1]

– [1]

19 Jivdani Infrastructure Limited Dividend payable NA – [1]

– [1]

20 Omni Market Research Services Private Dividend payable NA – [1]

– [1]

Limited
21 Thakorlal Hiralal Exports Private Limited Dividend payable NA – –

719
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [63]
c) Balance outstanding with struck off companies: (contd.)
v crore
Relationship Balance Balance
Sr. No. Name of struck off company Nature of transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
22 Victor Properties Private Limited Dividend payable NA 0.02 0.02
23 Voyager 2 Infotech Private Limited Dividend payable NA – [1] – [1]
24 Ayesha Investments Private Limited Dividend payable NA – [1] – [1]
25 Fairtrade Securities Limited Dividend payable NA – [1] – [1]
26 Good Team Investment And Trading Co Dividend payable NA – –
Private Limited
27 J M Lifestyle Interior Projects Private Dividend payable NA – [1]
–
Limited
28 Kothari Intergroup Limited Dividend payable NA – [1]
– [1]
29 Jabac Consultancies Private Limited Dividend payable NA – [1]
– [1]
30 Alike Trading Private. Limited Dividend payable NA – [1]
– [1]
31 Avni Financial Advisors Private Limited Dividend payable NA – [1]
– [1]
32 Nide India Private Limited Dividend payable NA – [1]
– [1]
33 Satvik Financial Services Limited Dividend payable NA – [1]
– [1]
34 Safna Consultancy Private Limited Dividend payable NA – – [1]
Total dividend payable (C) 0.02 0.02
1 NCR Aggregate Solutions Private Advance given to NA 1.79 1.79
Limited
Total advance given to (D) 1.79 1.79
1 Icon Engineers Private Limited Accounts Receivables NA – –
2 Great Eastern Trading Co Limited Accounts Receivables NA – [1] – [1]
3 Star Wire (India) Limited Accounts Receivables NA – –
4 Pranavam Constructions Private Limited Accounts Receivables NA – [1] – [1]
5 The Rubber Products Limited Accounts Receivables NA – [1] – [1]
6 Gen Contours Private Limited Accounts Receivables NA – [1] – [1]
7 Abc Fire Security Systems Private Limited Accounts Receivables NA – [1] – [1]
8 Vankeshwar Hydro Expressways Laines Accounts Receivables NA – [1] –
Private Limited
9 Unique Fabricators and Erectors Private Accounts Receivables NA – [1]
– [1]

Limited
10 Si Mallik Infrastructure Private Limited Accounts Receivables NA – [1]
– [1]

11 Siddhu Shubham Infra Developer Private Accounts Receivables NA – [1]

–
Limited
12 Dimensions India Private Limited Accounts Receivables NA 0.02 0.02
13 Lavendon Access Services India Private Accounts Receivables NA 0.01 0.01
Limited
14 Firewall Security Solutions Private Accounts Receivables NA – [1]
– [1]

Limited
15 Raxxmo Networks Private Limited Accounts Receivables NA – [1] – [1]

16 Laxmi Infra Eng Private Limited Accounts Receivables NA – [1] – [1]

17 Pravalika Infra Private Limited Accounts Receivables NA – [1] – [1]

18 Earth Paradise Infratech Private Limited Accounts Receivables NA – [1] –

19 Sai Ashray Infratech Private Limited Accounts Receivables NA 0.01 0.01
20 Angelina Infratech Private Limited Accounts Receivables NA 0.01 0.01
21 Aargee Contracts Private Limited Accounts Receivables NA – [1] – [1]
22 Bhagwati Prasad Agarwalla Engineering Accounts Receivables NA 0.18 –
Works Private Limited

720 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [63]
c) Balance outstanding with struck off companies: (contd.)
v crore
Relationship Balance Balance
Sr. No. Name of struck off company Nature of transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
23 Handa Infrastructure Private Limited Accounts Receivables NA – [1] –
24 Rpnr Concrete Solutions Private Limited Accounts Receivables NA – [1] – [1]
25 Cmcs Collaboration Management And Accounts Receivables NA – [1] –
Control Solutions India Private Limited
26 Mas Teltech Solutions Private Limited Accounts Receivables NA – [1]
– [1]

27 Calorifique Renewable Energie India Accounts Receivables NA – [1]

– [1]

Private Limited
28 Igniva Engineering Private Limited Accounts Receivables NA – [1]
– [1]

29 Prameela Granites And Marbles Private Accounts Receivables NA – [1]

– [1]

Limited
30 Marvel Technicals Sales And Service Accounts Receivables NA – [1]
– [1]

Privte Limited
31 Ktek Level Engg Private Limited Accounts Receivables NA – [1]
– [1]

32 Janatha Readymix Concrete India Private Accounts Receivables NA – [1]

– [1]

Limited
33 Venus Fittings And Valves Private Accounts Receivables NA – [1]
– [1]

Limited
34 Texsa India Limited Accounts Receivables NA – [1]
– [1]

35 Tumbi Office Systems Private Limited Accounts Receivables NA – [1]

– [1]

36 Threess Innovative Tech India Private. Accounts Receivables NA – [1]

– [1]

Limited
37 Mars Dsp Waves Private Limited Accounts Receivables NA – [1]
– [1]
38 Geo Engineering Company Private Accounts Receivables NA – 0.42
Limited
Total receivables (E) 0.23 0.47
1 Digikore Studios Private Limited Loan given by subsidiary NA 0.29 –
2 Underground Pipeline And Non Loan given by subsidiary NA 0.11 –
Destructive Testing Services Private
Limited
3 B S R Engineers Private Limited Loan given by subsidiary NA 0.19 –
4 Shopforprop Realty Private Limited Loan given by subsidiary NA 2.66 2.52
5 S D Motors Private Limited Loan given by subsidiary NA 0.17 –
6 Virtuoso Offshore It And Management Loan given by subsidiary NA – 0.64
Services Pvt Limited
Total loan given by subsidiary (F) 3.42 3.16
1 Nitin Commercials Private Limited Subsidiary's shares held NA – [1] – [1]
by struck off companies
2 Gdbk Invesment Advisory Private Subsidiary's shares held NA – [1]
– [1]

Limited by struck off companies

3 Mechanical And Electrical Engineering Subsidiary's shares held NA – [1]
– [1]

Co Private Limited by struck off companies

4 Unicon Fincap Private Limited Subsidiary's shares held NA 0.01 0.01
by struck off companies
5 Zenith Insurance Services Private Limited Subsidiary's shares held NA – [1]
– [1]

by struck off companies

6 Architectural Glass Private Limited Subsidiary's shares held NA – [1]
– [1]

by struck off companies

7 Victor Properties Private Limited Subsidiary's shares held NA – [1]
–
by struck off companies

721
 Notes forming part of the
Consolidated Financial Statements

Notes forming part of the Consolidated Financial Statements (contd.)

NOTE [63]
c) Balance outstanding with struck off companies: (contd.)
v crore
Relationship Balance Balance
Sr. No. Name of struck off company Nature of transaction with the struck outstanding as at outstanding as at
off company March 31, 2025 March 31, 2024
8 Vitalink Wealth Advisory Services Private Subsidiary's shares held NA – [1] – [1]
Limited by struck off companies
9 Kothari Intergroup Limited Subsidiary's shares held NA – [1]
– [1]

by struck off companies

10 Fam Ensemble Facon Private Limited Subsidiary's shares held NA – [1]
– [1]

by struck off companies

11 Pegasus Mercantile Private Limited Subsidiary's shares held NA – [1]
– [1]

by struck off companies

12 Mahila Credit And Investment Co Subsidiary's shares held NA – [1]
–
Private Limited by struck off companies
13 Sanvi Fincare Consultancy Private Subsidiary's shares held NA – [1]
– [1]

Limited by struck off companies

Total subsidiary's shares held by struck 0.01 0.01
off companies (G)
Grand total (A+B+C+D+E+F+G) 22.31 26.39
[1]
Less than ¢ 1 Lakh

d) a. The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) (other than
subsidiaries) with the understanding (whether recorded in writing or otherwise) that the Group shall:

i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or

ii. Provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

b. The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) (other than subsidiaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary
shall:

i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Group (Ultimate Beneficiaries) or

ii. Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

NOTE [64]
There are no amounts due and outstanding to be credited to Investor Education & Protection Fund as at March 31, 2025 except in case of
step-down subsidiary acquired on January 3, 2025 for which there is an outstanding balance of ¢ 0.004 crore even before the acquisition
date. The subsidiary is not material to the consolidation financial statements of the Group.

NOTE [65]
Figures for the previous year have been regrouped/re-classified to conform to the figures of the current year.

722 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Statement containing salient features of the financial statements of

subsidiaries/associate companies/joint ventures
Part A: “Subsidiaries” [as per Section 2(87) of the Companies Act, 2013] v crore
Sr. No. 1 2 3 4 5 6
Hi-Tech Rock L&T Thales
L&T L&T Network
Sr. Products and LTIMindtree L&T Technology Technology
Particulars Geostructure Services Private
No. Aggregates Limited Services Limited Services Private
Private Limited Limited
Limited Limited
Financial year ending on 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25
Currency INR INR INR INR INR INR
Exchange rate on the last day of
financial year – – – – – –
Date of incorporation 01-Jan-08 25-Nov-20 23-Dec-96 14-Jun-12 07-Dec-22
Date of Acquisition 15-Feb-14
1 Share capital (including share application
money pending allotment) 26.55 25.00 29.63 21.18 2.05 18.00
2 Other equity/Reserves and surplus (as
applicable) (2.31) 504.16 21804.16 5727.01 63.86 (2.40)
3 Liabilities 66.71 1312.93 7382.82 3038.56 36.66 2.65
4 Total equity and liabilities 90.95 1842.09 29216.61 8786.75 102.57 18.25
5 Total assets 90.95 1842.09 29216.61 8786.75 102.57 18.25
6 Investments 11.53 – 10356.59 2218.84 49.29 –
7 Turnover 24.95 1123.84 36682.51 9533.08 55.22 0.19
8 Profit before taxation 0.48 113.91 5968.72 1682.88 (15.30) (2.46)
9 Provision for taxation – 29.03 1522.22 461.92 (2.87) 0.04
10 Profit after taxation 0.48 84.88 4446.50 1220.96 (12.43) (2.50)
11 Interim dividend - equity – – (592.24) (179.93) – –
12 Interim dividend - preference – – – – – –
13 Proposed dividend - equity – – (1332.74) (401.86) – –
14 Proposed dividend - preference – – – – – –
15 % of share holding 100.00 100.00 68.58 73.66 54.51 100.00

Sr. No. 7 8 9 10 11 12
L&T Infra
L&T Infra
Investment L&T Financial L&T Metro Rail L&T Himachal
Sr. L&T Finance Investment
Particulars Partners Consultants (Hyderabad) Hydropower
No. Limited Partners Trustee
Advisory Private Limited Limited Limited
Private Limited
Limited
Financial year ending on 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25
Currency INR INR INR INR INR INR
Exchange rate on the last day of
financial year – – – – – –
Date of incorporation 01-May-08 30-May-11 12-Aug-11 16-Jun-11 24-Aug-10 22-Jun-10
Date of Acquisition
1 Share capital (including share application
money pending allotment) 2494.87 5.00 0.10 27.75 7413.00 200.55
2 Other equity/Reserves and surplus (as
applicable) 22799.85 24.36 0.01 376.42 (6605.51) (202.65)
3 Liabilities 94738.07 0.77 0.04 33.15 15112.76 2.20
4 Total equity and liabilities 120032.79 30.13 0.15 437.32 15920.25 0.10
5 Total assets 120032.79 30.13 0.15 437.32 15920.25 0.10
6 Investments 12135.93 28.66 – 116.66 – –
7 Turnover 15193.58 0.37 0.03 48.85 1100.13 –
8 Profit before taxation 3454.93 0.71 0.01 34.86 (625.91) (0.32)
9 Provision for taxation 837.12 0.18 – 10.53 (0.03) –
10 Profit after taxation 2617.81 0.53 0.01 24.33 (625.88) (0.32)
11 Interim dividend - equity – – – – – –
12 Interim dividend - preference – – – – – –
13 Proposed dividend - equity (686.09) – – – – –
14 Proposed dividend - preference – – – – – –
15 % of share holding 66.24 66.24 66.24 66.24 99.99 100.00

723
 Salient Features of the Financial Statements of
Subsidiaries/Associate Companies/Joint Ventures

Statement containing salient features of the financial statements of

subsidiaries/associate companies/joint ventures
Part A: “Subsidiaries” [as per Section 2(87) of the Companies Act, 2013] (contd.) v crore
Sr. No. 13 14 15 16 17 18
L&T Power Chennai Vision Elante Properties L&T Realty L&T Realty
Sr. Nabha Power
Particulars Development Developers Private Developers Properties
No. Limited
Limited Private Limited Limited [a] Limited Limited [b]
Financial year ending on 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25
Currency INR INR INR INR INR INR
Exchange rate on the last day of
financial year – – – – – –
Date of incorporation 12-Sep-07 09-Apr-07 14-Aug-08 25-Jan-22 29-Jul-97 13-Mar-08
Date of Acquisition
1 Share capital (including share application
money pending allotment) 2289.66 2325.00 0.01 0.01 167.16 1403.98
2 Other equity/Reserves and surplus (as
applicable) 400.98 2900.96 (0.06) 284.48 1321.67 1314.42
3 Liabilities 3.85 4691.08 0.06 169.58 389.78 1092.64
4 Total equity and liabilities 2694.49 9917.04 0.01 454.07 1878.61 3811.04
5 Total assets 2694.49 9917.04 0.01 454.07 1878.61 3811.04
6 Investments 2688.00 796.20 – – 228.38 1425.97
7 Turnover – 4421.54 – 68.91 1346.75 246.56
8 Profit before taxation (0.01) 441.93 (0.01) (16.13) 693.73 200.76
9 Provision for taxation (0.67) – – (3.09) 212.97 (38.58)
10 Profit after taxation 0.66 441.93 (0.01) (13.04) 480.76 239.34
11 Interim dividend - equity – – – – – –
12 Interim dividend - preference – – – – – –
13 Proposed dividend - equity – – – – – –
14 Proposed dividend - preference – – – – – –
15 % of share holding 100.00 100.00 100.00 100.00 100.00 100.00

Sr. No. 19 20 21 22 23 24
Prime Techpark L&T Construction Bhilai Power L&T Energy L&T Aviation
Sr. L&T Valves
Particulars (Chennai) Private Equipment Supply Company Green tech Services Private
No. Limited
Limited Limited Limited Limited Limited
Financial year ending on 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25
Currency INR INR INR INR INR INR
Exchange rate on the last day of
financial year – – – – – –
Date of incorporation 24-Mar-23 18-Dec-18 23-Nov-61 11-Jul-95 09-Mar-06 06-Nov-09
Date of Acquisition
1 Share capital (including share application
money pending allotment) 0.05 199.14 18.00 0.05 245.05 45.60
2 Other equity/Reserves and surplus (as
applicable) (0.07) 11.68 576.85 – (41.42) (7.98)
3 Liabilities 0.04 107.64 617.54 1.06 312.63 2.68
4 Total equity and liabilities 0.02 318.46 1212.39 1.11 516.26 40.30
5 Total assets 0.02 318.46 1212.39 1.11 516.26 40.30
6 Investments – – 24.75 – 181.64 –
7 Turnover – 411.33 1538.35 – 16.67 27.54
8 Profit before taxation (0.03) 19.70 246.98 – (42.77) (0.58)
9 Provision for taxation – 3.04 62.43 – – (0.14)
10 Profit after taxation (0.03) 16.66 184.55 – (42.77) (0.44)
11 Interim dividend - equity – (49.79) (103.00) – – –
12 Interim dividend - preference – – – – – –
13 Proposed dividend - equity – – (18.00) – – –
14 Proposed dividend - preference – – – – – –
15 % of share holding 100.00 100.00 100.00 99.90 100.00 100.00

724 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Statement containing salient features of the financial statements of

subsidiaries/associate companies/joint ventures
Part A: “Subsidiaries” [as per Section 2(87) of the Companies Act, 2013] (contd.) v crore
Sr. No. 25 26 27 28 29 30
Millennium
L&T Capital Chennai Nova Bangalore Business Park Corporate Park
Sr. Techpark
Particulars Company Techpark Private Galaxy Techpark (Powai) Private (Powai) Private
No. (Chennai) Private
Limited Limited Private Limited Limited Limited
Limited
Financial year ending on 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25
Currency INR INR INR INR INR INR
Exchange rate on the last day of
financial year – – – – – –
Date of incorporation 06-Apr-00 30-Apr-23 17-Apr-23 13-Apr-23 20-Apr-23 01-May-23
Date of Acquisition
1 Share capital (including share application
money pending allotment) 0.05 0.05 0.05 0.05 188.03 200.33
2 Other equity/Reserves and surplus (as
applicable) 4.33 (0.02) (0.02) (0.01) (1.29) (0.15)
3 Liabilities 0.01 0.02 0.02 – 529.60 102.67
4 Total equity and liabilities 4.39 0.05 0.05 0.04 716.34 302.85
5 Total assets 4.39 0.05 0.05 0.04 716.34 302.85
6 Investments 0.00 – – – – –
7 Turnover 1.10 – – – – –
8 Profit before taxation 0.22 (0.01) (0.01) – (1.52) (0.20)
9 Provision for taxation 0.05 – – – (0.38) (0.05)
10 Profit after taxation 0.17 (0.01) (0.01) – (1.14) (0.15)
11 Interim dividend - equity – – – – – –
12 Interim dividend - preference – – – – – –
13 Proposed dividend - equity – – – – – –
14 Proposed dividend - preference – – – – – –
15 % of share holding 100.00 100.00 100.00 100.00 100.00 100.00

Sr. No. 31 32 33 34 35 36
L&T L&T - MHI
LH Residential LH Uttarayan L&T - MHI Power
Sr. L&T Electrolysers Semiconductor Power Turbine
Particulars Housing Private Premium Realty Boilers Private
No. Limited Technologies Generators
Limited Private Limited Limited
Limited Private Limited
Financial year ending on 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25
Currency INR INR INR INR INR INR
Exchange rate on the last day of
financial year – – – – – –
Date of incorporation 27-Jun-23 31-Jul-23 23-Nov-23 17-Feb-24 09-Oct-06 27-Dec-06
Date of Acquisition
1 Share capital (including share application
money pending allotment) 165.05 0.10 186.03 0.05 234.10 710.60
2 Other equity/Reserves and surplus (as
applicable) (68.42) (62.07) (55.26) (0.06) 1251.88 (416.49)
3 Liabilities 116.64 885.55 159.92 0.07 837.60 722.95
4 Total equity and liabilities 213.27 823.58 290.69 0.06 2323.58 1017.06
5 Total assets 213.27 823.58 290.69 0.06 2323.58 1017.06
6 Investments 23.45 – 170.14 – 85.12 144.67
7 Turnover 3.43 0.15 – – 920.00 292.45
8 Profit before taxation (38.25) (69.04) (162.81) (0.08) (48.47) (26.02)
9 Provision for taxation – (17.38) – (0.02) (11.28) –
10 Profit after taxation (38.25) (51.66) (162.81) (0.06) (37.19) (26.02)
11 Interim dividend - equity – – – – – –
12 Interim dividend - preference – – – – – –
13 Proposed dividend - equity – – – – – –
14 Proposed dividend - preference – – – – – –
15 % of share holding 100.00 100.00 100.00 100.00 51.00 51.00

725
 Salient Features of the Financial Statements of
Subsidiaries/Associate Companies/Joint Ventures

Statement containing salient features of the financial statements of

subsidiaries/associate companies/joint ventures
Part A: “Subsidiaries” [as per Section 2(87) of the Companies Act, 2013] (contd.) v crore
Sr. No. 37 38 39 40 41
Raykal
L&T MBDA L&T Sapura
Sr. L&T Howden L&T-Sargent & Aluminium
Particulars Missile Systems Shipping Private
No. Private Limited Lundy Limited Company Private
Limited Limited
Limited
Financial year ending on 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25
Currency INR INR INR INR INR
Exchange rate on the last day of financial year – – – – –
Date of incorporation 17-Jun-10 05-May-95 05-Apr-17 02-Sep-10 23-Feb-99
Date of Acquisition
1 Share capital (including share application
money pending allotment) 30.00 5.57 1.00 158.85 0.05
2 Other equity/Reserves and surplus (as
applicable) 131.65 96.44 188.75 (13.31) (0.93)
3 Liabilities 157.76 38.61 1.67 404.26 0.89
4 Total equity and liabilities 319.41 140.62 191.42 549.80 0.01
5 Total assets 319.41 140.62 191.42 549.80 0.01
6 Investments 17.84 86.30 – – –
7 Turnover 250.91 156.68 7.55 154.13 –
8 Profit before taxation 39.08 62.45 6.53 (30.21) (0.01)
9 Provision for taxation 11.74 10.32 0.98 0.05 –
10 Profit after taxation 27.34 52.13 5.55 (30.26) (0.01)
11 Interim dividend - equity (30.00) (15.58) – – –
12 Interim dividend - preference – – – – –
13 Proposed dividend - equity – (23.37) – – –
14 Proposed dividend - preference – – – – –
15 % of share holding 50.10 50.00 51.00 60.00 75.50

Sr. No. 42 43 44 45
L&T Special
Siliconch Intelliswift
Sr. LTH Milcom Steels and Heavy
Particulars Systems Private Software (India)
No. Private Limited Forgings Private
Limited Private Limited
Limited
Financial year ending on 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25
Currency INR INR INR INR
Exchange rate on the last day of financial year – – – –
Date of incorporation 17-Aug-15 01-Jul-09
Date of Acquisition 09-Aug-24 03-Jan-25
1 Share capital (including share application
money pending allotment) 0.20 0.04 0.01 566.60
2 Other equity/Reserves and surplus (as
applicable) (0.21) 12.30 51.62 (2505.91)
3 Liabilities 0.03 4.06 47.03 2715.41
4 Total equity and liabilities 0.02 16.39 98.66 776.10
5 Total assets 0.02 16.39 98.66 776.10
6 Investments – – – –
7 Turnover – 5.32 47.61 83.43
8 Profit before taxation – (7.05) 4.25 296.71
9 Provision for taxation – (0.37) 0.30 –
10 Profit after taxation – (6.68) 3.95 296.71
11 Interim dividend - equity – – – –
12 Interim dividend - preference – – – –
13 Proposed dividend - equity – – – –
14 Proposed dividend - preference – – – –
15 % of share holding 56.67 100.00 73.66 100.00

726 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Statement containing salient features of the financial statements of

subsidiaries/associate companies/joint ventures
Part A: “Subsidiaries” [as per Section 2(87) of the Companies Act, 2013] (contd.) v crore
Sr. No. 46 47 48 49 50 51
Larsen &
Larsen & Toubro
Sr. Larsen & Toubro Larsen & Toubro Larsen & Toubro Toubro T&D SA PT Larsen and
Particulars (East Asia) Sdn.
No. (Oman) LLC Qatar LLC Saudi Arabia LLC (Proprietary) Toubro
Bhd.
Limited
Financial year ending on 31-Dec-24 31-Dec-24 31-Dec-24 31-Mar-25 31-Mar-25 31-Mar-25
Currency OMR QAR SAR ZAR MYR IDR
Exchange rate on the last day of
financial year 222.38 23.49 22.80 4.71 19.26 0.01
Date of incorporation 21-Jan-94 31-Mar-04 22-Jun-99 06-Sep-10 13-Jun-96 17-Dec-21
Date of Acquisition
1 Share capital (including share application
money pending allotment) 32.40 0.47 32.77 0.00 0.86 16.46
2 Other equity/Reserves and surplus (as
applicable) 372.32 (2.31) 646.66 4.19 28.78 (6.02)
3 Liabilities 1262.40 1.99 6139.39 2.85 115.03 (0.20)
4 Total equity and liabilities 1667.12 0.15 6818.82 7.05 144.67 10.24
5 Total assets 1667.12 0.15 6818.82 7.05 144.67 10.24
6 Investments – – 159.57 – – –
7 Turnover 1287.85 – 13121.23 9.39 253.27 2.72
8 Profit before taxation 84.91 (0.05) 180.97 0.56 12.03 (0.74)
9 Provision for taxation 5.52 – 36.95 0.15 – –
10 Profit after taxation 79.39 (0.05) 144.02 0.41 12.03 (0.74)
11 Interim dividend - equity (63.98) – (84.44) – – –
12 Interim dividend - preference – – – – – –
13 Proposed dividend - equity – – – – – –
14 Proposed dividend - preference – – – – – –
15 % of share holding 80.00 49.00 100.00 72.50 30.00 100.00

Sr. No. 52 53 54 55 56 57
Larsen &
Toubro Kuwait
Larsen & L&T Modular L&T
Sr. Larsen Toubro Construction Larsen & Toubro
Particulars Toubro Heavy Fabrication Yard Hydrocarbon
No. Arabia LLC General Electromech LLC
Engineering LLC LLC Saudi Company
Contracting
Company WLL
Financial year ending on 31-Dec-24 31-Dec-24 31-Dec-24 31-Dec-24 31-Dec-24 31-Dec-24
Currency OMR OMR SAR SAR KWD OMR
Exchange rate on the last day of
financial year 222.38 222.38 22.80 22.80 277.85 222.38
Date of incorporation 07-Apr-08 05-Jul-06 01-Jul-12 08-Jul-07 29-Nov-06
Date of Acquisition 01-Jan-05
1 Share capital (including share application
money pending allotment) 125.98 64.15 22.80 2.28 28.40 6.67
2 Other equity/Reserves and surplus (as
applicable) (305.26) 194.87 43.25 (1187.85) (18.70) 90.30
3 Liabilities 213.32 803.24 2946.54 7161.67 3.22 34.80
4 Total equity and liabilities 34.04 1062.26 3012.59 5976.10 12.92 131.77
5 Total assets 34.04 1062.26 3012.59 5976.10 12.92 131.77
6 Investments – – 1542.11 342.40 – –
7 Turnover – 2103.32 5390.06 9746.87 – 103.77
8 Profit before taxation (19.69) 25.25 118.74 (346.03) (0.65) 102.66
9 Provision for taxation – 17.69 (16.89) (64.97) – 5.14
10 Profit after taxation (19.69) 7.56 135.63 (281.06) (0.65) 97.52
11 Interim dividend - equity – – – – – –
12 Interim dividend - preference – – – – – –
13 Proposed dividend - equity – – – – – –
14 Proposed dividend - preference – – – – – –
15 % of share holding 70.00 70.00 75.00 100.00 49.00 70.00

727
 Salient Features of the Financial Statements of
Subsidiaries/Associate Companies/Joint Ventures

Statement containing salient features of the financial statements of

subsidiaries/associate companies/joint ventures
Part A: “Subsidiaries” [as per Section 2(87) of the Companies Act, 2013] (contd.) v crore
Sr. No. 58 59 60 61 62 63
LTIMindtree
Information LTIMindtree
LTIMindtree
Sr. Technology Financial LTIMindtree LTIMindtree LTIMindtree
Particulars South Africa
No. Services Services Canada Limited GmbH Spain S.L.
(PTY) Limited
(Shanghai) Co., Technologies Inc.
Ltd.
Financial year ending on 31-Dec-24 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25
Currency CNY CAD CAD ZAR EURO EURO
Exchange rate on the last day of
financial year 11.72 59.67 59.67 4.71 92.09 92.09
Date of incorporation 28-Jun-13 14-Jun-99 01-Feb-16
Date of Acquisition 01-Jan-11 25-Apr-00 25-Jul-12
1 Share capital (including share application
money pending allotment) 1.10 112.00 – 0.20 0.90 0.40
2 Other equity/Reserves and surplus (as
applicable) 5.10 532.50 132.30 42.20 496.20 1.20
3 Liabilities 21.10 96.70 67.20 15.70 251.20 1.38
4 Total equity and liabilities 27.30 741.20 199.50 58.10 748.30 2.98
5 Total assets 27.30 741.20 199.50 58.10 748.30 2.98
6 Investments – – – – 302.50 –
7 Turnover 72.54 430.99 984.56 62.17 464.96 5.05
8 Profit before taxation 3.90 152.74 51.04 14.68 6.25 0.08
9 Provision for taxation 1.13 41.81 13.81 4.00 4.55 0.67
10 Profit after taxation 2.77 110.93 37.23 10.68 1.70 (0.59)
11 Interim dividend - equity – – – – – –
12 Interim dividend - preference – – – – – –
13 Proposed dividend - equity – – – – – –
14 Proposed dividend - preference – – – – – –
15 % of share holding 68.58 68.58 68.58 47.73 68.58 68.58

Sr. No. 64 65 66 67 68 69
Sr. LTIMindtree LTIMindtree S. Syncordis LTIMindtree PSF LTIMindtree
Particulars LTIMindtree S.A.
No. Norge AS DE R.L. DE C.V. Limited S.A. Switzerland AG
Financial year ending on 31-Mar-25 31-Dec-24 31-Dec-24 31-Dec-24 31-Dec-24 31-Dec-24
Currency NOK MXN EURO GBP EURO CHF
Exchange rate on the last day of
financial year 8.14 4.10 89.20 107.48 89.20 94.72
Date of incorporation 20-Nov-18 01-Mar-17
Date of Acquisition 15-Dec-17 15-Dec-17 15-Dec-17 01-Mar-19
1 Share capital (including share application
money pending allotment) 0.03 0.00 0.44 0.01 3.19 0.72
2 Other equity/Reserves and surplus (as
applicable) 17.27 21.45 (42.70) 3.30 25.79 (1.64)
3 Liabilities 31.74 31.53 254.80 0.09 64.92 72.15
4 Total equity and liabilities 49.04 52.98 212.54 3.40 93.90 71.23
5 Total assets 49.04 52.98 212.54 3.40 93.90 71.23
6 Investments – – 3.20 – – –
7 Turnover 65.14 105.71 172.68 1.74 103.40 29.63
8 Profit before taxation 2.78 11.34 (114.87) 81.65 (8.97) (11.70)
9 Provision for taxation 0.58 1.41 (2.58) 14.43 (1.62) 2.48
10 Profit after taxation 2.20 9.93 (112.29) 67.22 (7.35) (14.18)
11 Interim dividend - equity – – – – – –
12 Interim dividend - preference – – – – – –
13 Proposed dividend - equity – – – – – –
14 Proposed dividend - preference – – – – – –
15 % of share holding 68.58 68.58 68.58 68.58 68.58 68.58

728 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Statement containing salient features of the financial statements of

subsidiaries/associate companies/joint ventures
Part A: “Subsidiaries” [as per Section 2(87) of the Companies Act, 2013] (contd.) v crore
Sr. No. 70 71 72 73 74 75
LTIMindtree Graphene
Sr. Nielsen+Partner LTIMindtree L&T Technology L&T Technology
Particulars (Thailand) Solutions SDN.
No. Pte Ltd USA Inc Services LLC Services Pte. Ltd.
Limited BHD.
Financial year ending on 31-Dec-24 31-Dec-24 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25
Currency SGD THB USD USD SGD MYR
Exchange rate on the last day of
financial year 62.91 2.50 85.48 85.48 63.71 19.26
Date of incorporation 26-Jun-14
Date of Acquisition 01-Mar-19 01-Mar-19 29-Aug-19 15-Oct-18 15-Oct-18
1 Share capital (including share application
money pending allotment) 0.53 0.23 0.56 290.45 0.30 0.17
2 Other equity/Reserves and surplus (as
applicable) (51.72) (7.97) 0.83 859.21 (0.05) (0.09)
3 Liabilities 57.58 9.77 65.13 382.39 0.08 –
4 Total equity and liabilities 6.39 2.03 66.52 1532.05 0.33 0.08
5 Total assets 6.39 2.03 66.52 1532.05 0.33 0.08
6 Investments 0.00 – 50.91 – – –
7 Turnover 1.23 (2.33) 55.01 1225.92 – –
8 Profit before taxation (9.51) (3.83) 2.56 73.26 (0.06) (0.01)
9 Provision for taxation 0.04 0.01 0.29 15.18 – –
10 Profit after taxation (9.55) (3.84) 2.27 58.08 (0.06) (0.01)
11 Interim dividend - equity – – – – – –
12 Interim dividend - preference – – – – – –
13 Proposed dividend - equity – – – – – –
14 Proposed dividend - preference – – – – – –
15 % of share holding 68.58 68.58 68.58 73.66 73.66 73.66

Sr. No. 76 77 78 79 80 81
L&T Technology L&T Valves
Graphene LTIMindtree L&T Technology
Sr. Services LTIMindtree UK Arabia
Particulars Solutions Taiwan Middle East Services
No. (Shanghai) Co. Limited Manufacturing
Limited FZ-LLC (Canada) Ltd
Ltd. LLC
Financial year ending on 31-Dec-24 31-Dec-24 31-Mar-25 31-Mar-25 31-Mar-25 31-Mar-25
Currency TWD CNY GBP AED CAD SAR
Exchange rate on the last day of
financial year 2.61 11.72 110.70 23.27 59.67 22.79
Date of incorporation 06-Aug-19 17-Aug-20 25-Nov-20 20-Aug-19 25-Sep-01
Date of Acquisition 15-Oct-18
1 Share capital (including share application
money pending allotment) 1.31 3.86 0.01 3.66 0.04 21.18
2 Other equity/Reserves and surplus (as
applicable) (1.18) 2.53 81.57 43.09 (2.63) (24.65)
3 Liabilities 2.33 0.07 379.62 231.02 3.75 79.64
4 Total equity and liabilities 2.46 6.46 461.20 277.77 1.16 76.17
5 Total assets 2.46 6.46 461.20 277.77 1.16 76.17
6 Investments – – – – – –
7 Turnover 3.48 – 1102.65 302.53 1.43 42.98
8 Profit before taxation (0.03) (0.32) 37.04 12.97 (0.33) (7.84)
9 Provision for taxation – – 10.98 0.77 – (1.57)
10 Profit after taxation (0.03) (0.32) 26.06 12.20 (0.33) (6.27)
11 Interim dividend - equity – – – – – –
12 Interim dividend - preference – – – – – –
13 Proposed dividend - equity – – – – – –
14 Proposed dividend - preference – – – – – –
15 % of share holding 73.66 73.66 68.58 68.58 73.66 100.00

729
 Salient Features of the Financial Statements of
Subsidiaries/Associate Companies/Joint Ventures

Statement containing salient features of the financial statements of

subsidiaries/associate companies/joint ventures
Part A: “Subsidiaries” [as per Section 2(87) of the Companies Act, 2013] (contd.) v crore
Sr. No. 82 83 84 85 86 87
L&T Technology
Hydrocarbon Services
Sr. L&T Valves USA Larsen & Toubro L&T Global Larsen & Toubro
Particulars Arabia Limited Poland spółka
No. LLC International FZE Holdings Limited CIS FELLC
Company z ograniczoną
odpowiedzialnością
Financial year ending on 31-Mar-25 31-Mar-25 31-Mar-25 31-Dec-24 31-Mar-25 31-Dec-24
Currency USD USD USD SAR PLN UZS
Exchange rate on the last day of
financial year 85.48 85.48 85.48 22.80 22.12 0.01
Date of incorporation 28-May-19 25-Sep-01 24-Feb-16 19-Jun-23 30-Oct-23 10-Jul-24
Date of Acquisition
1 Share capital (including share application
money pending allotment) 4.27 146.16 68.38 1.14 0.01 –
2 Other equity/Reserves and surplus (as
applicable) 2.10 1644.05 610.29 (14.30) (0.01) –
3 Liabilities 15.26 5355.16 0.04 16.17 – (0.01)
4 Total equity and liabilities 21.64 7145.37 678.71 3.01 – (0.01)
5 Total assets 21.64 7145.37 678.71 3.01 – (0.01)
6 Investments – 1859.02 677.58 – – –
7 Turnover 33.99 11697.52 – – – –
8 Profit before taxation (2.24) 1250.83 422.58 (16.72) (0.01) (0.01)
9 Provision for taxation (0.46) 100.99 – – – –
10 Profit after taxation (1.78) 1149.84 422.58 (16.72) (0.01) (0.01)
11 Interim dividend - equity – (422.89) (428.78) – – –
12 Interim dividend - preference – – – – – –
13 Proposed dividend - equity – – – – – –
14 Proposed dividend - preference – – – – – –
15 % of share holding 100.00 100.00 100.00 60.00 73.66 100.00

Sr. No. 88 89 90 91
LTIMindtree Intelliswift Intelliswift
Sr. Global Infotech
Particulars Consulting Brazil Software Software Costa
No. Corporation
LTDA (Canada) Inc. Rica Limitada
Financial year ending on 31-Dec-24 31-Dec-24 31-Dec-24 31-Dec-24
Currency BRL CAD CRC USD
Exchange rate on the last day of financial year 13.88 59.58 0.17 85.62
Date of incorporation 26-Sep-24
Date of Acquisition 03-Jan-25 03-Jan-25 03-Jan-25
1 Share capital (including share application
money pending allotment) 2.80 – – 0.01
2 Other equity/Reserves and surplus (as
applicable) (0.05) 0.94 (0.38) 14.18
3 Liabilities 1.82 1.80 0.50 7.23
4 Total equity and liabilities 4.57 2.74 0.12 21.42
5 Total assets 4.57 2.74 0.12 21.42
6 Investments – – – –
7 Turnover 1.08 13.44 2.22 55.57
8 Profit before taxation (0.19) 1.22 0.20 9.15
9 Provision for taxation (0.05) 0.31 – –
10 Profit after taxation (0.15) 0.91 0.20 9.15
11 Interim dividend - equity – – – –
12 Interim dividend - preference – – – –
13 Proposed dividend - equity – – – –
14 Proposed dividend - preference – – – –
15 % of share holding 68.64 73.66 73.66 73.66

730 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Statement containing salient features of the financial statements of

subsidiaries/associate companies/joint ventures
Part A: “Subsidiaries” [as per Section 2(87) of the Companies Act, 2013] (contd.) v crore
Sr. No. 92 93 94
Intelliswift
Software
Sr. P. Murphy & Intelliswift
Particulars (Hungary)
No. Associates, Inc. Software Inc.
Limited Liability
Company
Financial year ending on 31-Dec-24 31-Dec-24 31-Mar-25
Currency HUF USD USD
Exchange rate on the last day of financial year 0.22 85.62 85.48
Date of incorporation
Date of Acquisition 03-Jan-25 03-Jan-25 03-Jan-25
1 Share capital (including share application
money pending allotment) 0.09 – 0.01
2 Other equity/Reserves and surplus (as
applicable) 1.06 45.75 (5.06)
3 Liabilities 17.62 0.27 194.87
4 Total equity and liabilities 18.77 46.02 189.82
5 Total assets 18.77 46.02 189.82
6 Investments – – 0.12
7 Turnover 4.51 5.07 811.16
8 Profit before taxation 0.35 (1.07) (86.92)
9 Provision for taxation – – –
10 Profit after taxation 0.35 (1.07) (86.92)
11 Interim dividend - equity – – –
12 Interim dividend - preference – – –
13 Proposed dividend - equity
14 Proposed dividend - preference –
15 % of share holding 73.66 73.66 73.66
Notes:

A) Name changed:-
[a]
formerly known as L&T Parel Project Private Limited
[b]
formerly known as L&T Seawoods Limited

B) Names of subsidiaries which have been merged/sold/dissolved/struck-off.

(1) Merged:-

a) L&T Energy Hydrocarbon Engineering Limited - Merged with Larsen & Toubro Limited w.e.f. April 1, 2024

b) L&T Offshore Private Limited - Merged with Larsen & Toubro Limited w.e.f. April 1, 2024
c) Nielsen+Partner Unternehmensberater GmbH - Merged with LTIMindtree GmbH w.e.f October 2, 2024

(2) Stuck off:-

a) Avenue Techpark (Bangalore) Private Limited

b) Bangalore Fortune Techpark Private Limited

c) Bangalore Spectrum Techpark Private Limited

(3) Divested:-

a) EPIC Concesiones 3 Limited (formerly known as L&T Infrastructure Development Projects Limited)

b) Panipat Elevated Corridor Limited

c) Vadodara Bharuch Tollway Limited

d) Palanpur-Swaroopgunj Road Project Limited (formerly known as L&T Interstate Road Corridor Limited)

e) Neelambur Madukkarai Tollway Limited (formerly known as L&T Transportation Infrastructure Limited)

731
 Salient Features of the Financial Statements of
Subsidiaries/Associate Companies/Joint Ventures

Statement containing salient features of the financial statements of

subsidiaries/associate companies/joint ventures
Part A: “Subsidiaries” [as per Section 2(87) of the Companies Act, 2013] (contd.)
f) Ahmedabad - Maliya Tollway Limited

g) Samkhiali Bhachau Gandhidham Tollway Limited (formerly known as L&T Samakhiali Gandhidham Tollway Limited)

h) Deccan Tollways Limited (formerly known as L&T Deccan Tollways Limited)

i) Kudgi Transmission Limited

j) Sambalpur - Rourkela Tollway Limited (formerly known as L&T Sambalpur-Rourkela Tollway limited)

k) PNG Tollway Limited

l) Rajkot - Vadinar Tollway Limited (formerly known as L&T Rajkot-Vadinar Tollway Limited)
m) Chennai-Tada Tollways Limited (formerly known as L&T Chennai-Tada Tollway Limited)

n) Watrak Infrastructure Private Limited

o) Rewin Infrastructure Limited

(4) Dissolved:-

a) LTIMindtree LLC

b) Syncordis SARL, France

c) Nielsen&Partner Pty Ltd

C) Names of joint venture entity which is yet to commence operations:-

a) LTIM Aramco Digital Solutions for Information Technology Company

732 Integrated Annual Report 2024-25

 Corporate Management Integrated Statutory Financial
Overview Discussion and Analysis Report Reports Statements

Statement containing salient features of the financial statements of

subsidiaries/associate companies/joint ventures
Part B: ”Associates/Joint ventures”
Sr. No. 1 2 3 4 5 6 7 8
Larsen & Indiran
Sr. Grameen Toubro Engineering Gujarat Leather
L&T Camp Magtorq GH4India E2E Networks
No. Name of Associates Capital India Qatar & HBK Projects and Industries
Facilities LLC Private Limited Private Limited Limited
Private Limited Contracting Systems Kish Limited
Co. WLL PJSC
1 Latest audited balance sheet date 31-Mar-24 31-Dec-21 31-Dec-24 31-Mar-25 Refer Note 2 31-Mar-25 31-Mar-25
2 Date on which the associate or
joint venture was associated or
acquired 05-Jun-15 13-Sep-07 28-Jul-04 02-Aug-10 31-Oct-09 25-Aug-23 27-Jun-91 04-Dec-24
3 Shares of associate/joint ventures
held by the company at the year
end
Number 2,126,000 2,450 100 9,000 875 1,000,000 735,000 2,979,579
Amount of investment in
associates/joint venture (¢ Crore) 6.00 4.96 0.18 4.42 0.39 1.00 – 1080.30
Total share capital (¢ Crore) 12.05 10.12 0.47 0.21 0.78 3.00 – 19.97
Reserves closing (5.74) (3.75) (9.29) 20.19 (0.61) (7.50) – 1572.81
Total No of shares 8,177,887 5,000 200 21,003 1,750 3,000,000 Refer Note 3 19,967,858
Extent of holding % (Effective) 17.22% 49.00% 50.00% 42.85% 50.00% 33.33% 50.00% 14.92%
4 Description of how there is
significant influence No Significant Refer Note 1
influence as
5 Reason why the associate/joint per Ind AS 28
venture is not consolidated Refer Note 3
6 Net worth attributable to
shareholding as per latest audited
balance sheet (¢ Crore) – 3.12 (4.41) 8.74 0.09 (1.50) – 237.64
7 Profit/(Loss) for the year (¢ Crore)
Considered in consolidation – – – 3.13 0.06 (3.40) – 17.01
Not considered in consolidation – – – – – – – 30.49

Notes:
1. Significant influence is demonstrated by holding 20% or more of the total voting power, or control of or participation in Board/business decisions under an
agreement of the investee.
2. The Incorporated joint venture is not required to be audited as per regulatory laws in Iran. Hence the management certified accounts have been considered for
consolidation.
3. The associate company is under liquidation process and investment is fully provided in the accounts.

For and on behalf of the Board of Directors of Larsen & Toubro Limited

S. N. SUBRAHMANYAN R. SHANKAR RAMAN

Chairman & Managing Director President, Whole-time Director &
(DIN 02255382) Chief Financial Officer
(DIN 00019798)

P. R. RAMESH SIVARAM NAIR A

Independent Director Company Secretary & Compliance Officer
(DIN 01915274) Membership No. FCS3939

Mumbai, May 8, 2025

733
 Fold here

LARSEN & TOUBRO LIMITED

CIN : L99999MH1946PLC004768
Regd. Office : L&T House, Ballard Estate, Mumbai 400 001.
Tel. No.: (022) 6752 5656, Fax No.: (022) 6752 5858
Email: [email protected], Website: www.larsentoubro.com

Dear Shareholder, Date: May 26, 2025

We are privileged to have you as our shareholder. It has been our constant endeavour to improve the services to our
Investors and in this pursuit, we are sending you this Feedback Form, which is a self addressed prepaid Inland letter. We

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request you to kindly spare some time and return the same to us duly completed. We look forward to your feedback/valuable
suggestions.
Thanking you,
Yours faithfully,
For LARSEN & TOUBRO LIMITED
Subramanian Narayan
Company Secretary & Compliance Officer
M. No. A16354

SHAREHOLDER’S FEEDBACK FORM

Name and address of the shareholder

Phone No: (with STD code)

E-maii ID:

Folio No./DP ID & Client ID

Shareholders Satisfaction Survey Questionnaire

(please 3 the appropriate box)
A. Do you perceive the Company as creating shareholder value in the:
(i) Short Term or Yes No
(ii) Long Term or Yes No
(iii) Both Yes No
B. Are you satisfied with the growth strategy of the Company?
Yes      No     Not aware
Excellent Good Poor* Not
experienced
C. Please rate the contents and quality of Integrated Annual Report
D. Please rate the contents and quality of the website of the Company
E. Arrangements related to last year AGM
F. Quality and accuracy of response to your queries and complaints:
- by Company
- by Registrar
G. Timeliness of response form
- the Company
- the Registrar
H. Please rate the hospitality and efficiency of the persons attending to you when
you interact with
- Investors Relation Cell
- Office of Registrars
I. Overall quality of service provided by
- the Company
- the Registrar
* Kindly let us know your experience in space provided overleaf
J. Do you have any grievance which has not been redressed   Yes   No

Signature
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BUSINESS REPLY LETTER

Postage No Postage
will be stamp
paid by necessary
addresssee if posted in
India

B. R. PERMIT No.: MBI GPO - 0049

Mumbai G.P.O.
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Mumbai - 400 001.

Larsen & Toubro Limited

Secretarial Department
L&T House, Ballard Estate,
Mumbai - 400 001.

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* In case your response to any question overleaf is “Poor”, kindly share your experience and let us know the reason/
instances to enable us to investigate the matter.

In case of any queries, kindly contact our Registrar:

KFin Technologies Limited
Unit: Larsen & Toubro Limited
Selenium Building, Tower-B, Plot No 31 & 32, Financial District, Nanakramguda, Serilingampally,
Hyderabad, Rangareddy, Telangana, India - 500 032.
Toll free number: 1-800-3094-001 • Email: [email protected]
AWARDS & RECOGNITION

Every year, L&T and its people receive a number of national and international awards that
acknowledge its varied accomplishments. Presented by the media, industry associations,
independent bodies and academia, they honour the Company’s contribution in various spheres
of business, technology, financial performance, growth and environmental protection.

For details of recent awards, please visit www.Larsentoubro.com