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Disclaimer
This presentation contains certain forward looking statements concerning L&T’s future
business prospects and business profitability, which are subject to a number of risks
and uncertainties and the actual results could materially differ from those in such
forward looking statements.
The risks and uncertainties relating to these statements include, but are not limited to,
risks and uncertainties regarding fluctuations in earnings, our ability to manage growth,
competition (both domestic and international), economic growth in India and the
target countries for exports, ability to attract and retain highly skilled professionals,
time and cost over runs on contracts, our ability to manage our international
operations, government policies and actions with respect to investments, fiscal
deficits, regulations, etc., interest and other fiscal costs generally prevailing in the
economy. Past performance may not be indicative of future performance.
The company does not undertake to make any announcement in case any of these
forward looking statements become materially incorrect in future or update any
forward looking statements made from time to time by or on behalf of the company.
2
3
Presentation Outline
L&T Overview
Group Performance
Business Overview
Sectoral Opportunities & Outlook
4
Presentation Outline
L&T Overview
Business Overview
Sectoral Opportunities & Outlook
Group Performance
L&T - At a Glance
Professionally Managed Company
FY 14 Group Revenues: `851 Bn
(US$ 14.3 Bn)
Market Cap (9th Feb’15):
₹1461 Bn
(US$ 24 Bn)
Credit Ratings CRISIL:
AAA/Stable ICRA:
AAA(Stable)
5
India’s largest E&C company with interests in Projects, Infrastructure
Development, Manufacturing, IT & Financial Services
L&T – Shareholding Pattern
Listed with BSE & NSE
GDRs listed with LSE and LuxSE
L&T is one of the most widely held listed companies in India
No promoter holding
Uninterrupted Dividend payment record since 1946; FY14 Dividend of Rs. 14.25 per share (FY13:
Rs. 12.33 per share)
Major Institutional Shareholders % Shares
Life Insurance Corporation of India 16.9%
Administrator of the SUUTI 8.2%
General Insurance Corp. of India 1.9%
Blackrock Group 1.8%
HDFC Trustee Company Limited 1.8%
Carmignac Group 1.3%
Government of Singapore 1.3%
7
Govt. Financial
Institutions & Insurance Companies,
29.7%
FII’s & GDR, 20.3%
Individuals, 23.0%
L&T Employee Welfare
Foundation, 12.0%
Mutual Funds & Pvt.
Insurance Cos., 11.8%
Others, 3.2%
31st Dec
2014
Experienced Management Team
8
A M Naik
Group Executive Chairman
BE [Mech]
Joined L&T in March 1965
Diverse and vast experience in general management, Technology and E&C
M V Kotwal
Whole-time Director & President (Heavy Engineering)
BE [Mech], Univ. of Bombay
Joined L&T in October 1968
Vast experience in Heavy Engineering business including manufacture of critical equipment for Nuclear Power & Space Research Program
S. N. Subrahmanyan
Whole-time Director & Sr. Executive Vice President (Construction & Infrastructure)
B.SC ENGG (CIVIL), MBA (Finance)
Joined L&T in November 1984
Vast experience in Design & Build (D&B) Contracts, PPP Projects, Engineering and Construction Industry
K Venkataramanan
Chief Executive Officer
& Managing Director
BE [Tech] – IIT, Delhi
Joined L&T in June 1969
Vast experience in product engineering and project management
R Shankar Raman
Whole-time Director & Chief Financial Officer
B.Com, ACA, CWA
Joined L&T Group in November 1994
Vast experience in Finance, Taxation, Insurance, Risk Management, Legal and Investor Relations
Shailendra Roy
Whole-time Director & Sr. Executive Vice President (Power, Minerals & Metals)
BE (Tech)
Joined L&T in 2004
Vast experience in Thermal Power Business
Corporate Governance
9
Four-tier Governance Structure
L&T’s essential character revolves around values based on transparency, integrity, professionalism and accountability
Board
of Directors
Executive Management Committee (EMC)
Independent Company (IC) Board
Strategic Business Group (SBG) / Business Unit (BU)
Journey Towards Excellence
10
Divested non - core business (Cement, Tractor, Glass, RMC, PDP, Medical)
Capacity expansion & TAMCO acquisition
Entry into new ventures (MHI JVs, Shipbuilding, Forging)
Tie-up with tech majors in defence and nuclear power
Foray into power generation
Listing of Financial Services
Significant ramp up of Concessions Business
Expansion of IT & Engg. Services business
Reorganisation into ICs
Acquisition of 100% ownership in Audco / L&T Komatsu / EWAC Alloys
Demerged Hydrocarbon & Integrated Engg. Service businesses into separate wholly owned subsidiaries
Restructuring for Value Creation (2000-14)
Entered into IT, Financial services and Infrastructure Concessions business
Entered into Engineering JVs with technology majors
Emerged as India’s largest integrated E&C company
Expansion through internationalisation
Developed road map for portfolio restructuring
Expansion & Consolidation
(1990-2000)
Emerged as leading & acclaimed engineering contractors
Commenced production of tractor undercarriages, valves, welding components, earth-moving equipment and cement
Established fabrication facility and yard on the waterfront at Hazira for Hydrocarbon business
Seeds of Growth (1960-90)
1938: Formed as a partnership
1952: Listed on BSE
Commenced trading & making dairy equipment, fabrication serv., war-time ship repair
Entered construction business thro’ acquisition of ECC
Started switchgear business
The Beginnings
(1938-60)
L&T’s Sustainability Initiative The L&T Sustainability Report 2014 is a ‘GRI Checked’ , Externally Assured, Application Level A+ report.
Climate Change Carbon footprint
mapping
Energy Conservation
Water Conservation
Material Management
Community
Sustainability Thrust Areas
Safety
Accolades
One of the eight Indian
companies featuring in Dow
Jones Sustainability
Emerging Markets Indices
One of the only five Indian
Companies to feature in the
Global ‘A’ list for its Carbon
Performance – CDP 2014
Ranked Asia’s 2nd Most
Sustainable Company in
Industrial Sector in Channel
NewsAsia’s Sustainability
Rankings 2014
L&T Ranks In Top 10
Companies for CSR – The
Economic Times
Sustainability – Environment & Social
12
Green Buildings
L&T’s own – 2.1 million sq. ft.
Constructed for Clients – 43.02 million sq. ft.
All 28 L&T Campuses are zero wastewater discharge
5 Campuses are water positive
2012-13 2013-14
1,6
1,4
67
2,0
7,3
68
Energy Conservation (GJ)
Renewable power contributes 7.9 % of indirect energy
Food waste processing plants for
treatment of organic waste
Aligned with
National Action Plan on Climate Change
and
UN Millennium Development Goals
Thrust Areas No. of Beneficiaries (2013-14)
Education 242,024
Skill Building 45,209
Healthcare-Mother and Child
517,837
Total 805,070
Education - Over two lakh children impacted
Skill Building - 8 construction skills training institutes empowering more than 13,000 people
Healthcare: Mother & Child - 8 community health centres provide state-of-the-art diagnostic health
services
Parameter Values
Energy Consumption (GJ/Employee)
132.82
Direct GHG Emissions (Tons/Employee)
7.80
Water Consumption (m3/employee)
155.81
13
Presentation Outline
L&T Overview
Sectoral Opportunities & Outlook
Group Performance
Business Overview
Builders to the nation
14
Wankhede Stadium, Mumbai
Baha’i Temple, Delhi
Maruti Manesar (Haryana) Expansion 88m Rail Bridge Jammu Udhampur 1320 MT FCC Regenerator – for RIL
Oil & Gas Offshore Platforms Mumbai International Airport 3rd Narmada High
ITC Grand Chola Hotel, Chennai Sri Sathya sai Whitefield Hospital Srinagar Hydro Electric Plant
2x384 MW CCPP, Vemagiri, A.P. Transmission Lines in Himachal Water Treatment Plant, Barmer 300 mtr Minerva Tower, Mumbai
Kakrapar Nuclear Power Plant, Guj
International Footprint – Marquee Jobs
15
NMC Speciality hospital, Abu Dhabi
Bhukara Hotel, Uzbeckistan
Stadium at Barbados Glorei (Commercial Space), Muscat Salalah Airport, Oman
Sabah, Malaysia
Sheikh Khalifa Interchange, UAE Coal Gasifier for China Transmission Lines, Al Majlis, Oman
1500 MT Tubular Reactor for Kuwait Bi-metallic Urea Stripper for Saudi MV Switchgear Factory, Malaysia Water Treatment Plant, Doha
Punatsangchhu HEP, Bhutan
World’s Longest Conveyer, Bangladesh Bulk Cement Terminal, Colombo
E&C Delivery Platform
16 Single point responsibility for turnkey solutions
Design
&
Engineering
Manufacture
&
Fabrication
EPC Projects
Construction
One of Asia’s largest vertically integrated E&C Companies
Quality Customer Mix
17
MIAL Indian Coastguard
Multiple Alliances & Joint Ventures
18
Alliances
Pre qualifications
Note: Some of these are project specific alliances & pre qualifications
Joint Ventures
Befula Investments
L&T’s Business Structure
* These are not separate legal entities
LARSEN & TOUBRO LTD.
BUSINESS VERTICALS – INDEPENDENT COMPANIES (ICs)*
SUBSIDIARIES & ASSOCIATES
BUILDINGS & FACTORIES
TRANSPORTATION INFRASTRUCTURE
METALLURGICAL & MATERIAL HANDLING
POWER T&D
HEAVY ENGINEERING
SHIPBUILDING
ELECTRICAL & AUTOMATION
POWER
FINANCIAL SERVICES
IT & TECHNOLOGY SERVICES
INFRASTRUCTURE SPVs (BOTs)
MHI JVs (Boilers & Turbine Mfg.)
HEAVY CIVIL INFRASTRUCTURE
WATER & RENEWABLE ENERGY
OTHER MANUFACTURING & FABRICATION SUBSIDIARIES
SERVICES AND OTHER SUBSIDIARIES & ASSOCIATES
19
L&T HYDROCARBON ENGINEERING
20
Presentation Outline
L&T Overview
Business Overview
Sectoral Opportunities & Outlook
Group Performance
FY 12 FY 13 FY 14
88.8
99.3
EBITDA
Three Year Performance
21
` B
illion
FY 12 FY 13 FY 14
643
745
Net Sales
` B
illi
on
` B
illi
on
FY 12 FY 13 FY 14
1,450 1,648
Order Book
` B
illi
on
851
1,815 107.9
FY 12 FY 13 FY 14
793
Order Inflow
` B
illion
1270
1029
` B
illi
on
Group Performance Highlights – Q3 / 9M FY15
22
Q3 9M
Revenues 10% 10%
Order Book 17% 17%
Order Inflow 19% 16%
EBITDA 10% 10%
Profit After Tax 9% 31%
9M FY14 9M FY15
Order Book
1926
2258
9M FY14 9M FY15
300 334
340 398
290 346
Order Inflow
Q3
Q2
Q1
930 1078
Group level Order Inflow & Order Book
23
Amount in ` Bn
16% 17%
Order Inflow Order Book
82% 75%
18% 25%
Geographical Breakup
Domestic International
Strong growth in Q3 order receipts mainly contributed by Infra Segment
Q4+ Prospect pipeline looks promising
Order Inflow increase in Q3 and 9 mth driven by domestic orders
Robust Order Book (2x+ Revenues) affords multi-year revenue visibility
Q3
FY15
Group Performance – Sales & Costs
24
Revenue growth driven by Infra and Services Businesses; partially offset by depleted
Order Book in investment constrained segments (Power, MMH, Hydrocarbon, Heavy
Engineering)
MCO charge in line with Sales
Staff cost increase occasioned by manpower augmentation, increased level of
international operations and normal revisions
SGA Expenses benefit from stable currency and cost
Q3 FY15 Q3 FY14 % Change ` Billion 9M FY15 9M FY14 %
Change FY14
238.48 217.32 10%Net Sales / Revenue from
Operations 639.82 581.04 10% 851.28
64.00 58.54 9% ----International Sales 178.04 174.77 2% 240.04
27% 27% - % of Total Sales 28% 30% -2% 28%
177.96 160.64 11% Mfg, Cons. & Opex (MCO) 464.76 420.44 11% 625.78
19.25 17.08 13% Staff Costs 59.04 52.77 12% 71.41
12.36 13.27 -7% Sales, adm. & other Exp. 38.63 37.74 2% 46.77
209.58 190.99 10% Total Opex 562.43 510.95 10% 743.95
Performance Summary – Operational Costs & Profitability
Material cost,
39.7% (37.0%)
Subcontracting
charges, 17.3% (20.5%)
Other
Opex, 17.6% (16.4%)
Staff Costs,
8.1% (7.9%)
Sales, adm. &
other Exp., 5.2% (6.1%)
EBITDA,
12.1% (12.1%)
Q3 FY15
25
Material cost,
36.2% (34.8%)
Subcontracting
charges, 17.6% (20.2%)
Other
Opex, 19.0% (17.4%)
Staff Costs,
9.2% (9.0%)
Sales, adm. &
other Exp., 6.0% (6.5%)
EBITDA,
12.1% (12.1%)
9M FY15
Figures in brackets indicate corresponding period of the Previous Year
Group Performance Summary Extracts
26
Growth in Realty and Services Business compensates for lower margins in Power, MMH,
HE and Hydrocarbon segments
Higher depreciation charge due to adoption of new rates under New Companies Act
Other Income mainly comprises of Treasury gains
Q3 FY15 Q3 FY14 % Change ` Billion 9M FY15 9M FY14 %
Change FY14
28.90 26.33 10% EBITDA 77.39 70.09 10% 107.33
12.1% 12.1% - EBITDA Margin 12.1% 12.1% - 12.6%
(9.20) (8.84) 4% Interest Expenses (23.90) (23.69) 1% (31.41)
(6.79) (5.88) 16% Depreciation (20.35) (17.32) 18% (14.46)
2.35 1.96 20% Other Income 7.26 7.13 2% 9.82
(5.69) (6.69) -15% Provision for Taxes (14.87) (17.40) -15% (26.28)
8.67 7.97 9% PAT after Minority Interest 26.95 20.62 31% 49.02
28
Segment Composition
Infrastructure PowerMetallurgical &
Material HandlingHeavy Engineering
Electrical &
Automation
Building & Factories EPC – Coal & Gas FerrousProcess Plant
Equipment
Electrical Standard
Products
Transportation InfraThermal Power Plant
ConstructionNon Ferrous
Nuclear Power Plant
Equipment
Electrical Systems &
Equipment
Heavy Civil Infra Critical Piping Metering & Protection
Water & Renewable
Energy
Power T&D
HydrocarbonDevelopmental
ProjectsIT & TS Financial Services Others
Upstream Roads Retail & Corporate Shipbuilding
Mid & Downstream Metros Infrastructure Realty
Ports General InsuranceConstruction & Mining
Equipment
Power Mutual Fund Asset
Management
Machinery & Industrial
Products
Construction &
Pipelines
Control & AutomationElectrostatic
Precipitators
Defence & Aerospace
Technology Services
Information
Technology
Bulk Material Handling
Infrastructure 71% (70%)
Power 10% (8%)
MMH 5% (7%)
HE 4% (4%)
E&A 1% (2%)
Hydrocarbon 7% (6%)
Others 2% (3%)
Order Book
Rs 2258 Bn
29
Segmental Breakup of Orders – 9M FY15
Infrastructure 53% (62%)
Power 9% (1%)
MMH 3% (2%)
HE 4% (4%)
E&A 4% (4%)
Hydrocarbon 9%
(10%) Services
13% (11%)
Others 5% (6%)
Figures in brackets indicate corresponding period of the Previous Year
Order Inflow
Rs 1078 Bn
Infrastructure 44%
MMH 4%
Power 5%
HE 4%
Hydrocarbon 8%
IT & TS 9% Fin. Services
7%
Devl. Proj. 7%
Others 7%
Segmental Breakup
30
Revenue Breakup – 9M FY15
E&A
5%
72%
28%
Geographical breakup
Domestic International
Infrastructure Segment
31
Amount in ` Bn
Investment momentum yet to pick up strongly
Revenue growth driven by in-line execution across all businesses
Execution of large, long duration international orders starting to contribute to Revenue
Comparative Margin reflective of job mix and one-off gains in FY14
Revenues & Margin
Power Segment
32
Amount in ` Bn
Long bid-to-award timelines adversely affecting the power sector
Slow progress on land, clearances and fuel availability
Revenue decline due to delayed replenishment of Order Book
Margin variation on account of lower level of operations
Revenues & Margin
Business shrinkage due to current business conditions (iron ore mining ban, global
over-capacity of steel, protracted procedures for clearances, depressed domestic
industrial capex,etc)
Revenue and Margin decline due to reduced Order Book and under-utilization
33
Amount in ` Bn
Metallurgical & Material Handling (MMH) Segment
Revenues & Margin
Deferral of investments in Oil, Gas, Fertiliser and Nuclear Power sectors continues
Global economic uncertainties dampening prospects
Private sector participation in domestic Defence opportunities is yet to mature
Revenue contraction due to paucity of orders in process plant sector
Margin diminution due to under-utilization and cost overruns in some projects 34
Amount in ` Bn
Heavy Engineering Segment
Revenues & Margin
Modest revenue growth affected by lacklustre domestic industrial capex; revival
closely linked to economic conditions
Healthy margins aided by stable input costs, operational efficiencies and product mix
35
Amount in ` Bn
Electrical & Automation (E&A) Segment
Revenues & Margin
Falling oil prices leading to uncertainty in oil & gas capex across geographies
Decline in revenues due to low opening order book and execution challenges in some
Middle East projects
Under-recovery, cost overruns and close out cost impact margins
36
Hydrocarbon Segment Amount in ` Bn
Revenues & Margin
Robust revenue growth driven mainly by North American markets
Focus is on leveraging depth of relationship with existing customers while continuing
efforts in new customer acquisitions
Margin variation due to augmentation of front-end Sales & Marketing staff,
compliance costs and increase in onsite staff deployment
37
Amount in ` Bn
IT & Technology Services Segment
Revenues & Margin
Realty and Valves Businesses power segment growth
EBITDA margin improvement through –
Increase in Realty Business
Reduction of Shipbuilding losses
38
Amount in ` Bn
Others Segment
Revenues & Margin
Step up in revenues due to operationalization of 2x700 MW Coal fired power plant at
Rajpura, Punjab (‘Nabha’) in early Q2 FY15
Traffic growth on operational road SPVs seen
CPPIB invests the first tranche of Rs 10 Bn in IDPL
39
Amount in ` Bn
Developmental Projects Segment Revenues & Margin
Balance Equity Commitment (Dec 2014): ` 45 Bn
Total Project Cost (Dec 2014): ` 567 Bn
Equity Invested (Dec 2014): ` 83 Bn
40
Roads and Bridges:
Portfolio: 17 projects (1764 Km); 12 Operational
Project Cost: `184 Bn
Power:
Portfolio: 5 projects (2270 MW); 1 Operational
Project Cost: `178 Bn
Ports:
Portfolio: 2 projects (18 MTPA) - Operational
Project Cost: `21 Bn
Metros:
Portfolio: 1 project (71.16 Km) – Under-implementation
Project Cost: `170 Bn
Transmission Lines:
Portfolio: 1 project (482 Km) – Under-implementation
Project Cost: `14 Bn
Concessions Business Portfolio – 26 SPVs
Loan assets growth through strong disbursements across segments:
Retail B2C: Microfinance, Tractors, 2-wheelers, Housing
Wholesale: Operational Renewable & Road projects
MF achieves AUM above Rs. 210 Bn with continuous accretion in equity assets
PAT growth due to healthy NIMs and strong fee income
41
L&T Finance Holdings
Q3 FY15 Q3 FY14 %
Change ` Billion
9M
FY15 9M FY14
%
Change FY14
65 58 11% Networth (Excl. Pref. Cap.) 65 58 11% 58
396 324 22% Borrowings 396 324 22% 359
94 64 46% Disbursements 235 178 32% 260
452 378 20% Loans and Advances 452 378 20% 401
3.0% 2.9% 0.1% Gross NPA (%) 3.0% 2.9% 0.1% 3.2%
1.82 1.10 66% PAT 5.30 4.10 29% 5.97
42
Presentation Outline
L&T Overview
Business Overview
Group Performance
Sectoral Opportunities & Outlook
Infrastructure Segment
43
Opportunities: Transportation –
Domestic – Airports, Railways, Dedicated Freight Corridor, Metro
Rails, Roads & Bridges
International – Airports, Roads & Bridges, Railways (GCC Rail)
Urban Infra / Factories -
Housing, Office Space, Hospitals, Shopping Malls, Hotels, Edu.
Institutions and Factory Buildings
Water - Prospects for Water supply & distribution / waste water
treatment and Effluent Treatment Plants
Nuclear Power - possibility of revival
Thrust on Solar
Power T&D –
PGCIL / STU spending in T&D / APDRP funding
Opportunities in MENA for T&D
Presence : Roads and Runways, Tunnels & Spl. Bridges, Ports,
Airports, Railways, Metro Rail, Residential & Commercial Buildings,
Factories, Water Infrastructure, Solar, Hydro & Nuclear Power, Power
T&D – Transmission lines & substation projects
Challenges: Overall Macro challenges; clarity on Investment plans
Land acquisition and environmental clearance
Contraction in Govt spends; reduced appetite for PPP from private sector
Aggressive Competition
Power Segment
44
Presence : EPC Projects in Power Capacity addition (Coal
& Gas), Coal based Power Plant Equipment (Boilers,
Turbines, ESP, Piping and other Power Auxiliaries)
Challenges:
Fuel supply
Land acquisition
Environment and Forest Clearances
Poor financial health of Distribution Cos
Aggressive bidding by competition
Opportunities:
Base level capacity addition in Coal based Power Plants
EPC prospects for gas-fired power plants in Bangladesh
Likely pick up in investments
Metallurgical & Material Handling Segment
45
Opportunities:
Capacity addition in ferrous metals sector both from
private and public units
Non Ferrous EPC prospects
Power segment currently driving Material Handling
business
Presence : Construction capabilities for ferrous and non-
ferrous plants, bulk material handling equipment and
systems addressing mining, steel, power, railways and ports
sectors
Challenges:
Land acquisition
Environment and forest clearances
Policy clarity and legal mandates on iron ore mining
Lack of private sector investment appetite
Heavy Engineering Segment
46
Opportunities: Oil & Gas equipment supply opportunities in India, Middle
East, Far East, Russia, Europe and USA
Nuclear Power Plant equipment in India
Interceptor Boats, Ships and Submarines for Indian Navy
and Coastguard
Artillery guns and other equipment for Indian Army
Components for Indian Space Program
Presence : Equipment for process plants (mainly for oil
and gas), Nuclear power plant equipment, Defense (mainly
for navy and army) and Aerospace
Challenges:
Shrinking spends on Oil & Gas
Reduced prospect base of nuclear power equipment post-
Fukushima and consequent on civil liability overhang
Monopoly of Public Sector in Defense orders; very long
prospect-to-award timelines
Electrical & Automation Segment
47
Opportunities: Electrical switchgear in industrial units
Large market for building electricals
Electrical switchgear for Agricultural segment
Automation solutions in Cement, Oil & Gas, Roads and
Power sectors
Metering and protection of power distribution networks
Presence : Low voltage switchgear, building electricals,
metering & protection equipment, low and medium voltage
customised switchboards, automation solutions
Challenges:
Subdued industrial capex, muted agricultural growth
Competitive intensity
Tight liquidity and high borrowing costs for small and
medium enterprises (including stockists)
Hydrocarbon Segment
48
Opportunities: Promising International prospects – Upstream / Mid &
Downstream
Opportunities from ONGC Capex – Upstream / Mid &
Downstream
Opportunities for Fertilizer EPC
Regasification terminals
Pipeline jobs in Western India
Presence : Offshore Platforms, Subsea pipelines,
Floating Systems, Jackup Rigs, Subsea installations,
Onshore Oil & Gas installations, Refineries, Petrochemical
and Fertiliser Plants (EPC), Onshore pipelines,
Regasification Terminals
Challenges:
Long bid-to-award timelines
Contraction in domestic E&P investment
Aggressive competition in Domestic and GCC markets
Project execution in international markets
Annexure-1: Standalone Like–to-Like Extracts
51
IES Business became a separate subsidiary from 1st April, 2014
Q3 FY15
Reported IES Like-to-Like Total
Net Sales / Revenue from Operations 143.88 4.17 139.71 149.95 7%
EBITDA 16.89 0.86 16.02 15.70 -2%
Interest Expenses (2.91) (0.02) (2.89) (5.00) 73%
Depreciation (1.99) (0.07) (1.92) (2.64) 37%
Other Income 4.33 (0.01) 4.34 6.22 43%
Profit after Tax 12.41 0.64 11.77 10.60 -10%
` Billion Q3 FY14 %
Change
9M FY15
Reported IES Like-to-Like Total
Net Sales / Revenue from Operations 365.20 11.59 353.61 380.49 8%
EBITDA 37.66 2.65 35.01 39.99 14%
Interest Expenses (7.71) (0.09) (7.62) (10.85) 42%
Depreciation (5.79) (0.20) (5.58) (7.62) 37%
Other Income 13.86 (0.08) 13.94 17.13 23%
Profit after Tax 27.70 1.89 25.80 29.96 16%
` Billion 9M FY14 %
Change
Annexure-2: Group 9M P&L Summary Extracts
52
* Includes Insurance Business
9M FY15 9M FY14 %
Change FY14
Revenue from Operations 380.49 55.65 47.17 42.70 113.80 639.82 581.04 10% 851.28
EBITDA 39.98 10.86 6.68 19.65 0.22 77.39 70.09 10% 107.33
Interest Expenses (10.85) (0.03) 0.01 (8.42) (4.60) (23.90) (23.69) 1% (31.41)
Depreciation (7.62) (1.69) (0.85) (4.06) (6.13) (20.35) (17.32) 18% (14.46)
Other Income 17.13 0.18 1.19 0.07 (11.32) 7.26 7.13 2% 9.82
Provision for Taxes (10.40) (1.67) (2.68) (1.48) 1.35 (14.87) (17.40) -15% (26.28)
Profit After Tax 29.96 7.65 3.65 5.94 (20.25) 26.95 20.62 31% 49.02
` Billion L&T
Parent IT & TS
Fin.
Services *
Devl.
Projects
Other
Subsidiaries
&
Eliminations
L&T Group
Annexure 3: Group Balance Sheet Extracts
53
* Includes Insurance Business
Dec-14 Mar14Inc /
(Dec)
Net Worth (Excl. Pref. Cap.) 366.5 27.7 45.1 88.4 (123.9) 403.8 377.1 26.7
Minority Interest - 0.0 31.6 10.7 5.3 47.5 31.8 15.7
Borrowings 148.2 4.2 395.7 226.1 112.8 887.0 803.5 83.5
Net Segment Assets 514.7 31.9 472.4 354.8 (5.3) 1,368.5 1,247.2 121.3
L&T Group
` Billion L&T
Parent IT & TS
Fin.
Services *
Devl.
Projects
Other
Subsidiaries
&
Eliminations
Annexure 4: Group Cash Flow (Summarised)
54 * included under Net Cash from operations under statutory financial statements
` Billion Q3 FY15 9M FY15 Q3 FY14 9M FY14
Operating Profit 30.10 77.80 25.95 74.53
Adjustments for NWC (0.74) (25.57) (8.84) (70.53)
Direct Taxes (Paid) / Refund - Net (7.22) (20.97) (4.01) (20.89)
Net Cash from Operations 22.14 31.26 13.10 (16.89)
Investments in Fixed Assets (Net) (15.89) (53.55) (16.34) (49.49)
(Purchase) /Sale of Long Term & Current Investments (Net) (5.73) (10.88) 3.20 4.21
Investments / Loans to S&A Cos (Net) (0.73) 5.67 (0.31) (2.35)
Interest & Div. Received from Investments 1.20 3.46 2.16 4.40
Net Consideration on acquisition / disposal of Subs. (0.74) 1.08 1.08 1.14
Net Cash from / (used in) Investing Activities (21.89) (54.21) (10.22) (42.09)
Issue of Share Capital / Minority 10.21 16.25 2.82 3.68
Net Borrowings 29.01 94.25 20.69 123.12
Loans towards financing activities * (29.17) (47.87) (20.33) (37.21)
Interest & Dividend paid (8.80) (38.70) (12.96) (37.35)
Net Cash from Financing Activities 1.25 23.93 (9.77) 52.24
Net (Dec) / Inc in Cash & Bank 1.51 0.98 (6.90) (6.74)
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