Financial Performance for the Quarter ended June 30, 2022

150

Strong All-round Performance during the Quarter 

Order Inflow 57% 

Revenue 22% 

PAT grows by 45% 

Mumbai, July 26, 2022 

Larsen & Toubro achieved Consolidated Revenues of ₹ 35,853 crore for the quarter ended  June 30, 2022 recording a y-o-y growth of 22% with strong execution witnessed in the  Infrastructure Segment and riding on the sustaining growth momentum in the IT&TS  portfolio. International revenues during the quarter at ₹ 13,235 crore constitute 37% of the  total revenue. 

The Company for the quarter ended June 30, 2022, posted Consolidated Profit After Tax  (PAT) of ₹ 1,702 crore registered a robust growth of 45% over the corresponding quarter of  the previous year. 

The Company secured orders worth ₹ 41,805 crore at the group level during the quarter ended June 30, 2022, registering a growth of 57% over corresponding quarter of the previous  year. During the quarter, orders were received across diverse segments like Public Spaces,  Metros, Water Management & Waste Water, Minerals and Metal, Factories, Data Centers,  Defence, Power Transmission and Distribution and Hydrocarbon Offshore sectors.  International orders at ₹ 17,842 crore during the quarter comprised 43% of the total order  inflow. 

The consolidated order book of the group is at a record ₹ 363,448 crore as on June 30, 2022, with international orders having a share of 28%. 

Effective from April 1, 2022, the operating segments have been re-organised, in line with  the business strategy to be adopted by the Company under its 5 year plan (Lakshya 2026).  Some of the existing segments have been realigned to reflect the Group’s Lakshya 2026  strategy. The changes are as follows:

Energy Projects – This is a newly formed segment that constitutes the current segments  of Hydrocarbon and Power, to reflect the Group’s entry into Green Energy space and  integrated pursuit of opportunities in a rapidly transforming Energy sector 

Hi-Tech Manufacturing – This is a segment that comprises the Heavy Engineering and  Defence Engineering businesses, being combined, to leverage the extensive engineering,  manufacturing and fabrication expertise across the various customer segments 

IT & Technology Services – The segment earlier comprising of the listed IT&TS  subsidiaries of the Group viz., (a) L&T Infotech (b) L&T Technology Services and  (c) Mindtree, will now also include the new age businesses of Data Centers and  E-commerce / Digital Platforms (both the businesses were earlier reported under  ‘Others’ segment in the previous year) 

Infrastructure Projects Segment 

The Infrastructure Projects segment secured order inflows of ₹ 18,343 crore, during the  quarter ended June 30, 2022, registering growth of 66% compared to corresponding quarter  of the previous year with various orders secured across sub segments. International orders  at ₹ 4,691 crore constituted 26% of the total order inflow of the segment during the quarter. 

The segment order book stood at ₹ 263,977 crore as on June 30, 2022, with the share of  international orders at 23%. 

The segment recorded customer revenues of ₹ 14,181 crore for the quarter ended  June 30, 2022, registering y-o-y growth of 36% aided by improved execution momentum as  the Covid related challenges receded in the current quarter. International revenues  constituted 19% of the total customer revenues of the segment during the quarter.  

The EBITDA margin of the segment during the quarter ended June 30, 2022 was at 6.5%  vis-à-vis 7.1% recorded in the corresponding quarter of the previous year. Margins for the  quarter have been impacted by input cost escalations and change in revenue mix. 

Energy Projects Segment 

The Energy Projects Segment secured orders valued at ₹ 4,366 crore during the quarter ended June 30, 2022, registering substantial growth compared to corresponding quarter of  the previous year, with receipt of a large order from Middle East in the Offshore vertical of  Hydrocarbon business. International order inflow constituted 91% of the total order inflow  of the segment during the quarter. 

The segment order book was at ₹ 65,372 crore as on June 30, 2022, with the international  order book constituting 58%. 

The segment posted customer revenues of ₹ 5,073 crore during the quarter ended  June 30, 2022, recording a growth of 3% y-o-y, largely attributed to pickup of execution 

momentum in the Power business. International revenues had a share of 30% of the total  customer revenues for the quarter. 

The EBITDA margin of the segment at 8.5% for the quarter ended June 30, 2022 improved compared to 7.5% over corresponding quarter of the previous year, on account of execution  cost savings in few projects. 

Hi-Tech Manufacturing Segment 

The segment secured orders valued at ₹ 3,489 crore during the quarter ended June 30, 2022  registering substantial growth y-o-y with receipt of a key order in the Defence Engineering  business. Export orders constituted 7% of the total order inflow of the segment during the  quarter. 

The order book of the segment was at ₹ 19,398 crore as on June 30, 2022, with the share of  export orders at 12%. 

The segment posted customer revenues of ₹ 1,272 crore for the quarter ended  June 30, 2022, recording a marginal y-o-y growth of 3%. Export sales comprised 19% of the  total customer revenues for the quarter. 

The EBITDA margin of the segment at 15.1% for the quarter ended June 30, 2022 declined compared to 19.2% reported in the corresponding quarter of the previous year, since  previous year was higher on release of cost provisions on completion of a key project and  recognition of customer claims. 

IT & Technology Services (IT&TS) Segment 

The segment recorded customer revenues of ₹ 9,424 crore for the quarter ended  June 30, 2022, registering a y-o-y growth of 30% reflecting continued growth momentum in  the IT&TS sector. International billing contributed 92% of the total customer revenues of  the segment for the quarter ended June 30, 2022. The revenue in USD terms for the 3 listed  entities at USD 1,219 Mn, registered a sequential growth of 3%. 

The EBITDA margin for the segment was at 22.2% for the quarter ended June 30, 2022 as  compared to 22.8% in the corresponding quarter of the previous year. Improved operational  efficiencies was offset by higher employee cost. 

Financial Services Segment 

The segment reflects the performance of L&T Finance Holdings, a listed subsidiary. The segment recorded income from operations at ₹ 2,958 crore during the quarter ended  June 30, 2022, registering a y-o-y decline of 3%, mainly attributed to the targeted reduction  in the wholesale loan book.

The total Loan Book remained steady at ₹ 88,078 crore as compared with June 2021 at  ₹ 88,440 crore, reflecting a cautious lending approach, focus on collections, portfolio sell  down and a phased liquidation of the de-focused business and wholesale loan book. 

The segment EBIT for the quarter ended June 30, 2022 increased to ₹ 356 crore as compared  to ₹ 234 crore in the corresponding quarter of the previous year due to savings in credit cost  and higher fee income. 

Development Projects Segment 

The segment recorded customer revenues of ₹ 1,345 crore registering growth of 19% over  the corresponding quarter of the previous year, driven by a higher PLF in the Nabha Power  plant and increase in ridership in Hyderabad Metro. 

The segment EBIT for the quarter ended June 30, 2022 registers a loss of ₹ 21 crore as  compared to loss of ₹ 91 crore during the corresponding quarter of the previous year, due  to improved metro ridership. 

“Others” Segment 

“Others” segment comprises (a) Realty, (b) Construction & Mining Machinery, (c) Rubber  Processing Machinery, (d) Industrial Valves and (e) Smart World and Communication  businesses. 

Customer revenues during the quarter ended June 30, 2022 at ₹ 1,599 crore registered a  growth of 21% y-o-y with higher handover of flats in the Realty business and increase in sales  of Rubber Processing Machinery. Export sales constituting 6% of the total customer revenues  of the segment during the quarter majorly pertains to export of Industrial Valves and Rubber  Processing Machinery. 

During the quarter ended June 30, 2022, the segment EBITDA margin at 17.2%, remains  stable compared to 17.1% during the corresponding quarter of the previous year. 

Note:  

Segment-wise summary of performance for the quarter ended June 30, 2022 is attached in  Annexure 1 

Outlook 

The Indian economy continues to sustain the strong recovery momentum evidenced by  robust monthly high frequency indicators. With the Government’s move to cut taxes on  petrol and diesel, imposition of export duty on steel and petroleum, restrictions on food  exports and RBI’s recent action of increasing the REPO rate should ease the overall  inflationary pressure.

India, however, faces near-term challenges in reining the fiscal deficit and yet manage to  sustain the economic growth momentum despite a higher inflation and a more adverse  balance of payments situation. The Government’s persistent efforts to jumpstart economic  growth through higher infrastructure spend and incentivizing domestic manufacturing should  yield benefits in the medium term. 

On the global front, oil price dynamics and recent geo-political developments have led the  global economy towards a zone of uncertainty in an environment of high inflation, volatile  commodity prices, imposition of sanctions and resultant supply chain disruptions. The Middle  east region, an important geography for the Company’s Projects business, is likely to be  benefitted from the high oil prices resulting in higher hydrocarbon and infrastructure capex  spend. This augurs well for the Company, in terms of providing a larger scope of contracting  opportunities. 

The Company in its first year post announcing its Lakshya 2026 Strategic Plan, expects to  continue its planned trajectory of profitable growth through an efficient and timely  execution of its large order book and along with its many value enhancing measures, retain  its leadership position and improve shareholder return on a sustainable basis. The Company  is on the path of diversification into the new businesses of Green Energy and E-commerce  Platforms and at the same time pursue exit options / limit exposure in non-core businesses 

over the Lakshya 2026 strategic plan period. 

Background: 

Larsen & Toubro 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 L&T to attain and sustain leadership in its major lines of business for eight decades. 

Media Contacts: 

Yuvraj Mehta Ketan Bondre 

Head, Corporate Brand Management & Communications Head, Media Relations  

Yuvraj.mehta@larsentoubro.com / +91 85888 88272 ketan.bondre@larsentoubro.com / +91 98205 36572

Annexure 1 

Order Inflow Customer Revenue EBITDA Margin (%) Segment (in ₹ Crore)Q1 FY 22 Q1 FY 23 Q1 FY 22 Q1 FY 23 Q1 FY 22 Q1 FY 23 

Infrastructure Projects 11,023 18,343 10,409 14,181 7.1 6.5 Energy Projects 1,912 4,366 4,949 5,073 7.5 8.5 Hi-Tech Manufacturing 1,083 3,489 1,237 1,272 19.2 15.1 IT & Technology Services 7,232 9,424 7,232 9,424 22.8 22.2 Financial Services 3,061 2,958 3,061 2,958 8.4 13.0 Development Projects 1,126 1,345 1,126 1,345 -0.4 4.5 Others 1,119 1,879 1,320 1,599 17.1 17.2 

6

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

CIN: L99999MH1946PLC004768 

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2022

Quarter ended Year ended 

June 30, March 31, June 30, March 31, 

2022 

[Audited] 

1 Income: 

Particulars 

2022 

[Reviewed] 

2022 

[Reviewed] [Note (iii)] 

2021 

[Reviewed] 

a) Revenue from operations 35853.20 52850.67 29334.73 156521.23  b) Other income (net) 694.72 515.59 647.97 2267.08  Total Income 36547.92 53366.26 29982.70 158788.31  2 Expenses: 

a) 

 4987.98 4214.05 3721.95 17100.84  

Manufacturing, construction and operating expenses: i) Cost of raw materials and components consumed 

ii) Stores, spares and tools consumed 

 1174.61 1022.78 468.07 3091.07  

 iii) Sub-contracting charges 3527.41 9878.08 3779.58 24772.33  iv) Construction materials consumed 7753.04 13712.80 4195.96 33506.21  v) Purchase of stock-in-trade 199.32 255.04 239.01 1069.50  vi) Changes in inventories of finished goods, stock-in-trade and work-in-progress (1522.76) 185.99 (459.16) (2076.60)  

vii) Other manufacturing, construction and operating expenses 4326.84 4598.24 3535.73 16434.54  b) Finance cost of financial services business and finance lease activity 1456.41 1441.83 1565.79 5952.54  c) Employee benefits expense 8555.95 7974.64 6871.75 29731.62  d) Sales, administration and other expenses 2363.49 2120.94 2244.56 8721.88  e) Finance costs 756.05 705.10 827.46 3125.70  f) Depreciation, amortisation, impairment and obsolescence 963.40 769.36 717.38 2947.95  Total Expenses 33615.98 47804.61 27708.08 144377.58  

3 2931.94 5561.65 2274.62 14410.73  

Profit before exceptional items and tax (1-2) 

4 Exceptional items (net of tax) – – – 96.93  5 Profit before tax (3+4) 2931.94 5561.65 2274.62 14507.66  6 Tax expense: 

a) Current tax 952.18 1715.18 1020.68 4512.09  b) Deferred tax (313.25) (160.19) (302.24) (295.48)  Total tax expense 638.93 1554.99 718.44 4216.61  7 Net profit after tax (5-6) 2293.01 4006.66 1556.18 10291.05  8 Share in profit/(loss) after tax of joint ventures/associates (net) (64.68) 131.81 (24.52) 128.19  Net profit after tax and share in profit/(loss) of joint ventures/associates (7+8) 

9 4138.47 2228.33 1531.66 10419.24  Attributable to: Owners of the Company 1702.07 3620.69 1174.44 8669.33   Non-controlling interests 526.26 517.78 357.22 1749.91  10 (955.95) 6.37 172.66 438.35  

Other comprehensive income (OCI) [net of tax] 

Attributable to: Owners of the Company (825.04) 25.90 167.28 329.38   Non-controlling interests (130.91) (19.53) 5.38 108.97  11 1272.38 4144.84 1704.32 10857.59  

Total comprehensive income (9+10) 

Attributable to: Owners of the Company 877.03 3646.59 1341.72 8998.71   Non-controlling interests 395.35 498.25 362.60 1858.88  12 Paid-up equity share capital (face value of share: 2 each) 281.03 281.01 280.92 281.01  13 Other equity attributable to owners of the Company 82126.65  

Earnings per share (EPS) (not annualised):  

14 

(a) Basic EPS ( ) 12.11 25.77 8.36 61.71  (b) Diluted EPS ( ) 12.10 25.75 8.35 61.65  

Notes: 

(i) 

During the quarter, the Company has allotted 1,16,098 equity shares of 2 each fully paid-up, on exercise of stock options by employees in accordance with the Company’s stock  option schemes. 

(ii) 

The Group will assess the impact of Code on Wages, 2019 and the Code on Social Security, 2020 and give effect in the financial statements when the date of implementation of these  codes and the Rules/Schemes thereunder are notified. 

(iii) Figures for the quarter ended March 31, 2022 represent the difference between audited figures for the financial year and the limited reviewed figures for the nine months period ended  December 31, 2021. 

(iv) Additional disclosures as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: 

Particulars Sr.  

Quarter ended 

Year ended 

No. 

June 30, March 31, June 30, March 31, 2022 2022 2021 2022 

1 Debt equity ratio 1.24 1.29 1.41 1.29 2 Debt service coverage ratio (DSCR) 0.67 5.38 2.19 3.55 3 Interest service coverage ratio (ISCR) 4.41 8.21 3.47 5.14 4 Current ratio 1.21 1.30 1.38 1.30 5 Long term debt to working capital ratio 1.24 1.17 1.24 1.17 6 Bad debts to accounts receivable ratio 0.00 0.00 0.00 0.01 7 Current liability ratio 0.75 0.71 0.65 0.71 8 Total debt to total assets ratio 0.38 0.39 0.42 0.39 9 Debtors turnover ratio 3.20 3.03 3.14 3.03 10 Operating margin (%) 11.04% 12.34% 10.81% 11.64% 11 Net profit margin (%) 4.75% 6.85% 4.00% 5.54% 

12 Inventory turnover ratio (refer note below) NA NA NA NA 13 Outstanding Redeemable Preference Shares [` Crore] 353.90 353.90 1411.10 353.90  14 Capital Redemption Reserve/Debenture Redemption Reserve [ Crore] 881.72 593.50 1053.76 881.72  15 Net worth [ Crore] (As per section 2(57) of Companies Act, 2013) 80556.90 82327.33 75464.67 80556.90  

Notes: 

(a) The ratios are to be read and interpreted considering that the Group has diversified nature of businesses. 

(b) Number of Redeemable Preference Shares is not relevant as the paid-up value per share varies across the group companies. (c) Formulae for computation of above ratios are as follows: 

Sr.  

No. Particulars 1 Debt equity ratio 

2 Debt service coverage ratio (DSCR) 

3 Interest service coverage ratio (ISCR) 4 Current ratio 

5 Long term debt to working capital ratio 

6 Bad debts to accounts receivable ratio 

7 Current liability ratio 

8 Total debt to total assets ratio 

9 Debtors turnover ratio 

10 Operating margin (%) 

11 Net profit margin (%) 

12 Inventory turnover ratio 

Formulae 

Total borrowings 

Total equity 

Profit before interest, tax and exceptional items^ 

Interest expense^ + Principal repayments (net of refinancing) made  during the period for long term borrowings^ 

(^ Excluding Financial Services and Finance lease model business) 

Profit before interest, tax and exceptional items^ 

Interest expense^ 

(^ Excluding Financial Services and Finance lease model business) 

Current assets 

Current liabilities 

Long term borrowings (including current maturities of long term  borrowings) 

Current assets (-) Current liabilities [excluding current maturities of  long term borrowings] 

Bad debts^ 

Average gross trade receivables^ 

(^ Excluding Financial Services) 

Current liabilities  

Total liabilities 

Total borrowings 

Total assets 

Revenue from operations for trailing 12 months^ 

Average gross trade receivables^ 

(^ Excluding Financial Services) 

Profit before depreciation, interest, tax and exceptional items (-) Other income 

Revenue from operations

Net profit after tax attributable to the owners of the Company Revenue from operations 

Not material considering the size and the nature of operations of the  Group 

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(v) 

The Company reports its consolidated financial results on a quarterly basis. The standalone financial results are available on the Company’s website viz. www.larsentoubro.com and on  the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com). The specified items of the standalone financial results of the Company for the quarter ended June 30, 2022  are given below: 

Quarter ended Year ended

June 30, March 31, June 30, March 31, 

Particulars 

2022 

[Reviewed] 

2022 

[Reviewed] [Note (iii)] 

2021 

[Reviewed] 

2022 

[Audited] 

a) Revenue from operations 20211.69 37439.22 16607.86 101000.41  b) Profit before exceptional items and tax 1267.34 3823.72 1326.82 9741.41  c) Profit before tax 1267.34 3823.72 1326.82 10008.70  d) Net profit after tax 2901.15 911.22 1009.48 7879.45  

(vi) 

Figures for the previous periods have been regrouped/reclassified to conform to the classification of the current period. 

(vii) 

The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on July 26, 2022.The same have also been subjected to  Limited Review by the Statutory Auditors. 

for LARSEN & TOUBRO LIMITED 

Mumbai 

July 26, 2022 

S. N. SUBRAHMANYAN 

Chief Executive Officer & Managing Director 

Consolidated unaudited segment-wise Revenue, Result, Total assets and Total liabilities: Quarter ended

Year ended 

June 30, March 31, June 30, March 31, 

2022 

[Audited] 

Gross segment revenue 

Particulars 

2022 

[Reviewed] 

2022 

[Reviewed] [Note (V)] 

2021 

[Reviewed] 

1 Infrastructure Projects 14400.51 30241.21 10543.46 73560.09 2 Energy Projects 5087.52 6777.86 4965.92 23713.40 3 Hi-Tech Manufacturing 1388.07 1863.26 1319.81 6264.53 4 IT & Technology Services 9460.22 8813.49 7248.72 32455.29 5 Financial Services 2958.14 2963.42 3061.39 11971.10 6 Development Projects 1345.39 1095.75 1126.30 4367.52 7 Others 1631.89 1910.71 1366.17 6261.91 

Total 36271.74 53665.70 29631.77 158593.84  Less: Inter-segment revenue 418.54 815.03 297.04 2072.61 Net segment revenue 35853.20 52850.67 29334.73 156521.23 

Segment result 

1 Infrastructure Projects 686.18 2539.15 556.73 5182.41 2 Energy Projects 379.69 537.67 320.87 1640.13 3 Hi-Tech Manufacturing 150.30 380.38 197.41 1003.94 4 IT & Technology Services 1774.85 1762.19 1358.89 6333.19 5 355.55 480.31 233.83 1469.80 

Financial Services 

6 Development Projects (21.10) (56.41) (90.73) (230.59) 7 Others 251.62 352.01 201.48 1015.77 Total 3577.09 5995.30 2778.48 16414.65 (Add)/Less: Inter-segment margins on capital jobs 9.29 28.30 7.99 65.32 Less: Finance costs 756.05 705.10 827.46 3125.70 Add/(Less): Unallocable corporate income net of expenditure 120.19 299.75 331.59 1187.10 

Profit before tax (before exceptional items) 

 2931.94 5561.65 2274.62 14410.73  

Add: Exceptional items (net of tax) – – – 96.93  

Profit before tax Segment assets 

 2931.94 5561.65 2274.62 14507.66  

1 Infrastructure Projects 83816.37 76580.53 85192.89 2 Energy Projects 22152.91 17276.57 20831.58 3 Hi-Tech Manufacturing 8332.01 8949.19 7746.23 4 IT & Technology Services 34989.85 31366.56 34633.51 5 Financial Services 102261.05 102766.87 105459.21 6 Development Projects 27596.92 28867.46 27552.27 7 Others 13932.64 13534.74 14260.73 

Total segment assets 293081.75 279341.92 295676.42 Less: Inter-segment assets 3061.09 2396.79 2634.86 Add: Unallocable corporate assets 25571.48 25983.03 27007.36 Total assets 315592.14 302928.16 320048.92 

Segment liabilities 

1 Infrastructure Projects 57627.38 49709.13 60959.09 2 Energy Projects 17567.63 15881.51 16384.12 3 Hi-Tech Manufacturing 5014.49 4862.05 5046.58 4 IT & Technology Services 7863.62 6906.75 8114.34 5 Financial Services 83263.81 85408.57 86746.21 6 Development Projects 7642.57 7523.41 7416.60 7 Others 6151.67 5839.33 6265.20 

Total segment liabilities 185131.17 176130.75 190932.14 Less: Inter-segment liabilities 3061.09 2396.79 2634.86 Add: Unallocable corporate liabilities 36830.70 39533.69 36377.91 

Total liabilities 218900.78 213267.65 224675.19 Notes: 

The Group has reported segment information as per Ind AS 108 “Operating Segments”. The identification of operating segments is consistent with performance assessment and  

(I) 

resource allocation by the management. 

Effective from April 1, 2022, the operating segments have been reorganised by the Group’s Corporate Executive Management to reflect business portfolio as per the Strategic  

(II) 

Plan – Lakshya 2026 where the Group will focus on Projects, Hi-Tech Manufacturing and Services businesses. 

The changes in the segment composition are summarised as follows:  

a) Hydrocarbon and Power business primarily involved in EPC/turnkey solutions in Energy sector reorganised as “Energy Projects” segment to reflect the Group’s entry into  Green Energy space and integrated pursuit of opportunities in a rapidly transforming Energy sector. 

b) Heavy Engineering and Defence Engineering business, engaged in manufacturing of complex equipment reorganised as “Hi-Tech Manufacturing” segment to leverage the  extensive engineering, manufacturing and fabrication expertise across the various customer segments. 

c) E-commerce/digital platforms business, earlier reported under “Others” segment, would be part of “IT & Technology Services” segment. 

Revised 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) water & effluent treatment and (f) minerals and metals. Energy Projects segment comprises EPC/turnkey  solutions in (a) Hydrocarbon business covering Oil & Gas industry from front-end design through detailed engineering, modular fabrication, procurement, project management,  construction, installation and commissioning, (b) Power business covering Coal-based and Gas-based thermal power plants including power generation equipment with  associated systems and/or balance-of-plant packages and (c) EPC solutions in Green Energy space. Hi-Tech Manufacturing segment comprises (a) design, manufacture and  supply of (i) custom designed, engineered critical equipment & systems to core sector industries like Fertiliser, Refinery, Petrochemical, Chemical, Oil & Gas and Thermal &  Nuclear Power (ii) equipment, systems and platforms for Defence and Aerospace sectors and (b) design, construction and repair/refit of defence vessels. IT & Technology  Services segment comprises (a) information technology and integrated engineering services and (b) E-commerce/digital platforms & data centres. Financial Services segment  comprises retail finance, wholesale finance and asset management. Development Projects segment comprises (a) development, operation and maintenance of infrastructure  projects, toll and fare collection and (b) power generation & development – (i) thermal power (ii) hydel power (upto the date of divestment) and (iii) Green Energy. Others  segment includes (a) realty, (b) manufacture and sale of industrial valves, (c) smart world & communication projects (including military communications), (d) manufacture,  marketing and servicing of construction equipment and parts thereof, (e) marketing and servicing of mining machinery and parts thereof and (f) manufacture and sale of rubber  processing machinery. 

Segment revenue comprises sales and operational income allocable specifically to a segment and includes in the case of Development Projects and Realty business (grouped  

(III) 

under “Others” segment) profits on sale of stake in the subsidiary and/or joint venture companies in those segments. Segment result represents profit before interest and tax.  Unallocable corporate income primarily includes interest income, dividends and profit on sale of investments. Unallocable expenditure mainly includes corporate expenses not  allocated to segments.  

Unallocable corporate assets mainly comprise investments. 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 liabilities mainly comprise borrowings. In respect of (a) Financial Services segment and (b) Development Projects  segment relating to a power generation asset given on finance lease, segment liabilities include borrowings as finance costs on the borrowings are accounted as segment  expense. 

In respect of most of the segments of the Group, revenue and margins do not accrue uniformly during the year.

Figures for the quarter ended March 31, 2022 represent the difference between audited figures for the financial year and the limited reviewed figures for the nine months period  ended December 31, 2021.  

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