Investor Presentation

9th February, 2015

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

Presentation Outline L&T Overview

Business Overview

Group Performance

Sectoral Opportunities & Outlook

3

Presentation Outline L&T Overview

Business Overview

Group Performance

Sectoral Opportunities & Outlook

4

L&T - At a Glance India’s largest E&C company with interests in Projects, Infrastructure Development, Manufacturing, IT & Financial Services

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

L&T - At a Glance

6

L&T – Shareholding Pattern Mutual Funds & Pvt. Insurance Cos., 11.8% L&T Employee Welfare Foundation, 12.0%

Individuals, 23.0%

Others, 3.2%

31st Dec 2014

Major Institutional Shareholders Govt. Financial Institutions & Insurance Companies, 29.7%

FII’s & GDR, 20.3%

Life Insurance Corporation of India

% Shares 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%

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) 7

Experienced Management Team 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

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

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

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

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

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

8

Corporate Governance L&T’s essential character revolves around values based on transparency, integrity, professionalism and accountability Four-tier Governance Structure

Board of Directors Executive Management Committee (EMC)

Independent Company (IC) Board

Strategic Business Group (SBG) / Business Unit (BU) 9

Journey Towards Excellence The Beginnings (1938-60) 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

Seeds of Growth (1960-90) Emerged as leading & acclaimed engineering contractors Commenced production of tractor undercarriages, valves, welding components, earthmoving equipment and cement Established fabrication facility and yard on the waterfront at Hazira for Hydrocarbon business

Expansion & Consolidation (1990-2000)

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

Restructuring for Value Creation (2000-14) 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 10

L&T’s Sustainability Initiative

The L&T Sustainability Report 2014 is a ‘GRI Checked’ , Externally Assured, Application Level A+ report.

Sustainability Thrust Areas Climate Change Carbon footprint mapping

Energy Conservation

Water Conservation

Material Management

Safety

Community

Accolades

L&T Ranks In Top 10 Companies for CSR – The Economic Times

Ranked Asia’s 2nd Most Sustainable Company in Industrial Sector in Channel NewsAsia’s Sustainability Rankings 2014

One of the only five Indian Companies to feature in the Global ‘A’ list for its Carbon Performance – CDP 2014

One of the eight Indian companies featuring in Dow Jones Sustainability Emerging Markets Indices

Sustainability – Environment & Social

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

Parameter

Education - Over two lakh children impacted

Values

2012-13

2,07,368

1,61,467

Energy Conservation (GJ)

2013-14

Renewable power contributes 7.9 % of indirect energy

Energy Consumption (GJ/Employee)

132.82

Direct GHG Emissions (Tons/Employee) Water Consumption (m3/employee)

7.80

treatment of

organic waste

Healthcare: Mother & Child - 8 community health centres provide state-of-the-art diagnostic health services

155.81

Aligned with

National Action Plan on Climate Change and

Food waste processing plants for

Skill Building - 8 construction skills training institutes empowering more than 13,000 people

UN Millennium Development Goals

Thrust Areas Education

Skill Building

No. of Beneficiaries (201314) 242,024

45,209

Healthcare-Mother and Child

517,837

Total

805,070 12

Presentation Outline L&T Overview

Business Overview

Group Performance

Sectoral Opportunities & Outlook

13

Builders to the nation

Maruti Manesar (Haryana) Expansion

1320 MT FCC Regenerator – for RIL

88m Rail Bridge Jammu Udhampur

Wankhede Stadium, Mumbai

Baha’i Temple, Delhi

Mumbai International Airport

Oil & Gas Offshore Platforms

3rd Narmada High

Kakrapar Nuclear Power Plant, Guj

ITC Grand Chola Hotel, Chennai

Sri Sathya sai Whitefield Hospital

Srinagar Hydro Electric Plant

300 mtr Minerva Tower, Mumbai

2x384 MW CCPP, Vemagiri, A.P.

Transmission Lines in Himachal

Water Treatment Plant, Barmer

14

International Footprint – Marquee Jobs

Stadium at Barbados

Salalah Airport, Oman

Glorei (Commercial Space), Muscat

NMC Speciality hospital, Abu Dhabi

Bhukara Hotel, Uzbeckistan

World’s Longest Conveyer, Bangladesh

Bulk Cement Terminal, Colombo

Sabah, Malaysia

Punatsangchhu HEP, Bhutan

Sheikh Khalifa Interchange, UAE

Coal Gasifier for China

Transmission Lines, Al Majlis, Oman

Water Treatment Plant, Doha

1500 MT Tubular Reactor for Kuwait

Bi-metallic Urea Stripper for Saudi

MV Switchgear Factory, Malaysia

15

E&C Delivery Platform One of Asia’s largest vertically integrated E&C Companies

Design & Engineering

EPC Projects Manufacture & Fabrication

Construction

Single point responsibility for turnkey solutions

16

Quality Customer Mix

Indian Coastguard

MIAL

17

Multiple Alliances & Joint Ventures Alliances

Joint Ventures

Pre qualifications

Befula Investments

Note: Some of these are project specific alliances & pre qualifications

18

L&T’s Business Structure LARSEN & TOUBRO LTD. BUSINESS VERTICALS – INDEPENDENT COMPANIES (ICs)* BUILDINGS & FACTORIES TRANSPORTATION INFRASTRUCTURE HEAVY CIVIL INFRASTRUCTURE

SUBSIDIARIES & ASSOCIATES L&T HYDROCARBON ENGINEERING

FINANCIAL SERVICES IT & TECHNOLOGY SERVICES

WATER & RENEWABLE ENERGY INFRASTRUCTURE SPVs (BOTs)

POWER T&D METALLURGICAL & MATERIAL HANDLING POWER HEAVY ENGINEERING

MHI JVs (Boilers & Turbine Mfg.) OTHER MANUFACTURING & FABRICATION SUBSIDIARIES SERVICES AND OTHER SUBSIDIARIES & ASSOCIATES

SHIPBUILDING ELECTRICAL & AUTOMATION

* These are not separate legal entities

19

Presentation Outline L&T Overview

Business Overview

Group Performance

Sectoral Opportunities & Outlook

20

Three Year Performance Net Sales

Order Inflow 1270

851 1029

643

FY 12

` `Billion Billion

` Billion ` Billion

745

FY 13

FY 14

793

FY 12

FY 13

Order Book

EBITDA 107.9 ` Billion

` Billion

99.3 88.8

FY 12

FY 13

FY 14

FY 14

1,450

FY 12

1,648

FY 13

1,815

FY 14 21

Group Performance Highlights – Q3 / 9M FY15 Q3

9M

19%

Order Inflow

16%

10%

Revenues

10%

10%

EBITDA

10%

9%

Profit After Tax

31%

17%

Order Book

17% 22

Group level Order Inflow & Order Book Amount in ` Bn

Order Inflow 930

16%

1078

346 290

Q3 Q2 Q1

340

Order Book 17%

2258

Geographical Breakup 18%

25%

1926 Q3 FY15

398

300

334

9M FY14

9M FY15

82%

9M FY14

9M FY15

75%

Order Inflow Domestic

Order Book 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 23

Group Performance – Sales & Costs Q3 FY15

Q3 FY14 % Change

238.48

217.32

64.00

58.54

27%

27%

177.96

160.64

19.25

17.08

12.36

13.27

209.58

190.99

10%

` Billion

9M FY15

Net Sales / Revenue from Operations

9M FY14

% Change

FY14

639.82

581.04

10%

851.28

178.04

174.77

2%

240.04

28%

30%

-2%

28%

464.76

420.44

11%

625.78

13% Staff Costs

59.04

52.77

12%

71.41

-7% Sales, adm. & other Exp.

38.63

37.74

2%

46.77

562.43

510.95

10%

743.95

9% ----International Sales -

% of Total Sales

11% Mfg, Cons. & Opex (MCO)

10% Total Opex

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

24

Performance Summary – Operational Costs & Profitability Subcontracting charges, 17.3% (20.5%)

Q3 FY15 Material cost, 39.7% (37.0%)

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%)

Subcontracting charges, 17.6% (20.2%)

9M FY15

Material cost, 36.2% (34.8%)

Other Opex, 19.0% (17.4%)

Figures in brackets indicate corresponding period of the Previous Year

Staff Costs, 9.2% (9.0%)

Sales, adm. & other Exp., 6.0% (6.5%)

EBITDA, 12.1% (12.1%)

25

Group Performance Summary Extracts Q3 FY15

Q3 FY14 % Change

` Billion

10% EBITDA

% Change

9M FY15

9M FY14

77.39

70.09

12.1%

12.1%

(23.90)

(23.69)

1%

(31.41)

28.90

26.33

12.1%

12.1%

(9.20)

(8.84)

(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)

(14.87)

(17.40)

-15%

(26.28)

8.67

7.97

26.95

20.62

31%

49.02

-

EBITDA Margin 4% Interest Expenses

-15% Provision for Taxes 9% PAT after Minority Interest

10%

FY14

-

107.33 12.6%

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 26

Segment Performance Analysis

27

Segment Composition Infrastructure

Power

Metallurgical & Material Handling

Heavy Engineering

Electrical & Automation

Building & Factories

EPC – Coal & Gas

Ferrous

Process Plant Equipment

Electrical Standard Products

Transportation Infra

Thermal Power Plant Construction

Non Ferrous

Nuclear Power Plant Equipment

Electrical Systems & Equipment

Heavy Civil Infra

Critical Piping

Water & Renewable Energy Power T&D

Hydrocarbon

Electrostatic Precipitators

Developmental Projects

Upstream

Roads

Mid & Downstream

Metros

Construction & Pipelines

Metering & Protection Bulk Material Handling

Defence & Aerospace

IT & TS

Financial Services

Information Technology

Ports Technology Services Power

Control & Automation

Others

Retail & Corporate

Shipbuilding

Infrastructure

Realty

General Insurance

Construction & Mining Equipment

Mutual Fund Asset Management

Machinery & Industrial Products

28

Segmental Breakup of Orders – 9M FY15 MMH 3% Power (2%) 9% (1%)

HE 4% (4%)

E&A 4% (4%)

Hydrocarbon 9% (10%) Services 13% (11%) Others 5% (6%)

Infrastructure 53% (62%)

Order Inflow Rs 1078 Bn

Figures in brackets indicate corresponding period of the Previous Year

Power 10% (8%)

MMH 5% HE (7%) 4% (4%)

E&A 1% (2%)

Hydrocarbon 7% (6%) Infrastructure 71% (70%)

Others 2% (3%)

Order Book Rs 2258 Bn 29

Revenue Breakup – 9M FY15 Segmental Breakup E&A Hydrocarbon IT & TS 8% Fin. Services 9% HE 5% 7% 4% MMH Devl. Proj. 4% 7%

Power 5%

Others 7%

Geographical breakup Infrastructure 44%

28% 72%

Domestic

International

30

Infrastructure Segment Revenues & Margin

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 31

Power Segment Revenues & Margin

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 32

Metallurgical & Material Handling (MMH) Segment Revenues & Margin

Amount in ` Bn

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

Heavy Engineering Segment Revenues & Margin

Amount in ` Bn

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

Electrical & Automation (E&A) Segment Revenues & Margin

Amount in ` Bn

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

Hydrocarbon Segment Revenues & Margin

Amount in ` Bn

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

IT & Technology Services Segment Revenues & Margin

Amount in ` Bn

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

Others Segment Revenues & Margin

Amount in ` Bn

Realty and Valves Businesses power segment growth EBITDA margin improvement through – Increase in Realty Business Reduction of Shipbuilding losses 38

Developmental Projects Segment Revenues & Margin

Amount in ` Bn

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

Concessions Business Portfolio – 26 SPVs 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 Total Project Cost (Dec 2014): ` 567 Bn

Equity Invested (Dec 2014): ` 83 Bn

40

Balance Equity Commitment (Dec 2014): ` 45 Bn

L&T Finance Holdings Q3 FY15 Q3 FY14

% Change

` Billion

9M FY15

11% Networth (Excl. Pref. Cap.)

9M FY14

% Change

65

58

11%

58

FY14

65

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%

3.0%

2.9%

0.1%

3.2%

1.82

1.10

5.30

4.10

29%

5.97

0.1% Gross NPA (%) 66% PAT

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

Presentation Outline L&T Overview

Business Overview

Group Performance

Sectoral Opportunities & Outlook

42

Infrastructure Segment 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

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

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

43

Power Segment Presence : EPC Projects in Power Capacity addition (Coal & Gas), Coal based Power Plant Equipment (Boilers, Turbines, ESP, Piping and other Power Auxiliaries)

Opportunities:  Base level capacity addition in Coal based Power Plants  EPC prospects for gas-fired power plants in Bangladesh  Likely pick up in investments

Challenges:     

Fuel supply Land acquisition Environment and Forest Clearances Poor financial health of Distribution Cos Aggressive bidding by competition

44

Metallurgical & Material Handling Segment Presence : Construction capabilities for ferrous and nonferrous plants, bulk material handling equipment and systems addressing mining, steel, power, railways and ports sectors

Opportunities:  Capacity addition in ferrous metals sector both from private and public units  Non Ferrous EPC prospects  Power segment currently driving Material Handling business

Challenges:    

Land acquisition Environment and forest clearances Policy clarity and legal mandates on iron ore mining Lack of private sector investment appetite 45

Heavy Engineering Segment Presence : Equipment for process plants (mainly for oil and gas), Nuclear power plant equipment, Defense (mainly for navy and army) and Aerospace

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

Challenges:  Shrinking spends on Oil & Gas  Reduced prospect base of nuclear power equipment postFukushima and consequent on civil liability overhang  Monopoly of Public Sector in Defense orders; very long prospect-to-award timelines 46

Electrical & Automation Segment Presence : Low voltage switchgear, building electricals, metering & protection equipment, low and medium voltage customised switchboards, automation solutions

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    

Challenges:  Subdued industrial capex, muted agricultural growth  Competitive intensity  Tight liquidity and high borrowing costs for small and medium enterprises (including stockists) 47

Hydrocarbon Segment 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

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

Challenges:    

Long bid-to-award timelines Contraction in domestic E&P investment Aggressive competition in Domestic and GCC markets Project execution in international markets 48

Outlook – Wide circles of influence

49

Thank You

50

Annexure-1: Standalone Like–to-Like Extracts ` Billion Net Sales / Revenue from Operations EBITDA

Q3 FY14 Reported

IES

Q3 FY15 Like-to-Like

Total

% Change

143.88

4.17

139.71

149.95

7%

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%

12.41

0.64

11.77

10.60

-10%

Profit after Tax

` Billion Net Sales / Revenue from Operations EBITDA

9M FY14 Reported

IES

9M FY15 Like-to-Like

Total

% Change

365.20

11.59

353.61

380.49

8%

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%

27.70

1.89

25.80

29.96

16%

Profit after Tax

IES Business became a separate subsidiary from 1st April, 2014 51

Annexure-2: Group 9M P&L Summary Extracts

` Billion

Revenue from Operations

L&T Parent

IT & TS

Other Fin. Devl. Subsidiaries Services * Projects & Eliminations 9M FY15

L&T Group 9M FY14

% Change

FY14

380.49

55.65

47.17

42.70

113.80

639.82

581.04

10%

851.28

39.98

10.86

6.68

19.65

0.22

77.39

70.09

10%

107.33

(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

26.95

20.62

31%

49.02

EBITDA Interest Expenses

(20.25)

* Includes Insurance Business

52

Annexure 3: Group Balance Sheet Extracts ` Billion

Net Worth (Excl. Pref. Cap.) Minority Interest

L&T Parent 366.5 -

L&T Group Other Fin. Devl. Subsidiaries IT & TS Inc / Services * Projects & Dec-14 Mar14 (Dec) Eliminations 27.7

45.1

88.4

0.0

31.6

10.7

Borrowings

148.2

4.2

395.7

226.1

Net Segment Assets

514.7

31.9

472.4

354.8

(123.9)

403.8

377.1

26.7

5.3

47.5

31.8

15.7

112.8

887.0

803.5

83.5

(5.3) 1,368.5

1,247.2

121.3

* Includes Insurance Business

53

Annexure 4: Group Cash Flow (Summarised) ` 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)

1.20

3.46

2.16

4.40

(0.74)

1.08

1.08

1.14

Interest & Div. Received from Investments Net Consideration on acquisition / disposal of Subs. Net Cash from / (used in) Investing Activities

(21.89)

(54.21)

Issue of Share Capital / Minority

10.21

16.25

2.82

3.68

Net Borrowings

29.01

94.25

20.69

123.12

(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)

Loans towards financing activities *

* included under Net Cash from operations under statutory financial statements

(10.22)

(42.09)

54