FINANCE AND RESEARCH ANALYSIS

ASSIGNMENT

TOPIC – ANALYSIS OF ANNUAL REPORT OF

LARSEN AND TOUBRO LTD.

Submitted by
Preeti Bhardwaj
Roll No.-23
PGDM -Rural Management
We School, Mumbai
 ACKNOWLEDMENT

It is my proud privilege to release the feelings of my gratitude to several

persons who helped me directly or indirectly to conduct this research project
work. I express my heart full in debtness and owe a deep sense of gratitude to
my teacher and faculty guide, professor Vandana Panwar ma’am, Weschool
Mumbai for her sincere guidance and inspiration in completing this project.
I am extremely thankful to professor Vandana ma'am prof Vineel Bhurake and
all the faculty members of PGDM-RURAL Emerging Technology of Weschool,
Mumbai for their coordination and cooperation. And I am also extremely
thankful for their kind guidance and encouragement.
I also thank all my friends who have more or less contributed to the
preparation of this research project report. I will be always indebted to them.
The study has indeed helped me to explore more knowledge when news
related to my topic, and I am sure it will help me in my future also.

Preeti Bhardwaj
PGDM-RURAL MANAGEMENT
 TABLE OF CONTENT

Chapter Title Page No

Acknowledgement

Table of contents

List of tables

List of graphs

List of appendices

Executive summary

Major Findings

Conclusions

Recommendations

Chapter 1 Introduction

1.1 Background to the company

1.2 Purpose, Values, BOD

1.3 Accounting Policies

Chapter 2 Financial statements

2.1 Balance sheet

2.2 Income Statement

2.3 Cash Flow Statement

2.4 Financial Ratios

Chapter 3 Data analysis

3.1 Comparative and common-size statement

3.2 Trend Analysis

3.3 Analysis and Interpretation of Financial Statements by use of

Ratios- Liquidity, Solvency, Activity, Profitability

Chapter 4 Results
 Chapter 5 Conclusions and recommendations

References

Appendices

List of Tables

Table No Table Page No

3.1.1 Comparative Balance sheet for the year 2020 & 2021

3.1.2 Comparative Balance sheet for the year 2019 & 2020

3.1.3 Comparative Balance sheet for the year 2018 & 2019

3.1.4 Comparative Balance sheet for the year 2017 & 2018

3.1.5 Comparative P&L Statement for the year 2020 & 2021

3.1.6 Comparative P&L Statement for the year 2019 & 2020

3.1.7 Comparative P&L Statement for the year 2018 & 2019

3.1.8 Comparative P&L Statement for the year 2017 & 2018

3.1.9 Common-Size P&L Statement from 2017 to 2021

3.1.10 Common-Size B&S Statement from 2017 to 2021

3.2.1 Balance sheet trend analysis

3.2.2 P&L Statement Trend Analysis

4.1 Financial Ratios

 List of Appendices

No Title Page No

1 5 Years Standalone Balance Sheet

2 5 Years Standalone P & L Statement

3 5 Years Cash Flow Statement

Executive Summary

The report comprises about India’s leading conglomerate in the

engineering, construction and manufacturing sectors, Larsen & Toubro
Limited, its product lines and subsidiaries and the financial position of the
company.
The fi rst secti on of the report gives a brief about the company and
its off erings – its solutions provided in different sectors. The next
section deals with a journal by Dr. Hiren Maniar on “Working Capital
Management in Projects – Case Study on Indian Construction Companies”.
This section summarises the need for working capital in construction projects
and how it should be managed by companies for effective planning of their
operations – the factors involved in the working capital management of
construction projects.
Further, the report takes a turn to the company’s financial statements – the
balance sheet and the profit and loss statement and deduces certain
observations based on the concepts of financial ratios and managerial finance.
The next part of the report deals with the investments made by the company
and the offers made to the company – its buying and selling decisions – the
divestment of subsidiaries and the recent buyback of shares – the
objective being to deduce the financial health of the company and the aim
of the company behind taking such decisions.

The study has been done keeping the concepts of managerial finance in
mind and aims to apply these concepts on the current financial position
about the company and draw some inferences and conclusions about
the company to further their understanding of the applicati on of the
subject of managerial fi nance in the business world.
1. Introduction
1.1. Background to the company
Larsen & Toubro (L&T) is a technology, engineering, construction and
manufacturing company. It is one of the largest and most respected companies
in India's private sector.

Larsen & Toubro Limited is the biggest legacy of two Danish Engineers, who
built a world–class organization that is professionally managed and a leader in
India's engineering and construction industry. It was the business of cement
that brought the young Henning Holck–Larsen and S.K. Toubro into India. They
arrived on Indian shores as representatives of the Danish engineering firm F L
Smidth & Co in connection with the merger of cement companies that later
grouped into the Associated Cement Companies.

Together, Holck–Larsen and Toubro, founded the partnership firm of L&T in

1938, which was converted into a limited company on February 7, 1946.
Today, this has metamorphosed into one of India's biggest success stories. The
company has grown from humble origins to a large conglomerate spanning
engineering and construction. ECC was conceived as Engineering Construction
Corporation Limited in April 1944 and was incorporated as wholly owned
subsidiary of Larsen & Toubro Limited. L&T's founders Holck – Larsen and
Toubro laid the foundation for ECC.

It has today emerged as India's leading construction organization.  Their first

office in Mumbai (Bombay) was so small that only one of the partners could
use the office at a time.  In the early years, they represented Danish
manufacturers of dairy equipment for a modest retainer. But with the start of
the Second World War in 1939, imports were restricted, compelling them to
start a small workshop to undertake jobs and provide service facilities.

Seven decades of a strong, customer–focused approach and the continuous

quest for world–class quality has enabled it to attain and sustain leadership in
all its major lines of business. L&T has an international presence, with a global
spread of offices. A thrust on international business has seen overseas earnings
grow significantly. It continues to grow its overseas manufacturing footprint,
with facilities in China and the Gulf region. The company's businesses are
supported by a wide marketing and distribution network and have established
a reputation for strong customer support.  L&T believes that progress must be
achieved in harmony with the environment. A commitment to community
welfare and environmental protection are an integral part of the corporate
vision. 

1.2. Purpose, Values and BOD

PURPOSE

We will provide branded products and services of superior quality and value
that improve the lives of the world’s consumers, now and for generations to
come. As a result, consumers will reward us with leadership sales, profit and
value creation, allowing our people, our shareholders and the communities in
which we live and work to prosper

VALUES

The real estate arm of L&T extends the Company's values of trust,
Professionalism and commitment to the domain of commercial and
residential properties. All properties of L&T Realty embody a sustainable
design philosophy and focus on fostering integrated communities.
Board of Directors

Name Designation
A M Naik Group Chairman

A Sivaram Nair Co. Secretary & Compl. Officer

Adil Siraj Zainul bhai Independent Director

D K Sen Whole Time Director & Sr. Exe. VP

Hasit Joshipura Senior Vice President & Head

Hemant Bhargava Nominee Director

Jayant Damodar Patil Whole Time Director & Sr. Exe. VP

M Damodaran Independent Director

M Chitale Independent Director

M V Satish Whole Time Director & Sr. Exe. VP

Narayanan Kumar Independent Director

Preetha Reddy Independent Director

R Shankar Raman Whole Time Director & CFO

S N Subrahmanyan Managing Director & CEO

S V Desai Whole Time Director & Sr. Exe. VP

Sanjeev Aga Independent Director

Subodh Bhargava Independent Director

Subramanian Sarma Whole Time Director & Sr. Exe. VP

 1.3. ACCOUNTING POLICIES

1.Basis of accounting
Accounting policies have been consistently applied except where a newly
issued accounting standard is initially adopted or a revision to an existing
accounting standard requires a change in the accounting policy hitherto in use.
Further the guidance notes or announcements issued by the Institute of
Chartered Accountants of India (ICAI) are also considered wherever applicable.

2.Presentation of financial statements

The statement of financial position and the statement of profit and loss are
prepared and presented in the format prescribed in Schedule III to the
Companies Act, 2013. The cash flow statement has been prepared and
presented as per the requirements of Ind AS 7 ‘Cash Flow Statements’. The
disclosure requirements with respect to items in the balance sheet and
statement of profit and loss, as prescribed in Schedule III to the Act, are
presented by way of notes forming part of accounts along with the other notes
required to be disclosed under the notified Accounting Standards.

3.Revenue recognition

Revenue from contracts priced on time and material basis is recognized when
services are rendered, and related costs are incurred.
Revenue from services performed on fixed-price basis is recognized over the
life of contract using the proportionate completion method.
Revenue from sale of products and licenses is recognized upon delivery when
all risks and rewards are transferred.

4.other income

I) Interest income is accrued at applicable interest rate.

II) Dividend income is accounted in the period in which the right to receive the
same is established.
III) Other items of income are accounted as and when the right to receive
arises.
 5. Employee benefits

I. Short term employee benefits

All employee benefits falling due wholly within twelve months of rendering the
service are classified as short-term employee benefits. The benefits like
salaries, wages, and short term compensated absences and performance
incentives are recognized in the period in which the employee renders the
related service.

II) Post-employment benefits

i) Defined contribution plan:
The Company’s superannuation fund and state governed provident fund
scheme are classified as defined contribution plans. The contribution
paid/payable under the schemes is recognized during the period in which the
employee renders the related service.
ii) Defined benefit plans:
The provident fund scheme managed by trust, employee’s gratuity fund
scheme managed by Life Insurance Corporation of India and postretirement
medical benefit scheme are the Company’s defined benefit plans. Wherever
applicable, the present value of the obligation under such defined benefit
plans is determined based on actuarial valuation using the Projected Unit
Credit Method, which recognizes each period of service as giving rise to
additional unit of employee benefit entitlement and measures each unit
separately to build up the final obligation.
(iii) Long term employee benefits:
The obligation for long term employee benefits like long term compensation
absences is recognized as determined by actuarial valuation performed by
independent actuary at each balance sheet date using Projected Unit Credit
Method on the additional amount expected to be paid or availed as a result of
unused entitlement that has accumulated at balance sheet date. Actuarial
gains and losses are recognized immediately in other comprehensive income.
(iv) Social security plans
Employer’ contribution payable with respect to social security plans, which are
defined contribution plans, is charged to the statement of profit and loss in the
period in which employee renders the services.
f. Property, plant and equipment

Property plant and equipment are stated at cost less accumulated depreciation
and impairment losses if any. Cost includes expenditure directly attributable to
the acquisition of the asset and cost incurred for bringing the asset to its
present location and condition.

g. Intangible assets
Assets like customer relationship, computer software, and internally developed
software are stated at cost, less accumulated depreciation, amortisation and
impairment.

2. FINANCIAL STATEMENTS

Financial statements are written records that convey the business activities
and the financial performance of a company. Financial statements are often
audited by government agencies, accountants, firms, etc. to ensure accuracy
and for tax, financing, or investing purposes. Financial statements include:

 Balance sheet
 Income statement
 Cash flow statement.

 The balance sheet provides an overview of assets, liabilities, and

stockholders' equity as a snapshot in time.

 The income statement primarily focuses on a company’s revenues and

expenses during a particular period. Once expenses are subtracted from
revenues, the statement produces a company's profit figure called net
income.
  The cash flow statement (CFS) measures how well a company generates
cash to pay its debt obligations, fund its operating expenses, and fund
investments.

Investors and financial analysts rely on financial data to analyse the

performance of a company and make predictions about its future
direction of the company's stock price. One of the most important
resources of reliable and audited financial data is the annual report,
which contains the firm's financial statements .

2.1. Balance Sheets

The balance sheet provides an overview of a company's assets, liabilities, and
stockholders' equity as a snapshot in time. The date at the top of the balance
sheet tells you when the snapshot was taken, which is generally the end of the
fiscal year.

The Balance Sheet Formula

Assets=Liabilities + Owner’s Equity

The balance sheet totals will be calculated already, but here's how you

identify them.

1. Locate total assets on the balance sheet for the period.

2. Total all liabilities, which should be a separate listing on the balance
sheet. It may not include contingent liabilities.
3. Locate total shareholder's equity and add the number to total liabilities.
4. Total assets should equal the total of liabilities and total equity.

Data From the Balance Sheet

The balance sheet identifies how assets are funded, either with liabilities, such
as debt, or stockholders' equity, such as retained earnings and additional paid-
in capital. Assets are listed on the balance sheet in order of liquidity.
Liabilities are listed in the order in which they will be paid. Short-term or
current liabilities are expected to be paid within the year, while long-term or
non-current liabilities are debts expected to be paid in over one year.

Items Included in the Balance Sheet

Below are examples of items listed on the balance sheet.

Assets

 Cash and cash equivalent are liquid assets, which may include Treasury

bills and certificates of deposit.
 Account receivables are the amount of money owed to the company by
its customers for the sale of its product and service.
 Inventory

Liabilities

 Debt including long term debt

 Wages payable
 Dividends payable

Shareholders' Equity

 Shareholders' equity is a company's total assets minus its total

liabilities. Shareholders' equity represents the amount of money that
would be returned to shareholders if all of the assets were liquidated
and all of the company's debt was paid off.
  Retained earnings are part of shareholders' equity and are the amount
of net earnings that were not paid to shareholders as dividends.

 2.2. Income Statement

An income statement is one of the three (along with balance sheet and
statement of cash flows) major financial statements that reports a company's
financial performance over a specific accounting period.

Income Statement formula

Net Income = (Total Revenue + Gains) – (Total Expenses + Losses)

Data from income statement

The income statement focuses on four key items—revenue, expenses, gains,

and losses. It does not differentiate between cash and non-
cash receipts (sales in cash versus sales on credit) or the cash versus non-cash
payments/disbursements (purchases in cash versus purchases on credit). It
starts with the details of sales, and then works down to compute the net
income and eventually the earnings per share (EPS). Essentially, it gives an
account of how the net revenue realized by the company gets transformed
into net earnings (profit or loss).

Total revenue is the sum of both operating and non-operating revenues while
total expenses include those incurred by primary and secondary activities.

Revenues are not receipts. Revenue is earned and reported on the income
statement. Receipts (cash received or paid out) are not.

An income statement provides valuable insights into a company’s operations,

the efficiency of its management, under-performing sectors and its
performance relative to industry peers.

2.3. Cash Flow

A cash flow statement is a financial statement that provides aggregate data
regarding all cash inflows a company receives from its ongoing operations and
external investment sources. It also includes all cash outflows that pay for
business activities and investments during a given period. 

The cash flow statement is believed to be the most intuitive of all the financial
statements because it follows the cash made by the business in three main
ways—through operations, investment, and financing.

 The first section of the cash flow statement is cash flow from
operations, which includes transactions from all operational business
activities. 
 Cash flow from investment is the second section of the cash flow
statement and is the result of investment gains and losses.
 Cash flow from financing is the final section, which provides an
overview of cash used from debt and equity.
 The sum of these three segments is called net cash flow.
Cash Flows From Operations
This is the first section of the cash flow statement covers cash flow from
operational activities and includes transactions from all operational business
activities. The cash flows from operations section begins with net income,
then reconciles all noncash items to cash items involving operational activities.
So, in other words, it is the company's net income, but in a cash version.

This section reports cash flows and outflows that stem directly from a
company's main business activities. These activities may include buying and
selling inventory and supplies, along with paying its employees their salaries.
Any other forms of in and outflows such as investments, debts, and dividends
are not included.

Cash Flows From Investments

This is the second section of the cash flow statement looks at cash flow from
investment and is the result of investment gains and losses. This section also
includes cash spent on property, plant, and equipment. This section is where
analysts look to find changes in capital expenditure (capex).

When capex increases, it generally means there is a reduction in cash flow.

But that's not always a bad thing, as it may indicate that a company is making
investment into its future operations. Companies with high capex tend to be
those that are growing.

While positive cash flows within this section can be considered good, investors
would prefer companies that generate cash flow from business operations—
not through investing and financing activities. Companies can generate cash
flow within this section by selling equipment or property. 

Cash Flows From Financing

Cash flow from financing is the last section of the cash flow statement. The
section provides an overview of cash used in business financing. It measures
cash flow between a company and its owners and its creditors, and its source
is normally from debt or equity. These figures are generally reported annually
on a company's 10-K report to shareholders.

Analysts use the cash flows from financing section to determine how much
money the company has paid out via dividends or share buybacks. It is also
useful to help determine how a company raises cash for operational growth.
When the cash flow from financing is a positive number, it means there is
more money coming into the company than flowing out. When the number is
negative, it may mean the company is paying off debt, or is making dividend
payments and/or stock buybacks.

2.4. FINANCIAL RATIOS

Financial ratios are created with the use of numerical values taken
from financial statements to gain meaningful information about a company.
The numbers found on a company’s financial statements – balance
sheet, income statement, and cash flow statement are used to
perform quantitative analysis and assess a company’s liquidity, leverage,
growth, margins, profitability, rates of return, valuation, and more. Analysis of
financial ratios serves two main purposes:
1. Track company performance: Determining individual financial ratios per
period and tracking the change in their values over time is done to spot trends
that may be developing in a company. For example, an increasing debt-to-
asset ratio may indicate that a company is overburdened with debt and may
eventually be facing default risk.
2. Make comparative judgments regarding company performance: Comparing
financial ratios with that of major competitors is done to identify whether the
company is performing better or worse than the industry average. For
example, comparing the return on assets between companies helps an analyst
or investors to determine which company’s assets are being used most
efficiently.
Categories of Financial Ratios:
Financial ratios are grouped into the following categories:
a. Liquidity ratios
b. Leverage ratios
c. Efficiency ratios
d. Profitability ratios
e. Market value ratios
LIQUIDITY RATIOS:
Liquidity ratios are financial ratios that measure a company’s ability to repay
both short- and long-term obligations. Common liquidity ratios include the
following:
1.Current Ratio: The current ratio measures a company’s ability to pay off
short-term liabilities with current assets:
Current ratio = Current assets / Current liabilities

2. Quick Ratio: The quick ratio measures a company’s ability to pay off short-

term liabilities with quick assets:
Quick ratio = Current assets – Inventories / Current liabilities

3. Cash Ratio: The cash ratio measures a company’s ability to pay off short-

term liabilities with cash and cash equivalents:
Cash ratio = Cash and Cash equivalents / Current Liabilities

LEVERAGE RATIOS:
 Leverage ratios measure the amount of capital that comes from debt. In other
words, leverage financial ratios are used to evaluate a company’s debt levels.
Common leverage ratios include the following:
1. Debt to total assets: The debt ratio measures the relative amount of a
company’s assets that are provided from debt:
Debt ratio = Total liabilities / Total assets

2. Debt to equity ratio: The debt-to-equity ratio calculates the weight of total

debt and financial liabilities against shareholders’ equity:
Debt to equity ratio = Total liabilities / Shareholder’s equity

3. Long term debt to equity ratio: This ratio indicates how much long-term
debt a company is using to finance its assets relative to the amount of value
represented in shareholders’ equity.
Long Term Debt / Shareholder’s Equity
4. Cash debt coverage ratio: Cash debt coverage ratio shows how much of the
company’s total liabilities can be covered (paid) with operating cash flow.
Cash flow from operations / Average Total Liabilities

5. CFO to dividend ratio: It measures the firm’s ability to make dividend

payments from operating cash flow.
Cash flow from operations / dividends paid

6. Investing and financing ratio: This ratio measures how easily a company can
finance its investing and financing activities with its operating cash flow.
Cash flow from operations / (cash outflows from investing and financing
activities)

Interest coverage ratio = Operating income / Interest expenses

11. Cash coverage ratio: This ratio measures the coverage of cash generated
during the period to interest expense.
Cash coverage ratio = (EBIT + Depreciation) / Interest Expense

12. Sustainable growth rate ratio: This ratio reflects the company’s maximum
growth rate in sales using internal financial resources and without having to
increase debt or issue new equity.
Sustainable growth rate ratio = Return on Equity * (1-Dividend Pay-out
Ratio). Return on Equity = Net Income / Average Shareholders’ Equity.
Dividend Pay-out Ratio = Dividends to Common Shareholders / Net Income

EFFICIENCY RATIOS: 
Efficiency ratios, also known as activity financial ratios, are used to measure
how well a company is utilizing its assets and resources. Common efficiency
ratios include:
1.Asset turnover ratio: The asset turnover ratio measures a company’s ability
to generate sales from assets:
Asset turnover ratio = Net sales / Total assets

2. Inventory turnover ratio: The inventory turnover ratio measures how many

times a company’s inventory is sold and replaced over a given period:
Inventory turnover ratio = Cost of goods sold / Average inventory

3. Receivables turnover ratio: The accounts receivable turnover ratio

measures how many times a company can turn receivables into cash over a
given period:
Receivables turnover ratio = Net credit sales / Average accounts receivable
4. Day sales in inventory ratio: The days sales in inventory ratio measures the
average number of days that a company holds onto its inventory before selling
it to customers:
Day sales in inventory ratio = 365 days / Inventory turnover ratio

5. Payables turnover ratio: The accounts payable turnover ratio measures how

many times a company can turn payables into cash over a given period:
Payables turnover ratio = Net credit purchases / Average accounts payable

PROFITABILITY RATIOS:

 Profitability ratios measure a company’s ability to generate income relative to

revenue, balance sheet assets, operating costs, and equity. Common
profitability financial ratios include the following:
1. Gross margin ratio: The gross margin ratio compares the gross profit of a
company to its net sales to show how much profit a company makes after
paying off its cost of goods sold:
Gross margin ratio = Gross profit / Net sales

2. Operating margin ratio: The operating margin ratio compares the operating

income of a company to its net sales to determine operating efficiency:
Operating margin ratio = Operating income / Net sales

3. Return on asset ratio: The return on assets ratio measures how efficiently a

company is using its assets to generate profit:
Return on assets ratio = Net income / Total assets

4. Return on equity ratio: The return on equity ratio measures how efficiently

a company is using its equity to generate profit:
Return on equity ratio = Net income / Shareholder’s equity

Market value ratios:

Market value ratios deal entirely with stocks and shares. Many investors use
these ratios to determine if your stocks are overpriced or under-priced. These
are a couple of common market value ratios: 
1.Price-to-Earnings Ratio = Price per Share/Earnings per Share. Investors use
the price-to-earnings ratio to see how much they're paying for each dollar
earned per stock.

2.Market-to-Book Ratio = Market Value per Share/Book Value per Share. This
ratio compares your company's historic accounting value to the value set by
the stock market.

3.Data Analysis
Data analysis is defined as a process of cleaning, transforming, and modelling
data to discover useful information for business decision-making. The purpose
of Data Analysis is to extract useful information from data and taking the
decision based upon the data analysis.

3.1. Comparative and Common Size statement

Comparative Statements:

A comparative statement is a document used to compare a particular financial

statement with prior period statements. Previous financials are presented
alongside the latest figures in side-by-side columns, enabling investors to
identify trends, track a company’s progress and compare it with industry
rivals.
The financial data will be considered to be comparative only when the same
set of accounting principles are being used for preparing the statements.

Types of Comparative Statements

There are two types of comparative statements which are as follows
1.Comparative income statement-
The Income statement gives the results of the operations of a business. The
comparative income statement gives an idea of the progress of a business over
a period of time. The changes in absolute data in money values and
percentages can be determined to analyse the profitability of the business.
2.Comparative balance sheet-
The comparative balance sheet analysis is the study of the trend of the same
items, group of items and computed items in two or more balance sheets of
the same business enterprise on different dates.’ The changes in periodic
balance sheet items reflect the conduct of a business.

Common Size Statements:

Common size statement is a form of analysis and interpretation of the financial
statement. It is also known as vertical analysis. This method analyses financial
statements by taking into consideration each of the line items as a percentage
of the base amount for that particular accounting period.
Common size statements are always expressed in the form of percentages.
Therefore, such statements are also called 100 per cent statements or
component percentage statements as all the individual items are taken as a
percentage of 100.

Types of Common Size Statements

There are two types of common size statements:

1. Common size income statement

2. Common size balance sheet

1. Common Size Income Statement

This is one type of common size statement where the sales is taken as the base
for all calculations. Therefore, the calculation of each line item will take into
account the sales as a base, and each item will be expressed as a percentage of
the sales.

2. Common Size Balance Sheet:

A common size balance sheet is a statement in which balance sheet items are
being calculated as the ratio of each asset in relation to the total assets. For
the liabilities, each liability is being calculated as a ratio of the total liabilities.

Table 3.1.1: Comparative Balance sheet for the year 2019 & 2020

L&T LTD.
Comparative Statement as on 31 March 2021 & 2020 (in Crore Rs)

BALANCE SHEET MAR 2021 MAR 2020 ABSOLUTE %CHANGE

OF LARSEN & CHANGE
TOUBRO (in Rs.
Cr.)

EQUITIES AND
LIABILITIES

SHAREHOLDER'
S FUNDS

Equity Share 280.91 280.78 0.13 0.046

Capital

TOTAL SHARE 1,404.57 1,684.81 -280.24 -19.952

CAPITAL

Reserves and 75,204.02 66,040.95 9163.07 12.184

Surplus

TOTAL 75,204.02 66,040.95 9163.07 12.184

RESERVES AND
SURPLUS

TOTAL 76,992.19 68,127.25 8864.94 11.514

SHAREHOLDERS
FUNDS

Minority Interest 12,051.53 9,520.83 2530.7 20.99

NON-CURRENT
LIABILITIES

Long Term 80,996.38 80,927.30 69.08 0.0852

Borrowings

Deferred Tax 1,178.66 1,453.04 -274.38 -23.279

Liabilities [Net]

Other Long-Term 1,873.16 2,673.83 -800.67 -42.744

Liabilities

Long Term 773.78 708.67 65.11 8.41

Provisions

TOTAL NON- 84,821.98 85,762.84 -940.86 -1.109

CURRENT
LIABILITIES

CURRENT
LIABILITIES

Short Term 50,485.22 58,675.79 -8190.57 -16.223

Borrowings

Trade Payables 45,504.61 43,643.93 1860.68 4.088

Other Current 38,419.50 39,658.64 -1239.14 -3.225

Liabilities

Short Term 2,998.68 2,750.85 247.83 8.264

Provisions

TOTAL CURRENT 137,408.01 144,729.21 -7321.2 -5.328

LIABILITIES
TOTAL CAPITAL 311,273.71 308,140.13 3133.58 1.006
AND LIABILITIES

ASSETS

NON-CURRENT
ASSETS

Tangible Assets 17,054.60 16,045.00 1009.6 5.919

Intangible Assets 19,197.76 19,596.98 -399.22 -2.079

Capital Work-In- 388.37 3,224.91 -2836.54 -730.371

Progress

FIXED ASSETS 36,752.75 38,953.07 -2200.32 -5.986

Non-Current 8,615.40 7,347.73 1267.67 14.714

Investments

Deferred Tax 2,697.00 3,846.58 -1149.58 -42.624

Assets [Net]

Long Term Loans 53,114.33 60,111.69 -6997.36 -13.174

And Advances

Other Non-Current 7,060.44 7,179.77 -119.33 -1.690

Assets

TOTAL NON- 116,306.88 125,450.24 -9143.37 -7.861

CURRENT
ASSETS

CURRENT
ASSETS
Current 31,011.23 12,699.75 18311.48 59.047
Investments

Inventories 5,820.54 5,746.65 73.89 1.269

Trade Receivables 42,229.78 40,731.52 1498.26 3.547

Cash And Cash 16,241.50 15,117.78 1123.72 6.918

Equivalents

Short Term Loans 42,027.59 42,439.42 -411.83 -0.979

And Advances

Other Current 57,636.19 65,954.77 -8318.58 -14.432

Assets

TOTAL CURRENT 194,966.83 182,689.89 12276.94 6.296

ASSETS

TOTAL ASSETS 311,273.71 308,140.13 3133.58 1.006

OTHER
ADDITIONAL
INFORMATION

CONTINGENT
LIABILITIES,
COMMITMENTS

Contingent 21,540.85 24,656.26 -3115.41 -14.462

Liabilities

BONUS DETAILS

Bonus Equity 244.94 244.94 00 00

Share Capital
NON-CURRENT
INVESTMENTS

Non-Current 0.00 0.00 00 00

Investments
Quoted Market
Value

Non-Current 5,945.14 4,496.72 1448.72 24.368

Investments
Unquoted Book
Value

CURRENT
INVESTMENTS

Current 0.00 0.00 00 00

Investments
Quoted Market
Value

Current 31,011.23 12,699.75 18311.25 59.047

Investments
Unquoted Book
Value

L&T LTD.
Comparative Statement as on 31 March 2020 & 2019 (in Crore Rs)
BALANCE SHEET MAR 2020 MAR 2019 ABSOLUTE %CHANGE
OF LARSEN & CHANGE
TOUBRO (in Rs.
Cr.)

EQUITIES AND
LIABILITIES

SHAREHOLDER'S
FUNDS

Equity Share 280.78 280.55 0.23 0.0008

Capital

TOTAL SHARE 1,684.81 280.55 1404.26 83.34

CAPITAL

Reserves and 66,040.95 61604 4436.95 06.71

Surplus

TOTAL 66,040.95 61604 4436.95 06.71

RESERVES AND
SURPLUS

TOTAL 68,127.25 62221.6 5905.65 08.67

SHAREHOLDERS
FUNDS

Minority Interest 9,520.83 6826.11 2694.72 28.30

NON-CURRENT
LIABILITIES

Long Term 80,927.30 74120.79 6806.51 08.41

Borrowings

Deferred Tax 1,453.04 311.13 1141.91

Liabilities [Net]
Other Long-Term 2,673.83 355.38 2318.45
Liabilities

Long Term 708.67 556.84 151.83

Provisions

TOTAL NON- 85,762.84 75344.14 10418.7

CURRENT
LIABILITIES

CURRENT
LIABILITIES

Short Term 58,675.79 51434.38 72412.41

Borrowings

Trade Payables 43,643.93 42994.81 649.12

Other Current 39,658.64 36929.81 2728.95

Liabilities

Short Term 2,750.85 36929.69 307.42

Provisions

TOTAL CURRENT 144,729.21 133802.31 10926.9

LIABILITIES

TOTAL CAPITAL 308,140.13 278347.36 29792.77

AND LIABILITIES

ASSETS

NON-CURRENT
ASSETS

Tangible Assets 16,045.00 15144.12 900.88

Intangible Assets 19,596.98 4222.91 15374.07

Capital Work-In- 3,224.91 2483.56 741.35

Progress

FIXED ASSETS 38,953.07 33286.52 5666.55

Non-Current 7,347.73 6960.93 386.8

Investments

Deferred Tax 3,846.58 3418.93 427.65

Assets [Net]

Long Term Loans 60,111.69 59269.96 841.73

And Advances

Other Non-Current 7,179.77 6792.67 387.1

Assets

TOTAL NON- 125,450.24 111555.92 13894.32

CURRENT
ASSETS

CURRENT
ASSETS

Current 12,699.75 13946.17 -1246.42

Investments

Inventories 5,746.65 6413.93 -667.28

Trade Receivables 40,731.52 36845.87 3885.65

Cash And Cash 15,117.78 11726.24 3391.54

Equivalents
Short Term Loans 42,439.42 43157.51 -718.09
And Advances

Other Current 65,954.77 54701.72 11253.05

Assets

TOTAL CURRENT 182,689.89 166791.44 15898.45

ASSETS

TOTAL ASSETS 308,140.13 278347.36 29792.77

OTHER
ADDITIONAL
INFORMATION

CONTINGENT
LIABILITIES,
COMMITMENTS

Contingent 24,656.26 35753.08 -11096.82

Liabilities

BONUS DETAILS

Bonus Equity 244.94 244.94 0.00

Share Capital

NON-CURRENT
INVESTMENTS

Non-Current 0.00 0.00 0.00

Investments
Quoted Market
Value

Non-Current 4,496.72 4318.64 178.08

Investments
Unquoted Book
Value
CURRENT
INVESTMENTS

Current 0.00 0.00 00 00

Investments
Quoted Market
Value

Current 12,699.75 13946.17 -1246.58

Investments
Unquoted Book
Value

Comparative Statement as on 31 March 2020 & 2019 (in Crore Rs)

BALANCE SHEET OF
absolute
LARSEN & TOUBRO (in Mar-18 Mar-19 %Change
change
Rs. Cr.)

EQUITIES AND
LIABILITIES

SHAREHOLDER'S FUNDS

280.27
Equity Share Capital 280.55 0.28 0.09

TOTAL SHARE CAPITAL 280.27 280.55 0.28 0.09

Reserves and Surplus 55,219.96 61604 6384.04 11.56
TOTAL RESERVES AND 55,219.96
61604 6384.04 11.56
SURPLUS
TOTAL SHAREHOLDERS 55,500.23
62221.6 6721.37 12.11
FUNDS
Minority Interest 5,625.00 6826.11 1201.11 21.35
NON-CURRENT
LIABILITIES
 72,914.76
Long Term Borrowings 74120.79 1206.03 1.65

Deferred Tax Liabilities 637.92

311.13 -326.79 -51.22
[Net]
421.92
Other Long-Term Liabilities 355.38 -66.54 -15.77

523.54
Long Term Provisions 556.84 33.3 6.36

74,498.14
TOTAL NON-CURRENT
75344.14 846 1.135
LIABILITIES

CURRENT LIABILITIES 0

19,331.85
Short Term Borrowings 51434.38 32102.53 166.06

37,794.96
Trade Payables 42994.81 5199.85 13.75

49,662.66
Other Current Liabilities 36929.81 -12732.85 -25.63

2,483.75
Short Term Provisions 36929.69 34445.94 1386.85

1,09,273.22
TOTAL CURRENT
133802.31 24529.09 22.44
LIABILITIES
2,45,053.35
TOTAL CAPITAL AND
278347.36 33294.01 13.58
LIABILITIES

ASSETS 0

NON-CURRENT ASSETS 0

14,987.90
Tangible Assets 15144.12 156.22 1.04

2,030.51
Intangible Assets 4222.91 2192.4 107.

2,143.07
Capital Work-In-Progress 2483.56 340.49 15.88

30,461.84
FIXED ASSETS 33286.52 2824.68 9.27
 5,847.06
Non-Current Investments 6960.93 1113.87 19.05
2,131.98
Deferred Tax Assets [Net] 3418.93 1286.95 60.36
63,610.39
Long Term Loans And
59269.96 -4340.43 -6.82
Advances
5,202.06
Other Non-Current Assets 6792.67 1590.61 30.57

1,08,815.11
TOTAL NON-CURRENT
111555.92 2740.81 2.51
ASSETS

CURRENT ASSETS 0

9,464.25
Current Investments 13946.17 4481.92 47.35

4,847.80
Inventories 6413.93 1566.13 32.30

34,654.08
Trade Receivables 36845.87 2191.79 6.32

8,032.53
Cash And Cash Equivalents 11726.24 3693.71 45.98

27,007.73
Short Term Loans And
43157.51 16149.78 59.79
Advances
52,231.85
Other Current Assets 54701.72 2469.87 4.72

1,36,238.24
TOTAL CURRENT
166791.44 30553.2 22.42
ASSETS
2,45,053.35
TOTAL ASSETS 278347.36 33294.01 13.58

OTHER ADDITIONAL
0
INFORMATION

CONTINGENT
LIABILITIES, 0
COMMITMENTS

Contingent Liabilities 24,550.82 35753.08 11202.26 45.62

BONUS DETAILS 0
244.94
Bonus Equity Share Capital 244.94 0 0

NON-CURRENT
0
INVESTMENTS

Non-Current Investments 0
0 0
Quoted Market Value
Non-Current Investments 3,359.47
4318.64 959.17 28.55
Unquoted Book Value

CURRENT INVESTMENTS 0

Current Investments 0
0 0
Quoted Market Value
Current Investments 9,464.25
4318.64 -5145.61 -54.36
Unquoted Book Value

Comparative Statement as on 31 March 2020 & 2019 (in Crore Rs)

BALANCE SHEET OF
absolute
LARSEN & TOUBRO (in Mar-18 Mar-17 %Change
change
Rs. Cr.)

EQUITIES AND
LIABILITIES

SHAREHOLDER'S
FUNDS

280.27 186.59

Equity Share Capital 93.68 50.20

280.27 186.59
TOTAL SHARE
93.68 50.20
CAPITAL

Reserves and Surplus 55,219.96 49,876.73 5343.23 10.71

TOTAL RESERVES AND 55,219.96 49,876.73
5343.23 10.71
SURPLUS
TOTAL 55,500.23 50,063.32
SHAREHOLDERS 5436.91 10.86
FUNDS
5,625.00 3,563.60
Minority Interest 2061.4 57.84

NON-CURRENT
0
LIABILITIES

72,914.76 67,340.58
Long Term Borrowings 5574.18 8.27

637.92 610.95
Deferred Tax Liabilities
26.97 4.41
[Net]

421.92 398.23
Other Long-Term Liabilities 23.69 5.94

523.54 526.6
Long Term Provisions -3.06 -0.58

74,498.14 68,876.36
TOTAL NON-CURRENT
5621.78 8.16
LIABILITIES

CURRENT LIABILITIES 0

19,331.85 16,534.47
Short Term Borrowings 2797.38 16.91

37,794.96 30,294.86
Trade Payables 7500.1 24.75

49,662.66 40,027.98
Other Current Liabilities 9634.68 24.06

2,483.75 2,667.81
Short Term Provisions -184.06 -6.89
1,09,273.22 89,525.12
TOTAL CURRENT
19748.1 22.05
LIABILITIES

2,45,053.35 2,12,181.60
TOTAL CAPITAL AND
32871.75 15.49
LIABILITIES

ASSETS 0

NON-CURRENT ASSETS 0

14,987.90 14,846.23
Tangible Assets 141.67 0.95

2,030.51 432.22
Intangible Assets 1598.29 369.78
 2,143.07 1,944.71
Capital Work-In-Progress 198.36 10.19

30,461.84 28,576.39
FIXED ASSETS 1885.45 6.59

5,847.06 5,452.80
Non-Current Investments 394.26 7.23

2,131.98 1,736.15
Deferred Tax Assets [Net] 395.83 22.79
63,610.39 48,621.24
Long Term Loans And
14989.15 30.82
Advances

5,202.06 4,555.11
Other Non-Current Assets 646.95 14.20
1,08,815.11 90,340.35
TOTAL NON-CURRENT
18474.76 20.45
ASSETS

CURRENT ASSETS 0

Current Investments 9,464.25 14,300.22 -4835.97 -33.81

4,847.80 4,139.74
Inventories 708.06 17.10

34,654.08 28,688.97
Trade Receivables 5965.11 20.79

8,032.53 5,305.96
Cash And Cash
2726.57 51.38
Equivalents
Short Term Loans And 27,007.73 25,413.83
1593.9 6.27
Advances
52,231.85 43,992.53
Other Current Assets 8239.32 18.72

1,36,238.24 1,21,841.25
TOTAL CURRENT
14396.99 11.81
ASSETS
TOTAL ASSETS 2,45,053.35 2,12,181.60 32871.75 15.49
OTHER ADDITIONAL
0
INFORMATION

CONTINGENT
LIABILITIES, 0
COMMITMENTS

24,550.82 24,141.31
Contingent Liabilities 409.51 1.69

BONUS DETAILS 0
 244.94 151.59
Bonus Equity Share
93.35 61.58
Capital
NON-CURRENT
INVESTMENTS 0

Non-Current Investments 0 0
0
Quoted Market Value
Non-Current Investments 3,359.47 2,679.90
679.57 25.35
Unquoted Book Value
CURRENT
0
INVESTMENTS
Current Investments 0 0
0
Quoted Market Value
Current Investments 9,464.25 14,300.22
-4835.97 -33.81
Unquoted Book Value

Comparative P&L Statement for the year 2021 & 2020

PARTICULARS FY 2021 FY 2020 ABS.CHANGE % CHANGE

INCOME

Revenue From
Operations 134476.75 144308.05 -9831.3 -7.31
[Gross]
Less:
Excise/Service 0 0 0 0
Tax/Other Levies

Revenue From
134476.75 144308.05 -9831.3 -6.82
Operations [Net]

Other Operating
1502.28 1144.31 357.97 31.28
Revenues

Total Operating
135979.03 145452.36 -9473.33 -6.51
Revenues

Other Income 3429.35 2360.9 1068.45 45.25

Total Revenue 139408.38 147813.26 -8404.88 -5.68

EXPENSES 0

Cost Of Materials
15571.4 15548.66 22.74 0.146
Consumed

Purchase Of
1213.58 841.09 372.49 44.28
Stock-In Trade

Operating And
69572.55 80325.22 -10752.67 -13.38
Direct Expenses

Changes In
Inventories Of
343.37 647.7 -304.33 -46.98
FG,WIP And
Stock-In Trade

Employee Benefit
24762.03 23114 1648.03 7.13
Expenses

Finance Costs 3913.44 2796.66 1116.78 39.93

Depreciation And
Amortisation 2904.21 2462.27 441.94 17.94
Expenses

Other Expenses 8892 8646.71 245.29 2.83

Less: Amounts
Transfer To 0 0 0
Capital Accounts
Total Expenses 127172.58 134382.31 -7209.73 -5.36

Profit/Loss
Before
Exceptional, 12235.8 13430.95 -1195.15 -8.89
extraordinary
Items And Tax
0

Exceptional Items -3556.02 0 -3556.02

Profit/Loss
8679.78 13430.95 -4751.17 -35.37
Before Tax
Tax Expenses-
Continued 0
Operations
Current Tax 3923.39 3564.58 358.81 10.06
Deferred Tax 87.43 -301.38 388.81 129.00
Total Tax
4010.82 3263.2 747.62 22.91
Expenses

Profit/Loss After
Tax and Before
4668.96 10167.75 -5498.79 -54.08
Extraordinary
Items

Profit/Loss from
Continuing 4668.96 10167.75 -5498.79 -54.08
Operations

Profit/Loss from
Discontinuing 10790.5 883.25 9907.25 1121.68
Operations
Total Tax
Expenses
2552.58 228.68 2323.9 1016.22
Discontinuing
Operations
Net Profit/Loss
From
8237.92 654.57 7583.35 1158.52
Discontinuing
Operations
Profit/Loss For
12906.88 10822.32 2084.56 19.26
The Period
0

Minority Interest -1338.35 -1345.25 6.9 -0.51

Share Of
Profit/Loss Of 14.4 71.96 -57.56 -79.98
Associates

Consolidated
Profit/Loss After
11582.93 9549.03 2033.9 21.29
MI And
Associates
OTHER
INFORMATION
EARNINGS PER
SHARE
Basic EPS (Rs.) 82.49 68.04 14.45 21.23
Diluted EPS (Rs.) 82.41 67.95 14.46 21.28
0

DIVIDEND AND
DIVIDEND
PERCENTAGE

Equity Share
3650.89 3929.61 -278.72 -7.092815827
Dividend
 Tax On Dividend 0 748.05 -748.05 -100

Comparative P&L Statement for the year 2020 & 2019

PARTICULARS FY 2020 FY 2019 ABS.CHANGE % CHANGE

INCOME

Revenue From
Operations 144308.05 133342.2 10965.85 8.223840615
[Gross]
Less:
Excise/Sevice 0 0 0 0
Tax/Other Levies
Revenue From
144308.05 133342.2 10965.85 8.223840615
Operations [Net]
Other Operating
1144.31 1878.09 -733.78 -39.0705451
Revenues
Total Operating
145452.36 135220.29 10232.07 7.566963508
Revenues

0 #DIV/0!

Other Income 2360.9 1836.53 524.37 28.55221532

Total Revenue 147813.26 137056.82 10756.44 7.848161077

EXPENSES

Cost Of Materials
15548.66 14771.56 777.1 5.260784914
Consumed

Purchase Of
841.09 887.87 -46.78 -5.26878935
Stock-In Trade
Changes In
Inventories Of
647.7 -731.11 1378.81 -188.59132
FG,WIP And
Stock-In Trade
Employee Benefit
23114 17466.4 5647.6 32.33408144
Expenses
Depreciation And
Amortisation 2462.27 1923.03 539.24 28.0411642
Expenses

Other Expenses 8646.71 6791.21 1855.5 27.32208252

Less: Amounts
Transfer to Capital 0 0 0
Accounts

Total Expenses 134382.31 123616.23 10766.08 8.709277091

Profit/Loss
Before
Exceptional, 13430.95 13440.59 -9.64 -0.07172304
extraordinary
Items And Tax

Exceptional Items 0 294.75 -294.75 -100

Profit/Loss
13430.95 13735.34 -304.39 -2.21610823
Before Tax

Tax Expenses-
Continued
Operations
Current Tax 3564.58 4402.95 -838.37 -19.0410974

Deferred Tax -301.38 -335.86 34.48 -10.2661823

Total Tax
3263.2 4067.09 -803.89 -19.7657293
Expenses
Profit/Loss After
10167.75 9668.25 499.5 5.166395159
Tax And Before
 extraordinary
Items
Profit/Loss from
Discontinuing 883.25 845.57 37.68 4.456165663
Operations
Total Tax
Expenses
228.68 276.24 -47.56 -17.2169128
Discontinuing
Operations
Net Profit/Loss
from Discontinuing 654.57 569.33 85.24 14.97198461
Operations

Profit/Loss for
10822.32 10237.58 584.74 5.711701398
The Period

Minority Interest -1345.25 -1311.45 -33.8 2.577299935

Consolidated
Profit/Loss After
9549.03 8905.13 643.9 7.230663674
MI And
Associates

OTHER
INFORMATION

EARNINGS PER
SHARE
Basic EPS (Rs.) 68.04 63.51 4.53 7.132735002

Diluted EPS (Rs.) 67.95 63.4 4.55 7.176656151

Equity Share
3929.61 0 3929.61
Dividend
Tax On Dividend 748.05 0 748.05

Comparative P&L Statement for the year 2019 & 2018

ABSOLUTE
PARTICULARS FY 2019 FY 2018 % CHANGE
CHANGE
INCOME
Revenue From
Operations 133342.2 118087.06 15255.14 12.91855348
[Gross]
Less:
Excise/Sevice 0 178.94 -178.94 0
Tax/Other Levies
Revenue From
133342.2 117908.12 15434.08 13.0899212
Operations [Net]
Other Operating
1878.09 1775.04 103.05 5.805502975
Revenues
Total Operating
135220.29 119683.16 15537.13 12.98188484
Revenues

0 #DIV/0!

Other Income 1836.53 1412.03 424.5 30.06310064

Total Revenue 137056.82 121095.19 15961.63 13.18106029

EXPENSES

Cost Of Materials
14771.56 15377.21 -605.65 -3.93862086
Consumed

Purchase Of
887.87 1357.76 -469.89 -34.6077363
Stock-In Trade
Changes In
Inventories Of
-731.11 -1230.19 499.08 -40.5693429
FG,WIP And
Stock-In Trade
Employee Benefit
17466.4 15292.48 2173.92 14.21561447
Expenses
Depreciation And
Amortisation 1923.03 1928.73 -5.7 -0.29553126
Expenses

Other Expenses 6791.21 7698.1 -906.89 -11.7806991

Less: Amounts
Transfer To Capital 0 5.19 -5.19
Accounts

Total Expenses 123616.23 109579.03 14037.2 12.81011522

Profit/Loss
Before
Exceptional, 13440.59 11516.16 1924.43 16.71069176
ExtraOrdinary
Items And Tax

Exceptional Items 294.75 123 171.75 139.6341463

Profit/Loss
13735.34 11639.16 2096.18 18.00971891
Before Tax
Tax Expenses-
Continued
Operations
Current Tax 4402.95 3732.27 670.68 17.96976103

Deferred Tax -335.86 -533.4 197.54 -37.0341207

Total Tax
4067.09 3198.87 868.22 27.14145933
Expenses
Profit/Loss After
Tax and Before
9668.25 8440.29 1227.96 14.5487892
extraordinary
Items
Profit/Loss from
Discontinuing 845.57 0 845.57 #DIV/0!
Operations
Total Tax
Expenses
276.24 0 276.24
Discontinuing
Operations
Net Profit/Loss
From Discontinuing 569.33 0 569.33
Operations

Profit/Loss For
10237.58 8440.29 1797.29 21.29417354
The Period

Minority Interest -1311.45 -634.57 -676.88 106.6675071

Consolidated
Profit/Loss After
8905.13 7369.86 1535.27 20.831739
MI And
Associates
 OTHER
INFORMATION

EARNINGS PER
SHARE
Basic EPS (Rs.) 63.51 52.62 10.89 20.69555302

Diluted EPS (Rs.) 63.4 52.49 10.91 20.78491141

Equity Share
0 0 0
Dividend
Tax On Dividend 0 0 0

Comparative P&L Statement for the year 2018 & 2017

ABSOLUTE
PARTICULARS FY 2018 FY2017 % CHANGE
CHANGE
INCOME
Revenue From
Operations 118087.06 108586.72 9500.34 8.749080919
[Gross]
Less:
Excise/Sevice 178.94 699.19 -520.25 0
Tax/Other Levies
Revenue From
117908.12 107887.53 10020.59 9.28799649
Operations [Net]
Other Operating
1775.04 1424.28 350.76 24.62718005
Revenues
Total Operating
119683.16 109311.81 10371.35 9.487858631
Revenues

Other Income 1412.03 1344.11 67.92 5.053157852

Total Revenue 121095.19 110655.92 10439.27 9.433991421

EXPENSES !

Cost Of Materials
15377.21 14320.98 1056.23 7.37540308
Consumed
Purchase Of
1357.76 1610.57 -252.81 -15.6969272
Stock-In Trade
Changes In
Inventories Of
-1230.19 84 -1314.19 -1564.5119
FG,WIP And
Stock-In Trade
Employee Benefit
15292.48 13853.97 1438.51 10.38337747
Expenses
Depreciation And
Amortisation 1928.73 2369.93 -441.2 -18.6165836
Expenses

Other Expenses 7698.1 6988.24 709.86 10.15792245

Less: Amounts
Transfer To Capital 5.19 1.51 3.68
Accounts

Total Expenses 109579.03 101889.99 7689.04 7.546413539

Profit/Loss
Before
Exceptional, 11516.16 8765.93 2750.23 31.37408124
ExtraOrdinary
Items And Tax

Exceptional Items 123 121.43 1.57 1.292925966

Profit/Loss
11639.16 8887.36 2751.8 30.96307565
Before Tax
Tax Expenses-
Continued
Operations
Current Tax 3732.27 2834.35 897.92 31.67992661

Deferred Tax -533.4 -827.76 294.36 -35.5610322

Total Tax
3198.87 2006.59 1192.28 59.41821698
Expenses
Profit/Loss After
Tax And Before
8440.29 6880.77 1559.52 22.66490524
ExtraOrdinary
Items
Profit/Loss From
Discontinuing
Operations
Total Tax
Expenses
Discontinuing
Operations
Net Profit/Loss
From Discontinuing
Operations

Profit/Loss For
8440.29 6880.77 1559.52 22.66490524
The Period

Minority Interest -634.57 -444.27 -190.3 42.83431247

Consolidated
Profit/Loss After
7369.86 6041.23 1328.63 21.99270678
MI And
Associates

OTHER
INFORMATION

EARNINGS PER
SHARE
Basic EPS (Rs.) 52.62 43.2 9.42 21.80555556

Diluted EPS (Rs.) 52.49 43.05 9.44 21.92799071

Equity Share
0 0 0 0
Dividend

Common-Size P&L Statement from 2017 to 2021

PARTICULARS FY 2021 FY 2020 FY 2019 FY 2018 FY 2018

INCOME
Revenue From
Operations 134476.75 144308.05 133342.2 118087.06 108586.72
[Gross]
Less:
Excise/Sevice
0 0 0 178.94 699.19
Tax/Other
Levies
Revenue From
Operations 134476.75 144308.05 133342.2 117908.12 107887.53
[Net]
Other
Operating 1502.28 1144.31 1878.09 1775.04 1424.28
Revenues
Total
135220.2
Operating 135979.03 145452.36 119683.16 109311.81
9
Revenues
Other Income 3429.35 2360.9 1836.53 1412.03 1344.11
137056.8
Total Revenue 139408.38 147813.26 121095.19 110655.92
2
EXPENSES
Cost Of
Materials 15571.4 15548.66 14771.56 15377.21 14320.98
Consumed
Purchase Of
1213.58 841.09 887.87 1357.76 1610.57
Stock-In Trade
Operating And
Direct 69572.55 80325.22 80704.72 67621.61 61325.08
Expenses
Changes In
Inventories Of
343.37 647.7 -731.11 -1230.19 84
FG,WIP And
Stock-In Trade

Employee
Benefit 24762.03 23114 17466.4 15292.48 13853.97
Expenses

Finance Costs 3913.44 2796.66 1802.55 1538.52 1338.73

Depreciation
And
2904.21 2462.27 1923.03 1928.73 2369.93
Amortisation
Expenses
Other
8892 8646.71 6791.21 7698.1 6988.24
Expenses
Less: Amounts
Transfer To
0 0 0 5.19 1.51
Capital
Accounts
Total 123616.2
127172.58 134382.31 109579.03 101889.99
Expenses 3
Profit/Loss
Before
Exceptional, 12235.8 13430.95 13440.59 11516.16 8765.93
ExtraOrdinary
Items And Tax
Exceptional
-3556.02 0 294.75 123 121.43
Items

Profit/Loss
8679.78 13430.95 13735.34 11639.16 8887.36
Before Tax

Tax Expenses-
Continued
Operations

Current Tax 3923.39 3564.58 4402.95 3732.27 2834.35

Deferred Tax 87.43 -301.38 -335.86 -533.4 -827.76

Total Tax
4010.82 3263.2 4067.09 3198.87 2006.59
Expenses

Profit/Loss
After Tax And
Before 4668.96 10167.75 9668.25 8440.29 6880.77
ExtraOrdinary
Items
Profit/Loss
From
4668.96 10167.75 9668.25 8440.29 6880.77
Continuing
Operations
Profit/Loss
From
10790.5 883.25 845.57 0 0
Discontinuing
Operations
Total Tax
Expenses
2552.58 228.68 276.24 0 0
Discontinuing
Operations
Net Profit/Loss
From
8237.92 654.57 569.33 0 0
Discontinuing
Operations

Profit/Loss
12906.88 10822.32 10237.58 8440.29 6880.77
For The Period

Minority
-1338.35 -1345.25 -1311.45 -634.57 -444.27
Interest
Share Of
Profit/Loss Of 14.4 71.96 -21 -435.86 -395.27
Associates
Consolidated
Profit/Loss
11582.93 9549.03 8905.13 7369.86 6041.23
After MI And
Associates

OTHER
INFORMATION

EARNINGS
PER SHARE

Basic EPS
82.49 68.04 63.51 52.62 43.2
(Rs.)
Diluted EPS
82.41 67.95 63.4 52.49 43.05
(Rs.)
DIVIDEND
AND
DIVIDEND
PERCENTAGE
Equity Share
3650.89 3929.61 0 0 0
Dividend

Tax On
0 748.05 0 0
Dividend
Common-Size B&S Statement from 2017 to 2021
PARTICULARS FY 2021 FY 2020 FY 2019 FY 2018 FY 2017

No. of Equity
14045.55 14038.92 14027.29 14013.69 9329.66
Shares (in Lacs)

EQUITIES AND
LIABILITIES

SHAREHOLDER'S
FUNDS

Equity Share
280.91 280.78 280.55 280.27 186.59
Capital

Preference Share
1123.66 1404.03 0 0 0
Capital

Total Share
1404.57 1684.81 280.55 280.27 186.59
Capital

Reserves and
75204.02 66040.95 61604 55219.96 49876.73
Surplus

Total Reserves
75204.02 66040.95 61604 55219.96 49876.73
and Surplus

Employees Stock
383.6 401.49 337.05 0 0
Options

Total
Shareholders 76992.19 68127.25 62221.6 55500.23 50063.32
Funds

Equity Share
0 0 0 3.56 0
Application Money
Hybrid/Debt/Other
0 0 153.2 153.2 153.2
Securities

Minority Interest 12051.53 9520.83 6826.11 5625 3563.6

NON-CURRENT
LIABILITIES

Long Term
80996.38 80927.3 74120.79 72914.76 67340.58
Borrowings

Deferred Tax
1178.66 1453.04 311.13 637.92 610.95
Liabilities [Net]

Other Long Term

1873.16 2673.83 355.38 421.92 398.23
Liabilities

Long Term
773.78 708.67 556.84 523.54 526.6
Provisions

Total Non-Current
84821.98 85762.84 75344.14 74498.14 68876.36
Liabilities

CURRENT
LIABILITIES

Short Term
50485.22 58675.79 51434.38 19331.85 16534.47
Borrowings

Trade Payables 45504.61 43643.93 42994.81 37794.96 30294.86

Other Current
38419.5 39658.64 36929.69 49662.66 40027.98
Liabilities
Short Term
2998.68 2750.85 2443.43 2483.75 2667.81
Provisions

Total Current
137408 144729.2 133802.3 109273.2 89525.12
Liabilities

Total Capital And

311273.7 308140.1 278347.4 245053.4 212181.6
Liabilities

ASSETS

NON-CURRENT
ASSETS

Tangible Assets 17054.6 16045 15144.12 14987.9 14846.23

Intangible Assets 19197.76 19596.98 4222.91 2030.51 432.22

Capital Work-In-
388.37 3224.91 2483.56 2143.07 1944.71
Progress

Intangible Assets
Under 112.02 86.18 11435.93 11300.36 11353.23
Development

Fixed Assets 36752.75 38953.07 33286.52 30461.84 28576.39

Goodwill On
8066.96 8011.4 1826.91 1561.78 1398.66
Consolidation

Non-Current
8615.4 7347.73 6960.93 5847.06 5452.8
Investments

Deferred Tax
2697 3846.58 3418.93 2131.98 1736.15
Assets [Net]
Long Term Loans
53114.33 60111.69 59269.96 63610.39 48621.24
And Advances

Other Non-Current
7060.44 7179.77 6792.67 5202.06 4555.11
Assets

Total Non-Current
116306.9 125450.2 111555.9 108815.1 90340.35
Assets

CURRENT
ASSETS

Current
31011.23 12699.75 13946.17 9464.25 14300.22
Investments

Inventories 5820.54 5746.65 6413.93 4847.8 4139.74

Trade Receivables 42229.78 40731.52 36845.87 34654.08 28688.97

Cash And Cash

16241.5 15117.78 11726.24 8032.53 5305.96
Equivalents

Short Term Loans

42027.59 42439.42 43157.51 27007.73 25413.83
And Advances

Other
Current 57636.19 65954.77 54701.72 52231.85 43992.53
Assets

Total Current
194966.8 182689.9 166791.4 136238.2 121841.3
Assets

Total Assets 311273.7 308140.1 278347.4 245053.4 212181.6

OTHER
INFORMATION

CONTINGENT
LIABILITIES,
COMMITMENTS

Contingent
21540.85 24656.26 35753.08 24550.82 24141.31
Liabilities

BONUS DETAILS

Bonus Equity Share

244.94 244.94 244.94 244.94 151.59
Capital

NON-CURRENT
INVESTMENTS

Non-Current
Investments
5945.14 4496.72 4318.64 3359.47 2679.9
Unquoted Book
Value

CURRENT
INVESTMENTS

Current
Investments
31011.23 12699.75 13946.17 9464.25 14300.22
Unquoted Book
Value