21 LT Infrastructure Development Projects Limited Ar 31march2017

L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
BOARD’S REPORT
Directors are pleased to present their Report and the Company’s audited standalone financial statement for the financial year ended March 31, 2017.
FINANCIAL RESULTS
The Company’s standalone financial performance for the year ended March 31, 2017 is summarised below:
v in crore
Particulars 2016-17 2015-16
Profit before depreciation, exceptional and extraordinary items & tax 4.68 20.70
Less: Depreciation and amortization 3.94 4.71
Profit/ (loss) before exceptional and extraordinary items and tax 0.74 15.99
Less: Exceptional items (285.57) (573.00)
Profit / (loss) before tax (284.83) (557.01)
Less: Provision for tax (62.61) 1.93
Profit/(loss) after tax for the year (222.22) (558.94)
Add: Balance brought forward from previous year 588.50 1227.25
Balance available for disposal (which directors appropriate as follows) 366.28 668.31
Debenture Redemption Reserve* (2.81) (7.50)
General Reserve 2.81 7.50
Reserve u/s 45-IC of Reserve Bank of India Act,1934 – (79.81)
Balance carried to Balance Sheet 366.28 588.50
RESULTS OF OPERATIONS AND THE STATE OF COMPANY’S AFFAIRS

The total income for the financial year under review was v 572.11 crore as against v 1,024.46 crore for the previous financial year registering a
decrease of v 452.35 crore. The decrease is primarily on account of the completion of construction contract for M/s. Kudgi Transmission Limited
during the year under review and higher revenues from this contract in the previous year.
CAPITAL & FINANCE

The Company has issued unsecured, listed, Non-Convertible Debentures worth v 250 crore in December 2016. The proceeds was used to repay
commercial papers of v 125 crore and term loan of v 125 crore.
The Company had redeemed Non-Convertible Debentures of v15 crore during the year. In order to meet its funding requirements, the Company
has, from time-to-time, issued Commercial Papers and also issued letters of credit to some of its vendors/ contractors.
The Company received LKR 58.80 crore in June 2016 from sale of its stake in L&T IDP Lanka and in March 2017, v 2042 crore from sale of its stake
in its Hyderabad Metro subsidiary.
ICRA Limited, an independent professional investment information and credit rating agency in India, had pronounced rating of AA+(S) to unsecured
non-convertible debentures and reaffirmed rating of AA to the non-fund based facilities and secured non-convertible debentures. ICRA Limited has
also reaffirmed rating of AA(SO) for term loan and A1+ for the Commercial Papers issued by the Company.
CAPITAL EXPENDITURE
As at March 31, 2017, the gross fixed and intangible assets including leased assets, stood at v 67.51 crore and the net fixed and intangible assets,
including leased assets, at v 41.24 crore.
REGISTRATION AS CORE INVESTMENT COMPANY

The Company had been issued a certificate of registration dated January 12, 2015 from Reserve Bank of India (RBI) to commence/carry on the
business of Non-Banking Financial Institution without accepting public deposits subject to certain conditions as mentioned by RBI and is covered
as a Systematically Important Non-Deposit Taking Core Investment Company (CIC-ND-SI) with effect from April 1, 2015.
Being a NBFC- CIC, the Company continues to draw its financial statements under the Indian Generally Accepted Accounting Principles (IGAAP).
Ind AS will be applicable only from FY 2018-2019.
STATUTORY DISCLAIMER
RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the Company or for the correctness
of any of the statements or representations made or opinions expressed by the company and for discharge of liability by the company.
Neither is there any provision in law to keep nor does the Company keep any part of the deposits with the RBI and by issuing the Certificate of
Registration (COR) to the Company, the Reserve Bank neither accepts any responsibility nor guarantee for the payment of the deposit amount to
any depositor.
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DEPOSITS
The Company has not accepted deposits from the public and no amount on account of principal or interest on public deposits was outstanding
as on the date of the balance sheet.
TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND

The Company did not have any requirement to transfer funds to Investor Education and Protection Fund during the year.
SUBSIDIARY/ASSOCIATE/JOINT VENTURE COMPANIES

During the year under review, the Company subscribed to/acquired equity/preference shares in various subsidiary companies. These subsidiaries
are Special Purpose Vehicle (SPV) Companies primarily involved in infrastructure projects. The details of investments in subsidiary companies
during the financial year are as under:
A) Shares acquired / subscribed to during the year:

Sr.No Name of the Company Face Value (v) No. of shares
EQUITY SHARES
1 L&T Sambalpur-Rourkela Tollway Limited 10 7,41,80,000
2 L&T Deccan Tollways Limited 10 5,35,00,000
3 L&T Metro Rail (Hyderabad) Limited 10 3,12,15,984
Total 15,88,95,984
PREFERENCE SHARES
1 L&T Ahmedabad-Maliya Tollway Limited 10 2,43,15,240
2 L&T Rajkot-Vadinar Tollway Limited 10 74,50,000
3 L&T Samakhiali Gandhidham Tollway Limited 10 6,79,75,780
4 Panipat Elevated Corridor Limited 10 45,74,606
Total 10,43,15,626
B) Shares sold or transferred by the Company during the year.

Sr.No Name of the Company Face Value (v) No. of shares
EQUITY SHARES
1 L&T Infrastructure Development Projects (Lanka) Private Limited (L&TIDP 10 14,75,50,780
Lanka)
2 L&T Metro Rail (Hyderabad) Limited (L&TMRHL) 10 204,15,71,240
The Board had approved schemes of merger of two subsidiaries viz., L&T Port Kachchigarh Limited and L&T Western India Tollbridge Limited
with the company with effect from April 1, 2016. The Company has made necessary applications with Ministry of Corporate Affairs.
PERFORMANCE AND FINANCIAL POSITION OF EACH SUBSIDIARY/ASSOCIATE AND JOINT VENTURE COMPANIES:
A statement containing the salient features of the financial statement of subsidiaries/associate is provided in the ‘Annexure 1’ to this report.
PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN OR SECURITY PROVIDED BY THE COMPANY
Since the Company is engaged in the business of developing infrastructure facilities through its subsidiaries (SPV), the provisions of Section 186
except sub-section (1) of the Companies Act, 2013 (the “Act”) are not applicable to the Company. The details of loans given, investments made
and guarantees/securities provided by the Company are given in the Notes G and H (I) to the standalone financial statement.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All related party transactions during the year have been approved in terms of the Act and Securities and Exchange Board of India (Listing Obligations
and Disclosures Requirements) Regulations, 2015. The Company has adopted Related Party Transaction Policy at the Board Meeting held on May
11, 2016 with suitable guidelines thereunder. Details of Related Party Transactions are provided in Annexure 2 (AOC-2).
AMOUNT TRANSFERRED TO RESERVES

Since the Company has incurred loss before tax for the year ended March 31, 2017 no amount is required to be transferred to the statutory reserve
as required under Section 45-IC of Reserve Bank of India (RBI) Act, 1934.
The Company had transferred an amount of v 79.81 crore during the previous year ended March 31, 2016 in relation to the period upto March 31, 2015.
DIVIDEND
The Directors do not recommend payment of dividend for the financial year in view of losses incurred during the year.
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MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OF THE FINANCIAL YEAR AND DATE
OF REPORT
No material changes or commitments adversely affecting the financial position of the Company have occurred between the end of the financial
year and the date of this Report.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS

No significant or material orders have been passed by the regulators or courts or tribunals impacting the going concern status of the Company
and the Company’s operations in future.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

In view of the nature of activities which are being carried on by the Company, Section 134(3)(m) of the Act read with Rule 8(3) of the Companies
(Accounts) Rules, 2014 conservation of energy and technology absorption does not apply to the Company.
FOREIGN EXCHANGE EARNINGS AND OUTGO

Activity in foreign currency during the financial year on a standalone basis is as under:
Particulars v in lakh
Earnings Nil
Expenditure
Subscription fees 10.70
Travelling expenses 12.68
Professional fees 4.80
RISK MANAGEMENT POLICY

The Company has formulated a risk management policy and has in place a mechanism to inform the Board about risk assessment and minimisation
procedures and periodical review to ensure risk control. Consequent upon the resignation of Mr. N.Subramanian, as Chief Risk Officer, Mr. Mathew
George, GM – Project Finance & Treasury has taken over the Risk Management responsibilities of the Company with effect from December 9, 2016
in addition to his current responsibilities.
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

Your Company has designed and implemented a process-driven framework for Internal Controls on Financial Reporting System within the meaning
of the explanation to Section 134(5)( e) of the Companies Act, 2013. For the year ended March 31, 2017 the Board is of the opinion that the Company
has adequate internal controls commensurate with the nature and size of its business operations and these are operating effectively and no material
weaknesses exist. The Company has a process in place to continuously monitor the same and identify gaps if any, and implement new and /
or improved controls wherever the effect of such gaps would have a material effect on the Company’s operations. The Statutory Auditors of the
Company have reviewed the adequacy of the Internal Financial Control over Financial Reporting of the Company and the operating effectiveness
of such controls are reported in “Annexure A” to Statutory Audit Report of the Company.
CORPORATE SOCIAL RESPONSIBILITY

The Company has constituted a Corporate Social Responsibility (“CSR”) Committee of directors comprising of Mr. R.Shankar Raman (Chairman),
Mr. Sudhakar Rao and Mr. K.Venkatesh.
Details of the various projects and programmes to be undertaken by the Company as a part of its CSR framework are available on its website
www.lntidpl.com.
The average net profits of the Company during the immediately preceding three financial years is in the negative (i.e., a loss). Consequently there
is no requirement during the year under review to spend on CSR activity under Section 135 of the Act and rules made thereunder.
DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (“KMP”) APPOINTED/RESIGNED DURING THE YEAR
CHANGES IN DIRECTORS AND KMP
Mr. K.Venkatesh whose term as Chief Executive and Managing Director was to end on July 12, 2016, was reappointed as Chief Executive and
Managing Director of the Company in the Board of Directors Meeting held on May 11, 2016. His appointment for a period upto April 7, 2018 was
approved by the shareholders at the Extraordinary General Meeting held on June 16, 2016.
Mr. R.Shankar Raman and Mr. Sushobhan Sarker, who retired by rotation at the Annual General Meeting held on August 24, 2016, were reappointed
as Directors.
Following is the composition of the Board of Directors of the Company as on March 31, 2017:
Sr.No. Name Designation

1 Mr. R Shankar Raman Chairman (Non-Executive Director)
2 Mr. Vikram Swinder Gandhi Non-Executive Investor Director
3 Mr. Sudhakar Rao Independent Director
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Sr.No. Name Designation

4 Mr. Sushobhan Sarker Non-Executive Director
5 Ms. Shubhalakshmi Aamod Panse Independent Director
6 Mr. K.Venkatesh Chief Executive and Managing Director
The Key Managerial Personnel (KMP) of the Company as on March 31, 2017 are:
Sr. No. Name Designation

1 Mr. K. Venkatesh Chief Executive and Managing Director
2 Mr. Karthikeyan T. V Chief Financial Officer
3 Mr. K.C.Raman Company Secretary
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

The Meetings of the Board are held at regular intervals with a time gap of not more than 120 days between two consecutive Meetings.
During the year four Board Meetings were held. The details of the Board meetings conducted during the year are given below:
Date Board Strength No of Directors Present

May 11, 2016 6 6
July 23, 2016 6 4
October 26, 2016 6 6
January 21, 2017 6 5
INFORMATION TO THE BOARD

The Board of Directors has complete access to the information within the Company which interalia includes:
• Annual revenue budgets and capital expenditure plans
• Quarterly financials and results of operations
• Financing plans of the Company
• Minutes of the meeting of the Board of Directors, Audit Committee (AC), Nomination and Remuneration Committee (NRC), Corporate Social
Responsibility Committee
• Report on fatal or serious accidents
• Any materially relevant default, if any, in financial obligations to and by the Company
• Any issue which involves possible public or product liability claims of substantial nature, including any Judgement or Order, if any, which may
have strictures on the conduct of the Company
• Development in respect of human resources
• Compliance or non-compliance of any regulatory, statutory nature or listing requirements and investor service
• An Action Taken Report is presented to the Board
Presentations are made regularly to the Board/NRC/Audit Committee (minutes of Board, AC and NRC are circulated to the Board), where Directors get
an opportunity to interact with senior managers. Presentations, interalia cover business strategies, management structure, HR policy, management
development and planning, half-yearly and annual results, budgets, treasury, review of Internal Audit, risk management, operations of subsidiaries
and associates, etc.
Independent Directors have the freedom to interact with the Company’s management. Interactions happen during the Board / Committee Meetings,
when senior company personnel are asked to make presentations about performance to the Board.
AUDIT COMMITTEE
The Company has constituted an Audit Committee in terms of the requirements of the Companies Act, 2013 comprising of Mr. Sudhakar Rao
(Chairman), Ms. Shubhalakshmi Aamod Panse and Mr. R. Shankar Raman.
During the year, four audit committee meetings were held. The details of the meetings conducted during the year under review are given below:
Date Strength of the Committee No. of members present

May 11, 2016 3 3
July 23, 2016 3 3
October 26, 2016 3 3
January 21, 2017 3 3
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As per the provisions of Section 177(9) of the Act the Company is required to establish an effective Vigil Mechanism for directors and employees
to report genuine concerns.
The Company has a whistle blower policy in place to report concerns about unethical behaviour, actual/suspected frauds and violation of Company’s
Code of Conduct. The policy provides for adequate safeguards against victimisation of persons who avail the same and provides for direct access
to the Chairman of the Audit Committee. The Chief Internal Auditor of the Company was the co-ordinator for the Vigil Mechanism and responsible
for receiving, validating, investigating and reporting to the Audit Committee during the year.
Members can view the details of the whistle blower policy under the said framework of the Company on its website www.LntidpL.com.
COMPANY POLICY ON DIRECTOR APPOINTMENT AND REMUNERATION

The Company had constituted the Nomination and Remuneration Committee in accordance with the requirements of the Act read with the Rules made
thereunder comprising of Mr. Sudhakar Rao (Chairman), Ms. Shubhalakshmi Aamod Panse, Mr. R. Shankar Raman and Mr.Vikram Swinder Gandhi.
During the year, two Meetings of the Nomination and Remuneration Committee were held. The details of the meetings conducted during the year
under review are given below:
Date Strength of the Committee No. of members present

May 11, 2016 4 4
July 23, 2016 4 3
The Committee had formulated a policy on Director’s appointment and remuneration including recommendation of remuneration of the KMP and
the criteria for determining qualifications, positive attributes and independence of a Director and also for KMP.
DECLARATION OF INDEPENDENCE
The Company has received declaration of independence as stipulated under Section 149(7) of the Act from the Independent Directors confirming
that he/she is not disqualified from continuing as an Independent Director.
EXTRACT OF THE ANNUAL RETURN

The extract of the annual return in Form No. MGT – 9 is enclosed as ‘Annexure 3’ to this Report.
DIRECTORS RESPONSIBILITY STATEMENT

The Board of Directors of the Company confirms that:
a) In the preparation of Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to
material departures, if any.
b) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of
the Company for that period.
c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.
d) The Directors have prepared the Annual Accounts on a going concern basis.
e) The Directors have laid down an adequate system of internal financial control with respect to reporting on financial statements and the said
system is operating effectively.
f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were
adequate and were operating effectively.
PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES AND DIRECTORS

The Nomination and Remuneration Committee and the Board have laid down the manner in which formal annual evaluation of the performance of
the Board, committees and individual directors has to be made.
It includes circulation of questionnaires to all Directors for evaluation of the Board and its Committees, Board composition and its structure, its
culture, Board effectiveness, Board functioning, information availability, etc. These questionnaires also cover specific criteria and the grounds on
which all directors in their individual capacity will be evaluated.
Further, the Independent Directors at the meeting held on December 28, 2016, reviewed the performance of Board, Committees, and Non-Executive
Directors. The performance evaluation of the Board, Committees and Directors was also reviewed by the Nomination and Remuneration Committee
and the Board of Directors.
DISCLOSURE OF REMUNERATION
The information required under Section 197(12) of the Act and the Rules made thereunder, is provided below.
The Directors of the Company are not paid any remuneration except sitting fees to certain directors. Hence, the remuneration of the Directors to
that of the employees of the Company is not comparable.
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REMUNERATION OF KMP
v in crore (Rounded off to two decimals)
Name of the KMP Designation Remuneration Remuneration % increase in Performance of the Company for
in FY 2016-17 in FY 2015-16 remuneration FY 2016-2017
of FY 2016-17
% of Revenue % of Profit after
as compared to
Decrease in Tax decrease in
previous FY
revenue of FY loss of FY 2016-
2016-17 as 17 as compared
compared to FY to FY 2015-2016
2015-2016
Mr.Karthikeyan T. V Chief Financial 0.96 1.34* (28%) 43.64 60.24
Officer
Mr.K.C.Raman Company 0.35 0.14^ 2.5 times
Secretary
No managerial remuneration has been paid to Mr. K.Venkatesh, Chief Executive & Managing Director in the FY 2016-17 and 2015-2016.
*v.1.34 crore, includes value of exercise of Employee Stock Option Plans during financial year 2015-2016 issued by Holding Company.
^Represents part of the financial year since the date of joining the services of the Company is August 24, 2015.
The Median Remuneration of Employees (“MRE”) was v 0.10 crore and v 0.09 crore in the financial year 2016-17 and 2015-16 respectively. The
percentage increase in MRE in the financial year 2016-17 as compared to previous financial year is 11.11%.
The number of permanent employees on the rolls of the Company as of March 31, 2017 and March 31, 2016 was 143 and 149 respectively.
The remuneration paid to the employees is as per the remuneration policy of the Company.
A statement containing the names of every employee employed throughout the financial year and in receipt of remuneration of v 1.02 crore or more,
or employed for part of the year and in receipt of v 8.5 lakh or more a month under Rule 5(2) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 is enclosed as ‘Annexure 4’ to this Report.
In terms of Section 136(1) of the Act and the Rules made thereunder, the Report and Accounts are being sent to the shareholders. None of the
employees listed in the said Annexure 4 are related to any Director of the Company.
CONSOLIDATED FINANCIAL STATEMENT

Your Directors have pleasure in attaching the Consolidated Financial Statement pursuant to Section 129(3) of the Act and prepared in accordance
with the Accounting Standards prescribed by the Institute of Chartered Accountants of India, in this regard and has been audited by the Company’s
Statutory Auditors.
COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND ANNUAL GENERAL MEETINGS

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board Meetings and Annual
General Meetings.
PROTECTION OF WOMEN AT WORKPLACE

The Company has adopted a policy on Protection of Women‘s Rights at workplace in line with the policy formulated by the parent company, Larsen
& Toubro Ltd. This has been widely disseminated. There were no complaints of sexual harassment received by the Company during the year.
AUDITORS AND AUDITORS’ REPORT

STATUTORY AUDITORS
The Company at the Fourteenth Annual General Meeting (AGM) held on September 28, 2015 for the Financial Year 2015-16 had appointed M/s.
Deloitte Haskins & Sells LLP, Chartered Accountants, (LLP Identification no.AAB-8737), Mumbai as Statutory Auditors of the Company to hold office
from the conclusion of that AGM until the conclusion of the sixth successive AGM of the Company.
The Board recommends the ratification of the appointment of M/s. Deloitte Haskins & Sells LLP, Chartered Accountants, (LLP Identification
no.AAB-8737), Mumbai as Statutory Auditors of the Company from the conclusion of the ensuing AGM until the conclusion of the next AGM.
Certificate from the said audit firm has been received to the effect that they are eligible to act as Auditors of the Company under Section 141 of the Act.
The Auditors’ Reports on the standalone and consolidated financial statements for the financial year 2016-17 are unqualified. The Emphasis on
Matters made by the Auditors are
adequately covered in the Notes to the said financial statements. The Notes to the accounts referred to in the Auditors’ Reports are self-explanatory
and do not call for any further clarifications under section 134(3)(f) of the Act.
COST AUDITOR
Mr. K.Suryanarayanan, Cost Accountant (Membership No.24946), was appointed as Cost Auditor of the Company for audit of cost accounting
records for the financial year 2016-2017, pursuant to the provisions of Section 148 of the Act and Rule 3 and 4 of the Companies (Cost Records
and Audit) Amendment Rules, 2014. The Report of the Cost Auditors for the financial year 2016-2017 would be filed with the Ministry of Corporate
Affairs once the same is finalised.
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The remuneration of the Cost Auditor was ratified at the Annual General Meeting held on August 24, 2016. The Cost Audit Report for the year 2015-
2016 was filed with MCA on September 22, 2016.
SECRETARIAL AUDIT REPORT

M/s. B.Chitra & Co, Company Secretary in practice (CP No.2928), was appointed to conduct the secretarial audit of the Company for the financial
year 2016-17, as required under Section 204 of the Act and Rules thereunder. The secretarial audit report dated May 10, 2017 to the Shareholders
for the financial year 2016-17 is attached as ‘Annexure 6’ to this Report and is unqualified and has no adverse remark.
DEBENTURE TRUSTEE
The Company had issued and allotted secured redeemable Non-convertible Debentures amounting to v 180 crore during the year 2012-2013 out
of which v 45 crore had been redeemed till March 31, 2017. During the current financial year, unsecured Non-Convertible Debentures amounting
to v 250 crore were issued. As at March 31, 2017 the total outstanding Debentures were v 385 crore. M/s. IDBI Trusteeship Services Limited, having
their office at Asian Building, Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai - 400001 have been appointed as the Debenture Trustees
for the same.
ACKNOWLEDGEMENT
The Board of Directors wish to express their appreciation to all the employees for their outstanding contribution to the operations of the Company
during the year. Your Directors take this opportunity to thank financial institutions, banks, Central and State Government authorities, regulatory
authorities, stock exchanges and all the stakeholders for their continued co-operation and support to the Company.
For and on behalf of the Board
K. VENKATESH R. SHANKAR RAMAN

Chief Executive & Chairman
Managing Director DIN:00019798
DIN:00240086
Place : Mumbai
Date : May 10, 2017
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ANNEXURE 1
STATEMENT CONTAINING THE SALIENT FEATURES OF THE FINANCIAL STATEMENTS OF SUBSIDIARIES / ASSOCIATE COMPANIES /
JOINT VENTURES FOR THE FINANCIAL YEAR ENDED MARCH 31, 2017
A) SUBSIDIARIES
v in crore
S. Name of the Exchange Share Reserves Total Total Invest- Turnover Profit / Provision Profit / Equity Total (Nos) % of Equity
No subsidiary Rate capital & surplus assets liabilities # ments (refer (Loss) for taxation (Loss) shares - Equity Share-
Note) before after (Nos) held shares @ holding
taxation taxation by IDPL v.10/- each
1 AMTL – 370.64 (335.64) 1,365.07 1,330.08 0.23 169.96 (52.12) – (52.12) 148999900 149000000 99.99%
2 DHTL – 90.00 142.60 546.00 313.41 2.35 48.11 (6.04) – (6.04) 89999900 90000000 99.99%
3 KTTRL – 78.75 (81.77) 517.83 520.85 35.14 150.58 21.27 0.65 20.62 78749998 78750000 99.99%
4 KTL – 192.60 (4.29) 2,897.80 2,709.49 – 111.54 6.78 8.92 (2.14) 192599998 192600000 99.99%
5 PECL – 130.05 (328.90) 382.72 581.57 – 58.45 (24.90) – (24.90) 84299998 84300000 99.99%
6 PNGTL – 292.22 (578.79) 1,187.39 1,473.95 0.09 – (209.64) – (209.64) 102711340 169100000 60.74%
7 VBTL – 43.50 (318.74) 793.99 1,069.23 185.87 265.86 12.53 2.56 9.98 43499998 43500000 99.99%
8 WATL – 56.50 (66.23) 251.89 261.62 40.93 66.79 7.87 0.18 7.69 56499998 56500000 99.99%
9 L&T BPPTL – 247.20 100.02 10,541.50 10,194.28 45.77 307.46 (48.57) – (48.57) 247199998 247200000 99.99%
10 L&T CTTL – 42.00 (5.06) 423.43 386.49 – – (4.86) – (4.86) 41999900 42000000 99.99%
11 L&T DTL – 206.00 (2.52) 1,105.77 902.30 2.24 – (0.32) – (0.32) 205999998 206000000 99.99%
12 L&T HSTL – 925.85 (460.47) 1,185.81 720.43 – 86.27 (95.18) – (95.18) 3905098000 7963363250 49.04%
13 L&T IRCL – 57.16 (3.63) 440.39 386.86 117.83 86.42 (13.51) – (13.51) 57159998 57160000 99.99%
14 L&T KWTL – 90.00 (5.12) 1,107.50 1,022.62 1.20 143.34 6.97 0.27 6.70 89997400 90000000 99.99%
15 L&T PKL – 4.16 (4.62) 5.00 5.46 – – (0.02) – (0.02) 4160000 4160000 99.99%
16 L&T RVTL – 235.49 (325.05) 971.68 1,061.24 – 112.76 (55.27) – (55.27) 109999900 110000000 99.99%
17 L&T SGTL – 194.01 (117.64) 3,505.47 3,429.10 0.14 110.23 (55.41) – (55.41) 80527000 80540000 99.98%
18 L&T SRTL – 290.03 144.85 1286.49 851.61 22.78 – (0.56) – (0.56) 290029998 290030000 99.99%
19 L&T TIL – 41.40 142.75 268.59 84.44 156.00 25.08 14.50 (13.08) 27.58 30536000 41400000 73.75%
20 L&T WIT – 13.95 19.71 104.50 70.85 – – 1.25 0.37 0.87 13950007 13950007 99.99%
21 L&T IDPL 1SG= 6.16 (5.48) 0.74 0.05 – – (0.16) – (0.16) 1315000 1315000 100%
Trustee 46.41 INR
Manager
Pte. Limited
Note: Turnover includes toll collections which are treated as capital receipts # (excluding share capital and reserves & surplus)
B) ASSOCIATES
v in crore
S.No Associates No. of Shares Amount of Extent of holding Net worth Profit / (Loss) Description Reason why the
held investment % attributable to of how there associate is not
Considered in Not considered
Shareholding is significant consolidated
consolidation in consolidation
as per latest influence
audited Balance
Sheet
1 ISP Haldia 98,30,000 9.83 22.31% 14.83 1.62 Not applicable Due to stake Not applicable
Private Limited held and Board
representation
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C) NAMES OF SUBSIDIARIES WHICH HAVE BEEN LIQUIDATED OR SOLD DURING THE YEAR : L&T METRO RAIL (HYDERABAD) LIMITED
AND L&T INFRASTRUCTURE DEVELOPMENT PROJECTS (LANKA) PRIVATE LIMITED
D) NAMES OF ASSOCIATES AND JOINT VENTURES WHICH HAVE BEEN LIQUIDATED OR SOLD DURING THE YEAR :NIL
E) NAMES OF SUBSIDIARIES WHICH ARE YET TO COMMENCE COMMERCIAL OPERATION
1. L&T DTL
2. L&T SRTL
F) NAMES OF ASSOCIATES / JOINT VENTURE WHICH ARE YET TO COMMENCE OPERATION

There is no Associate or Joint venture which are yet to commence commercial operation during the year.

DIN:00240086
Place : Mumbai
Date : May 10, 2017
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ANNEXURE 2
FORM NO. AOC.2
Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section
188 of the Act including certain arm’s length transactions under third proviso thereto (Pursuant to clause (h) of sub-section (3) of section 134
of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)
1. Details of contracts or arrangements or transactions not at arm’s length basis
a. Name(s) of the related party and nature of relationship
Name of the related party Nature of relationship

Larsen and Toubro Limited (“L&T”) Holding Company
b. Nature of contracts/arrangements/transactions
Advance paid for Purchase of Shares of PNG Tollway Limited from Larsen & Toubro Limited
2. Details of material contracts or arrangement or transactions at arm’s length basis
a. Name(s) of the related party and nature of relationship
Name of the related party Nature of relationship

L&T Holding Company
L&T SRTL Subsidiary company
KTL Subsidiary Company
b. Nature of contracts/arrangements/transactions
i. An Engineering Procurement and Construction (EPC) contract entered into between L&T SRTL and L&T IDPL on 5th May, 2014
for carrying out the four laning of Sambalpur Rourkela Road Project in the State of Odisha was continued during the financial year
2015-2016.
ii. A construction contract entered into between L&T IDPL and L&T on 11th July, 2014 for carrying out the four laning of Sambalpur
Rourkela Road Project in the State of Odisha was continued during the financial year 2016-2017.
iii. An Engineering Procurement and Construction (EPC) contract entered into between L&T KTL and L&T IDPL on 21st February, 2014
to establish Transmission System required for evacuation of power from Kudgi TPS of NTPC Limited was completed during the
financial year 2016-2017.
iv. Construction and supply contracts entered into between L&T IDPL and L&T on 27th February, 2014 to establish Transmission System
required for evacuation of power from Kudgi TPS of NTPC Limited was completed during the financial year 2016-2017.
v. A Deed of Lease was entered into between L&T IDPL and L&T on 19th October, 2015 for occupying space and availing certain
business services at the premises of L&T in Chennai valid upto March 31, 2017.
vi. A Power Supply Agreement was entered between L&T IDPL and L&T on 1st April, 2015 to meet the Captive power requirements of
its Holding Company through the energy generated by the Company’s wind turbines upto March 31, 2018.
c. Duration of the contracts/arrangements/transactions
i. L&T SRTL and L&T IDPL – 3 years.
ii. L&T IDPL and L&T – 3 years.
iii. L&T KTL and L&T IDPL – Until the completion of the project
iv. L&T IDPL and L&T - Until the completion of the project
v. L&T IDPL and L&T – 1year
vi. L&T IDPL and L&T – 3 years
d. Salient terms of the contracts or arrangements or transactions including the value, if any:
i. L&T SRTL and L&T IDPL
This is a lump sum EPC contract for carrying out the four laning of Sambalpur Rourkela Road Project in the State of Odisha. This
contract includes escalation, project management consultancy services and construction of railway over bridges, special structures
and the value of the contract is v1281.89 crore.
ii. L&T IDPL and L&T
This is a lump sum Construction contract for carrying out the four lane project of Sambalpur Rourkela Road in the State of Odisha.
The value of the contract is v1118.08 crore.
S-3296
iii. L&T KTL and L&T IDPL

This is an EPC contract to establish Transmission Line System required for evacuation of power from Kudgi TPS of NTPC Limited.
This contract includes Engineering & Supply of Materials, Erection & Commissioning and Freight and Insurance and the value of
the contract is v1173.11 crore.
iv. L&T IDPL and L&T
EPC and supply contracts were entered into for establishing a Transmission Line System required for evacuation of power from
Kudgi TPS of NTPC Limited”. The value of the contract is v597.84 crore.
v. L&T IDPL and L&T
This is a lease agreement for the Company to occupy space and avail administrative support services at L&T’s office premises in
Chennai. The rentals include electricity charges with DG back up, air conditioning, covered car parking, security, water and other
amenities such as access to pantry, canteen, convention center, telepresence, etc. The value of the contract including rent and
maintenance is approx. v4.692 crore per annum.
vi. L&T IDPL and L&T
This is an Agreement for the power generated by the Company’s wind turbines in Tamil Nadu to be utilized by L&T to meet its captive
power requirements in the State.
e. Date(s) of approval by the Board, if any:
The Board at its Meeting held on 1st March, 2014 approved the aforementioned Contracts (para I to iv) and the contract for the para v
and vi were approved by Audit Committee on 25th July, 2015.

DIN:00240086
Place : Mumbai
Date : May 10, 2017
S-3297
ANNEXURE 3
FORM NO. MGT-9
EXTRACT OF ANNUAL RETURN AS ON THE FINANCIAL YEAR ENDED ON 31.03.2017
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
CIN U65993TN2001PLC046691
Registration Date 26/02/2001
Name of the Company L&T Infrastructure Development Projects Limited
Category / Sub-Category of the Company Company Limited By Shares/Indian Non-Government Company
Address of the Registered office and contact details Mount Poonamallee Road, Post Box – 979, Manapakkam,
Chennai-600089. Ph.: 044 - 22526060
Whether listed company Yes / No Yes. Non-convertible Debentures listed on National Stock
Exchange of India Limited
Name, Address and Contact details of Registrar and Transfer NSDL Database Management Limited*
Agent, if any 4th Floor, Trade World A Wing, Kamala Mills Compound, Senapati
Bapat Marg, Lower Parel, Mumbai – 400 013
Ph: 022 4914 2591
* At the Board of Directors Meeting held on July 23, 2016 the Directors approved appointment of “NSDL Database Management Limited”
as Registrar and Transfer Agent and the services were transferred from Sharepro Services (India) Private Limited to NSDL Database
Management Limited on November 10, 2016.
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-
Sl. No. Name and Description of main products / services NIC Code of the Product/ service % to total turnover of the Company
1 Infrastructure development 84130 12.86
2 Construction related activities 42101 87.14
TOTAL 100%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

S. No Name and address of Registered Office CIN/GLN Holding/Subsidiary/ % of shares Applicable
the Company Associate held Section of the
Act
1 Larsen & Toubro Limited L & T House, Ballard Estate, L99999MH1946PLC004768 Holding 97.45% 2(46)
Mumbai-400 001
2 L&T TIL P.O.BOX.979, Mount U45203TN1997PLC039102 Subsidiary 73.76% 2(87)(ii)
3 KTTRL Poonamallee Road, U45203TN2005PLC057930 Subsidiary 99.99% 2(87)(ii)
Manapakkam,
4 VBTL U45203TN2005PLC058417 Subsidiary 99.99% 2(87)(ii)
Chennai-600 089
5 WATL U45203TN2005PLC057931 Subsidiary 99.99% 2(87)(ii)
6 L&T IRCL U45203TN2006PLC058735 Subsidiary 99.99% 2(87)(ii)
7 PECL U45203TN2005PLC056999 Subsidiary 99.99% 2(87)(ii)
8 AMTL U45203TN2008PLC069211 Subsidiary 99.99% 2(87)(ii)
9 L&T HSTL U45203TN2008PLC069210 Subsidiary 49.05%^ 2(87)(i)
10 L&T RVTL U45203TN2008PLC069184 Subsidiary 99.99% 2(87)(ii)
11 L&T CTTL U45309TN2008PLC066938 Subsidiary 99.99% 2(87)(ii)
12 L&T SGTL U45203TN2010PLC074501 Subsidiary 99.98% 2(87)(ii)
13 L&T KWTL U45203TN2010PLC075446 Subsidiary 99.99% 2(87)(ii)
14 DHTL U45203TN2010PLC075491 Subsidiary 99.99% 2(87)(ii)
15 L&T BPPTL U45203TN2011PLC080786 Subsidiary 99.99% 2(87)(ii)
16 L&T DTL U45203TN2011PLC083661 Subsidiary 99.99% 2(87)(ii)
17 L&T WIT U45203TN1999PLC042518 Subsidiary 99.99% 2(87)(ii)
S-3298
S. No Name and address of Registered Office CIN/GLN Holding/Subsidiary/ % of shares Applicable

the Company Associate held Section of the
Act
18 L&T SRTL P.O.BOX.979, Mount U45206TN2013PLC093395 Subsidiary 99.99% 2(87)(ii)
19 L&T PKL Poonamallee Road, U45203TN2008PLC067551 Subsidiary 99.99% 2(87)(ii)
Manapakkam,
20 PNGTL U45203TN2009PLC070741 Subsidiary 61.00%* 2(87)(ii)
Chennai-600 089
22 KTL P.O.BOX.979, Mount U40106TN2012GOI111122 Subsidiary 99.99% 2(87)(ii)
Poonamallee Road,
Manapakkam,
Chennai-600 089
24 L&T IDPL Trustee 8 Cross Street, 201326418G Subsidiary 100% 2(87)(ii)
Manager Pte. Ltd #10-00, PWC Building,
Singapore (048424)
25 ISP (Haldia) Private Flat No.27, 5th Floor, U45205WB1999PTC090733 Associate 22.31% 2(6)
Limited Kohinoor Building, 105,
Park street, Kolkata-700 016
^ Decrease in percentage is due to SDR scheme by lenders in which part of debt was converted to equity to the extent of 50.95%
* 13% of the shares held by L&T have been acquired by the Company but the transfer is yet to be completed since approval of lenders is
awaited.
IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY)
i) Category-wise Share Holding
Category of Shareholders No. of Shares held as on April 1, 2016 No. of Shares held as on March 31, 2017 %#
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
A. Promoters
1. Indian
a) Individual/HUF – – – – – – – – –
b) Central Govt – – – – – – – – –
c) State Govt (s) – – – – – – – – –
d) Bodies Corp. 312859090 6** 312859096 97.45% 312859090 6** 312859096 97.45% –
e) Banks / FI – – – – – – – – –
f) Any Other – – – – – – – – –
Sub Total (A) (1) 312859090 6** 312859096 97.45% 312859090 6** 312859096 97.45% –
2. Foreign – – – – – – – – –
a) NRI Individuals – – – – – – – – –
b) Other Individuals – – – – – – – – –
c) Bodies Corp. – – – – – – – – –
d) Banks / FI – – – – – – – – –
e) Any Other – – – – – – – – –
Sub Total (A) (2) – – – – – – – – –
Total (A) (1+2) 312859090 6** 312859096 97.45% 312859090 6** 312859096 97.45% –
B. Public
1. Institutions
a) Mutual Funds – – – – – – – – –
b) Banks /FI – – – – – – – – –
c) Central Govt. – – – – – – – – –
d) State Govt (s) – – – – – – – – –
e) VC Funds – – – – – – – – –
f) Insurance Co. – – – – – – – – –
g) FIIs – – – – – – – – –
S-3299
Shares Shares
h) FVC Funds – – – – – – – – –
i) Others – – – – – – – – –
Sub-total (B)(1) – – – – – – – – –
2. Non Institutions
a) Bodies Corp.
i) Indian – – – – – – – – –
ii) Overseas 100 8190000 8190100 2.55% 100 8190000 8190100 2.55% –
b) Individuals – – – – – – – – –
i) Individuals! – – – – – – – – –
ii) Individuals* – – – – – – – – –
c) Others – – – – – – – – –
Sub-Total (B) (2) 100 8190000 8190100 2.55% 100 8190000 8190100 2.55% –
Total (B) (1+2) 100 8190000 8190100 2.55% 100 8190000 8190100 2.55% –
C. Shares held by Custodian – – – – – – – – –
for GDRs & ADRs
GRAND TOTAL (A+B+C) 312859190 8190006 321049196 100% 312859190 8190006 321049196 100% –
! holding nominal share capital upto v1.00 lakh: * holding nominal share capital in excess of v1.00 lakh
**Shares held by nominees of Larsen & Toubro Limited # Changes during the year
Category-wise Share Holding (Special Equity Shares)

Shares Shares
A. Promoters
1. Indian
b) Central Govt – – – – – – – – –
c) State Govt (s) – – – – – – – – –
d) Bodies Corp. – 10000 10000 100% – 10000 10000 100% –
e) Banks / FI – – – – – – – – –
f) Any Other – – – – – – – – –
Sub Total (A) (1) – 10000 10000 100% – 10000 10000 100% –
2. Foreign – – – – – – – – –
c) Bodies Corp. – – – – – – – – –
d) Banks / FI – – – – – – – – –
e) Any Other – – – – – – – – –
Sub Total (A) (2) – – – – – – – – –
Total (A) (1+2) – 10000 10000 100% – 10000 10000 100% –
B. Public
1. Institutions
a) Mutual Funds – – – – – – – – –
b) Banks /FI – – – – – – – – –
c) Central Govt. – – – – – – – – –
d) State Govt (s) – – – – – – – – –
e) VC Funds – – – – – – – – –
S-3300
Shares Shares
f) Insurance Co. – – – – – – – – –
g) FIIs – – – – – – – – –
h) FVC Funds – – – – – – – – –
i) Others – – – – – – – – –
Sub-total (B)(1) – – – – – – – – –
2. Non Institutions
a) Bodies Corp.
i) Indian – – – – – – – – –
ii) Overseas – – – – – – – – –
b) Individuals – – – – – – – – –
i) Individuals! – – – – – – – – –
ii) Individuals* – – – – – – – – –
c) Others – – – – – – – – –
Sub-Total (B) (2) – – – – – – – – –
Total (B) (1+2) – – – – – – – – –
for GDRs & ADRs
GRAND TOTAL (A+B+C) – 10000 10000 100% – 10000 10000 100% –
Category-wise Share Holding (Preference Shares)

Shares Shares
A. Promoters
1. Indian
b) Central Govt – – – – – – – – –
c) State Govt (s) – – – – – – – – –
d) Bodies Corp. – – – – – – – – –
e) Banks / FI – – – – – – – – –
f) Any Other – – – – – – – – –
Sub Total (A) (1) – – – – – – – – –
2. Foreign – – – – – – – – –
c) Bodies Corp. – – – – – – – – –
d) Banks / FI – – – – – – – – –
e) Any Other – – – – – – – – –
Sub Total (A) (2) – – – – – – – – –
Total (A) (1+2) – – – – – – – – –
B. Public
1. Institutions
a) Mutual Funds – – – – – – – – –
b) Banks /FI – – – – – – – – –
c) Central Govt. – – – – – – – – –
d) State Govt (s) – – – – – – – – –
e) VC Funds – – – – – – – – –
S-3301
Shares Shares
f) Insurance Co. – – – – – – – – –
g) FIIs – – – – – – – – –
h) FVC Funds – – – – – – – – –
i) Others – – – – – – – – –
Sub–total (B)(1) – – – – – – – – –
2. Non Institutions
a) Bodies Corp.
i) Indian – – – – – – – – –
ii) Overseas 2000 – 2000 100% 2000 – 2000 100% –
b) Individuals – – – – – – – – –
i) Individuals! – – – – – – – – –
ii) Individuals* – – – – – – – – –
c) Others – – – – – – – – –
Sub-Total (B) (2) 2000 – 2000 100% 2000 – 2000 100% –
Total (B) (1+2) 2000 – 2000 100% 2000 – 2000 100% –
for GDRs & ADRs
Grand Total (A+B+C) 2000 – 2000 100% 2000 – 2000 100% –
(ii) Shareholding of Promoters

Sl Shareholders Name Shareholding as on April 1, 2016 Shareholding as on March 31, 2017 %#
No
No. of Shares % of total 97.45%
% of Shares No. of Share % of total % of Shares
Shares of the Pledged / Shares of the Pledged /
company encumbered to company encumbered to
total shares total shares
1 Larsen &Toubro Limited (Equity 312859096 97.45% – 312859096 – –
shares)
Total 312859096 97.45% – 312859096 97.45% – –
2 Larsen &Toubro Limited (Special 10000 100% – 10000 100% – –
Equity Shares)
Total 10000 100% – 10000 100% – –
# Changes during the year
(iii) Change in Promoters’ Shareholding (please specify, if there is no change) –
No change in Promoter’s shareholding during the financial year 2016–2017
(iv) Shareholding Pattern of top ten Equity/Preference Shareholders (other than Directors, Promoters and Holders of GDRs
and ADRs):
Sl. Shareholding as on April 1, 2016 Cumulative Shareholding during the year
No. For Each of the Top 10 Shareholders No. of shares % of total shares of No. of shares % of total shares of
the company the Company
Equity Shareholders
1 Old Lane Mauritius III Ltd 8190000 2.55% 8190000 2.55%
2 CPP Investment Board Singaporean Holdings 1 100 0.00% 100 0.00%
Pte. Ltd.
3 Date wise Increase/ decrease in Shareholding – – – –
during the year specifying the reasons for
increase/decrease
Preference Shareholder
1 CPP Investment Board Singaporean Holdings 1 2000 100% 2000 100%
Pte. Ltd.
S-3302
(v) Shareholding of Directors and Key Managerial Personnel:

For Each of the Directors and KMP Shareholding as on April 1, 2016 Cumulative Shareholding during the Year
No. of shares % of total No. of shares % of changes
shares of the Co. during the year
At the beginning of the year/at the end of the year
Mr. R. Shankar Raman jointly with L&T 1 0.00% 1 0.00%
Mr. K.Venkatesh jointly with L&T 1 0.00% 1 0.00%
Mr. Karthikeyan T.V jointly with L&T 1 0.00% 1 0.00%
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment as on March 31, 2017.
v in crore
Particulars Secured Loans Unsecured Loans Deposits Total Indebtedness
excluding deposits
Indebtedness as on April 1, 2016
i) Principal Amount 150.00 457.00 – 607.00
ii) Interest due but not paid – – – –
iii) Interest accrued but not due 14.01 1.63 – 15.64
Total (I + ii + iii) 164.01 458.63 – 622.64
Change in Indebtedness during the financial year
• Addition 13.69 469.51 – 483.20
• Reduction (30.09) (472.49) – (502.58)
Net Change (16.40) (2.98) – (19.38)
Indebtedness as on March 31, 2017
i) Principal Amount 135.00 450.00 – 585.00
ii) Interest due but not paid – – – –
iii) Interest accrued but not due 12.61 5.65 – 18.26
Total (I + ii + iii) 147.61 455.65 – 603.26
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
The Chief Executive and Managing Director of the Company is on deputation from the Holding Company and no amounts are paid
towards his salary directly by the Company
B. Remuneration to other directors:

(v)
Particulars of Remuneration Name of the Directors Total Amount
Independent Directors Ms. Shubhalakshmi Aamod Panse Mr. Sudhakar Rao
Fee for attending board meetings 2,00,000 2,00,000 4,00,000
Fee for attending committee meetings 1,75,000 1,75,000 3,50,000
Commission – – –
Others – – –
Sub Total (1) 3,75,000 3,75,000 7,50,000
Other Non-Executive Directors Mr. Sushobhan Sarker Mr. Vikram Gandhi
Fee for attending board meetings 1,50,000 1,50,000 3,00,000
Fee for attending committee meetings – 25,000 25,000
Others – – –
Sub Total (2) 1,50,000 1,75,000 3,25,000
Total (1 + 2) 5,25,000 5,50,000 10,50,000
Total Managerial Remuneration –NA–
Ceiling as per the Act (fees for attending meetings) Not more than V1,00,000/- per Director per meeting of Board or Committee.
No fees for attending the meetings (remuneration) was paid by the Company during the financial year 2016-17 to Mr. R. Shankar Raman, Chairman
(Non-Executive, Non Independent Director) and to Mr. K.Venkatesh, Chief Executive and Managing Director.
S-3303
C. Remuneration to Key Managerial Personnel Other Than MD/Manager/WTD

(v in crore)
Particulars of Remuneration Key Managerial Personnel
CS CFO Total
Mr. K. C. Raman Mr. Karthikeyan T.V
Gross salary 0.35 0.96 1.31
(a) Salary as per provisions contained in section 17(1)
of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961
(c) Profits in lieu of salary under section 17(3)
Income tax Act, 1961
Stock Option exercised (of Holding Company) – – –
Sweat Equity – – –
– as % of profit
– others, specify…
Others, please Specify (Provident Fund)
Total 0.35 0.96 1.31
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: NIL

DIN:00240086
Place : Mumbai
Date : May 10, 2017
S-3304
ANNEXURE 4
INFORMATION AS PER RULE 5(2A) OF CHAPTER XIII, THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL
PERSONNEL) RULES, 2014
NAMES OF TOP TEN EMPLOYEES IN TERMS OF REMUNERATION
(V in crore)
S.NO Employee Name Designation CTC

1 Mr. T S Venkatesan Chief Executive – Roads, Bridges and Railways 1.10
2 Mr. Karthikeyan T V Chief Financial Officer 0.96
3 Mr. R G Ramachandran Chief Accounts Officer 0.58
4 Mr. Manoj Singh Head Project Monitoring, Procurement & Contracts (Roads & Bridges) 0.56
5 Mr. Sethuraman K Chief Legal Officer 0.54
6 Mr. Gandhi Rajan G General Manager – Ports 0.53
7 Mr. J.Subramanian Chief Internal Auditor and Compliance Officer 0.53
8 Mr. Mathew George GM-Project Finance & Treasury & Risk Management 0.53
9 Mr. Arun Kumar Jha Head – Implementation Projects (Roads & Bridges) 0.51
10 Mr. Suresh Kumar P G Chief Personnel Officer 0.48
INFORMATION AS PER RULE 5(2B) OF CHAPTER XIII, THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL
PERSONNEL) RULES, 2014
NAME OF EMPLOYEE WITH REMUNERATION NOT LESS THAN V1.02 CRORE
(V in crore)
Sr. No Employee Designation Remuneration Nature of Qualification Total Date of Age Previous
name (including Employment Experience commencement of (years) employment
perquisites) (in years) employment and
Refer Note designation
1 Mr. T. S. Chief Executive - 1.10 Permanent B.Com-1975 36 April 01, 2012 57 L&T Ltd,
Venkatesan Roads, Bridges & ICWA-1977 Vice President
Railways
Note: Remuneration includes perquisites as defined under the Income-tax Act, 1961

DIN:00240086
Place : Mumbai
Date : May 10, 2017
S-3305
ANNEXURE 5
The expanded name of the Companies
S. No Name Of The Subsidiary Abbreviation
1 L&T Transportation Infrastructure Limited L&T TIL
2 Panipat Elevated Corridor Limited PECL
3 Krishnagiri Thopur Toll Road Limited KTTRL
4 Western Andhra Tollways Limited WATL
5 L&T Interstate Road Corridor Limited L&T IRCL
6 Vadodara Bharuch Tollway Limited VBTL
7 L&T Rajkot Vadinar Tollway Limited L&T RVTL
8 L&T Halol Shamlaji Tollway Limited L&T HSTL
9 Ahmedabad Maliya Tollway Limited AMTL
10 PNG Tollway Limited PNGTL
11 Devihalli Hassan Tollway Limited DHTL
12 L&T Krishnagiri Walajahpet Tollway Limited L&T KWTL
13 L&T Samakhali Gandhidham Tollway Limited L&T SGTL
14 L&T BPP Tollway Limited L&T BPPTL
15 L&T Chennai Tada Tollway Limited L&T CTTL
16 L&T Sambalpur-Rourkela Tollway Limited L&T SRTL
17 L&T Deccan Tollways Limited L&T DTL
18 L&T Western India Tollbridge Limited L&T WIT
19 Kudgi Transmission Limited KTL
20 L&T Port Kachchigarh Limited L&T PKL
21 L&T IDPL Trustee Manager Pte. Limited L&T IDPL Trustee
S-3306
ANNEXURE 6
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31.03.2017
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies (Appointment and Remuneration Personnel) Rules, 2014]
To
The Members,
L & T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED,
Mount Poonamalle Road, Post Box – 979,
Manapakkam, Chennai 600089
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by L
& T Infrastructure Development Projects Limited (hereinafter called the “Company”).
The Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances
and expressing our opinion thereon.
Based on our verification of the books, papers, minute books, forms and returns filed and other records maintained by the Company and also the
information provided by the Company, its officers, agents and authorized representatives during the conduct of the secretarial audit, We hereby
report that, in our opinion, the Company has, during the audit period covering the financial year ended on 31st March 2017, generally complied
with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the
extent, in the manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year
ended on 31st March 2017 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder; $ (Please see note below)
(ii) *The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) *The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas
Direct Investment which has been generally complied with and *External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):-
(a) *The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(b) *The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992;
(c) *The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
(d) *The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines,
1999;
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 which has been generally complied
with;
(f) *The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the
Companies Act and dealing with client;
(g) *The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and
(h) *The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998;
(vi) The other laws applicable specifically to the company: Reserve Bank of India Act, 1934
We have also examined whether adequate systems and processes are in place to monitor and ensure compliance with general laws like labour
laws, competition laws, environment laws etc
In respect of financial laws like Tax laws, Reserve Bank of India Act, 1934 etc we have relied on the audit reports made available during our audit
for us to have the satisfaction that the Company has complied with the provisions of such laws
We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India.
(ii) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 which has been generally
complied with.
Note:
* Denotes “NOT APPLICABLE”.
$ - Two properties of the Company as explained in Notes E(II)(A)(i) and E(II)(A)(ii)having written down values of R0.40 Crore and 0.10 Crore are held
in the names of two erstwhile subsidiaries which got merged with the Company and in the name of L&T Holdings Limited, which is the erstwhile
name of the Company.
S-3307
We further report that

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors, Women Director
and Independent Directors. There were no changes in the composition of the Board of Directors that took place during the period under review.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent in advance, and a system
exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at
the meeting.
We further report that there are reasonably adequate systems and processes in the company commensurate with the size and operations of the
company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that during the audit period the company has the following major transactions
a. The Company has sold 14,75,50,780 equity shares in L&T Infrastructure Development Projects Lanka (Private) Limited to M/s. Steredian Capital
Investments P Ltd during the period pursuant to the approval of Board at their Meeting held on 11.05.2016.
b. The Company has sold 2,04,15,71,240 equity shares of R10/- each in L&T Metro Rail (Hyderabad) Limited to Larsen & Toubro Limited at par
during the period pursuant to the approval of Board at their Meeting held on 21.01.2017.
c. The Company has raised funds by issuance of Non Convertible Debentures of R250 Crores and allotted 2,500 no. of Unsecured, Non –
Convertible Debentures (NCDS) of face value of R10,00,000/-each (Rupees Ten Lakh only) aggregating to R250 Crores to M/s. Kotak Mahindra
Bank Limited for a Period of Ten Years.
d. 259019600 Preference shares held in L&T Halol Shamlaji Tollway Limited were split into Part A and Part B Preference shares of 129509800
preference shares each and subsequently Part A Preference shares were Converted into 12,95,09,800 equity shares.
e. The Company has been allotted 13,05,00,000 equity shares of R10/- each in L&T Halol Shamlaji Tollway Limited on conversion of mezzanine
debt.
f. The Company had obtained approval from the Board of Directors on 21.01.2017 for the Merger of L & T Port Kachchigarh Limited and L & T
Western India Tollbridge Limited with the Company :
This report has to be read along with our statement furnished in Annexure A
For B. CHITRA & CO

Place : Chennai
Date : May 10, 2017 B. CHITRA
FCS No.:4509
C P No.:2928
ANNEXURE ‘A’
To,
The Members,
L & T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED,
Mount Poonamalle Road, Manapakkam,
Chennai 600089
Dear Sir(s),
Sub.: Secretarial Audit Report for the Financial Year ended 31.03.2017
Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these
secretarial records based on our audit.
We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of
the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the
processes and practices, we followed provide a reasonable basis for our opinion.
We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
Where ever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening of
events etc.
The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of the management of
the Company. Our examination was limited to the verification of procedures on test basis.
The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the
management has conducted the affairs of the company.
For B. CHITRA & CO
Place : Chennai
Date : May 10, 2017 B. CHITRA
FCS No.:4509
C P No.:2928
S-3308
INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED (“the
Company”), which comprise the Balance Sheet as at 31 March 2017, the Statement of Profit and Loss and the Cash Flow Statement for the year
then ended, and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to
the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards prescribed
under Section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation
and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud
or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
In conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required
to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under Section 143(10) of
the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements.
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the standalone
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant
to the Company’s preparation of the standalone financial statements that give a true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of
the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the standalone financial statements.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial
statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, read with the matters described under Emphasis
of Matters below, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true
and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2017,
and its loss and its cash flows for the year ended on that date.
Emphasis of Matters
We draw attention to the following matters in the Notes to the standalone financial statements:
(a) As stated in Note R(15) of the standalone financial statements, as at 31 March 2017, an amount of R186.19 crores, net of estimated provision
for diminution of R492 crores (As at 31 March 2016 R226.34 crores, net of estimated provision for diminution of R 400 crores), is reflected as
net carrying value of investments/receivables relating to two subsidiaries of the Company, engaged in infrastructure projects, which have
terminated the concession agreements entered into with National Highway Authorities of India (NHAI). The nature of default and the termination
amount claimed has not been accepted by the NHAI and arbitration proceedings have been initiated in respect of the disputes relating to the
termination payments/claims.
The Company has carried out an assessment of its exposure in these projects duly considering the expected payments arising out of the
aforesaid termination, likely outcome of the arbitration proceedings, contractual stipulations/ interpretation of the relevant clauses including
the possible obligations to lenders, legal advice, etc. and believes that the amount of net investments and receivables carried in the books is
good for recovery and no additional provision/adjustment to the carrying value of the said investments/receivables is considered necessary
as at 31 March 2017.
(b) As explained in Note F(VII) of the standalone financial statements, the Company is carrying net investments aggregating to R1,331.76 crores
(As at 31 March 2016 R1,336.15 crores) and has outstanding net loans & advances aggregating to R222.99 crores (As at 31 March 2016
R401.40 crores) provided to certain operating subsidiaries of the Company engaged in infrastructure projects whose net worth is fully eroded
/undergoing restructuring due to continuous losses, as per the audited financial statements of these subsidiaries as at 31 March 2017.
S-3309
Considering the gestation period required for break even for such infrastructure investments, restructuring/refinancing arrangements carried
out/proposed, expected higher cash flows based on future business projections and the strategic nature of these investments, no additional
provision/ adjustment to the carrying value of the said investments/ loans & advances is considered necessary by the Management as at 31
March 2017.
(c) Attention is invited to Note R (17) of the standalone financial statements on the proposed merger of L&T Port Kachchigarh Limited and L&T
Western India Tollbridge Limited, subsidiaries of the Company, with the Company pursuant to the approval by the Board of Directors and the
shareholders of the Company with effect from 1 April 2016 subject to the regulatory/ other required approvals.
Our opinion is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements

1. As required by Section 143 (3) of the Act we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination
of those books.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards prescribed under Section 133 of the
Act.
e) On the basis of the written representations received from the directors as on 31 March 2017 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2017 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of
such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company’s internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
iv. The Company did not have any holdings or dealings in Specified Bank Notes as defined in the Notification S.O. 3407(E) dated 8
November 2016 of the Ministry of Finance, during the period from 8 November 2016 to 30 December 2016.
2. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”/”CARO 2016”) issued by the Central Government in terms of Section
143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.
For DELOITTE HASKINS & SELLS LLP

Chartered Accountants
(Firm’s Registration No.117366W/W-100018)
Sriraman Parthasarathy
(Partner)
(Membership No. 206834)
Place : Mumbai
Date : 10 May 2017
S-3310
ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act,
2013 (“the Act”)
We have audited the internal financial controls over financial reporting of L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED (“the
Company”) as of 31 March 2017 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the
design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under
the Companies Act, 2013.
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted
our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by
the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was
established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial
reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of
internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal
financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A
company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the
company’s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal
financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may
become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate
internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as
at 31 March 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components
of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.

(Partner)
Place : Mumbai
Date : 10 May 2017
S-3311
ANNEXURE B TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and
explanation given to us, no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and the records examined by us and based on the examination of the registered
sale deed/conveyance deed provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings
which are freehold, are held in the name of the Company as at the balance sheet date, except the following:
Particulars of the Land and Gross Block as Net Block as at 31 Remarks

Building at 31 March 2017 March 2017
(R In Crores) (R In Crores)
Freehold Land and Building 0.40 0.40 The title deeds are in the name of L&T East-West Tollway
located at Plot No. 26 and 22, Limited (EWTL) & L&T Great Eastern Highway Limited
Survey No. 36A of Mouje Pali (GHTL), erstwhile subsidiaries which got merged with the
of Sudhagad Taluke, District Company under Section 391 to 394 of the Companies
Raigad, measuring 242 sq mts Act, 1956 in terms of the approval of the Honorable High
and 166.5 sq mts, respectively Court(s) of judicature in the year 2014-2015. Refer Note
E(II)(A)(i) of the standalone financial statements.
Building at Mumbai 0.13 0.10 The purchase deed is in the name of L&T Holdings
Limited, the erstwhile name of the Company, which was
changed to L&T Infrastructure Development Projects
Limited in 2004. Refer Note E(II)(A)(ii) of the standalone
financial statements.
Immovable properties of land and building whose title deeds have been pledged as security for borrowings obtained by the Company,
are held in the name of the Company based on the confirmations directly received by us from the lenders/ Trustees.
(ii) The Company does not have any inventory and, hence, reporting under clause (ii) of the CARO 2016 is not applicable.
(iii) The Company has not granted any loans, secured or unsecured, to companies, firms, limited liability partnerships or other parties covered in
the register maintained under Section 189 of the Companies Act, 2013.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 185
of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees and securities, as applicable. Section
186 of the Companies Act, 2013 is not applicable to the Company.
(v) According to the information and explanations given to us, the Company has not accepted any deposit during the year.
(vi) The maintenance of cost records has been specified by the Central Government under Section 148(1) of the Companies Act, 2013 for
generation and transmission of electricity and for the roads and other infrastructure projects, which are applicable to the Company. We have
broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended,
prescribed by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013, and are of the opinion that, prima
facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records
with a view to determine whether they are accurate or complete.
(vii) According to the information and explanations given to us, in respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Income-tax, Sales Tax,
Service Tax, Excise Duty, Value Added Tax, cess and other material statutory dues applicable to it to the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident Fund, Income-tax, Sales Tax, Service Tax, Excise Duty, Value Added
Tax, cess and other material statutory dues in arrears as at 31 March 2017 for a period of more than six months from the date they became
payable.
(c) Details of dues of Income-tax and Service Tax which have not been deposited as on 31 March 2017 on account of disputes are given
below:
Name of Statute Nature of Dues Forum where Period to which Amount Involved Amount Unpaid
Dispute is Pending the Amount (Rin Crores) (Rin Crores)
Relates
Income Tax Act, Income Tax Commissioner 2009-10 0.84 0.84
1961 of Income Tax
(Appeals)
Income Tax Act, Income Tax Commissioner 2013-14 3.05 3.05
1961 of Income Tax
(Appeals)
S-3312
Name of Statute Nature of Dues Forum where Period to which Amount Involved Amount Unpaid
Dispute is Pending the Amount (Rin Crores) (Rin Crores)
Relates
Finance Act,1994 Service Tax Commissioner 2008-09 to 2012-13 1.33 1.33
Appeals (upto June 2012)
(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or
borrowings to financial institutions, banks and government and dues to debenture holders. The Company has not availed any loans from
Banks.
(ix) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loans and, hence,
reporting under clause (ix) of the CARO 2016 Order is not applicable.
(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud
on the Company by its officers or employees has been noticed or reported during the year.
(xi) The provisions of Section 197 is not applicable to the Company. Also Refer Note R(11)(v) of the standalone financial statements
(xii) The Company is not a Nidhi Company and , hence, reporting under clause (xii) of the CARO 2016 Order is not applicable
(xiii) In our opinion and according to the information and explanations given to us the Company is in compliance with Section 177 and 188 of
the Companies Act, 2013, where applicable, for all transactions with related parties and the details of related party transactions have been
disclosed in the financial statements as required by the applicable accounting standards.
(xiv) During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures
and, hence, reporting under clause (xiv) of CARO 2016 is not applicable to the Company
(xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-
cash transactions with its directors or directors of its holding, subsidiary or associate company or persons connected with them and,hence,
provisions of Section 192 of the Companies Act, 2013 are not applicable.
(xvi) The Company is required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934 and it has obtained the registration as
a Systemically Important Non-deposit taking Core Investment Company (CIC-ND-SI).

(Partner)
Place : Mumbai
Date : 10 May 2017
S-3313
BALANCE SHEET AS AT 31 MARCH, 2017

Particulars As at 31.03.2017 As at 31.03.2016
Note No. R Crore R Crore R Crore R Crore
EQUITY AND LIABILITIES:
Shareholders’ Funds
Share capital A 2,321.06 2,321.06
Reserves and surplus B 2,443.73 2,665.95
4,764.79 4,987.01
Non-current liabilities
Long-term borrowings C(I) 370.00 385.00
Deferred tax liabilities (net) R(4)(b) 1.64 1.26
Other long-term liabilities C(II) 14.30 14.30
Long-term provisions C(III) 5.27 5.58
391.21 406.14
Current liabilities
Short-term borrowings D(I) 200.00 207.00
Trade payables D(II)
- Total outstanding dues of micro enterprises and – –
small enterprises
- Total outstanding dues of creditors other than 200.52 323.48
micro enterprises and small enterprises
Other current liabilities D(III) 247.05 232.69
Short-term provisions D(IV) 6.32 5.02
653.89 768.19
TOTAL 5,809.89 6,161.34
ASSETS:
Non-current assets
Fixed assets
- Tangible assets E(I)(A) 41.13 41.48
- Intangible assets E(II)(A) 0.11 0.01
41.24 41.49
Non-current investments F 2,754.70 4,265.87
Long-term loans and advances G 681.69 776.47
Current assets
Current investments H(I) 617.00 386.97
Trade receivables H(II) 136.72 198.37
Cash and bank balances H(III) 1,270.19 19.73
Short-term loans and advances H(IV) 198.09 341.69
Other current assets H(V) 110.26 130.75
2,332.26 1,077.51
TOTAL 5,809.89 6,161.34
CONTINGENT LIABILITIES I
COMMITMENTS J
NOTES FORMING PART OF THE STANDALONE A to R
FINANCIAL STATEMENTS
SIGNIFICANT ACCOUNTING POLICIES S
As per our report attached For and on behalf of the Board of Directors
DELOITTE HASKINS & SELLS LLP
SRIRAMAN PARTHASARATHY
R. SHANKAR RAMAN K. VENKATESH KARTHIKEYAN T. V K. C. RAMAN
Partner
Chairman Chief Executive & Chief Financial Officer Company Secretary
(DIN: 00019798) Managing Director M. No. A9392
(DIN: 00240086)
Place : Mumbai Place : Mumbai

Date : May 10, 2017 Date : May 10, 2017
S-3314
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 MARCH, 2017
Note No. R Crore R Crore R Crore R Crore
REVENUE:
Revenue from operations K 571.20 1,013.50
Other income L 0.91 10.96
Total revenue 572.11 1,024.46
EXPENSES:
Construction and related operating expenses M 431.51 838.34
Finance costs N 80.33 106.11
Employee benefits expense O 28.68 29.75
Depreciation and amortisation expense E 3.94 4.71
Administration and other expenses P 26.89 25.71
Provisions and contingencies Q 0.02 3.85
Total expenses 571.37 1,008.47
Profit before exceptional items and tax 0.74 15.99

Exceptional items [refer note R(16)] (285.57) (573.00)
(Loss) before tax (284.83) (557.01)
Tax expense
Current tax – 4.27
Additional / (excess) provision of earlier years 0.29 (0.06)
MAT Credit Entitlement R(4)(a) (63.28) (0.83)
(62.99) 3.38
Deferred tax R(4)(b) 0.38 (1.45)
(62.61) 1.93
(Loss) after tax carried to Balance Sheet (222.22) (558.94)
Earnings per equity share: R(5)
Equity Shares
Basic ( R ) (6.92) (17.41)
Diluted ( R ) (6.92) (17.41)
Face value per equity share ( R ) 10.00 10.00
Special Equity Shares
Basic and diluted ( R ) – -
Face value per equity share ( R ) 10.00 10.00
NOTES FORMING PART OF THE STANDALONE A to R
FINANCIAL STATEMENTS
SIGNIFICANT ACCOUNTING POLICIES S
Partner
(DIN: 00240086)

Date : May 10, 2017 Date : May 10, 2017
S-3315
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2017

R Crore R Crore
A. Cash flow from Operating Activities

(Loss) before tax (284.83) (557.01)
Adjustments for :
Depreciation and amortisation 3.94 4.71
Finance cost 80.33 106.11
(Profit) / loss on sale of fixed assets (net) (0.07) 0.04
Exchange (gain) / loss on investments (net) (0.13) –
Exceptional Items [refer note R(16)] 285.57 573.00
Contingent provision against standard assets – 3.80
Liabilities/ provision no longer required written back (0.40) (6.16)
Provision for doubtful advance 0.02 0.05
Operating Profit before working capital changes 84.43 124.54

Adjustments For :
Increase / (decrease) in liabilities and provisions (109.83) (141.63)
(Increase) / decrease in trade receivables and current assets 49.55 (96.32)
(Increase) / decrease in loans and advances 11.43 80.39
Increase / (decrease) in earmarked bank account – 0.00
Cash generated from / (used in) operations 35.58 (33.02)

Direct taxes paid (net of refund) (2.59) 3.59
Net cash generated from / (used in) operating activities (A) 32.99 (29.43)
B Cash Flow from Investing activities :

Purchase of fixed assets (3.97) (0.78)
Proceeds from sale of fixed assets 0.35 0.40
Investment in subsidiaries and associates (213.32) (903.53)
Proceeds from divestment of stake in subsidiaries 2,067.45 –
Repayment of debentures by subsidiaries 15.00 15.00
Loans given to subsidiaries (77.57) (1,349.55)
Loans repaid by subsidiaries 89.12 1,592.30
Advance towards purchase of shares 0.00 (22.42)
Bank balances not considered as cash and cash equivalents (placed)/matured (299.56) (0.04)
(Purchase) / Sale of current investments (net) (560.00) –
Exchange gain / (loss) on investments 0.13 –
Inter-corporate deposits taken from Holding Company and Subsidiaries 887.61 949.35
Inter-corporate deposits repaid to Holding Company and Subsidiaries (1,094.61) (742.35)
Net Cash generated from / (used in) Investing Activities (B) 810.63 (461.62)
S-3316
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2017 (Contd.)
R Crore R Crore
C Cash Flow from Financing Activities

Proceeds from issue of share capital – 1,000.00
Proceeds from long term borrowings 250.00 –
Repayment of long term borrowings (265.00) (15.00)
Issue / (Repayment) of Commercial Papers (net) 200.00 (393.00)
Interest paid (77.72) (106.92)
Net Cash generated from Financing Activities (C) 107.28 485.08
Net increase / (decrease) in cash and cash equivalents (A+B+C) 950.90 (5.97)
Cash and cash equivalents at beginning of the year 19.13 25.10
Cash and cash equivalents at end of the year [refer note H(III)] 970.03 19.13
Notes:
1. Cash flow statement has been prepared under the indirect method as set out in the Accounting Standard 3: “Cash Flow Statements”
2. Also refer notes forming part of the standalone financial statements.
3. Previous year figures have been regrouped and reclassified, to the extent practical/necessary, duly considering the reporting
requirements.”
4. The composition of cash and cash equivalents in Cash Flow Statement is as follows :
2016-17 2015-16
R crore R crore
Balance with banks on current accounts 107.78 19.13

Bank deposits with maturity less than 3 months (including interest accrued thereon) 862.25 -
Total 970.03 19.13
Partner
(DIN: 00240086)

Date : May 10, 2017 Date : May 10, 2017
S-3317
NOTES FORMING PART OF THE STANDALONE FINANCIAL STATEMENTS FOR

THE YEAR ENDED 31 MARCH, 2017
A SHARE CAPITAL
A(I) Authorised, issued, subscribed and paid-up:
As at 31.03.2017 As at 31.03.2016
Particulars No. of Shares R Crore No. of Shares R Crore
Authorised:
Equity shares of v 10 each 549,000,000 549.00 549,000,000 549.00
Special equity shares of R 10 each 10,000 0.01 10,000 0.01
Compulsorily Convertible Preference Shares Series 1 1,800 1,800.00 1,800 1,800.00
of v 1,00,00,000 each
Compulsorily Convertible Preference Shares Series 2 200 200.00 200 200.00
of v 1,00,00,000 each
549,012,000 2,549.01 549,012,000 2,549.01
Issued:
Equity shares of R 10 each 321,049,196 321.05 321,049,196 321.05
of v 1,00,00,000 each
of v 1,00,00,000 each
321,061,196 2,321.06 321,061,196 2,321.06
Subscribed and fully paid up:
Equity shares of R 10 each 321,049,196 321.05 321,049,196 321.05
of v 1,00,00,000 each
of v 1,00,00,000 each
321,061,196 2,321.06 321,061,196 2,321.06
A(II) Reconciliation of the shares outstanding at the beginning and at the end of the year:
As at 31.03.2017 As at 31.03.2016
Particulars No. of Shares R Crore No. of Shares R Crore
Equity shares of v 10 each fully paid up
At the beginning of the year 321,049,196 321.05 321,049,196 321.05
Issued during the year as fully paid up – – – –
Outstanding at the end of the year 321,049,196 321.05 321,049,196 321.05
Special equity shares of v 10 each fully paid up
At the beginning of the year 10,000 0.01 10,000 0.01
Outstanding at the end of the year 10,000 0.01 10,000 0.01
Compulsorily Convertible Preference Shares Series 1
of v 1,00,00,000 each
At the beginning of the year 1,800 1,800.00 900 900.00
Issued during the year as fully paid up [refer note R(5)(ii)] – – 900 900.00
Outstanding at the end of the year 1,800 1,800.00 1,800 1,800.00
of v 1,00,00,000 each
At the beginning of the year 200 200.00 100 100.00
Issued during the year as fully paid up [refer note R(5)(ii)] – – 100 100.00
Outstanding at the end of the year 200 200.00 200 200.00
S-3318

THE YEAR ENDED 31 MARCH, 2017 (Contd.)
A(III)Terms / rights / restrictions attached to equity shares
Equity Shares of v 10 each :

The Company has not reserved any shares for issue under options and contracts/commitments for the sale of shares/disinvestment.
Each holder is entitled to one vote per equity share. Dividends are paid in Indian Rupees. Dividend proposed by the Board of Directors, if any,
is subject to the approval of the shareholders at the Annual General Meeting, except in the case of interim dividend. The shares issued carry
equal rights to dividend declared by the Company and no restrictions are attached to any specific shareholder.
Special equity shares of R 10 each :

The Special equity shares rank pari passu with the existing equity shares except as set out below
1. The Special equity shares carry specific incremental rights (“”Director Voting Rights””) with respect to the election, appointment and/or
removal of directors of the Company. These Director Voting Rights are triggered only under specific conditions.
2. The Special equity shares carry no right to receive any dividend or other distributions of the Company, or otherwise carry any economic
rights. However, upon the occurrence of the voluntary or involuntary liquidation, dissolution or winding up of the Company, the holder
of Special Equity Shares is entitled to receive a maximum of R 10 per special equity share.
3. The Special equity shares have no right to receive bonus shares or offers for rights shares.
Compulsorily Convertible Preference Shares Series 1 and Series 2 of R 1,00,00,000 each :

These shares are allotted pursuant to the Investment agreement entered into by the Company with Larsen & Toubro Limited (the Holding
Company), Old Lane Mauritius III Limited and CPP Investment Board Singaporean Holdings 1 Pte. Limited dated 21 June 2014. These shares
are convertible in terms of clause 8.1 of the said agreement into equity shares based on a valuation process set out in schedule 9 of the said
agreement with the earliest conversion date being 01 April 2016. These preference shares are not entitled to any dividend or any other form
of distribution of profits by the Company until conversion into equity shares.
A(IV) Shares held by holding company/ ultimate holding company and/or their subsidiaries/associates:
As at 31.03.2017 As at 31.03.2016
Particulars No. of Shares Shareholding % No. of Shares Shareholding %
Equity shares of v 10 each

Larsen & Toubro Limited, the Holding Company 312,859,096 97.45 312,859,096 97.45
(including shares held along with its nominees)
Special equity shares of v 10 each
Larsen & Toubro Limited, the Holding Company 10,000 100.00 10,000 100.00
A(V) Details of shareholders holding more than 5% shares in the Company:

Equity shares of v 10 each
Larsen & Toubro Limited, the Holding Company 312,859,096 97.45 312,859,096 97.45
Special equity shares of v 10 each
Larsen & Toubro Limited, the Holding Company 10,000 100.00 10,000 100.00
of v 1,00,00,000 each
CPP Investment Board Singaporean Holdings 1 Pte. Limited 1,800 100.00 1,800 100.00
of v 1,00,00,000 each
CPP Investment Board Singaporean Holdings 1 Pte. Limited 200 100.00 200 100.00
A(VI) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of
five years immediately preceding the reporting date: NIL
A(VII) Calls unpaid: NIL; Forfeited shares: NIL
S-3319

As at 31.03.2017 As at 31.03.2016
Particulars R Crore R Crore R Crore R Crore
B RESERVES AND SURPLUS:

Securities premium account
As per last balance sheet 1,973.76 1,973.76
Additions during the year – –
1,973.76 1,973.76
Debenture redemption reserve [refer note B(I)]
As per last balance sheet 16.38 23.88
Add: Transferred (to)/from General Reserve / Surplus (2.81) (7.50)
in Statement of Profit and Loss
13.57 16.38
Reserve u/s 45-IC of Reserve Bank of India Act, 1934
[refer note B(II)]
As per last balance sheet 79.81 –
Add: Transferred from Surplus in Statement of – 79.81
Profit and Loss
79.81 79.81
General Reserve
Add: Transferred from Surplus in Statement of Profit – –
and Loss
Add: Transfer from/(to) debenture redemption 2.81 7.50
reserve [refer note B(I)]
10.31 7.50
Surplus in Statement of Profit and Loss
As per last balance sheet 588.50 1,227.25
Less: Transfer to reserve u/s 45-IC of – 79.81
Reserve Bank of India Act,1934 [refer note B(II)]
588.50 1,147.44
Add: (Loss) for the year (222.22) (558.94)
366.28 588.50
2,443.73 2,665.95
Note B(I)
Consequent to the Company becoming a Systemically Important Non-Deposit taking Core Investment Company (CIC-ND-SI) with effect from
01 April 2015, no additional amounts have been transferred to Debenture Redemption Reserve (DRR) during the year ended 31 March 2017 and
31 March 2016. Out of the Debenture Redemption Reserve created as at 01 April 2015, an amount of R 2.81 crore (previous year R 7.50 crore),
representing the reserve relating to the portion of debentures repaid during the year has been transferred to General Reserve.
Note B(II)
Considering the loss before tax for the year ended 31 March 2017 and 31 March 2016, no amounts are required to be transferred to the statutory
reserve as required under Section 45-IC of Reserve Bank of India (RBI) Act, 1934.
Pursuant to the registration of the Company as a CIC-ND-SI effective 01 April 2015 for which the registration certificate was obtained in January
2015, the RBI has directed the Company to transfer amounts to statutory reserve under Section 45-IC for the previous year ended 31 March 2015.
Accordingly, the Company had transferred an amount of R 79.81 crore during the previous year ended 31 March 2016 in relation to the period upto
31 March 2015 to ensure compliance with the RBI directive.
S-3320

As at 31.03.2017 As at 31.03.2016
C(I) LONG TERM BORROWINGS:
Secured:
Redeemable non-convertible fixed rate debentures 120.00 135.00
[refer note C(I)(a)]
Unsecured:
Redeemable non-convertible fixed rate debentures 250.00 –
[refer note C(I)(b)]
Term Loan from bank [refer note C(I)(c)] – 250.00
370.00 385.00
Note C(I)(a):
Details of Secured Redeemable non-convertible fixed rate debentures:
10.06% p.a. interest-bearing 1,350 nos. (1,500 nos as at 31 March 2016) of debentures of face value R 10,00,000 each redeemable at par as
shown below.
Series Amount Current Non-current Redemption
(R Crore) maturities maturities Date
(R Crore) (R Crore)
Series "J" of 2012-13 30.00 – 30.00 27/Apr/22
Series "I" of 2012-13 25.00 – 25.00 27/Apr/21
Series "H" of 2012-13 25.00 – 25.00 27/Apr/20
Series "G" of 2012-13 20.00 – 20.00 29/Apr/19
Series "F" of 2012-13 20.00 – 20.00 27/Apr/18
Series "E" of 2012-13 15.00 15.00 - 27/Apr/17
Total 135.00 15.00 120.00
Security:
The debentures referred above are secured by way of the following:
- Pledge of 2,050 nos. (2,200 nos as at 31 March 2016) of rated secured redeemable non-convertible debentures issued by Panipat Elevated
Corridor Limited (subsidiary) of R 10,00,000 each
- an ear-marked bank account of the Company as given in note H(III) and
- an immovable property of the Company situated in Maharashtra as given in note E(II)(A)(ii).
Note C(I)(b):
Details of Unsecured Redeemable non-convertible fixed rate debentures:
As at 31.03.2017 Rate of interest Terms of repayments
Redeemable non- 8.60% p.a. payable annually Redeemable at face value at the end of 10 years from the date
convertible fixed rate of allotment or on exercise of call/put option
debentures
(2,500 nos)
Note C(I)(c):
Details of Term Loan:
As at 31.03.2016 Rate of interest Terms of repayments
From IDFC Bank Limited Benchmark rate on the date of Prepaid in two equal instalments on 22 June 2016 and on 5
(formerly known as IDFC disbursement + Applicable Spread (Interest January 2017 respectively
Limited) rate as at 31 March 2016 is 10.25%)
S-3321

As at 31.03.2017 As at 31.03.2016
C(II) OTHER LONG-TERM LIABILITIES:
Advance received against sale of investments [refer note C(II)(a)] 14.30 14.30
14.30 14.30
Note C(II)(a):
Advance received against sale of investments represents advance of R 14.30 crore received from Sical Logistics Limited (SLL) against sale of
1,43,00,000 equity shares of R 10 each in Sical Iron Ore Terminals Limited (SIOTL) at cost to SLL vide Agreement for Share Sale and Purchase
dated 17 December 2008. The sale is subject to the condition that it can be completed only after three years from the date of commencement
of commercial operation by SIOTL as per clause 18.2.2 (i) (d) of the License agreement dated 23 September 2006 between SIOTL and Ennore
Port Limited (EPL). SIOTL has not been able to commence commercial operation as of 31 March 2017 due to the ban of export of iron ore
from the State of Karnataka. SIOTL has sought necessary approvals from EPL and Government of India for handling alternate commodities.
As at 31.03.2017 As at 31.03.2016
C(III)LONG-TERM PROVISIONS:
Provision for employee benefits
Retention pay [refer note R(6)(D)] 2.37 2.64
2.37 2.64
Contingent provisions against standard assets [refer note R(18)] 2.90 2.94
5.27 5.58
D(I) SHORT-TERM BORROWINGS:

Unsecured:
Inter corporate borrowings (repayable on demand)
[refer note D(I)(a)]
From related parties
Subsidiaries – 207.00
– 207.00
Commercial papers [refer note D(I)(b)]
Issued to related parties - Subsidiaries 50.00 –
Issued to others 150.00 –
200.00 –
200.00 207.00
Note D(I)(a):
Details of Inter corporate borrowings:
As at 31.03.2016 Rate of interest p.,a. Terms of repayments
From Subsidiaries G-sec rates on the date of grant of On demand by giving notice of 1 working day
loan (As at 31 March 2016 is 7.25 %)
S-3322

Note D(I)(b):
Details of Commercial papers
As at 31.03.2017 Rate of interest p.,a. Terms of repayments
Issued to Others/ As agreed in the deal confirmation As agreed in the deal confirmation note
Subsidiaries note based on market rate (ranging (ranging from 7 to 176 days during the year)
from 6.50% to 8.02% during the year)
Commercial papers issued/ repaid during the year is as follows:
Particulars Tenor (Days) Discount rate Date of Redemption

(per annum) Transaction Date
2,000 units having face value of R 5,00,000 each 30 7.70% 26-Apr-16 26-May-16
2,000 units having face value of R 5,00,000 each 176 7.00% 26-May-16 18-Nov-16
3,000 units having face value of R 5,00,000 each 119 8.02% 20-Jun-16 17-Oct-16
2,000 units having face value of R 5,00,000 each 113 7.27% 29-Aug-16 20-Dec-16
3,000 units having face value of R 5,00,000 each 93 7.00% 17-Oct-16 18-Jan-17
2,000 units having face value of R 5,00,000 each 90 6.92% 15-Nov-16 13-Feb-17
2,000 units having face value of R 5,00,000 each 7 6.50% 20-Dec-16 27-Dec-16
3,000 units having face value of R 5,00,000 each 60 6.72% 18-Jan-17 19-Mar-17
3,000 units having face value of R 5,00,000 each 45 6.77% 16-Mar-17 30-Apr-17
1,000 units having face value of R 5,00,000 each 30 6.75% 27-Mar-17 26-Apr-17
As at 31.03.2017 As at 31.03.2016
D (II)TRADE PAYABLES:
Total outstanding dues of micro enterprises and small – –
enterprises [refer note R(13)]
Total outstanding dues of creditors other than micro
enterprises and small enterprises
Acceptances 158.08 231.08
Due to Holding company 21.23 80.43
Due to Fellow subsidiaries – 0.23
Due to Others 21.21 200.52 11.74 323.48
200.52 323.48
S-3323

As at 31.03.2017 As at 31.03.2016
D(III) OTHER CURRENT LIABILITIES:

Current maturities of long-term borrowings [refer note C(I)(a)] 15.00 15.00
Interest accrued but not due on borrowings 18.26 15.65
Due to customers [refer note R(3)]
Subsidiaries 200.68 106.42
Advance from Customers [refer note R(3)]
Subsidiaries – 84.44
Due to related parties
Holding company – 0.47
– 0.47
Other payables
Gratuity [refer note R(6)(B)] 0.95 0.75
Statutory liabilities 3.68 3.35
Liability for capital goods 1.94 –
Others 6.54 6.61
13.11 10.71
247.05 232.69
D (IV)Short-term provisions
Provision for employee benefits
Compensated absences [refer note R(6)(C)] 3.95 4.16
Retention pay [refer note R(6)(D)] 1.87 –
5.82 4.16
Contingent provisions against standard assets [refer note R(18)] 0.50 0.86
6.32 5.02
S-3324

E FIXED ASSETS (Current Year)
E(I) (A) Tangible Assets R crore
Particulars Gross Depreciation Net carrying
value
"As at Additions Deductions As at Upto For the year Deductions Upto As at
01.04.2016" 31.03.2017 31.03.2016 31.03.2017 31.03.2017
Land
Freehold [refer note E(II)(A)(i)] 1.50 – – 1.50 – – – – 1.50
Buildings
Leased out [refer note E(II)(A)(ii)] 2.21 – – 2.21 0.20 0.04 – 0.24 1.97
Plant & Equipment
Owned 51.36 – 0.16 51.20 15.98 2.56 0.15 18.39 32.81
Computers
Owned 3.05 2.70 0.37 5.38 2.39 0.53 0.32 2.60 2.78
Electrical Installations
Owned 0.16 – 0.03 0.13 0.15 – 0.02 0.13 –
Furniture & Fixture
Owned 1.71 – 0.35 1.36 1.51 0.05 0.33 1.23 0.13
Vehicles (including motor car)
Owned 2.93 1.03 0.76 3.20 1.40 0.62 0.57 1.45 1.75
Office Equipments
Owned 0.98 0.13 0.07 1.04 0.79 0.13 0.07 0.85 0.19
Total 63.90 3.86 1.74 66.02 22.42 3.93 1.46 24.89 41.13
E(II) (A) Intangible Assets R crore

Particulars Gross Amortisation Net carrying
value
As at Additions Deductions As at Upto For the year Deductions Upto As at
01.04.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2017
Specialised Software 1.38 0.11 – 1.49 1.37 0.01 – 1.38 0.11
Total 1.38 0.11 – 1.49 1.37 0.01 – 1.38 0.11
Grand total 65.28 3.97 1.74 67.51 23.79 3.94 1.46 26.27 41.24
Notes:
E(II)(A) (i) Land includes R 0.40 crore, being the freehold land situated at District Raigad, measuring 242.00 Sq.Mtrs and 166.50 Sq.Mtrs, the
title deeds of which are in the name of L&T East - West Tollway Limited and L&T Great Eastern Highway Limited respectively, the
erstwhile subsidiaries which got merged with the Company under Section 391 to 394 of the Companies Act, 1956 in terms of the
approval of the Honourable High Court(s) of judicature in the year 2014-2015.
E(II)(A) (ii) Cost of leased out building includes ownership of an accommodation at Maharashtra of R 0.13 crore (accumulated depreciation of R
0.03 crore) by holding 5 shares of face value R 50/- each in a co-operative society. The purchase deed in respect of the said building
is in the name of L&T Holdings Limited, the erstwhile name of the Company, which was changed to L&T Infrastructure Development
Projects Limited in 2004. The said leased out building is mortgaged to secure redeemable non-convertible fixed rate debentures
[refer note C(I)(i)(a)].
E(II)(A) (iii) Total depreciation for the year is R 3.94 crore comprising of R 3.93 crore of tangible assets and R 0.01 crore of intangible assets.
S-3325

E FIXED ASSETS (Previous Year)
E(I) (A) Tangible Assets R crore
Particulars Gross Depreciation Net carrying value
As at Additions Deductions As at Upto For the year Deductions Upto As at
01.04.2015 31.03.2016 31.03.2015 31.03.2016 31.03.2016
Land
Freehold [refer note E(III)(A) 1.50 – – 1.50 – – – – 1.50
(i)]
Buildings
Leased out [refer note E(III)(A) 2.21 – – 2.21 0.16 0.04 – 0.20 2.01
(ii)]
Plant & Equipment
Owned 51.36 – – 51.36 12.74 3.24 – 15.98 35.38
Computers
Owned 3.08 0.49 0.52 3.05 2.40 0.46 0.47 2.39 0.66
Electrical Installations
Owned 0.16 – – 0.16 0.14 0.01 – 0.15 0.01
Furniture & Fixture
Owned 1.71 0.01 0.01 1.71 1.45 0.07 0.01 1.51 0.20
Vehicles (including
motor car)
Owned 3.85 0.22 1.14 2.93 1.39 0.76 0.75 1.40 1.53
Office Equipments
Owned 0.92 0.06 – 0.98 0.68 0.11 – 0.79 0.19
Total 64.79 0.78 1.67 63.90 18.96 4.69 1.23 22.42 41.48
E(II) (A) Intangible Assets R crore

Particulars Gross Amortisation Net carrying value
As at 01.04.2015 Additions Deductions As at 31.03.2016 Upto 31.03.2015 For the year Deductions Upto 31.03.2016 As at
31.03.2016
Specialised Software (acquired) 1.38 – – 1.38 1.35 0.02 – 1.37 0.01
Total 1.38 – – 1.38 1.35 0.02 – 1.37 0.01
Grand total 66.17 0.78 1.67 65.28 20.31 4.71 1.23 23.79 41.49

R Crore R Crore R Crore R Crore
F NON-CURRENT INVESTMENTS (at cost unless otherwise stated)
Long-term Investments
Trade investments [refer notes F(I),(II), (III), (IV), (V), (VI)
and (VII)]
(i) Investments in unquoted equity/preference instruments of
(a) Subsidiary companies
(i) Fully paid equity shares 2,243.48 3,735.65
(ii) Fully paid preference shares 635.85 360.85
2,879.33 4,096.50
Less: Provision for diminution in value of investments 339.32 60.32
2,540.01 4,036.18
(b) Associate companies 9.83 9.83
(c) Other companies 14.86 14.86
2,564.70 4,060.87
(ii) Investments in unquoted debentures of
(a) Subsidiary company 190.00 205.00
2,754.70 4,265.87
Aggregate amount of unquoted investments at cost less 2,754.70 4,265.87

diminution
Aggregate provision for diminution in value of investments 339.32 60.32
S-3326

F (I): DETAILS OF NON CURRENT INVESTMENTS
Sr. Particulars Face value Number of shares As at 31.03.2017 As at 31.03.2016

No. R per share As at Purchased / Sold / reclassified / As at
01.04.2016 subscribed / during the year 31.03.2017
reclassified
during the year
R crore R crore
Trade investments:
(i) Unquoted equity instruments:
(a) Investment in subsidiaries:
Fully paid equity shares:
Kudgi Transmission Limited 10 192,599,998 192,599,998 192.60 192.60
Ahmedabad - Maliya Tollway Limited 10 148,999,900 148,999,900 149.00 149.00
L&T BPP Tollway Limited 10 247,199,998 247,199,998 247.20 247.20
L&T Deccan Tollways Limited [refer note F(IV)] 10 152,499,998 53,500,000 205,999,998 206.00 152.50
Devihalli Hassan Tollway Limited 10 89,999,900 89,999,900 90.00 90.00
L&T Halol - Shamlaji Tollway Limited [refer note F(VI)] 10 – @ 39,05,09,700 390,509,700 390.50 -
L&T IDPL Trustee Manager Pte. Ltd 1* 1,315,000 1,315,000 6.16 6.16
L&T Interstate Road Corridor Limited 10 57,159,998 57,159,998 57.16 57.16
Krishnagiri Thopur Toll Road Limited 10 78,749,998 78,749,998 78.75 78.75
L&T Krishnagiri Walajahpet Tollway Limited 10 89,997,400 89,997,400 90.00 90.00
L&T Metro Rail (Hyderabad) Limited [refer note F(V)] 10 2,010,355,256 31,215,984 2,041,571,240 – – 2,010.35
Panipat Elevated Corridor Limited 10 84,299,998 84,299,998 84.30 84.30
L&T Port Kachchigarh Limited 10 4,159,998 2 4,160,000 4.16 4.16
L&T Rajkot - Vadinar Tollway Limited 10 109,999,900 109,999,900 110.00 110.00
L&T Samakhiali Gandhidham Tollway Limited 10 80,527,000 80,527,000 80.53 80.53
L&T Transportation Infrastructure Limited 10 30,536,000 30,536,000 53.14 53.14
Vadodara Bharuch Tollway Limited 10 43,499,998 43,499,998 43.50 43.50
Western Andhra Tollways Limited 10 56,499,998 56,499,998 56.50 56.50
L&T Western India Tollbridge Limited 10 13,950,005 2 13,950,007 13.95 13.95
L&T Sambalpur - Rourkela Tollway Limited [refer noteF(IV)] 10 215,849,998 74,180,000 290,029,998 290.03 215.85
2,243.48 3,735.65
Less: Provision for diminution in value of non current investment (323.62) (60.32)
[refer note F(VII)]
1,919.86 3,675.33
(b) Investments in associate companies:
Fully paid equity shares :
International Seaports Haldia (Private) Limited 10 9,830,000 9,830,000 9.83 9.83
9.83 9.83
(c) Investment in other companies:
Fully paid equity shares:
Second Vivekananda Bridge Tollway Company Private Limited 10 1,000 85 915 – –
SICAL Iron Ore Terminals Limited 10 14,300,000 14,300,000 14.30 14.30
Indian Highway Management Company Limited 10 555,370 555,370 0.56 0.56
14.86 14.86
Investment in unquoted equity instruments - Total 1,944.55 3,700.02
S-3327

Sr. Particulars Face value Number of shares As at 31.03.2017 As at 31.03.2016
No. R per share As at Purchased / Sold / reclassified / As at
01.04.2016 subscribed / during the year 31.03.2017
reclassified
during the year
R crore R crore
(ii) Unquoted preference instruments:
Fully paid 0.01% optionally convertible cumulative redeemable
preference shares:
Ahmedabad - Maliya Tollway Limited 10 197,320,200 24,315,240 ^22,16,35,440 – – 197.32
L&T Halol - Shamlaji Tollway Limited [refer note F(VI)] 10 – @ 25,90,19,600 ^^12,95,09,800 129,509,800 129.51 –
L&T Rajkot - Vadinar Tollway Limited 10 118,042,100 7,450,000 ^12,54,92,100 – – 118.04
L&T Samakhiali Gandhidham Tollway Limited 10 45,490,000 67,975,780 ^11,34,65,780 – – 45.49
Panipat Elevated Corridor Limited 10 – 45,746,606 ^4,57,46,606 – – –
129.51 360.85
Fully paid 0.01% compulsorily convertible preference shares:
Ahmedabad - Maliya Tollway Limited 10 – 221,635,440 221,635,440 221.64 –
L&T Rajkot - Vadinar Tollway Limited 10 – 125,492,100 125,492,100 125.49 –
L&T Samakhiali Gandhidham Tollway Limited 10 – 113,465,780 113,465,780 113.46 –
Panipat Elevated Corridor Limited 10 – 45,746,606 45,746,606 45.75 –
506.34 –
Less: Provision for diminution in value of non current investment (15.70) –
[refer note F(VII)]
Investment in unquoted preference instruments - Total 620.15 360.85
(iii) Unquoted debentures:
Panipat Elevated Corridor Limited - 10.56% 1,000,000 2,050 - # 150 1,900 190.00 205.00
secured redeemable non-convertible debentures (unquoted)
Investments in Debentures - Total 190.00 205.00
Total Non Current Investments 2,754.70 4,265.87
* Singapore Dollar. ‘@ reclassified from current investments as at 31 March 2017, refer note F(VI).
^0.01% optionally convertible cumulative redeemable preference shares has been converted to 0.01% compulsorily convertible preference shares. ^^converted to equity shares.
# reclassified to current portion of long-term investments, refer note H(I), R(14) and R(15).
Note F(II):
The Company has pledged its investment in the equity shares of the following companies, to the term lenders of the respective companies
Sl. Name of the Company As at 31.03.2017 As at 31.03.2016
No R crore R crore R crore R crore
(a) Subsidiary companies
1. Krishnagiri Thopur Toll Road Limited 20.47 20.47
2. Western Andhra Tollways Limited 14.69 14.69
3. Vadodara Bharuch Tollway Limited 22.18 22.18
4. L&T Krishnagiri Walajahpet Tollway Limited 45.90 45.90
5. L&T Metro Rail (Hyderabad) Limited – 1,025.28
[refer note F(V)]
6. L&T Samakhiali Gandhidham Tollway Limited 410.68 41.07
7. Devihalli Hassan Tollway Limited 44.10 44.10
8. L&T Halol - Shamlaji Tollway Limited 390.50 –
[refer note F(VI)]
9 PNG Tollway Limited [refer note R(15)] 41.40 41.40
989.92 1,255.09
989.92 1,255.09
S-3328

Note F(III):
Disclosures pursuant to Accounting Standard (AS 13) “Accounting for Investments”
The Company has given, inter alia, the following undertakings in respect of its investments:
(a) Jointly with Larsen & Toubro Limited (holding company), to the term lenders of L&T Transportation Infrastructure Limited (LTTIL) not to reduce
the joint shareholding in LTTIL below 51% until the financial assistance received from the term lenders is repaid in full by LTTIL.
(b) Jointly with Larsen & Toubro Limited (holding company), to the term lenders of L&T Samakhiali Gandhidham Tollway Limited (LTSGTL) not to
reduce the joint shareholding in LTSGTL below 51% until the financial assistance received from the term lenders is repaid in full by LTSGTL.
(c) Jointly with Larsen & Toubro Limited (holding company) and Ashoka Buildcon Limited, to the term lenders of PNG Tollway Limited (PNG) not
to reduce the joint shareholding in PNG below 51% until the financial assistance received from the term lenders is repaid in full by PNG.
(d) To the term lenders of the below mentioned subsidiaries, not to divest control without the prior approval of the lenders and Gujarat State Road
Development Corporation Limited.
- L&T Rajkot - Vadinar Tollway Limited
- Ahmedabad - Maliya Tollway Limited
(e) To the term lenders of L&T Sambalpur - Rourkela Tollway Limited (LTSRTL) to retain the management control of LTSRTL and not to reduce the
shareholding below 51% without prior written approval of the lenders.
(f) To the term lenders of L&T Deccan Tollways Limited not to reduce its shareholding below 51% of total paid up equity share capital as per the
Finance Plan during the currency of the loan without prior approval of the lenders.
(g) To the term lenders of L&T Interstate Road Corridor Limited not to reduce its shareholding below 51% until the expiry of three years from
Commercial Operation Date (COD) and thereafter not to reduce its shareholding below 26% until the financial assistance received from the
term lenders is repaid in full.
(h) The company has given an undertaking to the debenture trustee and term lenders of the following subsidiaries not to change the management
or control in these subsidiaries and/or not to reduce its shareholding below 51% until these subsidiaries have made adequate arrangement
as mutually agreed by the subsidiaries with the debenture trustee and term lenders respectively:
a. Krishnagiri Thopur Toll Road Limited
b. Western Andhra Tollways Limited
c. Vadodara Bharuch Tollway Limited
d. Devihalli Hassan Tollway Limited
(i) To the term lenders of L&T Krishnagiri Walajahpet Tollway Limited (LTKWTL) to retain management control of LTKWTL and not agree/effect
any change in the management control till the final settlement date.
Note F(IV)
The entities in which the Company has investments as at 31 March 2017 are carrying out infrastructure projects which are currently under the
construction phase and have not yet commenced operations. The Company does not foresee any diminution to these investments at this stage.
Note F(V)
During the current year ended 31 March 2017, the Company has sold its investment in L&T Metro Rail (Hyderabad) Limited (LTMRHL) at cost,
pursuant to the agreement entered into with Larsen & Toubro Limited, the Holding Company (“Buyer”) dated 29 March 2017. Further, the Company
has been relieved of all its obligations/undertakings provided by the Company to the lenders of LTMRHL, post the sale of the Company’s stake in
favour of the Holding Company.
Note F(VI)
During the current year ended 31 March 2017, one of the subsidiaries of the Company, namely, L&T Halol Shamlaji Tollway Limited (LTHSTL), pursuant
to its withdrawal of the termination letter issued to Gujarat State Road Development Corporation (GSRDC) has entered into a Master Restructuring
Agreement with its lenders under the Strategic Debt Restructuring scheme of the Reserve Bank of India. Pursuant to the same,
(i) the lenders have acquired about 51% stake in LTHSTL. However the Company continues to retain Management control over LTHSTL.
(ii) the Company has entered into a deed of pledge wherein all the shares held by the Company in L&T HSTL have been pledged in favour of the
lenders of LTHSTL.
(iii) the amount of Mezzanine debt given to LTHSTL amounting to R 130.50 crore has been converted into equity shares.
(iv) investment in preference shares of LTHSTL has been converted into equity shares of LTHSTL to the extent of R 129.51 crore.
(v) the Company has entered into a sponsor undertaking in favour of the lenders wherein the Company has sub-ordinated its rights to receive
any amounts from LTHSTL in whatever form unless all obligations of the lenders including the equity portion of their debt is repaid with an
agreed IRR.
(vi) the Company shall not transfer or pledge the equity shares held by it in LTHSTL, without procuring the prior written consent of the lender
shareholders.
S-3329

Note F(VII)
The Company is carrying net investments aggregating to R 1,331.76 crore (As at 31 March 2016 R 1,336.15 crore) and has outstanding net loans
and advances aggregating to R 222.99 crore (As at 31 March 2016 R 401.40 crore) provided to certain operating subsidiaries of the Company
engaged in infrastructure projects whose net worth is fully eroded/undergoing restructuring due to continuous losses, as per the audited financial
statements of these entities as at 31 March 2017.
Considering the gestation period required for break even for such infrastructure investments, restructuring/refinancing arrangements carried out/
proposed, expected higher cash flows based on future business projections and the strategic nature of these investments, no additional provision/
adjustment to the carrying value of the said investments/ loans and advances is considered necessary by the Management as at 31 March
2017. [refer note R(16)].
G LONG TERM LOANS AND ADVANCES

R crore R crore R crore R crore
Unsecured, considered good
Loans and advances to related parties
Subsidiary companies: [refer note F(VII)]
Unsecured loans, considered good (including interest 639.05 776.47
accrued thereon) [refer note G(I)]
Advance towards equity shares in L&T Deccan 12.84 –
Tollways Limited
MAT credit entitlement [refer note R(4)] 29.80 –
681.69 776.47
681.69 776.47
G(I): UNSECURED LOANS TO SUBSIDIARY COMPANIES INCLUDES:

(a) Mezzanine debt given to the following subsidiaries:
Name of the Subsidiary As at 31.03.2017 As at 31.03.2016
R crore R crore
(i) Interest-free, Mezzanine debt given to its subsidiary, L&T Krishnagiri Walajahpet Tollway Limited as per – 53.96
Schedule II of the Common Loan Agreement dated 03 November 2010. As per the original terms the
repayment of this debt will be made only after secured obligations are discharged by the subsidiary to
its lenders as per terms of the Agreement. @
(ii) Interest-free Mezzanine debt given to its subsidiary, Ahmedabad - Maliya Tollway Limited as per Schedule 100.00 100.00
IX of the Common Loan Agreement dated 09 October 2009. The repayment of this debt will be made
only after secured obligations are discharged by the subsidiary to its lenders as per the terms of the
Agreement.
(iii) Interest-free Mezzanine debt given to its subsidiary, L&T Rajkot - Vadinar Tollway Limited as per Part 110.00 110.00
B of Schedule III of the Common Loan Agreement dated 28 August 2009. The repayment of this debt
will be made only after secured obligations are discharged by the subsidiary to its lenders as per the
terms of the Agreement.
(iv) Interest-free Mezzanine debt given to its subsidiary, L&T Samakhiali Gandhidham Tollway Limited as 37.76 37.76
per Schedule II of the Common Loan Agreement dated 03 July 2010. The repayment of this debt will
be made only after secured obligations are discharged by the subsidiary to its lenders as per the terms
of the Agreement.
(v) Interest-free Mezzanine debt given to its subsidiary, L&T BPP Tollway Limited as per Schedule II of the 370.80 368.80
Common Loan Agreement dated 17 November 2011. The repayment of this debt will be made only after
secured obligations are discharged by the subsidiary to its lenders as per the terms of the Agreement.
Total Mezzanine Debt (a) 618.56 670.52
@ pursuant to a refinancing exercise carried out by the subsidiary, the amount of R 53.96 crore of mezzanine debt has been repaid in full by
the subsidiary to the Company.
S-3330

(b) Cash support provided to the following subsidiaries (interest paid at one year G-Sec rate p.a. prevailing on the effective date of borrowing)
R crore R crore
Devihalli Hassan Tollway Limited 11.45 18.15
L&T Samakhiali Gandhidham Tollway Limited – 27.50
Panipat Elevated Corridor Limited – 41.88
L&T Krishnagiri Walajahpet Tollway Limited 4.01 4.01
Total Cash support (b) 15.46 91.54
(c) Interest accrued but not due on cash support

R crore R crore
Devihalli Hassan Tollway Limited 0.88 0.73
L&T Samakhiali Gandhidham Tollway Limited – 1.59
Panipat Elevated Corridor Limited – 3.18
L&T Krishnagiri Walajahpet Tollway Limited 0.41 0.12
Total Interest accrued but not due on cash support (c) 1.29 5.62
As per the arrangement with the subsidiaries read with the undertaking given to the lenders who have provided loan to the subsidiaries, the amount
and interest thereon will be repayable by the subsidiaries to the Company after the last instalment of the borrowings are repaid by the subsidiaries
to its lenders.
(d) Inter corporate deposits placed with the following Subsidiaries at RBI bank rate (presently at 6.75% p.a.)
R crore R crore
Long term loans and advances

Panipat Elevated Corridor Limited 3.74 8.79
Total Inter corporate deposits (d) 3.74 8.79
Total Loans and advances to subsidiaries (a+b+c+d) 639.05 776.47
S-3331

H(I) CURRENT INVESTMENTS (at cost or net realisable value)
Investment in subsidiaries
Investment held for sale
Investment in unquoted equity instruments
L&T Infrastructure Development Projects Lanka – 63.45
(Private) Limited [refer note R(14) and R(16)]
14,80,75,980 equity shares of LKR* 10 each
(current year: Nil; previous year: 14,75,50,780 equity shares
of LKR 10 each, included as non current investment)
Less: Diminution in value of investment – (40.00)
– 23.45
Investment in terminated projects
Investment in unquoted equity instruments
PNG Tollway Limited [refer note R(15) and R(16)] 102.71 102.71
10,27,11,340 equity shares of R 10 each
L&T Halol - Shamlaji Tollway Limited [refer note F(VII) – 130.50
and R(16)]
(current year: Nil [refer note F(VI)]; previous year:
13,04,99,900 equity shares of R 10 each included as
non current investment)
L&T Chennai - Tada Tollway Limited [refer note R(15) 42.00 42.00
and R(16)]
4,19,99,900 equity shares of R 10 each
Less: Diminution in value of investment (102.71) (185.71)
42.00 89.50
Investment in unquoted preference instruments
PNG Tollway Limited [refer note R(15) and R(17)] 91.11 91.11
9,11,10,000 preference shares of R 10 each
L&T Halol - Shamlaji Tollway Limited [refer note F(VII) – 259.02
and R(16)]
(current year: Nil [refer note F(VI)]; previous year:
25,90,19,600 preference shares of R 10 each )
Less: Diminution in value of investment (91.11) (91.11)
– 259.02
Current portion of long-term investments
Investment in unquoted debentures
Panipat Elevated Corridor Limited - 10.56% secured 15.00 15.00
non convertible debentures [refer note C (I)(a)]
(150 nos. of v 10,00,000 each)
(previous year: 150 nos. of v 10,00,000 each)
15.00 15.00
Investment in quoted mutual funds [refer note H(I)(a)] 560.00 –
617.00 386.97
* Srilankan Rupee
S-3332

NAV No of units as at Market value Book value
31.03.2017
H(I) (A) DETAILS OF INVESTMENT IN QUOTED MUTUAL FUNDS

Tata Money Market Fund Regular Plan - Growth 2,553.79 783,511.99 200.09 200.00
ICICI Prudential Money Market Fund - Growth 224.38 8,917,679.12 200.10 200.00
IDFC Cash Fund Growth (Regular Plan) 1,970.93 304,501.68 60.02 60.00
Reliance Liquidity Fund - Growth 2,442.18 204,796.57 50.02 50.00
L&T Liquid Fund Growth Regular 2,224.77 224,799.65 50.01 50.00
Aggregate book value of quoted current investment 560.24 560.00

H(II) TRADE RECEIVABLES

Unsecured considered good
Debts outstanding for a period of more than 6 months 112.62 0.19
Other debts 24.10 198.18
136.72 198.37
136.72 198.37

H(III)CASH AND BANK BALANCES
Cash and cash equivalents
Balance with banks 107.78 19.13
Fixed deposits with banks (maturity less than 3 months) 862.25 –
970.03 19.13
Other bank balances
Fixed deposits with banks (including interest accrued 300.16 0.60
thereon)
Earmarked bank account for Non Convertible Debentures – –
issued [current year v 10,000/- and previous year v 10,000/-]
300.16 0.60
1,270.19 19.73
S-3333

H (IV)SHORT-TERM LOANS AND ADVANCES
Unsecured, considered good, unless otherwise stated
Loans and advances to related parties
Holding company
Advance recoverable 6.13 73.64
Advance paid for purchase of investments [refer 22.42 22.42
note H(IV)(a)]
Other advances 0.35 –
28.90 96.06
Subsidiary companies:
Inter-corporate deposits (including interest 6.56 5.06
accrued) [refer note H (IV)(b)(i), H (IV)(b)(ii) and H
(IV)(b)(iii)]
Unsecured loans and advances (including interest 23.15 142.17
accrued) - considered good [refer note H (IV)(c)(i)
and H (IV)(c)(ii)]
Unsecured loans and advances (including interest 206.18 206.18
accrued) - considered doubtful [refer note H (IV)(c)
(i) and H (IV)(c)(ii)]
Other advances 5.84 0.95
Less: Provision for doubtful advance (206.18) (206.18)
35.55 148.18
Considered doubtful:
Other advances - considered doubtful 0.45 0.43
– –
Other short term loans and advances
Advance tax (net of provisions) 28.41 25.28
MAT credit entitlement [refer note R(4)] 33.48 0.83
Security deposits 0.31 0.44
Other advances [refer note R(12)] 71.44 70.90
133.64 97.45
198.09 341.69
Note H(IV):
(a) Advance paid for purchase of investments represents the advance paid to Larsen & Toubro Limited, the Holding Company towards the purchase
of their stake in PNG Tollway Limited, a subsidiary of the Company.
(b) (i) Inter corporate deposits placed with the following Subsidiaries at RBI bank rate (presently at 6.75% p.a.)

R crore R crore
Current maturities of Long term loans and advances

Total Inter corporate deposits (A) 5.06 5.06
S-3334

(ii) Inter corporate deposits placed with the following Subsidiaries at one year G-Sec rate p.a. prevailing on the effective date of borrowing)

R crore R crore
Panipat Elevated Corridor Limited 1.50 –
Total Inter corporate deposits (B) 1.50 –
(iii) Interest accrued but not due on inter corporate deposits

R crore R crore
Panipat Elevated Corridor Limited

[current year R 9,202/- and previous year nil] 0.00 –
Total Interest accrued but not due on inter corporate deposits (C) 0.00 –
Total Inter-corporate deposits including interest accrued (A+B+C) 6.56 5.06
(c) (i) Mezzanine debt and cash support provided to the following Subsidiaries:

R crore R crore
Cash support provided to

Kudgi Transmission Limited 22.85 –
PNG Tollway Limited [refer note R(15)] 34.48 34.48
L&T Chennai - Tada Tollway Limited [refer note R(15)] – 11.45
(Interest paid at one year G-Sec rate p.a. prevailing on the effective date of borrowing)
Mezzanine debt given to
(Interest is payable at SBI bank rate+predetermined spread+0.05% after obtaining approval of
lenders)
L&T Halol - Shamlaji Tollway Limited [refer note F(VI) and F(VII)] – 130.50
(Interest free mezzanine debt)
Total Mezzanine debt and cash support (A) 22.85 141.95
(ii) Interest accrued but not due on mezzanine debt and cash support

R crore R crore
Kudgi Transmission Limited 0.30 –
L&T Chennai - Tada Tollway Limited [refer note R(15)] – 0.22
Total (B) 0.30 0.22
Total Unsecured loans and advances (including interest accrued) (A+B) 23.15 142.17
S-3335

H(V) OTHER CURRENT ASSETS

Net Receivable on settlement from terminated subsidiaries 165.35 101.78
[refer note R(15)]
Less: Provision for net receivable (92.00) –
73.35 101.78
Interest accrued on investments 20.82 22.22
Unamortised discount on commercial papers 1.03 –
Unamortised discount on letter of credit 2.95 6.75
Due from customers 12.11 –
110.26 130.75
I CONTINGENT LIABILITIES:
(i) Income tax liability (including penalty) that may arise in respect of which Company is in appeal R 10.58 crore (previous year: R 6.20 crore)
(ii) Service tax liability (including penalty) that may arise in respect of which Company is in appeal R 1.33 crore (previous year: Nil)
(iii) Contingent liability in respect of acceptances and guarantees issued on behalf of subsidiaries R 328.53 crore (previous year: R 253.41
crore)
(iv) The Company is contingently liable to the extent of its investments pledged [refer note F(II)] for loans taken by:

R crore R crore
Subsidiary companies 989.92 1,255.09

Other company [current year v10,000/- and previous year v10,000/-] – –
Total 989.92 1,255.09
(v) During the previous year contingent liability included acceptances of R 7.24 crore accepted on behalf of Krishnagiri Thopur Toll Road
Limited (KTTL) in favour of the vendors of KTTL.
J COMMITMENTS:
(a) Commitments quantifiable
(i) Estimated amount of committed funding by way of equity / loans to subsidiary companies R 90.00 crore (previous year R 909.16
crore)
(ii) Estimated amount of contracts remaining to be executed on capital account net of advances and not provided for R Nil (previous
year R Nil)
(b) Commitments not quantifiable
(i) The Company has given undertakings to the term lenders of the following subsidiaries to meet the cost overrun to the extent of 5%
of
(a) L&T Deccan Tollways Limited
(b) L&T Sambalpur - Rourkela Tollway Limited
(c) L&T Krishnagiri Walajahpet Tollway Limited
(ii) The Company has given an undertaking jointly with Larsen & Toubro Limited (holding company) to the term lenders of the L&T
Samakhiali Gandhidham Tollway Limited to meet the cost overrun to the extent of 5% of the project cost.
(iii) The Company has given, inter alia, the following commitments to the term lenders of L&T Chennai - Tada Tollway Limited,
- to meet the cost overrun of the project, in future if any
- to bring in an amount upto R 178.74 crore on a need basis in the form of Mezzanine debt, after drawal of loan of R 475 crore in
full in order to meet the reduction in the quantum of loan by the lenders and increase in the project cost as reduced by increase
S-3336

in internal accruals. [Also refer note R(15)].
(iv) The Company has given, inter alia, the following commitments in respect of its investments:
(a) Jointly with Larsen & Toubro Limited(holding company), to the term lenders of L&T Transportation Infrastructure Limited (LTTIL)
to jointly meet the shortfall in the working capital requirements of LTTIL until the financial assistance received from the term
lenders is repaid in full by LTTIL.
(b) To the term lenders of L&T BPP Tollway Limited to meet shortfall as provided in the base case revenue projections for the first
two years post Commercial Operation Date (COD).
(c) To the term lenders of L&T Sambalpur - Rourkela Tollway Limited to meet the cost overrun in excess of 5% of the Project Cost
in such a manner that the Debt-Equity of 1.86 times is not exceeded and to fund equity as per the revised financial model in
case additional funds are to be raised by way of debt to meet the cost overrun in excess of 5 % of Project Cost. The Company
has also given a commitment to infuse/provide temporary funds to the Borrower during construction and operation period to
meet shortfall in case of delay in receipt of Grant subject to repayment on receipt of the Grant.
(d) To the term lenders of L&T Deccan Tollways Limited (LTDTL) to meet shortfall in major maintenance and Debt Service Reserve
(DSR) Account and to maintain minimum year to year Debt Service Coverage Ratio of 1.2 times in a manner satisfactory to Senior
Debt Tranche A Lenders (Facility amounting to R 1,080.92 crore) in line with base case revenue projections. The Company has
also given an undertaking to Senior Debt Tranche B Lenders (Facility amounting to R 154.42 crore) for servicing the obligation
in the event of failure of repayment by LTDTL.
(e) Jointly with Ashoka Buildcon Limited, to the term lenders of PNG Tollway Limited (PNGTL) to meet the shortfall proportionate to
share holding in payment of interest in respect of loans in accordance with the terms of the Common Loan Agreement during
the period between partial COD till the commencement of full tolling for the entire project highway. [Also refer note R(15)]
(f) To the lenders of L&T Krishnagiri Walajahpet Tollway Limited (LTKWTL), to provide to promptly and timely service the debt
service obligations of the borrower under the subordinate facility (Facility amounting to R 54.00 crore) to the satisfaction of
subordinate lenders, without recourse to the project assets in the event internal cash accruals are insufficient to meet debt
service obligations under the subordinate facility.
(g) The Company has given an undertaking to the debenture trustee of L&T Interstate Road Corridor Limited(LTIRCL) to make
payment of the Termination Shortfall amount due to Concessionaire event of default in the event that LTIRCL fails to make
payment of the same within 5 business days from the due date of deposit of the Termination Payments by NHAI into the Escrow
Account and also to make payment of the Operation & Maintenance(O&M) expenses shortfall amounts caused due to increase
in O&M Expenses beyond the limits set out in Base Case O&M Expenses Schedule and resulting in shortfall in amounts available
for debt servicing and/or DSR Amount and/or the Major Maintenance Reserve, without utilising the surplus amounts within a
period of 30 (thirty) Business days from the date of demand therefore issued by the Debenture Trustee.
(h) The Company has given a commitment to the debenture trustees of Kudgi Transmission Limited under Sponsor Support and
Put Option Agreements dated 29 May 2015 to fund the coupon shortfall in accordance with the terms of the agreement. The
Company has also given a commitment to purchase the debentures in accordance with the terms of the put option mentioned
in the agreement.
(i) The Company has given a commitment to the debenture trustees of Vadodara Bharuch Tollway Limited (VBTL) vide a Sponsor
Support Agreement dated 30 September 2016 wherein the Company has undertaken/guaranteed that in the event of shortage
of funds for repayment of the debentures to the debenture trustees, the Company shall immediately arrange for the repayment
of the advances/loans given by VBTL to the Company or its subsidiaries.
(j) Also refer note F(III), F(V) and F(VI).
(c) Management’s Assessment
The amounts shown under contingent liabilities and commitments represent the best possible estimate arrived at on the basis of the
available information. Further, various government authorities/other stakeholders raise issues/clarifications in the normal course of business
and the Management has provided its responses in respect of the same and no formal demands/claims have been raised in respect of
the same other than those disclosed above. The obligations and possible reimbursements in respect of the above are dependent on the
outcome of the various discussions/proceedings that are ongoing and, therefore, cannot be predicted accurately. The Company does
not expect any financial exposure in respect of these as at 31 March 2017.
S-3337

K REVENUE FROM OPERATIONS:

Interest income:
From holding company
On inter corporate deposits – 3.89
From subsidiary companies
On debentures 21.71 23.30
On inter corporate deposits 1.29 5.69
On other loans and advances 3.41 44.76
From bank deposits 0.44 0.06
26.85 77.70
Dividend income from associate 1.47 2.46
Construction activity [refer note R(3)] 497.75 892.35
Project facilitation and advisory service fees 14.21 12.86
Income from wind power generation 8.37 6.25
Other operating revenues
Facility management services – 0.01
Business support services 22.55 21.87
22.55 21.88
571.20 1,013.50

L OTHER INCOME:
Net gain on sale of current investments 0.10 2.99
Profit on sale of fixed assets (net) 0.07 –
Exchange gain (net) 0.13 –
Interest income from others – 1.64
Liabilities/provision no longer required written back [refer note R(18)] 0.40 6.16
Miscellaneous income 0.21 0.17
0.91 10.96
S-3338

M CONSTRUCTION AND RELATED OPERATING EXPENSES:

Construction expenses
Construction materials 31.69 426.15
Sub-contracting charges 392.54 398.47
Professional charges 0.16 0.27
Rates and taxes 1.72 9.38
Travelling & conveyance – 0.01
Bank and bank guarantee charges – 0.02
426.11 834.30
Related operating expenses
Professional and consultancy charges 3.96 2.05
Tender document expenses 0.18 0.12
Repairs and maintenance to machinery 1.22 1.15
Insurance 0.04 0.72
5.40 4.04
431.51 838.34

N FINANCE COSTS
Interest expense on borrowings
Interest expenses 27.86 33.84
Interest on redeemable non-convertible fixed rate debentures 19.34 15.20
Amortised discount on commercial paper 16.47 38.31
Other borrowing cost 0.54 –
64.21 87.35
Others
Discounting charges on letter of credit 16.12 18.74
Interest on delayed / deferred payment of Income-tax – 0.02
16.12 18.76
80.33 106.11
O EMPLOYEE BENEFITS EXPENSE:

Salaries and wages 25.38 26.43
Contribution to and provision for:
Provident fund and pension scheme 1.02 1.08
Gratuity [refer note R(6)(B)] 0.55 0.75
Superannuation 0.13 0.16
1.70 1.99
Staff welfare expenses 1.60 1.33
28.68 29.75
S-3339

P ADMINISTRATION AND OTHER EXPENSES:
Professional charges 6.68 5.86
Insurance 1.58 1.27
Rent [refer note P(i)] 3.04 3.64
Rates and taxes 1.04 0.97
Repairs & maintenance
Buildings 0.12 0.11
Others 6.71 5.35
6.83 5.46
Printing & stationery 0.14 0.23
Power & electricity charges 0.12 0.20
Communication & postage 0.89 0.92
Bank and bank guarantee charges 0.43 1.07
Travelling & conveyance 3.57 4.20
Exchange loss (net) – 0.00
Loss on sale of fixed assets (net) – 0.04
Miscellaneous expenses [refer note P(iii)] 2.58 1.85
26.89 25.71
Note P(i):
The Company has taken residential premises and office premises under cancellable operating leases. These lease agreements are normally renewed
on expiry. Lease rental expenses in respect of operating leases for the year is R 3.04 crore (previous year R 3.64 crore)
Note P(ii):
Miscellaneous expenses include Auditor’s remuneration (excluding service tax)

R crore R crore
As auditor 0.15 0.15
For taxation matters 0.01 0.01
For certification 0.08 0.01
Limited review and other services 0.14 0.05
For reimbursement of expenses 0.01 0.01
Total 0.39 0.23
Q PROVISIONS AND CONTINGENCIES

Contingent provision against standard assets [refer note R(18)] – 3.80
Provision for doubtful loans and advances 0.02 0.05
0.02 3.85
S-3340

R(1) Particulars in respect of loans and advances in the nature of loans as required by the Listing Obligations and Disclosure Requirements:
Name of the company Balance as at Maximum outstanding during

31.03.2017 31.03.2016 2016-17 2015-16
(a) Loans and advances in the nature of loans (gross of
provisions) given to holding company:
Larsen and Toubro Limited – – – 300.00
– –
(b) Loans and advances in the nature of loans (gross of
provisions) given to subsidiaries:
Panipat Elevated Corridor Limited 10.30 55.73 76.13 78.29
Krishnagiri Thopur Toll Road Limited – – – 43.57
Vadodara Bharuch Tollway Limited – – – 22.50
L&T Metro Rail (Hyderabad) Limited – – – 80.00
Devihalli Hassan Tollway Limited 11.45 18.15 18.15 56.80
L&T Krishnagiri Walajahpet Tollway Limited 4.01 57.97 57.97 57.97
L&T Chennai - Tada Tollway Limited – 11.45 11.45 11.45
Ahmedabad - Maliya Tollway Limited 100.00 100.00 109.46 230.95
L&T Halol - Shamlaji Tollway Limited – 130.50 130.50 341.00
L&T Samakhiali Gandhidham Tollway Limited 37.76 65.26 83.62 108.99
L&T BPP Tollway Limited 370.80 368.80 370.80 368.80
PNG Tollway Limited 261.38 261.38 261.38 316.30
Kudgi Transmission Limited 22.85 – 22.85 –
L&T Rajkot - Vadinar Tollway Limited 110.00 110.00 110.00 209.32
928.55 1,179.24
R(2) The Company is engaged in the business of generation of wind power. Accordingly, information as applicable to wind power operations is
given below:
Particulars Unit of 2016-17 2015-16
measurement
Installed capacity MW 8.7 8.7
Production (A) KWH 18,303,611 11,293,187
Power consumed for starting WTG from grid (B) KWH 134,960 158,828
Wheeling charges and banking charges as per wheeling (C) KWH 908,434 513,869
agreement with TNEB
Invoicing on Larsen & Toubro Limited (D) KWH 12,508,968 10,488,803
Invoicing on TNEB (A-B-C-D) KWH 4,751,249 131,687
The Company has five wind turbine generators (WTG) in Tamil Nadu with an aggregate capacity of 8.7MW.
The Company had entered into a Power Supply Agreement dated 18 March 2010 with Larsen & Toubro Limited (L&T), the holding company, under
which the Company would sell the power generated to L&T at its establishments located in Tamil Nadu and registered with Tamil Nadu Electricity
Board (TNEB), as a captive consumer at rates agreed in the said agreement for the units consumed at the end of each month.
The Company had also entered into Wheeling agreement with TNEB dated 19 March 2010 under which the surplus units not consumed by Larsen
& Toubro Limited would be banked and sold to TNEB at the rates agreed in the said wheeling agreements.
S-3341

R(3) Disclosure pursuant to Accounting Standard (AS) 7 (Revised) “Construction Contracts”
R crore R crore
i) Contract revenue recognised for the financial year [refer note K] 497.75 892.35
ii) Aggregate amounts of contract costs incurred and recognised profits (less: recognised losses) as 1,995.76 1,498.01
at the end of the financial year for all contracts in progress as at that date
iii) Amount of customer advances outstanding for contracts in progress as at end of the financial year – 84.44
[refer note D(III)]
iv) Retention amounts by customers for contracts in progress as at end of the financial year – 62.34
v) Gross amount due to customers for contract work [refer note D(III)] 200.68 106.42
vi) Gross amount due from customers for contract work [refer note H(V)] 12.11 –
R(4) Taxation
(a) MAT Credit
Tax expense (net) includes an amount of R 63.28 crore of MAT credit recognised in the financial statements for the year ended 31
March 2017 in line with the accounting policy [refer note S(17)] followed by the Company considering the Management’s assessment of the
future projections as at 31 March 2017.
(b) Disclosure pursuant to Accounting Standard (AS) 22 “Accounting for Taxes on Income”:
Major components of deferred tax liabilities and deferred tax assets:
R crore R crore
Deferred tax liabilities
Difference between carrying amounts of fixed assets in the books and WDV for income tax purposes. 4.68 4.46
Tax effect of depreciation charged to retained earnings – –
Total deferred tax liabilities 4.68 4.46
Less: Deferred tax assets
Employee benefits 1.70 1.73
Contingent provisions against standard assets 1.18 1.32
Provision for doubtful advances 0.16 0.15
Total deferred tax assets 3.04 3.20
Net deferred tax liability / (asset) 1.64 1.26
Incremental provision for deferred tax liability / (asset) 0.38 (1.45)
Net incremental provision for deferred tax liability / (asset) 0.38 (1.45)
R(5) Disclosure pursuant to Accounting Standard (AS) 20 ‘Earnings per Share’ (EPS):
A. Equity Shares
Basic
(Loss) / Profit after tax available to equity shareholders (v crore) A (222.22) (558.94)
Weighted average number of shares outstanding (WANES) B 321,049,196 321,049,196
Basic EPS (v) A/B (6.92) (17.41)
Diluted
(Loss) after tax available to equity shareholders (v crore) A (222.22) (558.94)
Weighted average number of shares outstanding (WANES) B 321,049,196 321,049,196
Add: Weighted average number of potential equity shares on account C 412,190,331 136,042,846
of conversion of compulsorily convertible preference shares
[refer note (ii) below]
Weighted average number of shares outstanding for diluted EPS (WANES) D=B+C 733,239,527 457,092,042
Diluted EPS (v) [refer note (iii) below] (6.92) (17.41)
Face value per equity share (v) 10.00 10.00
S-3342

B. Special Equity Shares [refer note (i) below]

Profit after tax available to special equity shareholders (v) A - -
Weighted average number of shares (WANES) B 10,000 10,000
Basic and diluted EPS (v) A/B – –
Face value per equity share (v) 10.00 10.00
(i) Basic and diluted EPS for the Special Equity Shares of R 10 each does not arise as the shares do not have any right to receive dividend
or other distributions of the Company or otherwise carry any economic rights, except to the extent of R 10 per share in the event of
liquidation or dissolution of the Company.
(ii) During the previous year, the Company had allotted 900 Compulsorily Convertible Preference Shares Series 1 (“CCPS Series 1”) of R
1,00,00,000 each and 100 Compulsorily Convertible Preference Shares Series 2 (“CCPS Series 2”) of R 1,00,00,000 each to CPP Investment
Board Singaporean Holdings Pte. 1 Limited pursuant to the Investment agreement dated 21 June 2014, signed between the Company,
Larsen & Toubro Limited, the Holding Company, Old lane Mauritius III Limited and CPP Investment Board Singaporean Holdings Pte. 1
Limited. In terms of clause 8.1.3 of the said agreement, the CCPS Series 1 and CCPS Series 2 are convertible into equity shares of face
value R 10 each based on a valuation process set out in Schedule 9 of the said agreement on or before 31 March 2019 and 31 March
2021 respectively.
In order to compute the diluted earnings per share and to determine the number of potential equity shares, the Company has undertaken an
internal valuation based on management’s projections and estimated the number of equity shares that would be allotted upon conversion
of these CCPS Series 1 and CCPS Series 2. However, the actual number of equity shares that would be allotted upon conversion may
significantly differ from the above if the valuation of the Company as envisaged in the Investment agreement at the time of conversion is
materially different.
(iii) The Company has 10,000 Special Equity Shares of R10/- each outstanding which do not have any right to receive dividend or other
distributions of the Company or otherwise carry any economic rights. Consequently, earnings per share is not applicable to such Special
Equity Shares.
(iv) For the year ended 31 March 2017 and 31 March 2016, the Basic and Diluted Earnings per Share is the same as it is anti-dilutive in nature.
R(6) Disclosure pursuant to Accounting Standard (AS)-15 (revised) on Employee benefits:

A. Defined Contribution Plan
The Company makes Provident Fund and Superannuation Fund contributions to defined contribution plans for qualifying employees. Under
the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions
payable to the fund by the Company is as per the rules of the schemes. The Company recognised R 0.20 crore (Previous year R 0.20 crore)
and R 0.13 crore (Previous year R 0.16 crore) towards Recognised Provident Fund and Superannuation Fund contribution respectively in
the Statement of Profit and Loss.
B. Defined Benefit Plans:
i) Gratuity Plan:
The Company operates gratuity plan through LIC’s Group Gratuity scheme where every employee is entitled to the benefit equivalent
to fifteen days salary last drawn for each completed year of service. The same is payable on termination of service or retirement
whichever is earlier. The benefit vests after five years of continuous service.
ii) Trust managed provident fund plan:

The Company manages provident fund plan through the holding Company’s provident fund trust for its employees which is permitted
under the Provident Fund and Miscellaneous Provisions Act, 1952. The plan envisages contribution by employer and employees
and guarantees interest at the rate notified by the provident fund authority. The contribution by employer and employee together
with interest are payable at the time of separation from service or retirement whichever is earlier. The benefit under this plan vests
immediately on rendering of service.
S-3343

a) The amounts recognised in balance sheet are as follows:
Particulars Gratuity plan Trust-managed provident fund plan
As at 31.03.2017 As at 31.03.2016 As at 31.03.2017 As at 31.03.2016
A) Present value of defined benefit obligation
- Wholly funded 3.45 3.19 16.08 15.80
Less : Fair value of plan assets 2.50 2.44 15.91 15.63
Amount to be recognised as liability or (asset) 0.95 0.75 0.17 0.17
B) Amounts reflected in the Balance Sheet
Liabilities 0.95 0.75 0.17 0.17
Assets – – – –
Net Liability / (asset) 0.95 0.75 0.17 0.17
b) The amounts recognised in the Statement of Profit and Loss are as follows:

2016-17 2015-16 2016-17 2015-16
1 Current service cost 0.35 0.32 0.91 0.94

2 Interest on Defined benefit obligation 0.23 0.19 1.29 1.22
3 Expected return on plan assets (0.18) (0.19) (1.29) (1.22)
4 Actuarial losses/(gains) 0.15 0.70 – –
5 Adjustment for earlier years – (0.27) – –
Total (1 to 5) 0.55 0.75 0.91 0.94
I Amount included in “employee benefit expenses” 0.55 0.75 0.91 0.94
II Amount included as part of “finance costs” – – – –
Total (I + II) 0.55 0.75 0.91 0.94
Actual return on plan assets 0.18 0.19 1.29 1.06
c) The changes in the present value of defined benefit obligation representing reconciliation of opening and closing balances thereof
are as follows:

2016-17 2015-16 2016-17 2015-16
Opening balance of the present value of defined benefit 3.19 2.49 15.80 12.61
obligation
Add: Current service cost 0.35 0.32 0.91 0.94
Add: Interest cost 0.23 0.19 1.29 1.22
Add: Contribution by plan participants
i) Employer – – – –
ii) Employee – – 1.51 1.47
Add: Actuarial losses/(gains) 0.11 0.74 – –
Less: Benefits paid (0.43) (0.55) (3.04) (1.88)
Add: Liabilities assumed on transfer of employees – – (0.42) 1.29
Add/(less):Adjustment for earlier years – – 0.03 0.15
Closing balance of the present value of defined benefit 3.45 3.19 16.08 15.80
obligation
S-3344

d) The changes in the fair value of plan assets representing reconciliation of opening and closing balances thereof are as follows:

2016-17 2015-16 2016-17 2015-16
Opening balance of fair value of plan assets 2.44 2.24 15.63 12.55
Add: Expected return on plan assets 0.18 0.19 1.29 1.22
Add/(less): Actuarial (losses)/gains (0.03) 0.04 0.07 0.06
Add: Contribution by employer 0.25 0.11 0.91 0.91
Add: Contribution by plan participants – – 1.51 1.47
Add/(less): Transfer in/(out) – – (0.43) 1.29
Add: Adjustment for earlier years – 0.26 (0.03) –
Closing balance of fair value of plan assets 2.50 2.44 15.91 15.63
e) The major components of plan assets as a percentage of total plan assets are as follows:

2016-17 2015-16 2016-17 2015-16
Government of India securities – – 20% 26%

State government securities – – 21% 16%
Special deposit schemes – – 8% 9%
Public sector unit bonds – – 33% 39%
Corporate bonds – – 15% 9%
Mutual funds – – 3% 1%
Policy of insurance 100% 100% – –
Total 100% 100% 100% 100%
f) Principal actuarial assumptions at the Balance Sheet date:
1 Discount rate:
a) Gratuity plan 6.95% 7.85%
b) Trust managed provident fund plan 7.19% 7.79%
2 Expected return on plan assets:
a) Gratuity plan 6.95% 7.85%
b) Trust managed provident fund plan 8.87% 8.68%
3 Salary growth rate - Gratuity plan 6.00% 6.00%
4 Attrition rate - Gratuity plan – –
25 and below 15.00% 15.00%
26 to 35 12.00% 12.00%
36 to 45 9.00% 9.00%
46 to 55 6.00% 6.00%
56 and above 3.00% 3.00%
5 Mortality rate Indian Assured Indian Assured
Lives Mortality Lives Mortality
(2006-08) Table (2006-08) Table
S-3345

g) The amounts pertaining to defined benefit plans are as follows:
S. Particulars As at As at As at As at As at
No. 31.03.2017 31.03.2016 31.03.2015 31.03.2014 31.03.2013
R crore R crore R crore R crore R crore
1 Gratuity plan (funded)

Defined benefit obligation 3.45 3.19 2.49 2.03 2.06
Plan assets 2.50 2.44 2.24 1.89 1.66
Surplus / (Deficit) (0.95) (0.75) (0.25) (0.14) (0.40)
2 Trust managed provident fund plan
Plan assets 15.91 15.63 12.55 9.92 7.34
Surplus / (Deficit) (0.17) (0.17) (0.06) (0.43) (0.18)
3 Experience adjustments
Experience adjustments on (0.05)
0.67
plan liabilities
Refer note g(i)
Experience adjustments on 0.04
(0.04)
plan assets
Note g(i)
Due to non availability of information for the previous years experience adjustment of plan liabilities and assets for the respective years
has not been disclosed.
h) Expected contribution towards gratuity to be made in the next financial year is R 0.95 crore (Previous year R0.75 crore)
C. Compensated Absences
The significant assumptions considered by the independent actuary in carrying out the actuarial valuation of long term compensated absences
are given below:
Assumptions
Discount Rate 6.95% 7.85%
Future Salary Increase 6.00% 6.00%
Attrition Rate
Age Band
25 and below 15.00% 15.00%
26 to 35 12.00% 12.00%
36 to 45 9.00% 9.00%
46 to 55 6.00% 6.00%
56 and above 3.00% 3.00%
D. Retention Pay
The significant assumptions considered by the independent actuary in carrying out the actuarial valuation of retention pay are given below:
Discount Rate 6.95% 7.20%

Mortality Rate Indian Assured Indian Assured
(2006-08) Table (2006-08) Table
S-3346

R(7) Details of Specified Bank Notes (SBN) held and transacted during the period 08 November 2016 to 30 December 2016 as provided below:
Particulars SBNs Other denomination notes Total

Closing cash in hand as on 08 November 2016 – – –
Add: Permitted receipts – – –
Less: Permitted payments – – –
Less: Amount deposited in banks – – –
Closing cash in hand as on 30 December 2016 – – –
R(8) Segment information has been presented in the Consolidated Financial Statements as permitted by the Accounting Standard (AS 17) on
Segment Reporting as notified under the Companies (Indian Accounting Standards) Rules, 2015.
R(9) Expenditure in foreign currency

R crore R crore
Subscription fee 0.11 0.12

Professional fees 0.05 –
Travelling expenses 0.13 0.01
R(10) Earnings in Foreign Currency - R Nil (previous year R Nil). The Company had no foreign currency exposures as at 31 March 2017 (previous year
Nil) .
R(11) Disclosure pursuant to Accounting Standard (AS)-18 on Related Party Disclosures

(i) List of related parties:
Holding company Larsen & Toubro Limited
Entity excercising significant influence CPP Investment Board Singaporean Holdings 1 Pte. Limited
Subsidiary companies 1 L&T Transportation Infrastructure Limited
2 Krishnagiri Thopur Toll Road Limited
3 Vadodara Bharuch Tollway Limited [refer note F(VII)]
4 Western Andhra Tollways Limited [refer note F(VII)]
5 L&T Interstate Road Corridor Limited
6 Panipat Elevated Corridor Limited [refer note F(VII)]
7 Ahmedabad - Maliya Tollway Limited [refer note F(VII)]
8 L&T Halol - Shamlaji Tollway Limited [refer note F(VII)]
9 L&T Rajkot - Vadinar Tollway Limited [refer note F(VII)]
10 L&T Chennai - Tada Tollway Limited [refer note R(15)]
11 L&T Samakhiali Gandhidham Tollway Limited
12 L&T Krishnagiri Walajahpet Tollway Limited [refer note F(VII)]
13 Devihalli Hassan Tollway Limited
14 L&T BPP Tollway Limited
15 L&T Deccan Tollways Limited
16 L&T Western India Tollbridge Limited
17 L&T Port Kachchigarh Limited
18 L&T Infrastructure Development Projects Lanka (Private) Limited
(upto 6 May 2016) [refer note R(14)]
19 L&T IDPL Trustee Manager Pte. Limited
20 PNG Tollway Limited [refer note R(15)]
21 Kudgi Transmission Limited
S-3347

22 L&T Sambalpur - Rourkela Tollway Limited
23 L&T Metro Rail (Hyderabad) Limited (upto 29 March 2017) [refer note F(V)]
Associates International Seaports Haldia (Private) Limited
Fellow Subsidiaries 1 L&T Shipbuilding Limited

2 L&T Hydrocarbon Engineering Limited
3 Larsen & Toubro Infotech Limited
4 L&T Infrastructure Engineering Limited
5 L&T Power Development Limited
6 L&T General Insurance Company Limited
7 L&T Metro Rail (Hyderabad) Limited (from 29 March 2017) [refer note F(V)]
Key Management Personnel Mr. K. Venkatesh, Chief Executive & Managing Director
(ii) Details of transactions with related parties:
2016-17 2015-16
Amount Amounts for Amount Amounts for
Nature of transaction/ relationship/ major parties
major parties major parties
1. Purchase of goods and services incl. taxes
Holding company, Larsen & Toubro Limited 404.78 547.97
Subsidiaries & fellow subsidiaries 1.03 1.20
405.81 549.17
2. Sale of Goods/Contract revenue and Services rendered incl. taxes
Subsidiaries & fellow subsidiaries, including: 497.75 931.74
Kudgi Transmission Limited 93.79 565.73
L&T Sambalpur - Rourkela Tollway Limited 403.96 313.73
505.04 938.13
3. Purchase of assets
Subsidiaries including 0.09 –
PNG Tollway Limited 0.07
L&T BPP Tollway Limited 0.01
0.09 –
4. Sale of assets
0.08 0.07
5. Subscription to equity and preference shares (incl. advance paid)
Subsidiaries, including: 213.32 865.50
L&T Deccan Tollways Limited 66.34 –
L&T Ahmedabad - Maliya Tollway Limited 14.68 197.32
L&T Halol - Shamlaji Tollway Limited – 259.02
L&T Rajkot - Vadinar Tollway Limited 7.45 118.04
L&T Metro Rail (Hyderabad) Limited 31.22 48.77
213.32 865.50
S-3348

2016-17 2015-16
6. Conversion of loan and interest accrued to preference shares
Subsidiaries, including: 103.91 136.60
Panipat Elevated Corridor Limited 45.75
PNG Tollway Limited – 91.11
L&T Samakhiali Gandhidham Tollway Limited 48.53 45.49
103.91 136.60
7. Conversion of mezzanine debt to equity shares
Subsidiary
L&T Halol - Shamlaji Tollway Limited 130.50 –
130.50 –
8. Rent paid incl.taxes
2.22 2.54
9. Rent received incl. taxes
Subsidiary 0.10 0.10
L&T Metro Rail (Hyderabad) Limited 0.10 0.10
0.10 0.10
10. Interest expense
Holding company, Larsen & Toubro Limited – –
Subsidiaries including 15.19 8.02
L&T Transportation Infrastructure Limited 10.08 6.46
L&T Western India Tollbridge Limited 2.16 1.56
Vadodara Bharuch Tollway Limited 2.95 –
15.19 8.02
11. Interest income
Holding company, Larsen & Toubro Limited – 3.89
L&T Panipat Elevated Corridor Limited 23.72 28.66
L&T Rajkot - Vadinar Tollway Limited – 2.20
26.41 77.64
12. Reimbursement of expenses charged from
L&T Vadodara Bharuch Tollway Limited 0.01 0.13
0.96 0.55
13. Reimbursement of expenses charged to
L&T Vadodara Bharuch Tollway Limited 0.05 0.28
L&T Halol - Shamlaji Tollway Limited 0.03 0.23
Kudgi Transmission Limited 0.12 0.14
0.40 1.36
S-3349

2016-17 2015-16
14. ICD / Mezzanine Debt / Unsecured Loan granted
Ahmedabad - Maliya Tollway Limited 9.46 –
L&T Samakhiali Gandhidham Tollway Limited 18.36
Kudgi Transmission Limited 22.85
L&T BPP Tollway Limited 2.00 15.00
77.57 1,349.55
15. ICD / Mezzanine Debt / Unsecured Loan received back
Devihalli Hassan Tollway Limited 9.70
L&T Krishnagiri Walajahpet Tollway Limited 53.96
89.12 1,592.30
16. ICD / Promoters Loan / Mezzanine Debt received
887.61 949.35
17. ICD / Promoters Loan / Mezzanine Debt repaid
Subsidiaries including 1,094.61 742.35
1,094.61 742.35
18. Debentures received back
15.00 15.00
19. Other advances paid
Subsidiaries including 57.04 –
PNG Tollway Limited 51.17 –
57.04 –
20. Dividend received
Associate 1.47 2.46
International Seaports Haldia (Private) Limited 1.47 2.46
1.47 2.46
21. Purchase of equity shares in Subsidiary
– 21.54
S-3350

2016-17 2015-16
22. Sale of equity shares in Subsidiary at cost
Holding company, Larsen & Toubro Limited 2,041.57 –
2,041.57 –
23. Advance paid for purchase of equity shares
– 22.42
24. Transfer of employee scheme assets to
– 0.04
25. Transfer of employee scheme assets from
– 0.06
26. Refundable deposit paid for directors’ nomination
Subsidiaries including: 0.33 0.38
L&T Metro Rail (Hyderabad) Limited 0.04 –
0.33 0.38
27. Subscription of commercial papers by subsidiaries 150.00 –
Krishnagiri Thopur Toll Road Limited 45.00 –
Western Andhra Tollways Limited 55.00 –
150.00 –
28. Issue of Compulsorily Convertible Preference Shares
Entity exercising significant influence
CPP Investment Board Singaporean Holdings 1 Pte. Limited – 1,000.00
– 1,000.00
“Major parties” denote entities who account for 10% or more of the aggregate for that category of transaction during respective year.
(iii) Amount due to and due from related parties (Net) :

2016-17 2015-16
Particulars Due to Due from Due to Due from
i. Holding company
Larsen & Toubro Limited – 10.91 – 16.05
ii. Subsidiaries
L&T Western India Tollbridge Limited – 0.34 32.02 –
L&T Transportation Infrastructure Limited – 0.02 175.00 –
Panipat Elevated Corridor Limited – 236.17 – 302.34
Vadodara Bharuch Tollway Limited – 0.28 – 0.01
L&T Infrastructure Development Projects Lanka (Private) Limited – – – 0.95
Ahmedabad - Maliya Tollway Limited – 100.22 – 100.06
L&T Halol - Shamlaji Tollway Limited – 0.24 – 130.57
L&T Metro Rail (Hyderabad) Limited – – – 0.41
Western Andhra Tollways Limited 29.80 – – 2.76
L&T Interstate Road Corridor Limited – – – 0.08
S-3351

2016-17 2015-16
Particulars Due to Due from Due to Due from
L&T Port Kachchigarh Limited – 5.45 – 0.43
L&T Samakhiali Gandhidham Tollway Limited – 37.99 – 66.90
L&T Krishnagiri Walajahpet Tollway Limited – 6.00 – 58.22
Krishnagiri Thopur Toll Road Limited 19.09 – – 3.39
L&T BPP Tollway Limited – 370.88 – 368.89
Devihalli Hassan Tollway Limited – 13.07 – 20.54
PNG Tollway Limited – 359.85 – 308.83
L&T Rajkot - Vadinar Tollway Limited – 111.02 – 110.09
L&T Deccan Tollways Limited – 0.48 – 0.93
Kudgi Transmission Limited – 148.01 – 84.17
L&T Sambalpur - Rourkela Tollway Limited 188.90 – 91.04 –
L&T Chennai - Tada Tollway Limited – 12.51 – 11.67
iii. Fellow subsidiaries
L&T Metro Rail (Hyderabad) Limited 0.01 – – –
L&T Shipbuilding Limited – 1.28 – 1.00
Larsen &Toubro Infotech Limited – – 0.06 –
L&T Hydrocarbon Engineering Limited – 0.04 – 0.01
L&T Infrastructure Engineering Limited – – 0.17 –
(iv) No amount due to or due from related parties has been written back or written off during the year or previous year. Also refer note R(16)
in respect of provisions created for investments / loans and advances given to certain subsidiaries.
(v) No managerial remuneration is payable to the Chief Executive and Managing Director of the Company, who is on deputation from the
Holding Company, for the year ended 31 March 2017 as per the terms of his appointment. (Previous year Nil).
(vi) As per the arrangement that the Company has with its Holding Company/ Subsidiaries (together referred to as the ‘Group Company’),
the common cost incurred by the Company/ Group Companies are accounted for in the Financial Statements of the Company to the
extent, of actual debit, raised by/ raised on the Company as/ by the Group Companies.
(vii) Also refer notes A, F, J, H and R(15).
R(12)The Company had received a notice dated 20 April 2015 from Maharashtra Airport Development Company Limited (MADC), as per which
MADC has instructed to hand over the possession of 50.85 acres of vacant land taken on ninety nine years lease at Nagpur, within a period of
15 days, as the Company has not commenced commercial activities by 20 June 2013. Accordingly, the book value of premium paid to MADC
as at 31 March 2017 of R 14.20 crore (As at 31 March 2016 R 14.20 crore) has been reclassified as Other Advances - advance recoverable
in cash or kind. The Company is confident of realizing the said amount in terms of the Co-Developers Agreement dated 20 June 2008 signed
by the Company with MADC.
R(13)As at 31 March 2017 and as at 31 March 2016, based on and to the extent of information received from the suppliers regarding their registration
as Micro, Small and Medium Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006, there are no amounts
outstanding in respect of these vendors and hence no disclosure of the information is required under the said Act relating to them has been made.
R(14)The Company has divested its stake in L&T Infrastructure Development Projects Lanka (Private) Limited vide Share Purchase Agreement
dated 04 April 2016. The transaction has resulted in exceptional gain of R 2.43 crore ( R 37.57 crore of loss on sale less provision of R 40 crore
released during the current year) this amount has been disclosed as Exceptional Item in the Statement of Profit and Loss for the year ended
31 March 2017 [refer note R(16)].
R(15)As at 31 March 2017, an amount of R 186.19 crore, net of estimated provision for diminution of R 492 crore (As at 31 March 2016 R 226.34
crore, net of estimated provision for diminution of R 400 crore), is reflected as net carrying value of investments/receivables relating to two
subsidiaries of the Company, engaged in infrastructure projects, which have terminated the concession agreements entered into with National
Highway Authorities of India (NHAI). The nature of default and the termination amount claimed has not been accepted by the NHAI and
arbitration proceedings have been initiated in respect of the disputes relating to the termination payments/claims.
The Company has carried out an assessment of its exposure in these projects duly considering the expected payments arising out of the
aforesaid termination, likely outcome of the arbitration proceedings, contractual stipulations/ interpretation of the relevant clauses including
the possible obligations to lenders, legal advice, etc. and believes that the amount of net investments and receivables carried in the books is
good for recovery and no additional provision/adjustment to the carrying value of the said investments/receivables is considered necessary
as at 31 March 2017. [refer note R(16)].
S-3352

R(16)Exceptional Items:
Particulars As at As at Note Reference
31.03.2017 31.03.2016
Provision (reversed)/made for diminution in value of investment in subsidiaries held for sale (2.43) 40.00 Note R(14)
Provision for diminution in value of investment/receivables in subsidiaries where the 92.00 400.00 Note R(15)
concession agreements are terminated/ under termination
Provision for diminution in value of investment/loans and advances in subsidiaries 196.00 133.00 Note F(VII)
having net worth erosion
Total 285.57 573.00
R(17)The Board of Directors and the shareholders of the Company approved the proposed merger of two of its subsidiaries namely, L&T Port
Kachchigarh Limited and L&T Western India Tollbridge Limited with the Company with effect from 1 April 2016 subject to the regulatory/ other
required approvals.
R(18) Movement in Contingent Provision against Standard Assets during the year is as under:
Particulars For the year For the year

ended ended
31 March 2017 31 March 2016
R crore R crore
Opening Balance 3.80 –

Additions during the year – 3.80
Reversed/ utilised during the year 0.40 -
Closing Balance 3.40 3.80
Long-term Provision [refer note C(III)] 2.90 2.94
Short-term Provision [refer note D(IV)] 0.50 0.86
As required in terms of paragraph 10 of Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2015 every Non-Banking Financial Company shall make provision for standard asset at 0.35 per
cent by end of March 2017.
R(19) Core Investment Company (CIC) Compliance Ratios:
S.No Particulars As at As at
31.03.2017 31.03.2016
(i) Investments and loans (Net of provisions) to group companies as a proportion of Net Assets (%) 91% 91%
(ii) Investments in equity shares and compulsorily convertible instruments of group companies 77% 67%
(Gross) as a proportion of Net Assets (%)
(iii) Investments in equity shares and compulsorily convertible instruments of group companies (Net 63% 62%
of provisions) as a proportion of Net Assets (%)
(iv) Capital Ratio (%) [Adjusted Net Worth/Risk Weighted Assets] 100% 78%
(v) Leverage Ratio (Times) [Outside Liabilities/Adjusted Net Worth] 0.29 0.29
R(20)Schedule to the Balance Sheet of a Non-Banking Financial Company as required by RBI as per the Circular RBI/2008-09/116 DNBS(PD).
CC.No. 125/ 03.05.002/ 2008-09, Guidelines for NBFC-ND-SI as regards capital adequacy, liquidity and disclosure norms:
1) Capital Risk Adequacy Ratio:
As per RBI Master Circular RBI/2015-16/13 DNBR (PD) CC. No.043 / 03.10.119 / 2015-16 maintenance of Capital Adequacy Ratio is not
applicable.
2) Exposure to Real Estate Sector
Category 2016-17 2015-16
a) Direct Exposure
(i) Residential Mortgages
Lending secured by mortgages on residential property that is or will be occupied by the Nil Nil
borrower or the property is rented; (Individual housing loans upto R 15 lakh may be shown
separately)
S-3353

Category 2016-17 2015-16
(ii) Commercial Real Estate

Lending secured by mortgages on commercial real estates (office buildings, retail space, Nil Nil
multipurpose commercial premises, multi-family residential buildings, multi-tenanted
commercial premises, industrial or warehouse space, hotels, land acquisition, development
and construction, etc.). Exposure would also include non-fund based (NFB) limits;
(iii) Investments in Mortgage Backed Securities (MBS) and other securitised exposures
a) Residential Nil Nil
b) Commercial Real Estate Nil Nil
b) Indirect Exposure
Fund based and non-fund based exposures on National Housing Bank (NHB) and Housing Nil Nil
Finance Companies (HFCs).
3) Asset Liability Management
Maturity pattern of certain items of assets and liabilities
Assets and liabilities as at 31.03.2017
Particulars Liabilities Assets

Borrowings from Market Advances Investments (Net
banks Borrowings (Net of provision) of provision)
1 day to 30/31 days (one month) – 215.00 – 575.00
Over one month to 2 months – – – –
Over 2 months upto 3 months – – – –
Over 3 months to 6 months – – – –
Over 6 months to 1 year – – 135.90 42.00
Over 1 year to 3 years – 40.00 – 40.00
Over 3 years to 5 years – 50.00 – 50.00
Over 5 years – 280.00 650.60 2,664.70
Total – 585.00 786.50 3,371.70
Assets and liabilities as at 31.03.2016
Particulars Liabilities Assets

Borrowings from Market Advances Investments (Net
banks Borrowings (Net of provision) of provision)
1 day to 30/31 days (one month) – 15.00 – 15.00
Over one month to 2 months – – – –
Over 2 months upto 3 months – – – –
Over 3 months to 6 months – – – –
Over 6 months to 1 year – 207.00 315.36 371.97
Over 1 year to 3 years – 35.00 – 35.00
Over 3 years to 5 years 100.00 45.00 – 45.00
Over 5 years 150.00 55.00 770.85 4,185.87
Total 250.00 357.00 1,086.21 4,652.84
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R(21)Schedule to the Balance Sheet of a non-deposit taking non-banking financial company as required in terms of paragraph 13 of Systemically
Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015.
Liabilities side :
1) Loans and advances availed by the non-banking financial company inclusive of interest accrued thereon but not paid:
Amount Amount Overdue Amount Amount Overdue
Outstanding Outstanding
(a) Debentures
Secured 147.61 – 164.02 –
Unsecured 255.65 – – –
(other than falling within the meaning of public deposits) – – –
(b) Deferred Credits – – –
(c) Term Loans – – 251.19 –
(d) Inter-corporate loans and borrowing – – 207.44 –
(e) Commercial Paper 200.00 – – –
(f) Other Loans – – –
Assets side :
2) Break-up of Loans and Advances including bills receivables (Net of provision) [other than those included in (4) below] :

Amount Amount
R crore R crore
(a) Secured - -
(b) Unsecured 786.50 1,086.21
3) Break up of Leased Assets and stock on hire and other assets counting towards Asset Finance Company (AFC) activities:

Amount Amount
R crore R crore
(i) Lease assets including lease rentals under sundry debtors :
(a) Financial lease – –
(b) Operating lease – –
(ii) Stock on hire including hire charges under sundry debtors:
(a) Assets on hire – –
(b) Repossessed Assets – –
(iii) Other loans counting towards AFC activities
(a) Loans where assets have been repossessed – –
(b) Loans other than (a) above – –
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4) Break-up of Investments: (Amount net of provision)

Amount Amount
(Net of diminution) (Net of diminution)
R crore R crore
Current Investments: (Net of provision)
1 Quoted :
(i) Shares:
(a) Equity – –
(b) Preference – –
(ii) Debentures and Bonds – –
(iii) Units of mutual funds 560.00 –
(iv) Government Securities – –
(v) Others – –
2 Unquoted:
(i) Shares:
(a) Equity 42.00 112.95
(b) Preference – 259.02
(ii) Debentures and Bonds 15.00 15.00
(iii) Units of mutual funds – –
(v) Others – –
Long Term Investments: (Net of provision)
1 Quoted :
(i) Shares
(a) Equity – –
(b) Preference – –
(ii) Debentures and Bonds – –
(v) Others – –
2 Unquoted:
(i) Shares:
(a) Equity 1,928.85 3,700.02
(b) Preference 635.85 360.85
(ii) Debentures and Bonds 190.00 205.00
(v) Others – –
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5) Borrower group-wise classification of assets financed as in (2) and (3) above : (Amount net of provision)
Particulars As at 31.03.2017
Secured Unsecured Total
R crore R crore R crore
1 Related Parties
(a) Subsidiaries – 652.37 652.37
(b) Companies in the same group – – –
(c) Other related parties – 28.90 28.90
2 Other than related parties – 105.23 105.23
Total – 786.50 786.50
Particulars As at 31.03.2016
Secured Unsecured Total
R crore R crore R crore
1 Related Parties
(a) Subsidiaries – 917.99 917.99
(b) Companies in the same group – – –
(c) Other related parties – 96.06 96.06
2 Other than related parties – 72.16 72.16
Total – 1,086.21 1,086.21
6) Investor group-wise classification of all investments (current and long term) in shares and securities (both quoted and unquoted):

Market Value / Book Value (Net of Market Value / Book Value (Net of
Break up or Fair Provision) Break up or Fair Provision)
value or NAV value or NAV
1 Related Parties
(a) Subsidiaries 2,787.01 2,787.01 4,628.15 4,628.15
(b) Companies in the same group – – – –
(c) Other related parties 9.83 9.83 9.83 9.83
2 Other than related parties 14.86 14.86 14.86 14.86
Total 2,811.70 2,811.70 4,652.84 4,652.84
Market Value / Break up or Fair value or NAV is taken as same as book value in case of unquoted shares in absence of Market value /
Break up value or Fair value or NAV.
S-3357

7) Other information

R crore R crore
(i) Gross Non-Performing Assets

(a) Related parties – –
(b) Other than related parties – –
(ii) Net Non-Performing Assets
(a) Related parties – –
(b) Other than related parties – –
(iii)Assets acquired in satisfaction of debt – –
Note:
(i) The disclosures required under the Master Circular – “Systemically Important Non-Banking Financial (Non-Deposit Accepting or
Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015” and Master Circular– Regulatory Framework for Core
Investment Companies (CICs) for CICs, as applicable to the Company has been made duly considering the nature/ other infrastructure
project execution activities of the Company.
R(22) Previous period/year figures have been regrouped and reclassified, to the extent practical/necessary, duly considering the reporting requirements.
S SIGNIFICANT ACCOUNTING POLICIES

1. Basis of accounting
The Company maintains its accounts on accrual basis following the historical cost convention, in accordance with Generally Accepted
Accounting Principles in India [“GAAP”] in compliance with the provisions of the Companies Act, 2013 and the Accounting Standards
prescribed under section 133 of the Companies Act, 2013 and relevant provisions of the Companies Act, 1956 read with the Circular
No.07/2014 dated 01 April 2014 of the Ministry of Corporate Affairs.
Further, the Company has been issued a certificate of registration from the Reserve Bank of India (RBI), to commence/carry on the
business of non-banking financial institution without accepting public deposits subject to certain conditions as mentioned by the RBI
and is covered as a systemically important non-deposit taking core investment company (CIC-ND-SI). Since the Company is covered
as a CIC-ND-SI effective 01 April 01 2015, based on the letter dated 12 January 2015 acknowledged by the RBI the presentation and
accounting in these financial statements has been done duly considering the same and the directions issued by the (RBI) for CIC-ND-SI,
as applicable.
The accounting policies followed in the preparation of the financial statements are consistent with those followed in the previous year.
2. Use of estimates and other matters involving Management assessment
The preparation of financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses
during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable.
Actual results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the
periods in which the results are known / materialize. Estimates include the useful lives of tangible and intangible fixed assets, provisions
for resurfacing obligations, employee benefit plans, provision for income taxes and provision for diminution in the value of investments.
The financial statements of the Company have been prepared in accordance with the significant accounting policies duly considering
Management’s assessment of various matters relating to arbitration/termination proceedings, future projections etc, which are significant to
the Company and the final outcome of these matters, including legal/contractual interpretations, where applicable, could have a significant
impact on the financial statements and the Management’s evaluation of the same is very critical and fundamental to the preparation of
these financial statements.
3. Presentation of financial statements

The Balance Sheet and the Statement of Profit and Loss are prepared and presented in the format prescribed in Schedule III to the
Companies Act, 2013 (“the Act”). The Cash Flow Statement has been prepared and presented as per the requirements of Accounting
Standard (AS) 3 “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 and the Listing Agreement.
Amounts in the financial statements are presented in Indian Rupees in crore [1 crore = 10 million] rounded off to two decimal places in
line with the requirements of Schedule III. Per share data are presented in Indian Rupees to two decimal places.
S-3358

4. Revenue recognition
(i) Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be
reliably measured.
(ii) Interest income is recognized on a time proportion basis taking into account the amount outstanding and the applicable rate. Interest
Income on non-performing assets is recognized upon realization, as per guidelines issued by the Reserve Bank of India.
(iii) Profit/loss on sale of investments is recognised at the time of actual sale/redemption.
(iv) Dividend income is recognised when the right to receive the same is established by the reporting date.
(v) Revenue from windmill operations is recognised based on contractual agreements.
(vi) Contract revenue from construction activity on fixed price contracts is recognized only to the extent of cost incurred till such time
the outcome of the job cannot be ascertained reliably. When the outcome of the contract is ascertained reliably, contract revenue
is recognized at cost of work performed on the contract plus proportionate margin, using percentage of completion method.
Percentage of completion is determined based on the proportion of actual cost incurred to the total estimated cost of the project.
The percentage of completion method is applied on a cumulative basis in each accounting period to the current estimates of
contract revenue and contract costs. The effect of a change in the estimate of contract revenue or contract costs, or the effect of a
change in the estimate of the outcome of a contract, is accounted for as a change in accounting estimate and the effect of which
are recognized in the Statement of Profit and Loss in the period in which the change is made and in subsequent periods.
For the purposes of recognizing revenue, contract revenue comprises the initial amount of revenue agreed in the contract, the
variations in contract work, claims and incentive payments to the extent that it is probable that they will result in revenue and they
are capable of being reliably measured.
For this purpose, actual cost includes cost of land and developmental rights but excludes borrowing cost. Expected loss, if any, on
the construction activity is recognized as an expense in the period in which it is foreseen, irrespective of the stage of completion of
the contract.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognized as an expense in
the Statement of Profit and Loss in the period in which such probability occurs.
(vii) Other items of income are recognised as and when the right to receive arises.
5. Employee benefits
Employee benefits include provident fund, superannuation fund, employee state insurance scheme, gratuity fund, compensated absences,
long service awards and post-employment medical benefits.
(i) Short term employee benefits
The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees are
recognized during the year when the employees render the service. These benefits include performance incentive and compensated
absences which are expected to occur within twelve months after the end of the period in which the employee renders the related
service.
The cost of short-term compensated absences is accounted as under :
(a) in case of accumulated compensated absences, when employees render the services that increase their entitlement of future
compensated absences; and
(b) in case of non-accumulating compensated absences, when the absences occur.
(ii) Post employment benefits
(a) Defined contribution plans:
The Company’s superannuation scheme and State governed provident fund linked with employee pension scheme are defined
contribution plans. The contribution paid/ payable under the scheme is recognised during the period in which the employee
renders the related service.
(b) Defined benefit plans:
The employees’ gratuity fund scheme and the provident fund scheme managed by the trust of the Holding Company are the
Company’s defined benefit plans. The present value of the obligation under such defined benefit plans is determined based on
actuarial valuation using the Projected Unit Credit Method, which recognises 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.
The obligation is measured at the present value of the estimated future cash flows. The discount rate used for determining the
present value of the obligation under defined benefit plans, is based on the market yield on government securities of a maturity
period equivalent to the weighted average maturity profile of the related obligations at the Balance Sheet date. Actuarial gains
and losses are recognized immediately in the Statement of Profit and Loss.
(iii) Other long term employee benefits:
The obligation for long term employee benefits such as long term compensated absences, liability on account of Retention Pay
Scheme are recognised in the same manner as in the case of defined benefit plans as mentioned in (ii)(b) above.
S-3359

6. Tangible fixed assets
Fixed assets are stated at original cost net of tax/duty credits availed, if any, less accumulated depreciation and cumulative impairment.
Administrative and other general overhead expenses that are specifically attributable to the construction or acquisition of fixed assets or
bringing the fixed assets to working condition are allocated and capitalized as part of the cost of the fixed assets.
7. Leases
Finance leases :
(i) Where the Company as a lessor leases assets under finance leases, such amounts are recognized as receivables at an amount
equal to the net investment in the lease and the finance income is recognized based on a constant rate of return on the outstanding
net investment.
(ii) Assets leased by the Company in its capacity as a lessee, where substantially all the risks and rewards of ownership vest in the
Company are classified as finance leases. Such leases are capitalized at the inception of the lease at the lower of the fair value
and the present value of the minimum lease payments and a liability is created for an equivalent amount. Each lease rental paid is
allocated between the liability and the interest cost so as to obtain a constant periodic rate of interest on the outstanding liability for
each year.
Operating leases :
(i) Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognized
as operating leases.
(ii) Lease rentals under operating leases are recognized in the Statement of Profit and Loss on a straight-line basis over the lease term.
(iii) Assets leased out under operating leases are capitalized. Rental income is recognized over the lease term.
8. Depreciation
a. Owned assets :
Depreciation on assets have been provided on straight-line method on the basis of useful life as specified in the Schedule II of the
Companies Act, 2013, except for the following categories of assets:
Category of Asset Useful life adopted by the Company (years)
(i) Plant & Equipment - Wind Power Generation Plant 20
(ii) Motor cars 5
(iii) Office equipments
a) Multifunctional devices printers, switches and projectors 4
(iv) Building - Residential 50
(v) Plant and Machinery
a) D.G. Set 12
b) Air-conditioning and refrigeration equipment 12
c) Split AC and Window AC 4
Depreciation on additions/ deductions is calculated pro-rata from/to the month of additions/ deductions.
The Company has carried out an assessment of the useful lives of these assets and based on technical evaluation, different
useful lives have been arrived at in respect of above assets.
The justification for adopting different useful life compared to the useful life of assets provided in Schedule II is based on the
consumption pattern of the assets, past performance of similar assets and peer industry comparison duly supported by technical
assessment from internal technical personnel.
b. Leasehold land
Land acquired under long term lease is classified under “tangible assets” and is depreciated over the period of lease.
9. Intangible assets and amortisation

Intangible assets are recognized when it is probable that future economic benefits that are attributable to the asset will flow to the enterprise
and the cost of the asset can be measured reliably.
S-3360

Intangible assets are stated at original cost net of tax/duty credits availed, if any, less accumulated amortization and cumulative impairment.
Specialized software is amortized over a period of three years on straight line basis from the month in which the addition is made.
Administrative and other general overhead expenses that are directly attributable to development or acquisition of intangible assets are
allocated and capitalized as part of cost of the intangible assets.
Amortisation on impaired assets is provided by adjusting the amortisation charges in the remaining periods so as to allocate the assets’
revised carrying amount over its remaining useful life.
10. Impairment of assets

As at each Balance Sheet date, the carrying amount of asset is tested for impairment so as to determine :
(i) the provision for impairment loss, if any; and
(ii) the reversal of impairment loss recognised in previous periods, if any,
Impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount.
Recoverable amount is determined :
a. In the case of an individual asset, at the higher of the net selling price and the value in use.
b. In the case of a cash generating unit ( a group of assets that generates identified, independent cash flows), at the higher of the cash
generating unit’s net selling price and the value in use.
(Value in use is determined at the present value of estimated future cash flows from the continuing use of an asset and from its disposal
at the end of its useful life)
11. Investments
Trade investments comprise investments in entities in which the Company has strategic business interest.
Investments, which are readily realisable and are intended to be held for not more than one year and investments in subsidiaries where
projects are under termination, are classified as current investments. All other investments are classified as long term investments.
Long-term investments (excluding investment properties), are carried individually at cost less provision for diminution, other than temporary,
in the value of such investments. Current investments are carried individually, at the lower of cost and fair value. Cost of investments
include acquisition charges such as brokerage, fees and duties. The determination of carrying amount of such investments is done on
the basis of weighted average cost of each individual investment.
Current investments are stated at lower of cost or market value.
12. Cash and bank balances
Cash and bank balances also include fixed deposits, margin money deposits, earmarked balances with banks and other bank balances
which have restrictions on repatriation. Short term and liquid investments being not free from more than insignificant risk of change are
not included as part of cash and cash equivalents.
13. Cash flow statement
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of
transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating,
investing and financing activities of the Company are segregated based on the available information. Cash and cash equivalents (including
bank balances) are reflected as such in the Cash Flow Statement. Those cash and cash equivalents which are not available for general
use as on the date of the Balance Sheet are also included under this category with a specific disclosure.
14. Borrowing costs
Borrowing costs include interest, amortization of ancillary costs incurred and exchange differences arising from foreign currency borrowings
to the extent they are regarded as an adjustment to the interest cost. Costs in connection with the borrowing of funds to the extent not
directly related to the acquisition of qualifying assets are charged to the Statement of Profit and Loss over the tenure of the loan.
Borrowing costs, allocated to and utilized for qualifying assets, pertaining to the period from commencement of activities relating to
development of the qualifying asset up to the date of capitalization of such asset are added to the cost of the assets. Capitalization of
borrowing costs is suspended and charged to the Statement of Profit and Loss during extended periods when active development activity
on the qualifying assets is interrupted.
15. Foreign currency transactions
(i) The reporting currency of the Company is the Indian Rupee.
(ii) Foreign currency transactions are recorded on initial recognition in the reporting currency, using the exchange rate at the date of the
transaction. At each Balance Sheet date, foreign currency monetary items are reported using the closing rate. Non-monetary items
carried at historical cost denominated in a foreign currency, are reported using the exchange rate on the date of the transaction.
(iii) Exchange differences that arise on settlement of monetary items or on reporting of monetary items at each Balance Sheet date at
the closing rate are recognized as income or expense in the period in which they arise.
S-3361

16. Earnings per share
Basic earnings per share is computed by dividing the profit / (loss) for the year by the weighted average number of equity shares outstanding
during the year. Diluted earnings per share is computed by dividing the profit / (loss) for the year as adjusted for dividend, interest and
other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average
number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which
could have been issued on the conversion of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only
if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity
shares are deemed to be converted as at the beginning of the period, unless they have been issued at a later date. The dilutive potential
equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e. average market value of the
outstanding shares). Dilutive potential equity shares are determined independently for each period presented. The number of equity shares
and potentially dilutive equity shares are adjusted for share splits / reverse share splits and bonus shares, as appropriate.
17. Taxes on income

Provision for tax expense comprises current tax and deferred tax.
Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the applicable tax rates
and the provisions of the Income Tax Act, 1961 and other applicable tax laws.
Minimum Alternative Tax (‘MAT’) credit is recognised as an asset only when and to the extent there is convincing evidence that the
Company will pay normal income tax during the specified period. In the year in which the MAT credit becomes eligible to be recognized
as an asset in accordance with the provisions contained in the Guidance Note issued by The Institute of Chartered Accountants of India
(ICAI), the said asset is created by way of a credit to the statement of profit and loss and shown as MAT credit entitlement. The Company
reviews the same at each balance sheet date and writes down the carrying amount of MAT credit entitlement to the extent there is no
longer convincing evidence to the effect that the Company will pay normal Income Tax during the specified period.
Deferred tax is recognised, on timing differences, being the differences between the taxable income and the accounting income that
originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and
the tax laws enacted or substantively enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences.
Deferred tax assets are recognised for timing differences of items other than unabsorbed depreciation and carry forward losses only
to the extent that reasonable certainty supported by convincing evidence exists that sufficient future taxable income will be available
against which these can be realised. However, if there are unabsorbed depreciation and carry forward of losses, deferred tax assets are
recognised only if there is virtual certainty supported by convincing evidence that there will be sufficient future taxable income available
to realise the assets. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing
tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each balance sheet date
for their realisability.
The Company offsets deferred tax assets and deferred tax liabilities, and advance income tax and provision for tax, if it has a legally
enforceable right and these relate to taxes in income levies by the same governing taxation laws.
18. Provisions, contingent liabilities and contingent assets
A provision is recognized when the Company has a present obligation as a result of past events and it is probable that an outflow of
resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at
the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent
liabilities are disclosed in the Notes. Contingent assets are neither recognised nor disclosed in the financial statements.
Provisioning for non performing assets and standard assets are made in accordance with the asset classification and provisioning norm
as issued by the Reserve Bank of India. Also refer note R(18).
19. Insurance claims
Insurance claims are accounted for on the basis of claims admitted / expected to be admitted and to the extent that the amount recoverable
can be measured reliably and it is reasonable to expect ultimate collection.
20. Service tax input credit
Service tax input credit is accounted for in the books in the period in which the underlying service received is accounted and when there
is reasonable certainty in availing / utilizing the credits.
21. Operating cycle for current/non-current classification:
Based on the nature of products / activities of the Company and the normal time between acquisition of assets and their realisation in
cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets
and liabilities as current and non-current.
22. Claims
Claims against the Company not acknowledged as debts are disclosed under contingent liabilities. Claims made by the Company are
recognized as and when the same is approved by the respective authorities with whom the claim is lodged.
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23. Commitments
Commitments are future liabilities for contractual expenditure. Commitments are classified and disclosed as follows:
(i) Estimated amount of contracts remaining to be executed on capital account and not provided for
(ii) Uncalled liability on shares and other investments partly paid
(iii) Funding related commitment to subsidiary, associate and joint venture companies and
(iv) Other non-cancellable commitments, if any, to the extent they are considered material and relevant in the opinion of management.
Other commitments related to sales/procurements made in the normal course of business are not disclosed to avoid excessive details.
For and on behalf of the Board of Directors

(DIN: 00240086)
Place : Mumbai
Date : May 10, 2017
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INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statements of L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED ( “the
Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) and its associate, comprising
of the Consolidated Balance Sheet as at 31 March 2017, the Consolidated Statement of Profit and Loss, the Consolidated Cash Flow Statement
for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Consolidated Financial Statements

The Holding Company’s Board of Directors is responsible for the preparation of these consolidated financial statements in terms of the requirements
of the Companies Act, 2013 (“the Act”) that give a true and fair view of the consolidated financial position, consolidated financial performance and
consolidated cash flows of the Group including its Associate in accordance with the accounting principles generally accepted in India, including
the Accounting Standards prescribed under Section 133 of the Act.
The respective Board of Directors of the companies included in the Group and of its associate are responsible for maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and its associate and for preventing and
detecting frauds and other irregularities; the selection and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation
of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. In conducting our audit, we have taken
into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report
under the provisions of the Act and the Rules made thereunder.
We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing specified under Section 143(10) of
the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the consolidated financial statements.
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the
Holding Company’s preparation of the consolidated financial statements that give a true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Holding Company’s Board of Directors, as well as evaluating the overall presentation of the consolidated
We believe that the audit evidence obtained by us and the audit evidence obtained by other auditors in terms of their reports referred to in sub-
paragraphs (a) and (b) of the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the consolidated
Opinion
In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of reports of the
other auditors on separate financial statements of the subsidiaries and associate referred to in the Other Matters paragraph below and read with
the matters described under Emphasis of Matters paragraph below, the aforesaid consolidated financial statements give the information required
by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the
consolidated state of affairs of the Group and its associate as at 31 March 2017, and their consolidated loss and their consolidated cash flows for
the year ended on that date.
Emphasis of Matters
We draw attention to the following matters in the Notes to consolidated financial statements:
a) As stated in Note Q(25) of the consolidated financial statements as at 31 March 2017, a net amount of R 134.16 crores (As at 31 March 2016
R 279.31 crores), is carried as the net amount recoverable towards termination compensation by two subsidiaries of the Group, engaged in
infrastructure projects, which have terminated concession agreements entered into with the National Highway Authorities of India (NHAI). The
nature of default and termination amount claimed has not been accepted by NHAI and arbitration proceedings have been initiated in respect
of the disputes relating to the termination payments/claims.
The Management has carried out an assessment of its exposure in these projects duly considering the expected payments arising out of the
aforesaid termination and the likely outcome of the arbitration proceedings, contractual stipulations/ interpretation of the relevant clauses
including the possible obligations to lenders, legal advice, etc. and believes that the net amount of recoverable carried in the books is good
for recovery and no additional provision/adjustment to the same is considered necessary as at 31 March 2017.
The above matter has also been referred to as an Emphasis of Matter in the auditor’s report of the respective subsidiaries.
b) As explained in Note Q (26) of the consolidated financial statements, the Group is carrying toll collection rights (net of amortisation/impairment)
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aggregating to R 5,687.19 crores in seven operating subsidiaries of the Company, engaged in infrastructure projects, whose net worth is fully
eroded as at 31 March 2017/undergoing restructuring due to continuous losses, as per the audited financial statements of these entities as
at 31 March 2017.
out/proposed, expected higher cash flows based on future business projections and the strategic nature of the investments etc., no additional
impairment/adjustment to the carrying value of the said toll collection rights is considered necessary by the Management as at 31 March 2017.
Our opinion is not modified in respect of these matters.
Other Matters
(a) We did not audit the financial statements of 22 subsidiaries whose financial statements reflect total assets of R 28,886.48 crores as at 31 March
2017, total revenues of R 1,748.29 crores and net cash inflows amounting to R 1,548.85 crores for the year ended on that date, as considered
in the consolidated financial statements. These financial statements and certain other adjustments carried out in the consolidated financial
statements in respect of these subsidiaries referred to in Note E(II)(c) of the consolidated financial statements have been audited/certified by
other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial statements, in so
far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in terms of subsection (3) of Section
143 of the Act, in so far as it relates to the aforesaid subsidiaries, are based solely on the reports/certificates of the other auditors.
(b) The consolidated financial statements also include the Group’s share of net profit of R 1.62 crores for the year ended 31 March 2017, as
considered in the consolidated financial statements, in respect of an associate, whose financial statements have not been audited by their
auditors and have been included based on the financial information certified by the Management of the associate and our opinion on the
consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of this associate, is based
solely on such management certified financial information. Any adjustments to these management certified financial information could have
consequential effects on the consolidated financial statements. In the absence of the audit report of the associate, we are not commenting on
the requirements of subsection (3) of Section 143 of the Act, in so far as it relates to the aforesaid associate. In our opinion and according to
the information and explanations given to us by the Management, these financial information are not material to the Group.
Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below is not modified in respect
of the above matters with respect to our reliance on the work done and the reports/certificates of other auditors and the financial information certified
by the Management.
Report on Other Legal and Regulatory Requirements

As required by Section 143(3) of the Act, based on our audit and on the consideration of the report of other auditors on separate financial statements
and the other financial information of the subsidiaries, referred in the Other Matters paragraph above we report, to the extent applicable, that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of our audit of the aforesaid consolidated financial statements.
(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have
been kept so far as it appears from our examination of those books and the reports of the other auditors.
(c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss, and the Consolidated Cash Flow Statement dealt with by this
Report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements.
(d) In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards prescribed under Section 133 of the
Act.
(e) On the basis of the written representations received from the directors of the Holding Company as on 31 March 2017 and taken on record
by the Board of Directors of the Holding Company and the reports of the statutory auditors of its subsidiary companies incorporated in India,
none of the directors of the Group companies incorporated in India is disqualified as on 31 March 2017 from being appointed as a director in
terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting and the operating effectiveness of such controls, refer to
our separate Report in “Annexure A”, which is based on the auditors’ reports of the Holding Company and its subsidiary companies incorporated
in India. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Holding Company and its subsidiary
companies incorporated in India. The audit report of the associate company is not available and, accordingly, our reporting under this clause
does not cover the associate.
(g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditor’s)
Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The consolidated financial statements disclose the impact of pending litigations on the consolidated financial position of the Group and
its associate.
ii. Provision has been made in the consolidated financial statements, as required under the applicable law or accounting standards, for
material foreseeable losses, if any, on long-term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Holding
Company and its subsidiary companies incorporated in India.
iv. The Holding Company has provided requisite disclosures in the consolidated financial statements as regards the holding and dealings
in Specified Bank Notes as defined in the Notification S.O. 3407(E) dated the 8 November 2016 of the Ministry of Finance, during the
period from 8 November 2016 to 30 December 2016 of the Group entities, as applicable. Based on audit procedures performed by us
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and the other auditors and the representations provided to us by the Management, we report that the disclosures are in accordance with
the relevant books of account maintained by these entities for the purpose of preparation of the consolidated financial statements and
as produced to us and other auditors by the Management of the respective Group entities.
(Firm’s Registration No. 117366W/W-100018)
(Partner)
Place: Mumbai
Date: 10 May 2017
ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph (f) under ‘Report on Other Legal and Regulatory Requirements’ of our report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies
Act, 2013 (“the Act”)
In conjunction with our audit of consolidated financial statements of the Group as of and for the year ended 31 March 2017, we have audited the
internal financial controls over financial reporting of L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED (“the Holding Company”)
and its subsidiary companies, which are companies incorporated in India, as of that date.
Management’s Responsibility for Internal Financial Controls

The respective Board of Directors of the Holding Company and its subsidiary companies, which are companies incorporated in India, are responsible
for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the respective
company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance
of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including
adherence to the respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted
our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by
the Institute of Chartered Accountants of India and the Standards on Auditing, prescribed under Section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was
established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial
reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of
internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors of the subsidiary companies, which are
companies incorporated in India, in terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide
a basis for our audit opinion on the Group’s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A
company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the
company’s assets that could have a material effect on the financial statements.
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Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management
override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal
financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may
become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion to the best of our information and according to the explanations given to us, the Holding Company and its subsidiary companies,
which are companies incorporated in India, have, in all material respects, an adequate internal financial controls system over financial reporting and
such internal financial controls over financial reporting were operating effectively as at 31 March 2017 based on the internal control over financial
reporting criteria established by the respective companies considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Other Matters
Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls over financial
reporting insofar as it relates to 20 subsidiary companies, which are companies incorporated in India, is based on the corresponding reports of the
auditors of such companies incorporated in India. The audit report of the associate company is not available and, accordingly, our reporting under
Section 143(3)(i) of the Act does not cover the associate. However, the size of this associate in the context of the Group is not material.

(Firm’s Registration No. 117366W/W-100018)
(Partner)
Place: Mumbai
Date: 10 May 2017
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CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2017

Particulars As at As at
31 March 2017 31 March 2016
Note No. R Crore R Crore
EQUITY AND LIABILITIES
SHAREHOLDER’S FUNDS
(a) Share capital A 2,321.06 2,321.06
(b) Reserves and surplus B 1,865.31 1,746.69
4,186.37 4,067.75
Share application money pending allotment – –
Minority interest (net) Q(3) 144.82 5.58
LIABILITIES
Non-current liabilities
(a) Long term borrowings C(I) 11,309.50 18,956.76
(b) Deferred tax liabilities (net) Q(12) 17.07 19.56
(c) Other non-current liabilities C(II) 10,865.00 11,254.63
(d) Long term provisions C(III) 586.55 383.36
22,778.12 30,614.31
Current liabilities
(a) Short term borrowings D(I) 150.00 7.75
(b) Trade payables D(II)
Total outstanding dues of micro and small enterprises – –
Total outstanding dues of creditors other than micro and small enterprises 311.25 575.89
(c) Other current liabilities D(III) 3,783.40 2,293.13
(d) Short term provisions D(IV) 18.81 14.85
4,263.46 2,891.62
TOTAL EQUITY AND LIABILITIES 31,372.77 37,579.26
ASSETS
Non-current assets
Fixed assets
(a) Tangible assets E(I) 1,501.51 98.75
(b) Intangible assets E(II) 21,594.64 23,206.09
(c) Capital work-in-progress E(I) 22.61 1,679.76
(d) Intangible assets under development E(II) 2,285.94 10,793.11
(e) Goodwill on consolidation E(III) – –
(f) Non-current investments F 29.68 29.53
(g) Long term loans and advances G(I) 124.90 476.73
(h) Other non-current assets G(II) 19.64 2.10
25,578.92 36,286.07
Current assets
(a) Current investments H(I) 1,120.41 315.91
(b) Inventories H(II) – 49.13
(c) Trade receivables H(III) 58.00 3.79
(d) Cash and bank balances H(IV) 2,931.85 656.65
(e) Short term loans and advances G(I) 1,678.31 222.90
(f) Other current assets G(II) 5.28 44.81
5,793.85 1,293.19
TOTAL ASSETS 31,372.77 37,579.26
CONTINGENT LIABILITIES I
COMMITMENTS J
NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS Q
SIGNIFICANT ACCOUNTING POLICIES R
Partner
(DIN: 00240086)

Date : May 10, 2017 Date : May 10, 2017
S-3368
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31

MARCH 2017
Note No. R Crore R Crore
I REVENUE
(a) Revenue from operations K 2,165.57 2,456.49
(b) Other income L 52.22 87.62
Total Revenue (I) 2,217.79 2,544.11
II EXPENSES
Operating expenses
(a) Cost of materials consumed 31.68 426.05
(b) Change in inventory of work-in-progress – 5.42
(c) Sub-contracting charges 392.73 383.19
(d) Financing charges 45.69 79.34
(e) Other construction and related operating expenses M 391.70 350.54
Employee benefits expense N 55.95 53.41
Administration and other expenses O 77.01 130.81
Depreciation, amortisation, impairment and obsolescence E 491.40 601.02
Finance costs P 997.60 1,114.42
Total Expenditure (II) 2,483.76 3,144.20
III (Loss) before exceptional items and tax (I - II) (265.97) (600.09)
IV Exceptional items Q(21) (69.47) (226.15)
V (Loss) before tax (III - IV) (335.44) (826.24)
VI Tax expense
Current tax Q(5) 19.59 13.74
MAT credit entitlement (77.12) (7.11)
Deferred tax Q(12) (3.29) (1.34)
(60.82) 5.29
VII (Loss) after tax before share of profit / (loss) of associate (274.62) (831.53)
and minority interest (V - VI)
VIII Add/(less) : Share in profit/(loss) of associate 1.62 (0.22)
(273.00) (831.75)
IX Add/(less) : Share of profit/(loss) attributable to minority interest (net) (14.00) (99.37)
X (Loss) for the year (VII-VIII-IX) (259.00) (732.38)
XI Earnings per equity share (face value of v 10 each) Q(11)
(a) Equity shares
(1) Basic (8.07) (22.81)
(2) Diluted (8.07) (22.81)
(b) Special equity shares
(1) Basic – –
(2) Diluted – –
See notes forming part of the consolidated financial statements

Partner
(DIN: 00240086)

Date : May 10, 2017 Date : May 10, 2017
S-3369
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED

31 MARCH 2017
R Crore R Crore
A. Cash flow from operating activities

Loss before tax, share of profit/(loss) of associate and minority interest (335.44) (826.24)
Adjustments for :
Dividend received (6.07) (3.59)
Liability no longer required written back 2.32 34.59
Depreciation (including obsolescence), amortisation and impairment 491.40 601.02
Finance costs 997.60 1,114.42
Interest income (7.09) (15.87)
Exceptional Items [Also Refer Note Q(21)] 69.47 226.15
(Profit)/loss on sale of fixed assets (net) (0.08) 0.14
(Gain)/loss on disposal of investments (net) (17.36) (23.51)
Exchange difference on items relating to financing activities 17.59 19.84
Operating profit before working capital changes 1,212.34 1,126.96

Adjustments for (increase)/decrease in operating assets:
Inventories 49.13 5.42
Trade receivables (54.21) 2.98
Short term loans and advances 64.97 (7.09)
Long term loans and advances 8.06 (1.73)
Other current assets 13.71 0.32
Other non-current assets (17.54) –
Adjustments for increase/(decrease) in operating liabilities:
Trade payables (31.52) 18.92
Other current liabilities (366.45) 121.94
Other non-current liabilities 100.26 (0.05)
Short-term provisions (0.24) (22.53)
Long-term provisions 204.86 138.36
Cash generated from operations 1,183.37 1,383.50

Direct taxes paid (net of refunds and utilisation of MAT credit) (40.11) (17.52)
Net cash generated from operating activities (A) 1,143.26 1,365.98
B. Cash flow from investing activities

Capital expenditure on purchase of tangible/intangible assets including capital advances (net) [Refer (470.77) (3,088.77)
Notes 2 and 3 below]
Proceeds from sale of tangible/intangible assets 2.77 6.01
Bank balances not considered as cash and cash equivalents - (placed)/matured [Refer Note 4 below] (1,282.08) (7.02)
(Purchase)/sale of current investments (net) (816.40) 53.18
Interest received 15.02 9.79
Dividend received from associate 1.47 2.46
Dividend received from other investments 6.07 3.59
Consideration received on disposal of subsidiaries [Also Refer Note Q(4)] 2,067.45 –
Net cash (used in) investing activities (B) (476.47) (3,020.76)
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CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED

31 MARCH 2017 (Contd.)
R Crore R Crore
C. Cash flow from financing activities

Proceeds from issue of share capital – 1,000.00
Proceeds from long term borrowings 2,459.91 5,405.09
Repayment of long term borrowings (1,122.78) (2,208.94)
Proceeds from/(repayment of) other borrowings (net) 142.25 (385.25)
Payment (to)/from minority interest (net) – (11.38)
Discharge of deferred payment liabilities (98.94) (80.51)
Interest paid (1,054.08) (1,652.01)
Net cash generated from financing activities (C) 326.36 2,067.00
Net increase/(decrease) in cash and cash equivalents (A+B+C) 993.16 412.22

Cash and cash equivalents at beginning of the year 630.17 220.57
Effect of exchange differences on restatement of foreign currency cash and cash equivalents (0.04) (2.62)
Cash and cash equivalents at end of the year [Also Refer Note H(IV)] 1,623.29 630.17
NOTES : 1. Cash flow statement has been prepared under the indirect method as set out in the Accounting Standard 3: “Cash Flow Statements”
as specified in the Companies (Accounting Standards) Rules, 2006.
2. Capital expenditure on purchase of tangible/intangible assets includes movement of capital work-in-progress during the year
and eligible borrowing costs, negative grant and additional concession fee to NHAI. Refer Notes E(I), E(II) and E(III).
3. Capital expenditure on purchase of tangible/intangible assets is net of Viability Gap Fund recognised in respect of one of the
subsidiaries. Refer Notes E(I), E(II) and E(III).
4. Refer Notes H(IV) for cash balances not available for immediate use.
5. Previous year’s figures have been regrouped/reclassified wherever necessary.
See notes forming part of the consolidated financial statements

Partner
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Date : May 10, 2017 Date : May 10, 2017
S-3371
NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017
A SHARE CAPITAL
A(I) Share capital authorised, issued, subscribed and paid up:
As at 31 March 2017 As at 31 March 2016
Particulars No. of shares R Crore No. of shares R Crore
Authorised:
Equity shares
Equity shares of v10 each 549,000,000 549.00 549,000,000 549.00
Special equity shares of v10 each 10,000 0.01 10,000 0.01
Preference shares
Compulsorily Convertible Preference Shares Series 1 of v 1,800 1,800.00 1,800 1,800.00
1,00,00,000 each
Compulsorily Convertible Preference Shares Series 2 of v 200 200.00 200 200.00
1,00,00,000 each
Issued:
Equity shares
Preference shares
1,00,00,000 each
1,00,00,000 each
Subscribed and fully paid up:
Equity shares
Preference shares
1,00,00,000 each
1,00,00,000 each
TOTAL 321,061,196 2,321.06 321,061,196 2,321.06
A(II) Reconciliation of the number of shares and share capital

Equity shares of v10 each

At the beginning of the year 321,049,196 321.05 321,049,196 321.05
Issued during the year as fully paid up (face value v 10 each) – – – –
Outstanding at the end of the year 321,049,196 321.05 321,049,196 321.05
Special equity shares of v10 each

At the beginning of the year 10,000 0.01 10,000 0.01
Outstanding at the end of the year 10,000 0.01 10,000 0.01
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FOR THE YEAR ENDED 31 MARCH 2017 (Contd.)
Compulsorily Convertible Preference Shares Series 1 of

v1,00,00,000 each
At the beginning of the year 1,800 1,800.00 900 900.00
Issued during the year as fully paid up – – 900 900.00
Outstanding at the end of the year 1,800 1,800.00 1,800 1,800.00

v1,00,00,000 each
At the beginning of the year 200 200.00 100 100.00
Issued during the year as fully paid up – – 100 100.00
Outstanding at the end of the year 200 200.00 200 200.00
TOTAL 321,061,196 2,321.06 321,061,196 2,321.06
A(III) Terms/rights attached to shares

Equity shares of v 10 each :
The Company has not reserved any shares for issue under options and contracts/commitments for the sale of shares/disinvestment. Each
holder is entitled to one vote per equity share. Dividends are paid in Indian Rupees. Dividend proposed by the Board of Directors, if any, is
subject to the approval of the shareholders at the Annual General Meeting, except in the case of interim dividend. The shares issued carry
equal rights to dividend declared by the Company and no restrictions are attached to any specific shareholder.
Special equity shares of v 10 each :
The special equity shares rank pari passu with the existing equity shares except for :
a) Specific incremental rights (i.e) Director Voting Rights [“DVR”] with respect to election, appointment and/or removal of Directors of the
Company. These DVR are triggered only under specific conditions
b) No right to receive any dividend or other distributions of the Company or otherwise carry any economical rights. However, upon the
occurrence of voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders are entitled to a maximum of v
10 per Special equity share.
c) No right to receive bonus shares or any offer of rights shares.
Compulsorily Convertible Preference Shares (CCPS) series 1 and series 2 of v 1,00,00,000 each :
These shares are issued pursuant to the Investment agreement entered into by the Company with Larsen and Toubro Limited (“the Holding
Company”), Old Lane Mauritius III Limited and CPP Investment Board Singaporean Holdings 1 Pte. Limited dated 21 June 2014. These shares
are convertible in terms of clause 8.1 of the said agreement into equity shares based on a Retrospective valuation methodology as set out in
schedule 9 of the said agreement with the earliest conversion date being 01 April 2016. These shares are not entitled to any dividend or any
other form of distribution of profits made by the Company until conversion into equity shares.
A(IV) Shares held by Holding Company and/or their subsidiaries/associates

Particulars No. of shares Shareholding % No. of shares Shareholding %
Larsen & Toubro Limited (Holding Company) 312,859,096 97.45 312,859,096 97.45
Larsen & Toubro Limited (Holding Company) 10,000 100.00 10,000 100.00
S-3373

A(V) Details of shareholders holding more than 5% shares in the Company:
Particulars No. of shares Shareholding % No. of shares Shareholding %
Larsen & Toubro Limited (Holding Company) 312,859,096 97.45 312,859,096 97.45
Larsen & Toubro Limited (Holding Company) 10,000 100.00 10,000 100.00
v1,00,00,000 each
CPP Investment Board Singaporean Holdings Pte. 1 Limited 1,800 100.00 1,800 100.00
v1,00,00,000 each
CPP Investment Board Singaporean Holdings Pte. 1 Limited 200 100.00 200 100.00
A(VI) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five
years immediately preceding the reporting date : NIL
A(VII) Calls unpaid : NIL; Forfeited shares : NIL
Particulars As at 31 March 2017 As at 31 March 2016

B RESERVES AND SURPLUS

Capital reserve [Refer Note (B)(i)]
Additions during the year 147.86 –
372.86 225.00
Capital reserve on consolidation [Refer Note B(iii)]
Additions during the year 248.08 –
263.01 14.93
Securities premium account
As per last balance sheet 1,973.76 1,973.76
Additions during the year – –
1,973.76 1,973.76
Debenture redemption reserve [Refer Note B(iv)]
Less: Transferred to general reserve (2.80) (7.50)
Add: Transferred from retained earnings 75.50 21.32
110.40 37.70
Reserve u/s 45 IC of the RBI Act, 1934 [Refer Note B(ii)]
Add: Transferred from retained earnings – 79.81
79.81 79.81
Foreign currency translation reserve
(Deductions) during the year (net) (3.80) (3.90)
0.05 3.85
S-3374

Hedging reserve
Additions/(deductions) during the year (net) (14.57) 12.04
– 14.57
General reserve
Additions during the year 2.85 7.50
10.50 7.65
Surplus/(deficit) in the statement of profit and loss
As per last balance sheet (610.58) 222.93
Add/(Less) :
Reserve u/s 45 IC of the RBI Act, 1934 – (79.81)
Debenture redemption reserve (75.50) (21.32)
(Loss) for the year (259.00) (732.38)
(945.08) (610.58)
TOTAL 1,865.31 1,746.69
Note (B)(i):
Capital Reserve represents grant received from National Highways Authority of India (“NHAI” or “the authority”)/State authorities in terms of
the Concession agreements entered into by three subsidiaries (previous year : two subsidiaries) with NHAI/State authorities.
Note (B)(ii):
Considering the loss before tax of the Company for the year ended 31 March 2017 and 31 March 2016, no amounts have been transferred to
Reserve as required under section 45-IC of Reserve Bank of India (RBI) Act, 1934 (“the Act”). Pursuant to the registration of the Company vide
certificate dated 12 January 2015 as a CIC-ND-SI effective 01 April 2015, the RBI has directed the Company to transfer amounts to statutory
reserve under section 45-IC of the Act for the previous year ended 31 March 2015. Accordingly, the Company has transferred an amount of v
79.81 crore during the previous year ended 31 March 2016 in relation to the financial year ended 31 March 2015 in order to ensure compliance
with the RBI directive.
Note (B)(iii):
Addition to Capital reserve on consolidation includes the share of net assets of minority shareholders pertaining to one of the subsidiaries, L&T
Halol Shamlaji Tollway Limited (LTHSTL), pursuant to the Shareholders Agreement entered into by the Company with the lenders of LTHSTL
in compliance with the conditions of the Strategic Debt Restructuring Scheme (SDR scheme) issued by the Reserve Bank of India (RBI).
Note (B)(iv):
Debenture Redemption Reserve amounting to v 75.50 crore (previous year: v 21.32 crore) has been created in terms of section 71 of the
Companies Act, 2013 and the rules made thereunder. Out of the Debenture Redemption Reserve (DRR) as at 01 April 2015, an amount of v 2.80
crore (previous year : v 7.50 crore) representing the DRR pertaining to the portion of debentures repaid during the year has been transferred
to general reserve.
S-3375

C (I) LONG TERM BORROWINGS

Particulars Secured Unsecured Total Secured Unsecured Total
R Crore R Crore R Crore R Crore R Crore R Crore
Term loans [Refer Notes C(I)(i), C(I)(ii) and C(I)(iii)]
From banks 7,465.60 – 7,465.60 16,266.21 250.00 16,516.21
From financial institutions 461.22 – 461.22 214.39 – 214.39
Redeemable non-convertible fixed rate debentures 3,132.68 250.00 3,382.68 1,428.19 750.00 2,178.19
[Refer Note C(I)(iv)]
Loans from others [Refer Note C(I)(v)] – – – – 47.97 47.97
TOTAL 11,059.50 250.00 11,309.50 17,908.79 1,047.97 18,956.76
Notes :
(i) Details of term loans from banks and financial institutions:
Name of Company/ As at 31 March 2017 As at 31 March 2016 Terms of repayment
Subsidiary Secured Unsecured Total Sec ured Unsecured Total
L&T Infrastructure – – – – 250.00 250.00 Repayable in 5 equal annual
Development Projects instalments from 30 September
Limited 2019 to 30 September 2024. The
loan was repaid in full during the
year.
PNG Tollway Limited 959.35 – 959.35 1,193.50 – 1,193.50 Repayable in 115 unequal monthly
instalments ending on 31 March
2025
L&T Rajkot Vadinar Tollway 808.05 – 808.05 823.38 – 823.38 Repayable in 101 unequal monthly
Limited instalments commencing from 30
April 2016 to 31 August 2024.
Krishnagiri Thopur Tollroad 224.93 – 224.93 226.46 – 226.46 Repayable in 111 unequal monthly
Limited instalments from 30 April 2016 to 30
June 2025.
Western Andhra Tollways 125.07 – 125.07 129.99 – 129.99 Repayable in 38 unequal quarterly
Limited instalments from 30 June 2016 to
31 March 2026.
Vadodara Bharuch Tollway 33.93 – 33.93 440.40 – 440.40 Repayable in 57 unequal monthly
Limited instalments from 30 April 2016 to
31 December 2020.
L&T Transportation 58.88 – 58.88 77.60 – 77.60 Repayable in 48 unequal monthly
Infrastructure Limited instalments from 30 April 2016 to
31 March 2020.
L&T Krishnagiri Walajahpet 772.58 – 772.58 738.56 – 738.56 Repayable in 132 unequal monthly
Tollway Limited instalments from 30 April 2016 to 31
March 2027.
Devihalli Hassan Tollway 107.18 – 107.18 107.28 – 107.28 Repayable in 228 unequal monthly
Limited instalments from 30 April 2016 to 31
March 2035.
L&T Metro Rail (Hyderabad) – – – 6,062.86 – 6,062.86 Repayable in 36 unequal quarterly
Limited [Refer Note Q(4)] instalments from 30 September
2018 to 30 June 2027.
L&T Halol-Shamlaji Tollway 597.25 – 597.25 978.39 – 978.39 Repayable in 102 unequal monthly
31 July 2025
Ahmedabad-Maliya Tollway 1,100.94 – 1,100.94 1,142.87 – 1,142.87 Repayable in 27 unequal quarterly
31 October 2022
L&T BPP Tollway Limited 1,825.99 – 1,825.99 1,828.09 – 1,828.09 Repayable in 128 unequal monthly
instalments from 30 April 2016 to 30
November 2026
S-3376

Subsidiary Secured Unsecured Total Sec ured Unsecured Total
L&T Samakhiali 866.21 – 866.21 894.40 – 894.40 Repayable in 112 unequal monthly
Gandhidham Tollway instalments from 30 April 2016 to
Limited 31 July 2025
L&T Deccan Tollways 855.89 – 855.89 578.38 – 578.38 Repayable in 162 unequal monthly
Limited instalments from 30 September
2017 to 31 March 2031.
Kudgi Transmission Limited 1,008.29 – 1,008.29 901.98 – 901.98 Repayable in 182 unequal monthly
instalments from 31 December
2016 to 31 January 2032.
L&T Sambalpur Rourkela 783.84 – 783.84 391.95 – 391.95 Repayable in 132 unequal monthly
Tollway Limited instalments from 30 May 2018 to 30
April 2029.
L&T Chennai - Tada Tollway 342.46 – 342.46 342.46 – 342.46 Repayable in 32 unequal quarterly
Limited instalments from 30 June 2016 to
31 March 2024.
TOTAL 10,470.84 – 10,470.84 16,858.55 250.00 17,108.55
Less : Current maturities 2,544.02 2,544.02 377.95 – 377.95
Term loans from banks and 7,926.82 – 7,926.82 16,480.60 250.00 16,730.60
financial institutions [Note
C[I]]
ii) Security, interest rate etc.:
a) Indian rupee term loan from banks and financial institutions and redeemable non-convertible debentures are secured by a pari
passu charge inter se lenders over :
(i) all immovable properties wherever applicable both present and future, including all real estate rights;
(ii) all tangible movable assets, including movable plant and machinery, equipment, machinery spares, tools and accessories,
current assets and all other movable assets(except project assets), both present and future;
(iii) all rights, title, interest, benefits, claims and demands(excluding project assets), whatsoever of the borrower in any project
documents, contracts and licenses to and all assets of the project;
(iv) all rights, title, interest, benefits, claims and demands in respect of the accounts, that may be opened and all guarantees/
performance bonds given, in terms of the project documents; and,
(v) all amounts owing to, received and receivable by the Group;
b) The interest rate for the above loans from banks and financial institutions vary from 9.25% p.a. to 13.30% p.a.
c) Term loans are repayable over monthly/quarterly instalments over the remaining period.
iii) As at 31 March 2017, the Group had defaulted in the repayment of term loans and interest w.r.t following subsidiaries as given below:
Name of Subsidiary As at 31 March 2017 As at 31 March 2016
Principal Interest Total Principal Interest Total
L&T Chennai Tada Tollway Limited* 342.46 20.25 362.71 8.31 15.84 24.15
L&T Halol Shamlaji Tollway Limited – – – 5.22 12.46 17.68
[Refer Note B(iii)]
PNG Tollway Limited* 959.35 – 959.35 10.15 20.28 30.43
Total 1,301.81 20.25 1,322.06 23.68 48.58 72.26
* The lenders of both L&T Chennai Tada Tollway Limited and PNG Tollway Limited have recalled the loans subsequent to the termination
of the respective concession agreements. Also refer note Q(27) and Q(28).
S-3377

iv) Details of Redeemable non-convertible debentures:
Subsidiary Secured Unsecured Total Secured Unsecured Total
L&T Infrastructure 135.00 250.00 385.00 150.00 – 150.00 Redeemable in 7 annual unequal
Development Projects instalments from 27 April 2016 to
Limited 27 April 2022
Krishnagiri Thopur Tollroad 99.80 – 99.80 99.90 99.90 Redeemable in 33 quarterly unequal
Limited instalments from 30 June 2016 to 30
June 2024
Western Andhra Tollways 97.00 – 97.00 99.00 99.00 Redeemable in 33 quarterly unequal
June 2024
Devihalli Hassan Tollway 159.84 – 159.84 160.00 160.00 Redeemable in 76 quarterly unequal
March 2035
Kudgi Transmission Limited 1,500.40 – 1,500.40 128.40 128.40 The outstanding Debentures as
at 31 March 2016, amounting to v
128.40 Crore are redeemable on 01
June 2033 subject to a Put and call
option. Pursuant to the refinancing
of the existing project loans with the
issue of fresh debentures, that are
redeemable in 23 unequal annual
instalments from 25 April 2018 to
25 April 2040.
Vadodara Bharuch Tollway 935.50 – 935.50 538.00 538.00 Redeemable in 4 bullet instalments
Limited on 4 April 2018, 01 October 2019, 31
December 2019, and 30 June 2021.
L&T Interstate Road 270.15 – 270.15 330.40 330.40 Redeemable in 16 semi-annual
Corridor Limited unequal instalments from 15 April
2016 to 15 October 2023.
Ahmedabad Maliya Tollway – – – 30.00 30.00 Redeemable in a single instalment
Limited on 4 April 2016.
L&T Metro Rail (Hyderabad) – – – – 750.00 750.00 Redeemable in 3 semi-annual
Limited [Refer Note Q(4)] unequal instalments from 28
January 2035 to 18 June 2035
subject to Put and Call option.
TOTAL 3,197.69 250.00 3,447.69 1,535.70 750.00 2,285.70
Less : Current maturities of 65.01 – 65.01 107.51 – 107.51
non-convertible debentures
Redeemable non 3,132.68 250.00 3,382.68 1,428.19 750.00 2,178.19
convertible fixed rate
debentures
*The interest rate for the above debentures vary from 9.50% p.a. to 10.56% p.a.
v) Loans from others represent
a) Mezzanine debt received from Ashoka Concessions Limited amounting to v 43.97 crore (previous year : v 43.97 crore) by one
of the subsidiaries PNG Tollway Limited. The Mezzanine Debt carries interest equal to the rate applied by banks on term loans
plus a spread of 5 basis points.
b) Unsecured loan received from Ashoka Concessions Limited amounting to v 4 crore (previous year: v 4 crore) by one of the
subsidiaries PNG Tollway Limited. The unsecured loan carries interest at RBI bank rate.
The above loans are repayable after the term lenders’ obligations are repaid in full.
c) Subsequent to the termination of the concession agreement by the subsidiary, interest is not accrued on these loans. Also
Refer Note Q(25) and Q(28).
S-3378

C (II) Other non-current liabilities
31 March 2017 31 March 2016
R Crore R Crore
Deferred payment liabilities for acquisition of intangible assets 10,692.09 10,839.86

[Refer Note Q(16)]
Interest accrued but not due on term loans and debentures – 84.24
Interest accrued but not due - others 58.35 71.96
Liability for capital goods – 244.27
Revenue share payable to NHAI and state authorities 100.26 –
Advance received against sale of shares 14.30 14.30
[Refer Note C(II)(a)]
TOTAL 10,865.00 11,254.63
Note C(II)(a):
Advance received against sale of shares represents advance of v 14.30 crore received from Sical Logistics Limited (SLL) against sale
of 1,43,00,000 equity shares of v 10 each in Sical Iron Ore Terminals Limited (SIOTL) at cost to SLL vide Agreement for Share Sale and
Purchase dated 17 December 2008. The sale is subject to the condition that it can be completed only after three years from the date
of commencement of commercial operation by SIOTL as per clause 18.2.2 (i) (d) of the License agreement dated 23 September 2006
between SIOTL and Ennore Port Limited (EPL). SIOTL has not been able to commence commercial operation as on 31 March 2017 due
to the ban of export of iron ore from the State of Karnataka. SIOTL has sought necessary approvals from EPL and Government of India
for handling alternate commodities.
C (III) Long term provisions
31 March 2017 31 March 2016
R Crore R Crore
Provision for employee benefits [Refer Note Q(7)]

Retention pay scheme 3.59 5.64
Other provisions [Refer Note Q(13)]
Periodic major maintenance 582.96 377.72
TOTAL 586.55 383.36
D (I) Short term borrowings

Particulars Secured Unsecured Total Secured Unsecured Total
Term loan from bank – – – 7.75 – 7.75

Commercial paper – 150.00 150.00 – – –
TOTAL – 150.00 150.00 7.75 – 7.75
S-3379

D (II) Trade payables
31 March 2017 31 March 2016
R Crore R Crore
Acceptances 158.08 231.08

Due to related parties:
Due to Holding company 42.82 315.56
Due to fellow subsidiaries 0.04 0.23
Bonus payable 0.07 –
Due to others (construction and project related activity) 110.14 28.92
Others 0.10 0.10
TOTAL 311.25 575.89
D (III) Other current liabilities
31 March 2017 31 March 2016
R Crore R Crore
Forward contract payable – 15.22

[Refer Note Q(17)]
Current maturities of deferred payment liabilities for acquisition of intangible assets 226.93 178.10
[Refer Note Q(16)]
Current maturities of long term borrowings 2,609.03 485.46
[Refer Notes C(I)(i) and C(I)(iv)]
Interest accrued but not due on borrowings 124.85 70.57
Interest accrued and due on borrowings 45.70 34.82
Interest accrued but not due - others 3.58 239.71
Loans from others 47.97 –
[Refer Note C(I)(v)]
Due to others (construction and project related activity) 186.38 106.42
Statutory liabilities 14.31 –
Deposits received 0.87 19.74
Advances from customers 27.89 –
Liability for capital goods 212.87 689.69
Dues to Holding Company – 112.98
Revenue share payable to NHAI and state authorities 38.44 106.20
Others 244.58 234.22
TOTAL 3,783.40 2,293.13
Notes:
Current maturities of long term borrowings as at 31 March 2017 includes the following:
(i) An amount v 1,008.29 crore due to the term lenders of one of the subsidiaries, Kudgi Transmission Limited, pursuant to refinance
of the project loans, which have become due and payable and were repaid on 04 April 2017. Also refer note H(IV).
(ii) An amount of v 959.35 Crore, including interest accrued thereon, due to the term lenders of one of the subsidiaries, PNG Tollway
Limited, subsequent to the termination of its concession agreement with National Highways Authority of India (“NHAI”) and the recall
letters issued by the term lenders of the subsidiary.
(iii) An amount of v 342.56 Crore, due to the term lenders of one of the subsidiaries, L&T Chennai Tada Tollway Limited, pursuant to the
termination of its concession agreement with National Highways Authority of India (“NHAI”) and the recall letters issued by the term
lenders of the subsidiary.
S-3380

D (IV) Short term provisions
31 March 2017 31 March 2016
R Crore R Crore
Provision for employee benefits [Refer Note Q(7)]

Gratuity 1.33 3.59
Compensated absences 7.68 7.66
Retention pay scheme 2.27 –
Others [Refer Note Q(13)]
Periodic major maintenance 1.44 3.60
Provisions for income tax ( Net of Advance taxes ) 6.09 –
TOTAL 18.81 14.85
E FIXED ASSETS
E (I) Tangible Assets (Current year) (R crore)
PARTICULARS COST ACCUMULATED DEPRECIATION BOOK VALUE

As at Additions Deletions Disposals As at As at For the Deductions Disposals As at As at As at
01 April [Refer Note 31 March 01 April year [Refer Note 31 March 31 March 31 March
2016 Q(24)] 2017 2016 Q(24)] 2017 2017 2016
Freehold land 2.71 – – 0.16 2.55 – – – – – 2.55 2.71
Buildings - Owned 1.59 – 0.03 – 1.56 0.89 0.02 0.03 – 0.88 0.68 0.70
Buildings - Leased out 2.21 – – – 2.21 0.21 – – – 0.21 2.00 2.00
Plant and equipment 163.54 1,464.77 4.49 – 1,623.82 101.68 44.72 2.53 – 143.87 1,479.95 61.86
Computers 8.55 4.13 1.27 2.48 8.93 6.28 0.98 0.75 1.60 4.91 4.02 2.27
Furniture and fixtures 14.89 2.38 0.74 8.19 8.34 6.71 0.74 – 2.64 4.81 3.53 8.18
Office equipment 22.84 1.00 0.75 18.52 4.57 9.58 0.53 0.12 6.28 3.71 0.86 13.26
Vehicles 20.19 4.84 1.69 0.27 23.07 12.42 3.13 0.21 0.19 15.15 7.92 7.77
Total 236.52 1,477.12 8.97 29.62 1,675.05 137.77 50.12 3.64 10.71 173.54 1,501.51 98.75
Add : Capital work-in-progress 22.61 1,679.76
1,524.12 1,778.51
Notes:
(i) Cost of leased out building includes ownership of an accommodation at Maharashtra of v 0.13 crore (accumulated depreciation of v 0.03
crore) by holding 5 shares of face value v 50 each in a co-operative society.
(ii) Depreciation for the year includes v Nil crore (previous year :v 0.01 crore) on account of obsolescence.
(iii) Owned assets given on operating lease have been presented separately under tangible assets.
(iv) Cost/valuation as at 01 April 2016 of individual assets have been reclassified, wherever necessary.
(v) Capital work in progress includes v Nil crore (previous year: v103.89 crore) being borrowing cost capitalised during the year in terms of
Accounting Standard (AS) 16 Borrowing costs.
(vi) Plant and equipment includes v 54.14 crore (previous year: v Nil crore) being borrowing cost capitalised during the year in terms of Accounting
Standard (AS) 16 Borrowing costs.
(vii) Plant and equipment includes amounts receivable in the form annuity payments of v 1,419.23 crore (previous year: v Nil crore). The amount of
annuity income recognised in the statement of profit and loss for the year ended 31 March 2017 is v 111.54 crore (previous year : v Nil crore).
S-3381

E (I) Tangible Assets (Previous year) (R crore)
PARTICULARS COST ACCUMULATED DEPRECIATION BOOK VALUE

As at Additions Deletions Reclass- As at As at For the Deductions Reclass- As at As at As at
01 April ified as 31 March 01 April year ified as 31 March 31 March 31 March
2015 Held for 2016 2015 Held for 2016 2016 2015
Sale Sale
Freehold land 2.56 0.24 – 0.09 2.71 – – – – – 2.71 2.56
Buildings - Owned 1.57 0.02 – – 1.59 0.84 0.05 – – 0.89 0.70 0.73
Buildings - Leased out 2.21 – – – 2.21 0.15 0.06 – – 0.21 2.00 2.06
Plant and equipment 196.95 1.85 0.08 35.18 163.54 97.50 23.19 0.09 18.92 101.68 61.86 99.45
Computers 8.03 2.14 1.12 0.50 8.55 6.31 1.42 1.01 0.44 6.28 2.27 1.72
Furniture and fixtures 13.34 4.16 0.43 2.18 14.89 6.55 1.20 0.25 0.79 6.71 8.18 6.79
Office equipment 12.16 12.68 0.22 1.78 22.84 8.41 2.88 0.22 1.49 9.58 13.26 3.75
Vehicles 23.99 1.29 1.35 3.74 20.19 11.71 3.68 0.84 2.13 12.42 7.77 12.28
Total 260.81 22.38 3.20 43.47 236.52 131.47 32.48 2.41 23.77 137.77 98.75 129.34
Add : Capital work-in-progress 1,679.76 770.87
1,778.51 900.21
Notes:
(i) Cost of leased out building includes ownership of an accommodation at Maharashtra of v 0.13 crore (accumulated depreciation of v 0.03
crore) by holding 5 shares of face value v 50 each in a co-operative society.
(ii) Depreciation for the year includes v 0.01 crore (previous year :v 0.04 crore) on account of obsolescence.
(iii) Owned assets given on operating lease have been presented separately under tangible assets.
(iv) Cost/valuation as at 01 April 2015 of individual assets have been reclassified, wherever necessary.
(v) Capital work in progress includes v 103.89 crore (previous year: v 17.14 crores) being borrowing cost capitalised during the year in terms of
Accounting Standard (AS) 16 Borrowing costs.
E (II) Intangible assets (Current year) (R crore)
COST ACCUMULATED AMORTISATION IMPAIRMENT BOOK VALUE

PARTICULARS As at Additions Deletions Disposals As at As at For the year Deductions Disposals As at As at As at
01 April 31 March 01 April 31 March 31 March 31 March
2016 2017 2016 2017 2017 2016
Toll collection 25,047.56 388.00 1,753.31 – 23,682.25 1,662.38 441.29 35.50 – 2,068.17 20.00 21,594.08 23,202.95
rights
Specialised 9.32 0.11 1.53 5.30 2.60 6.18 0.33 1.54 2.93 2.04 – 0.56 3.13
software
Total 25,056.88 388.11 1,754.84 5.30 23,684.85 1,668.56 441.62 37.04 2.93 2,070.21 20.00 21,594.64 23,206.08
Add : Intangible assets under development 2,285.94 10,793.11
23,880.58 33,999.19
Notes:
a) Toll collection rights include amounts accrued towards negative grant payable and additional concession fee payable in respect of certain
projects, the details of which are given in note Q(16).
b) Toll collection rights include amounts receivable in the form of annuity payments of v 302.30 crore (previous year: v 345.46 crore). The amount
of annuity income recognised in the Statement of profit and loss for the year ended 31 March 2017 is v 86.42 Crore (previous year: v 86.42
crore).
c) The Group has made an adjustment aggregating to v 636.20 crore (previous year : v 597.49 crore) to the carrying value of Toll collection rights
as at 31 March 2017 in order to ensure alignment in the method of amortisation followed by all entities in the Group. These amounts have
been accounted for in the consolidated financial statements based on a certificate provided by a Chartered Accountant.
d) Intangible assets under development include v 121.92 crore (previous year v 721.30 crore) and intangible assets include v Nil crore (previous
year v 40.47 crore), being borrowing cost capitalised during the year in accordance with Accounting Standard (AS) 16 “ Borrowing Costs”
e) The carrying amount of Intangible assets under development as at 31 March 2017 is net of Viability Gap Fund amounting to v Nil crore (previous
year : v 661.23 crore).
f) Consequent to the termination of the concession agreements of two subsidiaries PNG Tollway Limited(PNG) and L&T Chennai Tada Tollway
Limited (LTCTTL), the toll collection rights recognised as intangible assets pertaining to PNG and the intangible assets under development
pertaining to LTCTTL have been de-recognised and compensation receivable on account of termination in terms of the concession agreements
is accounted as receivable and included in Loans and advances. Also Refer Note G(I).
S-3382

g) Claims for compensation/concession extension with NHAI represents, compensation receivable for loss of revenue under the concession
agreements entered into with National Highways Authority of India (NHAI) by the Group, by way of extension of the concession agreement
by certain number of days based on the actual loss incurred due to non-collection/partial collection of toll revenue during the period of force
majeure. The group has recognised the extension of the concession period by increasing the value of Toll collection rights in accordance with
the accounting policy of the Group. Also refer note K(i) under Revenue from operations.
h) On Commercial Operations Date (COD) of three subsidiaries that had entered into concession agreements with Gujarat State Road Development
Corporation Limited (GSRDC), the Group had recognised provisions to the tune of v 57.38 crore for balance civil works to be done under the
terms of the concession agreement. Pursuant to the supplementary agreements entered into with GSRDC and their letter dated 07 February
2017, the net amount payable to GSRDC for not carrying out the said civil works was determined as v 27.97 crore. Consequently the carrying
amount of toll collection rights in respect of the three subsidiaries is adjusted by v 27.85 crore (net of accumulated amortisation amounting to
v 1.56 crore) as at 31 March 2017.
E (II) Intangible assets (Previous year) (R crore)

PARTICULARS As at Additions Deletions Disposals As at As at For the Deduc- Disposals As at As at As at
01 April 31 March 01 April year tions 31 March 31 March 31 March
2015 2016 2015 2016 2016 2015
Toll collection rights 14,454.08 10,600.35 6.87 – 25,047.56 1,179.07 484.83 1.52 – 1,662.38 182.23 23,202.95 13,275.01
Specialised software 8.47 0.85 – – 9.32 5.46 0.72 – – 6.18 – 3.14 3.01
Total 14,462.55 10,601.20 6.87 – 25,056.88 1,184.53 485.55 1.52 – 1,668.56 182.23 23,206.09 13,278.02
Add: Intangible assets under development 10,793.11 9,766.15
33,999.20 23,044.17
Notes:
a) Toll collection rights include amounts accrued towards negative grant payable and additional concession fee payable in respect of certain
projects, the details of which are given in note Q(16).
b) Toll collection rights include amounts receivable in the form of annuity payments of v 345.46 crore (previous year: v 388.64 crore). The amount
of annuity income recognised in the Statement of profit and loss for the year ended 31 March 2017 is v 86.42 Crore (previous year: v 86.42
crore).
c) The Group has made an adjustment aggregating to v 597.49 crore (previous year : v 620.25 crore) to the carrying value of Toll collection rights
as at 31 March 2017 in order to ensure alignment in the method of amortisation followed by all entities in the Group. These amounts have
been accounted for in the consolidated financial statements based on a certificate provided by a Chartered Accountant.
d) Intangible assets under development include v 721.30 crore (previous year v 748.10 crore) and intangible assets include v 40.47 crore (previous
year v Nil crore), being borrowing cost capitalised during the year in accordance with Accounting Standard (AS) 16 “ Borrowing Costs” .
e) The carrying amount of Intangible assets under development as at 31 March 2016 is net of Viability Gap Fund amounting to v 661.23 crore
(previous year : v Nil crore).
E (III) Goodwill on consolidation (Current year) (R crore)

PARTICULARS As at Additions Deletions As at As at For the year Deductions As at As at As at
2016 2017 2016 2017 2017 2016
Goodwill on 115.46 – – 115.46 28.48 – – 28.48 86.98 – –
consolidation
Total 115.46 – – 115.46 28.48 – – 28.48 86.98 – –
Depreciation, amortisation and impairment charged to the statement of profit and loss:
Particulars Depreciation Amortisation Impairment Total

As per note E(I), E(II) and E(III) above 50.12 441.62 – 491.74
Less : Included under Capital work-in-progress/Intangible assets 0.34 – – 0.34
under development
Charged to the statement of profit and loss 49.78 441.62 – 491.40
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E (III) Goodwill on consolidation (Previous year) (R crore)
PARTICULARS As at Additions Deletions As at As at For the year Deductions As at As at As at
2015 2016 2015 2016 2016 2015
Goodwill on 28.48 86.98 – 115.46 28.23 0.25 – 28.48 86.98 – 0.25
consolidation
Total 28.48 86.98 – 115.46 28.23 0.25 – 28.48 86.98 – 0.25
Depreciation, amortisation and impairment charged to the statement of profit and loss:
Particulars Depreciation Amortisation Impairment Total

As per note E(I), E(II) and E(III) above 32.48 485.80 86.98 605.26
Less : Included under Capital work-in-progress/Intangible assets 3.72 0.52 – 4.24
under development
Charged to the statement of profit and loss 28.76 485.28 86.98 601.02

F NON-CURRENT INVESTMENTS (AT COST UNLESS OTHERWISE SPECIFIED)
Trade investments, unquoted
Investment in associates
Fully paid equity shares of associate company 9.83 9.83
Add/(deduct):
Accumulated share in profit/(loss) at the beginning 4.84 7.52
of the year
14.67 17.35
Add/(deduct):
Share in profit/(loss) during the year 1.62 (0.22)
Dividend received (1.47) (2.46)
0.15 (2.68)
14.82 14.67
Investment in others
Other fully paid equity shares - unquoted
SICAL Iron Ore Terminals Limited [Refer Note C(II)(a)] 14.30 14.30
Indian Highway Management Company Limited 0.56 0.56
TOTAL 29.68 29.53
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G (I) LOANS AND ADVANCES
Non-current Current Total Non-current Current Total

Capital advances
Related parties :
Holding company 16.50 – 16.50 338.58 – 338.58
Others 1.73 – 1.73 47.08 – 47.08
Security deposits 2.90 2.14 5.04 2.97 0.51 3.48
Income tax receivable 50.25 102.71 152.96 22.86 28.50 51.36
(net of provisions) – –
Excise duty recoverable 51.05 – 51.05 53.34 – 53.34
Service tax receivable – 0.57 0.57 – – –
VAT receivable 2.47 10.35 12.82 1.90 – 1.90
Interest receivable – 13.78 13.78 – – –
Other receivable – 1,548.76 1,548.76 10.00 193.89 203.89
Unsecured considered doubtful – –
Other loans and advances – – – – 3.98 3.98
Allowance for doubtful loans and advances – – – – (3.98) (3.98)
TOTAL 124.90 1,678.31 1,803.21 476.73 222.90 699.63
Note - Other receivable includes an amount of v 1,038.47 Crore and v 417.75 Crore being the net compensation receivable from National
Highways Authority of India (NHAI) on account of termination of the concession agreements of two subsidiaries of the Company, PNG Tollway
Limited and L&T Chennai Tada Tollway Limited respectively. The amounts due to lenders in respect of these subsidiaries in disclosed in Note
D(III) Other current liabilities.
G(II) OTHER NON-CURRENT AND CURRENT ASSETS

Non-current Current Total Non-current Current Total
Interest accrued on investments – – – – 6.63 6.63

Unamortized ancillary borrowing costs 19.64 2.24 21.88 2.10 18.11 20.21
Unamortised discount on letter of credit – 2.95 2.95 – – –
Fixed assets held for sale
Freehold land – 0.09 0.09 – 0.09 0.09
Plant and equipment – – – – 16.26 16.26
Computers – – – – 0.06 0.06
Office equipment – – – – 0.29 0.29
Furniture and fixtures – – – – 1.39 1.39
Vehicles – – – – 1.61 1.61
Others – – – – 0.37 0.37
TOTAL 19.64 5.28 24.92 2.10 44.81 46.91
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H (I) CURRENT INVESTMENTS (QUOTED, AT COST UNLESS OTHERWISE STATED)
31 March 2017 31 March 2016
R Crore R Crore
Investment in mutual funds 1,120.41 315.91

TOTAL 1,120.41 315.91
Aggregate book value of quoted investments 1,120.41 315.91
Aggregate market value of quoted investments 1,129.98 321.03
H(II) INVENTORIES
31 March 2017 31 March 2016
R Crore R Crore
Project work-in-progress (including Property development land) [Refer Note Q(4)(b)] – 49.13
TOTAL – 49.13
H(III) TRADE RECEIVABLES

31 March 2017 31 March 2016
R Crore R Crore

Outstanding for a period exceeding 6 months 4.83 3.59
Others 53.17 0.20
Unsecured considered doubtful
Outstanding for a period exceeding 6 months 0.94 0.94
Others – –
Allowance for doubtful debts (0.94) (0.94)
TOTAL 58.00 3.79
H(IV) CASH AND BANK BALANCES [ALSO REFER NOTE Q(15)]

31 March 2017 31 March 2016
R Crore R Crore
Cash and cash equivalents (As per cash flow statement)

Cash on hand 13.53 11.36
Cheques and drafts on hand – 0.59
Balance with banks –
in current accounts 471.79 35.32
in Trust retention and escrow accounts 144.62 374.18
Fixed deposits including interest accrued thereon 993.35 208.72
1,623.29 630.17
Other bank balances
Fixed deposits including interest accrued thereon (maturity more than 3 months) 300.16 0.64
Cash and bank balances not available for immediate use (Refer note below) 1,008.29 20.44
Margin money deposits including interest accrued thereon 0.11 5.40
1,308.56 26.48
TOTAL 2,931.85 656.65
Notes:
(a) The Trust Retention and Escrow (“TRA”) accounts carry a first charge to the extent of amount payable as per the waterfall mechanism as
defined in the Concession agreement / Common loan agreement. As at 31 March 2017, there were no amounts included in this which
are restricted/earmarked for any specific purposes by virtue of the said waterfall mechanism.
(b) Cash and bank balances not available for immediate use as at 31 March 2017 includes amount received on 31 March 2017 by one of the
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subsidiaries, Kudgi Transmission Limited pursuant to the issuance of Redeemable non-convertible fixed rate debentures. This amount
was utilised to repay the outstanding loans of the existing lenders on 04 April 2017. Also Refer Note D(III).
31 March 2017 31 March 2016
R Crore R Crore
I. CONTINGENT LIABILITIES
(a) Claims against the Group not acknowledged as debts 151.26 779.07
(b) Income tax liability (including penalty) that may arise in respect of which the 24.40 13.40
Group is in appeal.
(c) Service tax liability (including penalty) that may arise in respect of which the 1.33
Group is in appeal.
(d) Customs duty demands against which the Group has filed appeals before appellate – 650.39
authorities which are pending disposal
(e) Guarantees given 329.00 177.48
(f) Group’s share in contingent liabilities of associate company 112.67 112.67
Notes :
(i) The Group expects reimbursements of v 27.09 crore (previous year:v 27.09 crore) in respect of the above contingent liabilities.
(ii) Future cash outflows in respect of the above matters are determinable only on receipt of judgements/decisions pending at various forums/
authorities.
J. Commitments
(i) Commitments quantifiable
(a) Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for v 446.38 crore
(previous year : v 5,050.32 crore).
(b) Estimated amount of additional concession fee payable in terms of the Concession agreement being v 3,274.82 crore where
Commercial Operations Date (“COD”) has not been achieved (previous year :v 3,274.82 crore).
(ii) Commitments not quantifiable
(i) The group has given undertakings to the term lenders of the following subsidiaries to meet the cost overrun to the extent of 5% of
(a) L&T Deccan Tollways Limited
(b) L&T Sambalpur - Rourkela Tollway Limited
(c) L&T Krishnagiri Walajahpet Tollway Limited
(ii) The group has given an undertaking jointly with Larsen & Toubro Limited (holding company) to the term lenders of the L&T Samakhiali
Gandhidham Tollway Limited to meet the cost overrun to the extent of 5% of the project cost.
(iii) The group has given, inter alia, the following commitments to the term lenders of L&T Chennai - Tada Tollway Limited,to meet the
cost overrun of the project, in future if any to bring in an amount upto v 178.74 crore on a need basis in the form of Mezzanine debt,
after drawl of loan of v 475 crore in full in order to meet the reduction in the quantum of loan by the lenders and increase in the
project cost as reduced by increase in internal accruals. Also Refer Notes Q(25) and Q(27).
(iv) The group has given, inter alia, the following commitments in respect of its investments:
(a) Jointly with Larsen & Toubro Limited (holding company), to the term lenders of L&T Transportation Infrastructure Limited (LTTIL)
to jointly meet the shortfall in the working capital requirements of LTTIL until the financial assistance received from the term
lenders is repaid in full by LTTIL.
(b) To the term lenders of L&T BPP Tollway Limited to meet shortfall as provided in the base case revenue projections for the first
two years post COD.
(c) To the term lenders of L&T Sambalpur - Rourkela Tollway Limited to meet the cost overrun in excess of 5% of the Project Cost
in such a manner that the Debt-Equity of 1.86 times is not exceeded and to fund equity as per the revised financial model in
case additional funds are to be raised by way of debt to meet the cost overrun in excess of 5 % of Project Cost. The group has
also given a commitment to infuse/provide temporary funds to the Borrower during construction and operation period to meet
shortfall in case of delay in receipt of Grant subject to repayment on receipt of the Grant.
(d) To the term lenders of L&T Deccan Tollways Limited (LTDTL) to meet shortfall in major maintenance and Debt Service Reserve
(DSR) Account and to maintain minimum year to year Debt Service Coverage Ratio of 1.2 times in a manner satisfactory to Senior
Debt Tranche A Lenders (Facility amounting to v 1,080.92 crore) in line with base case revenue projections. The Company has
also given an undertaking to Senior Debt Tranche B Lenders (Facility amounting to v 154.42 crore) for servicing the obligation
in the event of failure of repayment by LTDTL.
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(e) Jointly with Ashoka Buildcon Limited, to the term lenders of PNG Tollway Limited (PNGTL) to meet the shortfall proportionate to
share holding in payment of interest in respect of loans in accordance with the terms of the Common Loan Agreement during
the period between partial COD till the commencement of full tolling for the entire project highway. Also Refer Note Q(25) and
Q(28).
(f) To the lenders of L&T Krishnagiri Walajahpet Tollway Limited (LTKWTL), to provide to promptly and timely service the debt
service obligations of the borrower under the subordinate facility (Facility amounting to v 54.00 crore) to the satisfaction of
subordinate lenders, without recourse to the project assets in the event internal cash accruals are insufficient to meet debt
service obligations under the subordinate facility.
(g) The group has given an undertaking to the debenture trustee of L&T Interstate Road Corridor Limited(LTIRCL) to make payment
of the Termination Shortfall amount due to Concessionaire event of default in the event that LTIRCL fails to make payment of
the same within 5 business days from the due date of deposit of the Termination Payments by NHAI into the Escrow Account
and also to make payment of the Operation & Maintenance(O&M) expenses shortfall amounts caused due to increase in O&M
Expenses beyond the limits set out in Base Case O&M Expenses Schedule and resulting in shortfall in amounts available for
debt servicing and/or DSR Amount and/or the Major Maintenance Reserve, without utilising the surplus amounts within a period
of 30 (thirty) Business days from the date of demand therefore issued by the Debenture Trustee.
(h) The group has given a commitment to the debenture trustees of Kudgi Transmission Limited under Sponsor Support and
Put Option Agreements dated 29 May 2015 to fund the coupon shortfall in accordance with the terms of the agreement. The
Company has also given a commitment to purchase the debentures in accordance with the terms of the put option mentioned
in the agreement.
(i) The group has given a commitment to the debenture trustees of Vadodara Bharuch Tollway Limited (VBTL) vide a Sponsor
Support Agreement dated 30 September 2016 wherein the Company has undertaken/guaranteed that in the event of shortage
of funds for repayment of the debentures to the debenture trustees, the Company shall immediately arrange for the repayment
of the advances/loans given by L&T VBTL to the Company or its subsidiaries.
(j) During the year ended 31 March 2017, one of the subsidiaries of the Company, L&T Halol Shamalji Tollway Limited (LTHSTL), pursuant
to its withdrawal of the termination letter issued to Gujarat State Road Development Corporation (GSRDC) has entered into a Master
Restructuring Agreement with its lenders under the Strategic Restructuring package of the Reserve Bank of India. Pursuant to the same:
(a) the lenders have acquired about 51% stake in LTHSTL. However the Company continues to retain Management control over LTHSTL.
(b) the Company has entered into a sponsor undertaking in favour of the lenders wherein the Company has sub-ordinated its
rights to receive any amounts from LTHSTL in whatever form unless all obligations of the lenders including the equity portion
of their debt is repaid with an agreed IRR.
(v) Management’s assessment

The amounts shown under contingent liabilities and commitments represent the best possible estimate arrived at on the basis of the
available information. Further, various government authorities/other stakeholders raise issues/clarifications in the normal course of business
and the Management has provided its responses in respect of the same and no formal demands/claims have been raised in respect of
the same other than those disclosed above. The obligations and possible reimbursements in respect of the above are dependent on the
outcome of the various discussions/proceedings that are ongoing and, therefore, cannot be predicted accurately except those disclosed
above. The Group does not expect any financial exposure in respect of these as at 31 March 2017.

K REVENUE FROM OPERATIONS
Operating income
Construction and project related activity 497.75 879.30
[Refer Notes Q(6) and Q(19)]
Annuity income 197.96 86.42
Income from financing activity 0.44 3.95
Toll collection and related activity 1,433.63 1,477.65
[Net of revenue share payable of v 100.10 crore (previous
year: v 95.54 crore)]
Income from wind power generation 8.37 6.25
2,138.15 2,453.57
S-3388

Other operational revenue
Lease rental income 0.22 0.09
Business support services 2.26 –
Claims for compensation/ concession extension with 24.74 –
NHAI
Miscellaneous income 0.20 2.83
27.42 2.92
TOTAL 2,165.57 2,456.49
Note K(i):
Claims for compensation/concession extension with NHAI represents, compensation receivable for loss of revenue under the concession agreements
entered into with National Highways Authority of India (NHAI) by the Group, by way of extension of the concession agreement by certain number
of days based on the actual loss incurred due to non-collection/partial collection of toll revenue during the period of force majeure, accounted for
in accordance with the accounting policy of the Group. Also Refer Note E(II).

L OTHER INCOME
Interest income
From current investments 0.86 2.33
From banks 0.92 10.50
From others 5.30 3.04
7.09 15.87
Dividend income
From trade investments 0.00 –
From mutual funds 6.07 2.68
Others – 0.91
6.07 3.59
Profit/(loss) on sale of current investments(net) 17.36 23.51
Profit/(loss) on sale of fixed assets 0.08 –
Liabilities/provisions no longer required written back 2.32 34.59
Other miscellaneous income 19.30 10.06
TOTAL 52.22 87.62

M OTHER CONSTRUCTION AND RELATED OPERATING EXPENSES
Power and fuel 20.39 19.61
Engineering, professional, technical and consultancy fees 18.27 7.59
Insurance 7.69 6.85
Rent, rates and taxes 0.12 9.70
Vehicle running and maintenance 5.98 –
Repairs to plant and equipment 13.85 8.20
Repairs to buildings 1.41 0.63
Provision for periodic major maintenance 220.52 201.42
[Refer Note Q(13)]
General repairs and maintenance 102.82 54.65
Miscellaneous expenses 0.65 41.89
TOTAL 391.70 350.54
S-3389

Note M(i)
Other construction and related operating expenses is net of v 10.85 crore (previous year: v Nil crore), being reimbursement of expenses pursuant
to the terms of the concession agreement due to non-collection of toll revenue pursuant to the direction from NHAI during the period from 09
November 2016 to 02 December 2016 on account of demonetisation.

N EMPLOYEE BENEFITS EXPENSE
Salaries, wages and bonus 45.54 45.60
Contribution to and provision for: [Refer Note Q(7)]
Provident and pension funds 2.11 2.09
Superannuation/employee pension schemes 0.14 0.16
Gratuity funds 0.99 1.27
3.24 3.52
Staff welfare expenses 7.17 4.29
TOTAL 55.95 53.41
Note N(i)
Employee benefits expense is net of v 1.39 crore (previous year : v Nil crore), being reimbursement of expenses pursuant to the terms of the
concession agreement due to non-collection of toll revenue pursuant to the direction from NHAI during the period from 09 November 2016 to 02
December 2016 on account of demonetisation.

R Crore R Crore
O ADMINISTRATION AND OTHER EXPENSES
Power and fuel 0.12 0.20
Insurance 0.39 1.27
Rent, rates and taxes 9.32 13.59
Travelling and conveyance 7.60 9.29
General repairs and maintenance 6.88 7.66
Professional fees 22.00 20.99
Telephone, postage and telegram 1.69 1.69
Advertising and publicity 0.89 1.32
Stationery and printing 1.25 1.45
Bank charges 3.63 2.74
Premium and exchange loss on derivative contracts (net) 17.59 19.84
Loss on sale of fixed assets (net) – 0.14
Corporate social responsibility 0.47 0.17
[Refer Note Q(14)]
Others – 47.58
Miscellaneous expenses 5.18 2.88
TOTAL 77.01 130.81
S-3390

Note O(i)
Professional fees includes Auditor’s remuneration as follows (including service tax wherever applicable)

R Crore R Crore
(i) As auditor 0.79 0.64
(ii) For Company law matters 0.72 0.54
(iii) For taxation matters 0.14 0.16
(iv) For other services 0.18 –
(v) Reimbursement of expenses 0.04 0.04
TOTAL 1.87 1.38
Note O(ii)
Administration and other expenses is net of v 0.94 crore (previous year: v Nil crore), being reimbursement of expenses pursuant to the terms of
the concession agreement due to non-collection of toll revenue pursuant to the direction from NHAI during the period from 09 November 2016 to
02 December 2016 on account of demonetisation.
R Crore R Crore
P FINANCE COSTS
Interest expense on term loans 770.12 1,001.10
Interest expense on debentures 141.99 55.08
Interest expense on other borrowings 19.72 30.61
Other borrowing costs 65.77 27.63
TOTAL 997.60 1,114.42
Note P(i):
Finance costs is net of v 36.11 crore (previous year : v Nil crore), being reimbursement of interest expenses pursuant to the terms of the concession
agreement due to non-collection of toll revenue pursuant to the direction from NHAI during the period from 09 November 2016 to 02 December
2016 on account of demonetisation.
Q. OTHER NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

Q(1) Corporate Information
L&T Infrastructure Development Projects Limited (“L&T IDPL”) is a public company domiciled in India. L&T IDPL is a Systemically Important
Non-Deposit taking Core Investment Company (“CIC-ND-SI”), in terms of the Certificate of Registration (“CoR”) received from Reserve Bank
of India (“RBI”). L&T IDPL is also involved in the business of development, operation and maintenance of infrastructure projects under the
Public Private Partnership (“PPP”) route through its subsidiaries. The subsidiaries enter into concession agreements with National Highways
Authority of India (“NHAI”) / State authorities for the development, operation and maintenance of infrastructure projects under Design-Build-
Finance-Operate-Transfer(DBFOT)/Build-Operate-Transfer (BOT) mode with concession periods ranging from 15 to 35 years. At the end of
the said concession period, the entire facilities are transferred to the concerned government authorities.
Q(2) Additional information pursuant to Schedule III to the Companies Act, 2013
Country of Net assets, i.e., total assets Share in profit or loss
Incorporation minus total liabilities
S.
Name of the entity As % of Amount As % of Amount
No.
consolidated v crore consolidated v crore
net assets profit or loss
Parent
L&T Infrastructure Development Projects Limited India 133.86% 5,603.79 (24.85%) 64.37
Indian Subsidiaries
1 L&T Transportation Infrastructure Limited India 1.98% 82.69 (7.85%) 20.34
2 L&T Interstate Road Corridor Limited India 0.12% 5.01 5.22% (13.51)
3 Krishnagiri Thopur Toll Road Limited India 3.38% 141.30 (15.21%) 39.40
4 Panipat Elevated Corridor Limited India (4.73%) (198.02) 13.69% (35.45)
5 Vadodara Bharuch Tollway Limited India (2.13%) (89.12) (6.58%) 17.05
S-3391

Country of Net assets, i.e., total assets Share in profit or loss
Incorporation minus total liabilities
S.
Name of the entity As % of Amount As % of Amount
No.
consolidated v crore consolidated v crore
net assets profit or loss
6 Western Andhra Tollways Limited India 0.29% 12.22 (4.28%) 11.08
7 Devihalli Hassan Tollway Limited India 3.41% 142.59 2.33% (6.04)
8 L&T Krishnagiri Walajahpet Tollway Limited India (0.12%) (4.98) (2.64%) 6.84
9 L&T Metro Rail (Hyderabad) Limited India 0.00% – (2.48%) 6.42
10 Ahmedabad Maliya Tollway Limited India (8.02%) (335.64) 20.12% (52.12)
11 L&T Halol Shamlaji Tollway Limited India (5.39%) (225.63) 34.78% (90.07)
12 L&T Port Kachchigarh Limited India (0.11%) (4.61) 0.01% (0.02)
13 L&T Samakhali Gandhidham Tollway Limited India (2.81%) (117.64) 21.39% (55.41)
14 L&T Rajkot Vadinar Tollway Limited India (7.76%) (325.05) 21.34% (55.27)
15 L&T BPP Tollway Limited India (2.39%) (100.02) 18.75% (48.57)
16 L&T Deccan Tollways Limited India (0.06%) (2.52) 0.12% (0.32)
17 L&T Western India Tollbridge Limited India 0.47% 19.70 (0.34%) 0.87
18 L&T Chennai Tada Tollway Limited India (0.12%) (5.05) 1.88% (4.86)
19 PNG Tollway Limited India (11.78%) (493.31) 24.44% (63.31)
20 L&T Sambalpur-Rourkela Tollway Limited India 3.46% 144.86 0.22% (0.56)
21 Kudgi Transmission Limited India 0.40% 16.74 0.83% (2.14)
Foreign Subsidiaries
1 L&T IDPL Trustee Manager Pte. Limited Singapore (0.13%) (5.48) 0.06% (0.16)
2 L&T Infrastructure Development Projects Lanka (Private) Sri Lanka 0.00% – (0.93%) 2.42
Limited
Associate Companies
1 International Seaports haldia (Private) Limited 0.35% 14.82 (0.63%) 1.62
Minority interest in all subsidiaries and eliminations (2.16%) (90.28) 0.62% (1.60)
TOTAL 100.00% 4,186.37 100.00% (259.00)
Q(3) Reserves and Surplus shown in the Consolidated Balance Sheet includes the Group’s share in the respective reserves of subsidiaries. Reserves
attributable to minority shareholders is reported as part of minority interest in the Consolidated Balance Sheet. Movement in minority interest
is given below
Particulars v Crore
Balance as at 01 April 2016 5.58
Add : Net increase on acquisition by lenders pursuant to SDR scheme 176.11
Less : Share in profit/(loss) during the year (net) 14.00
Less : Derecognition pursuant to disposal of subsidiaries(net) 22.87
Balance as at 31 March 2017 144.82
Q(4) (a) Pursuant to the Share Purchase Agreement entered into by the Company with its Holding Company, Larsen & Toubro Limited dated 29
March 2017, the Company had sold its entire investment in one of the subsidiaries, L&T Metro Rail (Hyderabad) Limited (LTMRHL) to
Larsen & Toubro Limited at cost . Consequent to the disposal, a net gain of v 14.55 Crore (previous year :v Nil crore) is accounted for in
the Consolidated statement of profit and loss and is included under Exceptional items.
(b) Pursuant to the Share Purchase Agreement entered into by the Company dated 04 April 2016 for the disposal of its investment in one of
the subsidiaries, L&T Infrastructure Development Projects Lanka (Private) Limited (L&T IDP Lanka), a net gain of v 4.85 Crore (previous
year :v Nil crore) is accounted in the Consolidated statement of profit and loss and is included under Exceptional items.”
Q(5) (a) Provision for current tax includes:
i) v Nil crore (previous year: v 0.06 crore) being reversal of excess provision for income tax in respect of earlier years.
ii) v 0.56 crore (previous year: v 0.28) being additional provision for income tax made during the year in respect of earlier years.
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(b) MAT credit entitlement represents an amount of v 77.12 crore (previous year: v 7.11 crore), recognised in the consolidated statement of
profit and loss in line with Group’s accounting policy [Refer Note R(21)], based on Management’s assessment of future projections as
at 31 March 2017.
Q(6) Disclosures pursuant to Accounting Standard (AS) 7 (Revised) “Construction Contracts”:

v crore v crore
i) Contract revenue recognised for the financial year 497.75 879.3
ii) Aggregate amounts of contract costs incurred and recognised profits (less: recognised losses) as at the 1,995.76 1498.01
end of the financial year for all contracts in progress as at that date
iii) Amount of customer advances outstanding for contracts in progress as at end of the financial year – –
iv) Retention amounts by customers for contracts in progress as at end of the financial year – –
Q(7) Disclosure pursuant to Accounting Standard (AS) 15 (Revised) “Employee Benefits”

(A) Defined contribution plans:
An amount of v 1.43 crore (previous year: v 1.15 crore) is recognised as an expense and included in “employee benefits expense” in the
Statement of Profit and loss and an amount of v 0.31 crore (previous year : v 1.57 crore) and v 0.05 crore (previous year : v Nil crore) is
included in “Intangible assets under development” and “Capital Work-in-progress” respectively.
(B) Defined benefit plans:
(i) The amounts recognised in balance sheet are as follows:
v Crore
Particulars Gratuity plan Trust-managed
provident fund plan
As at As at As at As at
31 March 31 March 31 March 31 March
2017 2016 2017 2016
A) Present value of defined benefit obligation
– Wholly funded 6.06 5.06 16.08 15.76
– Wholly unfunded – 2.34 –
6.06 7.40 16.08 15.76
Less : Fair value of plan assets 4.73 3.81 15.90 15.63
Add : Unrecognised asset – – 0.04
Amount to be recognised as liability or (asset) 1.33 3.59 0.18 0.17
B) Amounts reflected in the Balance Sheet
Liabilities 1.33 3.59 0.18 0.17
Net Liability/(asset) 1.33 3.59 0.18 0.17
Net Liability/(asset) - current 1.33 3.59 0.18 0.17
Net Liability/(asset) – Non current – – – –
(ii) The amounts recognised in the statement of profit and loss are as follows:
v Crore
provident fund plan
2016-17 2015-16 2016-17 2015-16
1 Current service cost 0.79 0.94 0.91 0.94
2 Interest on defined benefit obligation 0.39 0.44 1.29 1.22
3 Expected return on plan assets (0.26) (0.26) (1.29) (1.22)
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v Crore
provident fund plan
2016-17 2015-16 2016-17 2015-16
4 Actuarial losses/(gains) 0.18 1.06 – (0.06)
5 Past service cost – – – –
6 Actuarial gain/(loss) not recognised in books – – – 0.06
7 Adjustment for earlier years – (0.16) – –
8 Amount capitalised out of the above (0.11) (0.75) – –
Total (1 to 8) 0.99 1.27 0.91 0.94
I Amount included in “employee benefit expenses” 0.99 1.27 0.91 0.94
II Amount included as part of “finance costs” – – – –
Total (I + II) 0.99 1.27 0.91 0.94
Actual return on plan assets 0.26 0.26 1.29 1.06
(iii) The changes in the present value of defined benefit obligation representing reconciliation of opening and closing balances thereof
are as follows:
v Crore
provident fund plan
2016-17 2015-16 2016-17 2015-16
Opening balance of the present value of defined benefit obligation 7.40 5.62 15.80 12.62
Add: Current service cost 0.79 0.94 0.91 0.94
Add: Interest cost 0.39 0.44 1.29 1.22
Add: Contribution by plan participants –
i) Employee – – 1.51 1.47
Add/(less): Actuarial losses/(gains) 0.09 1.10 –
Add: Past service cost –
Add/(less) : Business combination/disposal(net) (2.04) – –
Add/(less) : Liabilities assumed on transfer of employees – – (0.42) 1.29
Add/(less) : Adjustment for earlier years – 0.10 0.03 0.10
Closing balance of the present value of defined benefit obligation 6.06 7.40 16.08 15.76
(iv) Changes in the fair value of plan assets representing reconciliation of the opening and closing balances thereof are as follows:
v Crore
provident fund plan
2016-17 2015-16 2016-17 2015-16
Opening balance of fair value of plan assets 3.81 3.41 15.63 12.55
Add: Expected return on plan assets 0.26 0.26 1.29 1.22
Add/(less): Actuarial (losses)/gains (0.08) 0.04 0.08 0.06
Add: Contribution by employer 2.52 0.31 0.91 0.91
Add: Contribution by plan participants – – 1.51 1.47
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v Crore
provident fund plan
2016-17 2015-16 2016-17 2015-16
Add/(less) : Transfer in/(out) – – (0.42) 1.29
Add/(less) : Business combination/disposal(net) (1.37) – – –
Add: Adjustment for earlier years – 0.27 (0.04) –
Closing balance of fair value of plan assets 4.72 3.81 15.92 15.62
(v) The major categories of plan assets as a percentage of total plan assets are as follows :

provident fund plan
As at As at As at As at
31 March 31 March 31 March 31 March
2017 2016 2017 2016
Government of India securities – – 20.00% 25.00%
State government securities – – 21.00% 16.00%
Special deposit schemes – – 8.00% 9.00%
Public sector unit bonds – – 33.00% 39.00%
Corporate bonds – – 15.00% 10.00%
Insurer managed funds 100.00% 100.00% 3.00% 1.00%
Total 100.00% 100.00% 100.00% 100.00%
(vi) Principal actuarial assumptions at the balance sheet date:
31 March 2017 31 March 2016
1) Discount rate:
a) Gratuity plan 6.95% - 7.19% 7.70% - 8.00%
b) Trust-managed provident fund plan 7.19% 7.83%
2) Expected return on plan assets:
a) Gratuity plan 6.95% - 7.19% 7.85%
b) Trust Managed Provident fund plan 8.87% 8.53%
3) Future Salary Increase 6.00% 6.00%
4) Mortality rate Indian Assured Indian Assured
(2006-08) Table rate(2006-08) table
5) The attrition rate for gratuity plan varies from 3% to15% (previous year: 3%) for various age groups.
6) The estimates of future salary increases, considered in actuarial valuation, take into account inflation, seniority, promotion and
other relevant factors, such as supply and demand in the employment market.
7) The interest payment obligation of trust-managed provident fund is assumed to be adequately covered by the interest income
on long term investments of the fund. Any shortfall in the interest income over the interest obligation is recognised immediately
in the Statement of Profit and loss as actuarial losses.
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(vii) The amounts pertaining to defined benefit plans are as follows:
v crore
Particulars As at As at As at As at As at
31 March 31 March 31 March 31 March 31 March
2017 2016 2015 2014 2013
a) Gratuity plan (funded)
Plan assets 4.73 3.81 3.41 2.66 2.58
Surplus/(deficit) (1.33) (3.59) (2.21) (1.98) (2.09)
b) Trust-managed provident fund plan (funded)
Plan assets 15.90 15.63 12.55 9.92 7.34
Surplus/(deficit) (0.18) (0.13) (0.06) (0.43) (0.18)
c) Experience adjustments
Experience adjustments on plan liabilities (0.24) 0.53 Refer Note below*
Experience adjustments on plan assets 0.08 (0.31)
*Due to non availability of information, experience adjustments of plan liabilities and assets for the respective years have not been
disclosed.
(viii) General descriptions of defined benefit plans:
(A) Gratuity plan:
The Group operates gratuity plan through LIC’s Group Gratuity scheme where every employee is entitled to the benefit equivalent
to fifteen days salary last drawn for each completed year of service. The same is payable on termination of service or retirement
whichever is earlier. The benefit vests after five years of continuous service.
(B) Trust managed provident fund plan:
The Company manages provident fund plan through the Holding Company’s provident fund trust for its employees which is
permitted under the Provident Fund and Miscellaneous Provisions Act, 1952. The plan envisages contribution by employer
and employees and guarantees interest at the rate notified by the provident fund authority. The contribution by employer and
employee together with interest are payable at the time of separation from service or retirement whichever is earlier. The benefit
under this plan vests immediately on rendering of service.
(C) Compensated absences:
The significant assumptions considered by the independent actuary in carrying out the actuarial valuation of long term
compensated absences are given below:
31 March 2017 31 March 2016
1) Discount rate 6.95% - 7.19% 7.70% - 7.85%
2) Future salary increase 6.00% 6.00%
3) Attrition rate
Age band
25 and below 15.00% 15.00%
26 to 35 12.00% 12.00%
36 to 45 9.00% 9.00%
46 to 55 6.00% 6.00%
56 and above 3.00% 3.00%
4) Mortality rate Indian Assured Indian Assured
(2006-08) Table (2006-08) Table
S-3396

(D) Retention pay:
The significant assumptions considered by the independent actuary in carrying out the actuarial valuation of Retention Pay are
given below:
31 March 2017 31 March 2016
1) Discount rate 6.95% 7.20%
2) Mortality Rate Indian Assured Indian Assured
(2006-08) Table (2006-08) Table
Q(8) Disclosure pursuant to Accounting Standard (AS) 17 “Segment Reporting”

a) Primary segments (business segments):
v Crore
Particulars Financing activity Infrastructure development Total
2016-17 2015-16 2016-17 2015-16 2016-17 2015-16
Segment revenue 0.44 3.95 2,165.13 2,452.54 2,165.57 2,456.49
Segment result (45.25) (75.39) 724.67 538.00 679.42 462.61
Unallocable corporate – – – – (51.01) 47.85
income/expenditure (net)
Unallocable depreciation – – – – (1.40) (1.50)
Operating profit – 724.67 – 627.01 508.96
Interest and other income – – 52.22 – 52.22 5.37
Interest expense – 997.60 – 997.60 1,114.42
Profit/(Loss) before exceptional items and tax – (265.97) – (265.97) (600.09)
Exceptional items – – 69.47 69.47 (226.15)
Profit/(Loss) before tax – (335.44) – (335.44) (826.24)
Provision for current tax [net of MAT Credit] – (57.53) – (57.53) 6.63
Provision for deferred tax – (3.29) – (3.29) (1.34)
Profit/(Loss) after tax – (274.62) – (274.62) (831.53)
Share of profit/(loss) in associate – 1.62 – 1.62 (0.22)
Adjustment for minority interests in – (14.00) – (14.00) 99.37
subsidiaries
Profit/(Loss) after tax, minority interest and – (259.00) – (259.00) (732.38)
share in profit of associates
Segment assets 1,887.19 – 29,444.34 – 31,331.53 37,243.80
Un allocable assets – – – – 41.24 335.46
Total Assets 1,887.19 – 29,444.34 31,372.77 37,579.26
Segment liabilities 553.26 415.21 – 13,119.84 553.26 13,535.05
Un allocable liabilities – – 30,819.51 – 30,819.51 24,044.21
Total Liabilities 553.26 415.21 30,819.51 13,119.84 31,372.77 37,579.26
Other Information –
Capital expenditure (allocable) – 0.78 862.43 12,558.65 862.43 12,559.43
Depreciation, amortisation and impairment (490.00) (599.52) (490.00) (599.52)
included in Segment expense
S-3397

b) The Company caters mainly to domestic market and hence there are no reportable secondary/geographical segments.
c) Segment reporting, segment identification, reportable segments and definition of each reportable segment:
(i) Primary segment reporting format
The risk-return profile of the Company is determined predominantly by the nature of its products and services. Accordingly, the
business segments constitute the primary segments for disclosure of segment information.
(ii) Segment identification
Business segments have been identified on the basis of the nature of products/services, the risk-return profile of individual business,
the organisational structure and internal reporting system of the Company.
(iii) Reportable segments
Reportable segments have been identified as per the criteria specified in Accounting Standard (AS) 17 “Segment Reporting”.
d) Segment Composition:
Infrastructure development segment comprises construction, development, operation and maintenance of toll projects including annuity
based projects, development and operation of power transmission projects, development and operation of metro rail and providing related
advisory services.
Financing activity segment comprises the investment and related activities undertaken as Core Investment Company
(CIC - ND - SI).
Q(9) Disclosure of related parties / related party transactions pursuant to Accounting Standard ( AS ) 18 “Related Party Disclosures”
(i) Name of Related Parties and Nature of Relationships
Nature of Relationship Year Ended 31 March 2017 Year Ended 31 March 2016
Holding Company Larsen & Toubro Limited Larsen & Toubro Limited
Entity exercising Significant CPP Investment Board Singaporean Holdings 1 CPP Investment Board Singaporean Holdings 1
Influence Pte. Limited Pte. Limited
Fellow subsidiaries L&T General Insurance Company Limited L&T General Insurance Company Limited
L&T Marketing Networks Limited L&T Technology Services Limited
Larsen & Toubro Infotech Limited Larsen & Toubro Infotech Limited
L&T Finance Holdings Limited L&T Infocity Limited
L&T Metro Rail (Hyderabad) Limited L&T Infrastructure Engineering Limited
(w.e.f. 29 March 2017)
L&T Hydrocarbon Engineering Limited
L&T Shipbuilding Limited
Associate International Seaports Haldia (Private) Limited International Seaports Haldia (Private) Limited
Key Managerial Personnel Mr. K. Venkatesh - Chief Executive and Managing Mr. K. Venkatesh - Chief Executive and Managing
Director Director
(ii) Details of transactions with related parties: (including taxes wherever applicable)
v Crore
Nature of Relationship/Name/Nature of transaction 2016-17 2015-16
i. Holding Company
Larsen & Toubro Limited
Purchase of goods and services 1,633.87 2,547.17
Sale of goods and services 7.29 6.41
Intercorporate deposits/loans/mezzanine debt given – 900.00
Reimbursement of expenses from 16.27 47.26
Reimbursement of expenses to 1.91 1.65
Mobilisation advance paid 0.00 7.50
Rent paid 2.28 2.60
Interest paid – 5.18
Interest received – 3.89
S-3398

v Crore
Transfer of loans and advances from – 44.03
Transfer of loans and advances to 0.08 0.10
Purchase of equity shares – 43.97
Sale of equity shares 2,041.57 –
Advance against share capital 6.35 –
Subscription to equity shares 0.32 0.49
v Crore
ii. Fellow Subsidiaries
L&T Infocity Limited
Rent paid – 0.04
Reimbursement of expenses from – 4.98
Reimbursement of expenses to – –
L&T Technology Services Limited
Rendering of services – 0.01
Availment of services – –
L&T Infrastructure Engineering Limited
Availment of services – 0.48
Larsen & Toubro Infotech Limited
Availment of services 4.09 6.76
L&T General Insurance Company Limited
Insurance premium paid 1.43 7.84
Reimbursement of expenses from – 0.36
L&T Hydrocarbon Engineering Limited
v Crore
Availment of services 2016-17 2015-16
L&T Marketing Networks Limited
Reimbursement of expenses to 0.03 –
L&T Shipbuilding Limited
L&T Finance Holdings Limited
Reimbursement of expenses to 0.01 –
iv. Associate Company
International Seaports Haldia (Private) Limited
Dividend received 1.47 2.46
vi. Entity exercising significant influence
CPP Investment Board Singaporean Holdings 1 Pte. Limited
Issue of Compulsorily Convertible Preference Shares – 1,000.00
S-3399

(iii) Amount due to and due from related parties (net) :
v Crore
Due to Due from Due to Due from
i. Holding company
1. Larsen & Toubro Limited 26.32 – 117.43 –
ii. Fellow subsidiaries
1. Larsen & Toubro Infotech Limited – – 3.04 –
2. L&T Infrastructure Engineering Limited – – 0.17 –
3. L&T Shipbuilding Limited – 1.28 – 1.00
4. L&T Hydrocarbon Engineering Limited – 0.04 – 0.01
(iv) No amounts have been written off/ written back during the current year and previous year
Q(10)Disclosure pursuant to Accounting standard (AS) 19 ‘Leases’ :

The Group has taken various office premises, guest houses and residential premises on cancellable operating lease. These agreements are
normally renewed on expiry. Lease rental expenses for the year v 0.19 Crore (previous year : v 0.20 crore) has been charged to the statement
of profit and loss and v 0.27 crore (previous year : v 0.29 crore) has been included in Intangible assets under development.
Q(11)Basic and Diluted Earnings per Share (‘EPS’) computed in accordance with Accounting Standard (AS) 20 ‘Earnings per Share’:
Basic earnings per equity share
Loss after tax as per accounts (v crore) A (259.00) (732.38)
Weighted average number of equity shares outstanding B 321,049,196 321,049,196
Basic EPS (v) A/B (8.07) (22.81)
Diluted earnings per equity share
Loss after tax as per accounts (v crore) A (259.00) (732.38)
Weighted average number of equity shares outstanding B 321,049,196 321,049,196
Add : Weighted average number of potential equity shares on account of C 308,458,935 136,042,846
CCPS^^
Weighted average number of shares outstanding for diluted EPS D=B+C 629,508,131 457,092,042
Diluted EPS (v) ^^^ A/D (8.07) (22.81)
Face value per share (v) 10.00 10.00
^^Pursuant to the Investment agreement dated 21 June 2014, signed between the Company, the Holding Company, Larsen & Toubro Limited,
Old lane Mauritius III Limited and CPP Investment Board Singaporean Holdings 1 Pte. Limited, the Company had allotted 1800 Compulsorily
Convertible Preference Shares Series 1 of v 1 Crore each and 200 Compulsorily Convertible Preference Shares Series 1 of v 1 Crore each to
CPP Investment Board Singaporean Holdings 1 Pte. Limited. In terms of clause 8.1.3 of the said agreement, the CCPS Series 1 comprising
1800 compulsorily convertible preference shares of face value v 1,00,00,000 each and CCPS Series 2 comprising 200 compulsorily convertible
preference shares of face value v 1,00,00,000 each are convertible into equity shares of face value v 10 each based on a Valuation process
set out in Schedule 9 of the said agreement on or before 31 March 2019 and 31 March 2021 respectively.
In order to compute the Diluted earnings per share and to determine the number of potential equity shares, the Company has undertaken an
internal valuation based on management’s projections and estimated the number of equity shares that would be allotted upon conversion of
these CCPS Series 1 and CCPS Series 2. However the actual number of equity shares that would be allotted upon conversion may significantly
differ from the above if the valuation of the Company as envisaged in the Investment agreement at the time of conversion is materially different.
^^^As the potential equity shares turn anti-dilutive, the same is ignored in the computation of diluted earnings per share for the current
year and the previous year.
The Company has 10,000 Special Equity Shares of v 10 each outstanding which do not have any right to receive divided/other distributions
of Company or otherwise carry any economic rights. Consequently, earnings per share is not applicable for such special equity shares. Also
Refer Note A(III).
S-3400

Q(12) Disclosure pursuant to Accounting Standard (AS) 22 “ Accounting for Taxes on Income”:
v crore
Particulars Deferred tax Charge/(credit) Effect due to Deferred tax
liabilities/ (assets) to Statement of acquisitions / liabilities/ (assets)
as at 31 March Profit and Loss disposals as at 31 March
2016 2017
Deferred tax liabilities
Difference between book and tax depreciation 77.24 130.04 – 207.28
Total 77.24 130.04 – 207.28
Deferred tax assets
Unpaid statutory liabilities/ Provision for employee
benefits
1.95 0.18 – 1.77
Unabsorbed depreciation/brought forward business 53.37 (134.64) – 188.01
losses/losses under the head capital gains
Other items giving rise to timing differences 2.36 1.13 0.80 0.43
Total 57.68 (133.33) 0.80 190.21
Net deferred tax liability/ (asset) 19.56 (3.29) 0.80 17.07
Notes:
(i) The Group has availed tax holiday u/s 80-IA of the Income-tax Act, 1961 for some of its subsidiaries. Deferred tax assets/liabilities in such
cases are not recognised to the extent they reverse within the tax holiday period.
(ii) Deferred tax assets in respect of tax losses and unabsorbed depreciation in the case of some of the subsidiaries are recognised only to
the extent of deferred tax liabilities.
Q(13) Disclosure pursuant to Accounting Standard (AS) 29 “Provisions, Contingent Liabilities and Contingent Assets”
a) Movement in provision
Description Balance as at Additional Provision used/ Balance as at

01 April 2016 provision during reversed during 31 March 2017
the year the year
v crore v crore v crore v crore
Periodic major maintenance 381.32 220.52 (17.44) 584.40
(234.67) (201.42) (54.77) (381.32)
b) Periodic major maintenance represents provision made for resurfacing obligations in accordance with the terms of concession agreement
with National Highways Authority of India (NHAI) and is expected to be settled/utilised over a period of one to seven years.
c) Previous year figures are given in brackets.
Q(14) Disclosure for Corporate Social Responsibility expenditure

a) The amount required to be spent by the Group on Corporate Social Responsibility (CSR) related activities during the year is v 0.47 crore
(previous year : v 0.17 crore).
b) The amount recognised as expense in the consolidated statement of profit and loss on CSR activities is v 0.47 crore , which comprises
of:
v crore
Particulars In cash Yet to be paid in Total
cash
(i) Construction/acquisition of any asset – – –
(ii) On purposes other than (i) above 0.43 0.04 0.47
Total 0.43 0.04 0.47
Previous year 0.17 – 0.17
S-3401

Q(15) Details of specified Bank notes held and transacted during the period from 08 November 2016 to 30 December 2016
v crore
Particulars SBNs Other denomination notes Total
Closing cash in hand as on 08 November 2016 3.40 5.07 8.47
(+) Permitted receipts 31.82 73.59 105.41
(-) Permitted payments – 3.43 3.43
(-) Amount deposited in Banks 35.22 62.60 97.82
Closing cash in hand as on 30 December 2016 – 12.62 12.62
The above disclosure is provided pursuant to notification issued by Ministry of Corporate affairs dated 30 March 2017.
Q(16) Deferred payment liability of v 10,919.02 crore (previous year: v 11,017.96 crore) represents:
a) Negative grant of v 443.69 crore (previous year: v 517.70 crore) payable to National Highways Authority of India (NHAI), in terms of the
Concession agreement entered into with NHAI. Out of this an amount of v 91.67 crore (previous year : v 76.59 crore) is payable within
one year.
b) Additional concession fee of v 10,475.33 crore (previous year: v10,500.26 crore) payable to National Highways Authority of India (NHAI),
in terms of the Concession agreement entered into with NHAI. Out of this an amount of v 135.26 crore (previous year : v 101.51 crore) is
payable within one year.
Q(17) There were no open derivative positions as at 31 March 2017. The following derivative positions were open as at 31 March 2016. These
transactions were undertaken to act as economic hedges for the Group’s exposures to various risks in foreign exchange markets and may
/ may not qualify or be designated as hedging instruments. The accounting for these transactions is stated in Note R[24] and R[25] under
Significant accounting policies
a) Forward exchange contracts and options (being derivative instruments), which are not intended for trading or speculative purposes but
for hedge purposes to establish the amount of reporting currency required or available at the settlement date of certain payables and
receivables.
(i) Outstanding forward exchange contracts entered into by the Group
v crore
Currency Buy Cross currency As at As at
31 March 2017 31 March 2016
USD Buy Rupees – 3.46
Euro Buy Rupees – 1.14
(ii) Outstanding option contracts entered into by the Group
v crore
Currency Buy Cross currency As at As at
31 March 2017 31 March 2016
USD Buy Rupees – 4.31
b) Interest rate swaps to hedge against fluctuations in interest rate changes: No. of contracts: Nil (previous year : v Nil)
c) Currency swaps (other than forward exchange contracts stated above) to hedge against fluctuations in changes in exchange rate. No.
of contracts: Nil (previous year: 7)
d) The year-end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given below:
31 March 2017 31 March 2016
Payable in Indian rupees (v crore) – 201.44
Payable in foreign currency:
USD – 8,558,600
Euro – 19,029,201
GBP – 134,057
S-3402

Q(18) Depreciation, amortisation, impairment and obsolescence includes:
a) an amount of v Nil crore (previous year: v 0.25 crore) was amortised from goodwill arising on acquisition of subsidiary companies
b) an amount v Nil crore (previous year: v 86.98 crore) being the impairment charge of goodwill arising on consolidation of subsidiary
companies
Q(19) The aggregate amounts of revenues and profit after tax (net) recognised during the year in respect of construction services is
v 497.75 crore (previous year : v 879.30 crore) and v 71.64 crore (previous year: v 59.64 crore).
Q(20) The Company received a notice on 20 April 2015, from Maharashtra Airport Development Company Limited (MADC), wherein they have
instructed the Company to handover the possession of 50.85 acres of vacant land taken on 99 year lease at Nagpur, within a period of 15
days from the said date, as the Company had not commenced commercial operations by 20 June 2013. Consequently, the carrying amount
of premium paid to MADC as at 31 March 2017 of v 14.20 crore (previous year : v 14.20 crore), has been reclassified and included in Other
receivable - Loans and advances. The Management is confident of realising the said amount in terms of the Co-Developers Agreement entered
into with MADC dated 20 June 2008.
Q(21) Exceptional items disclosed in the Consolidated statement of profit and loss represents the following :
v crore
Impairment of Toll collection rights [Refer Note E(II)] 20.00 182.23
Impairment of Project work-in-progress – 43.92
Net gain on disposal of subsidiaries [Refer Note Q(24)] (19.40) –
Provision for doubtful receivable from NHAI for terminated projects [Refer Note Q(25)] 68.87 –
TOTAL 69.47 226.15
Q(22) One of the subsidiaries, L&T Transportation Infrastructure Limited, which has been awarded a Build-Operate-Transfer (BOT) project for
construction of a bypass toll road and a bridge over the River Noyyal in Coimbatore District of Tamil Nadu State, under the Concession Agreement
dated 03 October 1997, had received a termination notice from the Ministry of Road Transport and Highways (MoRTH), Government of India.
The ground of termination was Government of India’s subsequent intention to go for four-laning of the existing two lane road. The subsidiary
has obtained injunction from the Delhi High Court against the said termination notice of the Government and is accordingly continuing to
collect toll. The tolling rights of the subsidiary are protected under the aforesaid concession agreement.
The subsidiary had also filed an application opting for arbitration for resolution of disputes and an Arbitral Tribunal had been constituted as
provided in the concession agreement. The Arbitral Tribunal has pronounced the award on 12 December 2014 in favour of the Company. The
Tribunal has also awarded, interalia, compensation to be paid to the Company for loss of revenue at Athupalam Bridge and suitable extension
of the concession period.
MoRTH has challenged the award on 12 March 2015 seeking stay of the aforesaid tribunal award before the Hon’ble Delhi High Court. The
case is transferred to Commercial Appellate Court of the Delhi High Court during the year. The matter was heard and was transferred to the
division of Court set up for hearing cases filed under section 34 of the Arbitration and Conciliation Act, 1996. The case was due for hearing
on 21 February 2017 and was adjourned till 18 May 2017. No amounts have been accounted for as at 31 March 2017, in respect of the said
award by the tribunal, pending ultimate conclusion on the matter.
Q(23) One of the subsidiaries, L&T Western India Tollbridge Limited, had claimed for loss of revenue during the concession period due to riots,
strikes, closures and compensation for execution of variances to project facilities beyond the scope of concession agreement envisaged at
the time of tendering. Since the claims could not be settled amicably, they were referred to the Arbitral Tribunal constituted as per the terms
of the Concession agreement. The Arbitral tribunal unanimously passed the award in favour of the Company against which the Government
of India (“GOI”) / Government of Gujarat (GOG) had appealed to the District Court of Kheda at Nadiad (Gujarat) . The matters were listed for
a number of times and finally on 04 April 2015, the Honourable Court dismissed the appeals on account of non-persuasion by GOI/GOG.
Subsequently the subsidiary had filed an execution petition against GOI before the Honourable High Court of Delhi. The same was heard on
17 March 2016 where the subsidiary had emphasized and demanded execution of the tribunal’s award by GOI. During the year, the Ministry
of Road Transport and Highways had taken initiatives to revive the Infrastructure sector through NITI Aayog. The proposals approved include
transfer of arbitration cases existing under the old act, to the amended act and also to provide relief to the concessionaires in the form of
interim payment of 75% of the Arbitral award in cases where the tribunal had granted the award, which were challenged by the implementation
agencies. The subsidiary had executed the relevant agreements and undertaking as required and has received 75% of the arbitral award
amounting to v 69.77 Crore during the year which is accounted under other current liabilities, pending ultimate conclusion on the matter.
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Q(24) The effect of disposal of subsidiaries [Refer Note R(2)(g)] during the year is given below:
v crore
Particulars LTMRHL [Refer L&T IDP Lanka
Note Q(4)(a)] [Refer Note Q(4)(b)]
Net assets at the date of disposal 2,035.15 26.87
Revenue for the period upto disposal 19.18 –
Expense for the period upto disposal 27.31 –
Profit/(Loss) for the period upto disposal (8.13) –
Q(25) An amount of v 134.16 crore (previous year : v 279.31 crore), is carried as the net amount recoverable towards termination compensation by
two subsidiaries of the Group, engaged in infrastructure projects, which have terminated concession agreements entered into with the National
Highway Authorities of India (NHAI). The nature of default and termination amount claimed has not been accepted by NHAI and arbitration
proceedings have been initiated in respect of the disputes relating to the termination payments/claims.
The Management has carried out an assessment of its exposure in these projects duly considering the expected payments arising out of the
aforesaid termination and the likely outcome of the arbitration proceedings, contractual stipulations/ interpretation of the relevant clauses
including the possible obligations to lenders, legal advice, etc. and believes that the net amount of recoverable carried in the books is good
for recovery and no additional provision/adjustment to the same is considered necessary as at 31 March 2017. Also Refer Notes Q(21), Q(27)
and Q(28).
Q(26) The Group is carrying toll collection rights (net of amortisation/impairment) aggregating to v 5,687.19 crore in 7 operating subsidiaries, engaged
in infrastructure projects, whose net worth is fully eroded as at 31 March 2017/undergoing restructuring due to continuous losses, as per the
audited financial statements of these entities as at 31 March 2017.
out / proposed, expected higher cash flows based on future business projections and the strategic nature of the investments etc., no additional
impairment / adjustment to the carrying value of the said toll collection rights is considered necessary by the Management as at 31 March
2017.
Q(27) L&T Chennai Tada Tollway Limited, a subsidiary had entered into a concession agreement with National Highways Authority of India (“NHAI”)
on 03 June 2008 for the six laning of Chennai-Tada Section of National Highway 5 in the State of Tamil Nadu. Pursuant to the default of NHAI
of the various conditions specified in the concession agreement, a notice was served on NHAI vide letter dated 18 March 2015. Due to the
inaction of NHAI on the said matter, the subsidiary had filed an application under Section 9 of the Arbitration and Conciliation Act, 1996 (as
amended), before the High Court of Delhi. On the direction of the Honourable High Court, NHAI took over the toll operations on 23 June
2016. The Court had also directed NHAI to deposit toll collections in the escrow account of the subsidiary till the completion of arbitration with
respect to the termination of the project and the finalisation of the proceeds. The arbitration/judicial proceedings in respect of this matter is
currently ongoing. Refer Note Q(25).
Q(28) During the preceding financial year, PNG Tollway Limited, a subsidiary, had submitted intent to terminate the project and accordingly issued
the notice of termination on 25 February 2016. The same was accepted by NHAI vide its minutes of meeting dated 7 April 2016 and conveyed
that the date of termination shall be 29 March 2016. Consequently, the toll operations were taken over by the authority on 13 April 2016 and
the maintenance operations were taken over on 31 July 2016. The subsidiary was engaged in various meetings with the authority with regard
to finalization of termination proceeds and its settlement during the year. On 30 August 2016, NHAI released an adhoc payment of v 100 Crore.
Further on 21 February 2017, NHAI issued a termination notice, alleging Concessionaire’s Event of Default and arbitrarily released an amount
of v 323.06 Crore on 26 March 2017 based on termination payment computed for the project after adjusting the adhoc payment and other
recoveries, unilaterally, without granting an opportunity of being heard to the subsidiary on the above matter.
The subsidiary on 3 April 2017 replied to the notice of termination by NHAI and on 4 April 2017 replied to the termination Payment advice
of NHAI, stating the facts on how termination payment calculated by NHAI is not in conformity with the stated provisions of the Concession
Agreement, and justifying its eligibility for termination payments as claimed by the Company certain contractual claims that are accepted and
payable as per provisions of concession agreement. Necessary steps have been taken by the subsidiary to commence arbitration proceedings
in respect of the above matter. Also Refer Note Q(25).
Q(29) Figures for the previous year have been regrouped/reclassified wherever necessary.
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R. SIGNIFICANT ACCOUNTING POLICIES
1 Statement of Compliance
The Group maintains its accounts on accrual basis following the historical cost convention, in accordance with the Generally Accepted Accounting
Principles in India (“GAAP”) in compliance with the provisions of the Companies Act, 2013 and the Accounting Standards as specified in the
Companies (Accounting Standards) Rules, 2006 and Notification dated March 30/2016 read with Rule 7 of the Companies (Accounts) Rules,
2014 issued by the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013 and relevant provisions of the Companies
Act, 1956 read with the Circular No. 07/2014 dated 01 April 2014 issued by the Ministry of Corporate Affairs.
Further, L&T Infrastructure Development Projects Limited (“the Company”) has been issued a certificate of registration from the Reserve Bank
of India (RBI), to commence/carry on the business of non-banking financial institution without accepting public deposits subject to certain
conditions as mentioned by the RBI and is covered as a systemically important non-deposit taking core investment company (CIC-ND-SI).
Since the Company is covered as a CIC-ND-SI effective 01 April 2015, based on the letter dated 12 January 2015 acknowledged by the RBI
the presentation and accounting in these financial statements has been done duly considering the same and the directions issued by the
(RBI) for CIC-ND-SI, as applicable.
The accounts of Indian subsidiaries have been prepared in accordance with the Generally Accepted Accounting Principles in India (“GAAP”)
in compliance with the provisions of the Companies Act, 2013 and the Accounting Standards as specified in the Companies (Accounting
Standards) Rules, 2006 and Notification dated 30 March 2016 read with Rule 7 of the Companies (Accounts) Rules, 2014 issued by the Ministry
of Corporate Affairs in respect of section 133 of the Companies Act, 2013 and relevant provisions of the Companies Act, 1956 read with the
Circular No. 07/2014 dated 01 April 2014 issued by the Ministry of Corporate Affairs and those of the foreign subsidiaries have been prepared
in compliance with the local laws and applicable Accounting Standards. Necessary adjustments for differences in the accounting policies,
wherever applicable, have been made in the Consolidated Financial Statements.
2 Principles of consolidation
The consolidated financial statements relate to L&T Infrastructure Development Projects Limited (“The Company”), its subsidiary companies
and the Group’s share of profit/(loss) in it’s associate. The consolidated financial statements have been prepared on the following basis:
a) The financial statements of the Company and its subsidiary companies have been consolidated on a line-by-line basis by adding together
like items of assets, liabilities, income and expenses, after eliminating intra-group balances and the unrealized profits/(losses) on intra-
group transactions, and are presented to the extent possible, in the same manner as the Company’s independent financial statements.
b) As the intangible assets recognised under service concession arrangements are acquired in exchange for infrastructure construction/
upgrading services, gains/(losses) on intra-group transactions are treated as realized and not eliminated on consolidation.
c) Investments in associate companies have been accounted for, using equity method as per Accounting Standard (AS) 23 Accounting for
Investments in Associates in Consolidated Financial Statements. Accordingly, the share of profit/ loss of each of the associate companies
(the loss being restricted to the cost of investment) has been added to / deducted from the cost of investments.
d) The excess of cost to the Group of its investments in the subsidiary companies / jointly controlled entities over its share of equity of the
subsidiary companies / jointly controlled entities, at the dates on which the investments in the subsidiary companies / jointly controlled
entities were made, is recognised as ‘Goodwill’ being an asset in the consolidated financial statements and is tested for impairment
on annual basis. On the other hand, where the share of equity in the subsidiary companies / jointly controlled entities as on the date of
investment is in excess of cost of investments of the Group, it is recognised as ‘Capital Reserve’ and shown under the head ‘Reserves &
Surplus’, in the consolidated financial statements. The ‘Goodwill’ / ‘Capital Reserve’ is determined separately for each subsidiary company
/ jointly controlled entity and such amounts are not set off between different entities.
e) Minority Interest in the net assets of the consolidated subsidiaries consist of the amount of equity attributable to the minority shareholders
at the date on which investments in the subsidiary companies were made and further movements in their share in the equity, subsequent
to the dates of investments. Net profit / (loss) for the year of the subsidiaries attributable to minority interest is identified and adjusted
against the profit after tax of the Group in order to arrive at the income attributable to shareholders of the Company.
f) The difference between the cost of investment in the associate and the share of net assets at the time of acquisition of shares in the
associate is identified in the consolidated financial statements as Goodwill or Capital reserve as the case may be.
g) Following subsidiary companies and associates have been considered in the preparation of the consolidated financial statements:
Name of the entity Country of % of Holding and voting power

Incorporation either directly or indirectly through
subsidiary as at
31 March 2017 31 March 2016
1. Subsidiaries
L&T Transportation Infrastructure Limited India 73.76 73.76
L&T Interstate Road Corridor Limited India 99.99 99.99
Krishnagiri Thopur Tollroad Limited India 99.99 99.99
Panipat Elevated Corridor Limited India 99.99 99.99
S-3405

Name of the entity Country of % of Holding and voting power
Incorporation either directly or indirectly through
subsidiary as at
31 March 2017 31 March 2016
Vadodara Bharuch Tollway Limited India 99.99 99.99
Western Andhra Tollways Limited India 99.99 99.99
Devihalli Hassan Tollway Limited India 99.99 99.99
L&T Krishnagiri Walajahpet Tollway Limited India 99.99 99.99
L&T Metro Rail (Hyderabad) Limited* India – 98.99
Ahmedabad Maliya Tollway Limited India 99.99 99.99
L&T Halol Shamlaji Tollway Limited** India 49.04 99.99
L&T Samakhiali Gandhidham Tollway Limited India 99.98 99.98
L&T Rajkot Vadinar Tollway Limited India 99.99 99.99
L&T BPP Tollway Limited India 99.99 99.99
L&T Deccan Tollways Limited India 99.99 99.99
L&T Sambalpur Rourkela Tollway Limited India 99.99 99.99
PNG Tollway Limited# India 60.74 48.00
Kudgi Transmission Limited India 99.99 99.99
L&T Chennai Tada Tollway Limited India 99.99 99.99
L&T Western India Tollbridge Limited India 99.99 99.99
L&T Port Kachchigarh Limited India 99.99 99.99
L&T Infrastructure Development Projects Lanka (Private) Limited* Sri Lanka – 95.93
L&T IDPL Trustee Manager Pte. Limited Singapore 100.00 100.00
2. Associate
International Seaports Haldia (Private) Limited@ India 22.31 22.31
*the subsidiaries were disposed during the year
#Considering substance over form, the subsidiary is consolidated @ 74% in the consolidated financial statements.
@Consolidated based on Unaudited Financial Statements certified by the Management of the Associate.
** Management control continues to be with the Company. Also Refer Note [J].
h) The gains/losses in respect of part dilution of stake in subsidiary companies are recognised directly in capital reserve under reserves and
surplus in Balance Sheet. The gains/ losses in respect of disposal of subsidiary companies are recognised in consolidated statement of
profit and loss.
3 Use of estimates
The preparation of the consolidated financial statements in conformity with Indian GAAP requires the Management to make estimates and
assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses
during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Actual
results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in
which the results are known / materialize. Estimates include the useful lives of tangible and intangible fixed assets, provisions for resurfacing
obligations, employee benefit plans, provision for income taxes and provision for diminution in the value of investments.
The financial statements of the Company have been prepared in accordance with the significant accounting policies duly considering
Management’s assessment of various matters relating to arbitration/termination proceedings, future projections etc., which are significant to
the Company and the final outcome of these matters, including legal/contractual interpretations, where applicable, could have a significant
impact on the financial statements and the Management’s evaluation of the same is very critical and fundamental to the preparation of these
4 Presentation of financial statements

The Balance Sheet and the Statement of Profit and Loss are prepared and presented in the format prescribed in Schedule III to the Companies
Act, 2013 (“the Act”). The Cash Flow Statement has been prepared and presented as per the requirements of Accounting Standard (AS) 3 “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.
S-3406

Amounts in the financial statements are presented in Indian Rupees in crore [1 crore = 10 million] rounded off to two decimal places in line
with the requirements of Schedule III. Per share data are presented in Indian Rupees to two decimal places.
5 Inventories
Property development land is valued at lower of cost and net realizable value. Project work-in-progress is valued at cost net of incidental
income.
6 Cash and bank balances

Cash and bank balances also include fixed deposits, margin money deposits, earmarked balances with banks and other bank balances which
have restrictions on repatriation. Short term and liquid investments being not free from more than insignificant risk of change are not included
as part of cash and cash equivalents.
7 Cash flow statement

Cash flow statement is prepared segregating the cash flows from operating, investing and financing activities. Cash flows from operating
activities is reported using indirect method. Under the indirect method, the net profit / (loss) before extraordinary items and tax is adjusted for
the effects of :
a. Transactions of non-cash nature
b. Any deferrals or accruals of past or future cash receipts or payments. Cash and cash equivalents (including bank balances) are reflected
as such in the Cash Flow Statement.
9 Amortisation
Toll collection rights in respect of road projects are amortized over the period of concession using the revenue based amortisation method
prescribed under Schedule II to the Companies Act, 2013. Under the revenue based method, amortisation is provided based on proportion of
actual revenue earned till the end of the year to the total projected revenue from the intangible asset expected to be earned over the concession
period. Total projected revenue is reviewed at the end of each financial year and is adjusted to reflect the changes in earlier estimate vis-a-vis
the actual revenue earned till the end of the year so that the whole of the cost of the intangible asset is amortised over the concession period.
10 Revenue recognition
a) Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably
measured.
b) Toll collections from the users of the infrastructure facility constructed by the Group under the Service Concession Arrangements are
accounted for based on actual collection, net of revenue share payable under the Concession agreements wherever applicable. Revenue
from sale of smart cards is accounted on cash basis.
c) Interest income is recognised on a time proportion basis taking into account the amount outstanding and the applicable rate. Interest
Income on non-performing assets is recognised upon realization, as per guidelines issued by the Reserve Bank of India.
d) License fees for way-side amenities are accounted on accrual basis.
e) Project facilitation and advisory fees are recognised using proportionate completion method based on the agreement / arrangement with
customers.
f) Revenue from windmill operations is recognised based on contractual agreements with the holding company and the state electricity
board.
g) Contract revenue from construction activity on fixed price contracts is recognised only to the extent of cost incurred till such time the
outcome of the job cannot be ascertained reliably. When the outcome of the contract is ascertained reliably, contract revenue is recognised
at cost of work performed on the contract plus proportionate margin, using percentage of completion method.
Percentage of completion is determined based on the proportion of actual cost incurred to the total estimated cost of the project. The
percentage of completion method is applied on a cumulative basis in each accounting period to the current estimates of contract revenue
and contract costs. The effect of a change in the estimate of contract revenue or contract costs, or the effect of a change in the estimate
of the outcome of a contract, is accounted for as a change in accounting estimate and the effect of which are recognised in the Statement
of Profit and Loss in the period in which the change is made and in subsequent periods.
For the purposes of recognising revenue, contract revenue comprises the initial amount of revenue agreed in the contract, the variations
in contract work, claims and incentive payments to the extent that it is probable that they will result in revenue and they are capable of
being reliably measured.
For this purpose, actual cost includes cost of land and developmental rights but excludes borrowing cost. Expected loss, if any, on
the construction activity is recognised as an expense in the period in which it is foreseen, irrespective of the stage of completion of the
contract.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense in the
Statement of Profit and Loss in the period in which such probability occurs.
S-3407

h) Profit/(loss) on sale of investments is recognised at the time of actual sale/redemption.
i) Dividend income is recognised when the right to receive the same is established by the reporting date.
j) Other items of income are recognised as and when the right to receive arises.
k) Claims/compensation from NHAI/state authorities are accounted for when the right to receive the same arises and when there is no
uncertainty in realising the same. Wherever such claims/compensation is granted by way of extension of concession period, such eligible
amounts are accounted for as income by a corresponding increase in Toll Collection Rights.
11 Property , Plant and Equipment (PPE)

Property, Plant and Equipment is recognised when it is probable that future economic benefits associated with the item will flow to the
Company and the cost of the item can measured reliably. PPE is stated at original cost net of tax/duty credits availed, if any, less accumulated
depreciation and cumulative impairment. Property, plant and equipment acquired on hire purchase basis are stated at their cash values. For
qualifying assets, borrowing costs are capitalised in accordance with the Company’s accounting policy.
Administrative and other general overhead expenses that are specifically attributable to construction or acquisition of PPE or bringing the PPE
to working condition are allocated and capitalised as a part of the cost of the PPE.
Property, Plant and Equipment not ready for the intended use on the date of the Balance Sheet are disclosed as “capital work-in-progress”.
Depreciation on assets have been provided on straight-line basis as per useful lives specified in the Schedule II of the Companies Act, 2013
except In respect of the following categories of assets.
Category of Assets Revised useful life adopted based

on Technical evaluation (years)
Vehicles
Motor cars 5 to 7
Office equipment
Multifunctional devices, printers, switches, projectors 4
Split AC and Window AC 4
Plant and Machinery
Toll equipment 5 to 7
DG sets 12
Air conditioning and refrigeration equipment 12
Building - Residential 50
Wind power generating plant 21
Depreciation on additions/ deductions is calculated pro-rata from/to the month of additions/ deductions. For assets that are transferred/sold
within the group, depreciation is calculated up to the month preceding the month of transfer/sale within the group.
The Group has carried out an assessment of the useful lives of these assets and based on technical evaluation, different useful lives have
been arrived at in respect of above assets.
The justification for adopting different useful life compared to the useful life of assets provided in Schedule II is based on the consumption
pattern of the assets, past performance of similar assets and peer industry comparison duly supported by technical assessment from internal
technical personnel.
Depreciation charge for impaired assets is adjusted in future periods in such a manner that the revised carrying amount of the asset is allocated
over its remaining useful life. Assets individually costing less than v.5,000 are fully depreciated in the year of purchase.
(b) Leasehold land

Land acquired under long term lease is classified under “Property, Plant and equipment” and is depreciated over the period of lease.
12 Intangible assets
a) Rights under Service Concession Arrangements
Intangible assets are recognised when it is probable that future economic benefits that are attributable to the asset will flow to the enterprise
and the cost of the asset can be measured reliably. Intangible assets are stated at original cost net of tax/duty credits availed, if any, less
accumulated amortisation and cumulative impairment.
Toll collection rights / unconditional right to receive cash obtained in consideration for rendering construction services, represent the right
to collect toll revenue / unconditional right to receive cash during the concession period in respect of Build-Operate-Transfer (“BOT”)
S-3408

projects undertaken by the Group. Toll collection rights / unconditional right to receive cash (annuity projects) are capitalized as intangible
assets upon completion of the project at the cumulative construction costs plus obligation towards negative grants and additional
concession fee payable to National Highways Authority of India (“NHAI”)/State authorities, if any. Till the completion of the project, the
same is recognised under intangible assets under development. The revenue from toll collection/other income during the construction
period is reduced from the carrying amount of intangible assets under development.
The cost incurred for work beyond the original scope per Concession agreement (normally referred as “Change of Scope”) is capitalized
as intangible asset under development as and when incurred. Reimbursement in respect of such amounts from NHAI/State authorities
are reduced from the intangible assets to the extent of actual receipts.
Extension of concession period by the Authority in compensation of claims made are capitalised as part of Toll Collection Rights at the
time of admission of the claim or when there is a contractual right to extension at the estimated amount of claims admitted or computed
based on average collections whichever is applicable.
The Viability Gap Funding (VGF) in the form of capital grant in connection with project construction has been reduced from the carrying
amount of intangible assets under development.
b) Other intangible assets

Specialized software is amortized over a period of three to six years on straight line basis from the month in which the addition is made.
Pre-operative expenses including administrative and other general overhead expenses that are directly attributable to the development
or acquisition of intangible assets are allocated and capitalized as part of cost of the intangible assets.
Intangible assets that not ready for the intended use on the date of the Balance Sheet are disclosed as “Intangible assets under
development”.
Amortisation on impaired assets is provided by adjusting the amortisation charge in the remaining periods so as to allocate the assets’
revised carrying amount over its remaining useful life.
13 Foreign currency transactions and translations

a) Transactions in foreign currencies entered into by the Company are accounted at the exchange rates prevailing on the date of the
transaction or at rates that closely approximate the rate at the date of the transaction.
b) Financial statements of overseas non-integral operations are translated as under :
i) Assets and liabilities at rate prevailing at the end of the year. Depreciation and amortisation is accounted at the same rate at which
assets are converted
ii) Revenues and expenses at yearly average rates prevailing during the year
c) Exchange differences that arise on settlement of monetary items or on reporting of monetary items at each Balance Sheet date at the
closing rate are :
(a) adjusted in the cost of fixed assets specifically financed by the borrowings contracted, to which the exchange differences relate.
(b) recognised as income or expense in the period in which they arise.
d) Exchange differences arising on settlement / restatement of short-term foreign currency monetary assets and liabilities of the Company
are recognised as income or expense in the Consolidated Statement of Profit and Loss.
e) The exchange differences relating to non-integral foreign operations are accumulated in a “Foreign currency translation reserve” until
disposal of the operation, in which case the accumulated balance in “Foreign currency translation reserve” is recognised as income /
expense in the same period in which the gain or loss on disposal is recognised.
f) Exchange difference on long-term foreign currency monetary items: The exchange differences arising on settlement / restatement of
long-term foreign currency monetary items are capitalized as part of the depreciable fixed assets to which the monetary item relates and
depreciated over the remaining useful life of such assets.
g) Premium / discount on forward exchange contracts, which are not intended for trading or speculation purposes, are amortized over the
period of the contracts if such contracts relate to monetary items as at the Balance Sheet date. Any profit or loss arising on cancellation or
renewal of such a forward exchange contract is recognised as income or as expense in the period in which such cancellation or renewal
is made.
14 Government grants
Government grants are recognised when there is reasonable assurance that the Group will comply with the conditions attached to them and the
grants will be received. Government grants whose primary condition is that the Group should purchase, construct or otherwise acquire capital
assets are presented by deducting them from the carrying value of the assets. Government grants in the nature of promoters’ contribution like
investment subsidy, where no repayment is ordinarily expected in respect thereof, are treated as capital reserve.
15 Investments
Trade investments comprise investments in entities in which the Group has strategic business interest.
S-3409

Investments, which are readily realizable and are intended to be held for not more than one year, are classified as current investments. All
other investments are classified as long term investments.
Long-term investments (excluding investment properties), are carried individually at cost less provision for diminution, other than temporary,
in the value of such investments. Current investments are carried individually, at the lower of cost and fair value. Cost of investments include
acquisition charges such as brokerage, fees and duties. The determination of carrying amount of such investments is done on the basis of
weighted average cost of each individual investment
Investment properties are carried in accordance with Cost Model individually at cost less accumulated depreciation and cumulative impairment,
if any. Investment properties are capitalized and depreciated (where applicable) in accordance with the policy stated for property, plant and
equipment. Impairment of investment property is determined in accordance with the policy stated for Impairment of Assets.
Investment in associate companies is accounted using “equity method”. Purchase and sale of investments are recognised based on the trade
date accounting.
16 Employee benefits
Employee benefits include provident fund, superannuation fund, employee state insurance scheme, gratuity fund, compensated absences,
long service awards and post-employment medical benefits.
(i) Short term employee benefits

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees are
recognised during the year when the employees render the service. These benefits include performance incentive and compensated
absences which are expected to occur within twelve months after the end of the period in which the employee renders the related service.
The cost of short-term compensated absences is accounted as under :
(a) in case of accumulated compensated absences, when employees render the services that increase their entitlement of future
compensated absences; and
(b) in case of non-accumulating compensated absences, when the absences occur.
(ii) Post employment benefits

(a) Defined contribution plans:
The Company’s superannuation scheme and State governed provident fund linked with employee pension scheme are defined
contribution plans. The contribution paid/ payable under the scheme is recognised during the period in which the employee renders
the related service.
(b) Defined benefit plans:

The employees’ gratuity fund scheme and the provident fund scheme managed by the trust of the Holding Company are the Group’s
defined benefit plans. 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.
The obligation is measured at the present value of the estimated future cash flows. The discount rate used for determining the
present value of the obligation under defined benefit plans, is based on the market yield on government securities of a maturity
period equivalent to the weighted average maturity profile of the related obligations at the Balance Sheet date. Actuarial gains and
losses are recognised immediately in the Statement of Profit and Loss.
(iii) Other long term employee benefits:

The obligation for other long term employee benefits such as long term compensated absences, liability on account of Retention
Pay Scheme are recognised in the same manner as in the case of defined benefit plans as mentioned in (ii)(b) above.
17 Borrowing costs
Borrowing costs include interest, amortisation of ancillary costs incurred and exchange differences arising from foreign currency borrowings to the
extent they are regarded as an adjustment to the interest cost. Costs in connection with the borrowing of funds to the extent not directly related
to the acquisition of qualifying assets are charged to the Consolidated Statement of Profit and Loss over the tenure of the loan. Borrowing costs,
allocated to and utilized for qualifying assets, pertaining to the period from commencement of activities relating to construction / development
of the qualifying asset up to the date of capitalization of such asset are added to the cost of the assets. Capitalization of borrowing costs is
suspended and charged to the Consolidated Statement of Profit and Loss during extended periods when active development activity on the
qualifying assets is interrupted.
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18 Segment reporting
The Group identifies primary segments based on the dominant source, nature of risks and returns and the internal organization and management
structure. The operating segments are the segments for which separate financial information is available and for which operating profit / (loss)
amounts are evaluated regularly by the executive Management in deciding how to allocate resources and in assessing performance.
The accounting policies adopted for segment reporting are in line with the accounting policies of the Group. Segment revenue, segment
expenses, segment assets and segment liabilities have been identified to segments on the basis of their relationship to the operating activities
of the segment.
Inter-segment revenue is accounted on the basis of transactions which are primarily determined based on market / fair value factors.
Revenue, expenses, assets and liabilities which relate to the Group as a whole and are not allocable to segments on reasonable basis have
been included under ‘unallocated revenue / expenses / assets / liabilities’.
19 Leases
Where the Group as a lessor leases assets under finance leases, such amounts are recognised as receivables at an amount equal to the net
investment in the lease and the finance income is recognised based on a constant rate of return on the outstanding net investment.
Assets leased by the Group in its capacity as a lessee, where substantially all the risks and rewards of ownership vest in the Group are classified
as finance leases. Such leases are capitalized at the inception of the lease at the lower of the fair value and the present value of the minimum
lease payments and a liability is created for an equivalent amount. Each lease rental paid is allocated between the liability and the interest
cost so as to obtain a constant periodic rate of interest on the outstanding liability for each year.
Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognised as
operating leases. Lease rentals under operating leases are recognised in the Consolidated Statement of Profit and Loss on a straight-line
basis over the lease term.
20 Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) for the year by the weighted average number of equity shares outstanding
during the year. Diluted earnings per share is computed by dividing the profit / (loss) for the year as adjusted for dividend, interest and other
charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number
of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been
issued on the conversion of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to
equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be
converted as at the beginning of the period, unless they have been issued at a later date. The dilutive potential equity shares are adjusted
for the proceeds receivable had the shares been actually issued at fair value (i.e. average market value of the outstanding shares). Dilutive
potential equity shares are determined independently for each period presented. The number of equity shares and potentially dilutive equity
shares are adjusted for share splits / reverse share splits and bonus shares, as appropriate.
21 Taxes on income
Tax on income for the current period is determined on the basis of taxable income and tax credits computed for each of the entities in the
Group in accordance with the provisions of the Income-tax Act, 1961 and based on the expected outcome of assessments/ appeals.
Deferred Tax is recognised on timing differences between income accounted in financial statements and taxable income for the year, and
quantified using the tax rates and laws enacted or substantively enacted as on the balance sheet date. Deferred tax assets relating to unabsorbed
depreciation/business loss are recognised and carried forward to the extent there is virtual certainty that sufficient future taxable income will
be available against which such deferred tax assets can be realised.
Other deferred tax assets are recognised and carried forward to the extent that there is a reasonable certainty that sufficient future taxable
income will be available which such deferred assets can be realised.
Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the entity has
a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability.
Current and deferred tax relating to items directly recognised in reserves are recognised in reserves and not in the Consolidated Statement
of Profit and Loss.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future
income tax liability, is considered as an asset if there is convincing evidence that the entity will pay normal income tax. Accordingly, MAT is
recognised as an asset in the Consolidated Balance Sheet when it is highly probable that future economic benefit associated with it will flow
to the entity.
S-3411

22 Impairment of assets
As at each Balance Sheet, the carrying amount of assets is tested for impairment so as to determine :
a. The provision for impairment loss, if any, and
b. The reversal of impairment loss recognised in previous periods, if any.
The following intangible assets are tested for impairment each financial year even if there is no indication that the asset is impaired:
(a) an intangible asset that is not yet available for use; and (b) an intangible asset that is amortized over a period exceeding ten years from
the date when the asset is available for use.
Impairment loss is recognised when the carrying amount of an asset exceeds it’s recoverable amount.
Recoverable amount is determined :
a. In the case of an individual asset, at the higher of the net selling price and the value in use;
b. In the case of a cash generating unit (a group of assets that generates identifiable, independent cash flows), at the higher of the cash
generating unit’s net selling price and the value in use.)
When there is indication that an impairment loss recognised for an asset (other than a revalued asset) in earlier accounting periods no longer
exists or may have decreased, such reversal of impairment loss is recognised in the Statement of Profit and Loss
23 Provisions, contingent liabilities and contingent assets

A provision is recognised when the Group has a present obligation as a result of past events and it is probable that an outflow of resources will
be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding decommissioning, restoration
and other liabilities recognised as a cost of PPE) are not discounted to their present value and are determined based on the best estimate
required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current
best estimates. Contingent liabilities are disclosed in Note [I] to the financial statements. Contingent assets are neither recognised nor disclosed
in the financial statements.
24 Hedge accounting
The Group uses foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations relating to highly probable
forecast transactions. The Group designates such forward contracts in a cash flow hedging relationship by applying the hedge accounting
principles set out in AS 30 Financial Instruments: Recognition and Measurement issued by the ICAI. These forward contracts are stated at fair
value at each reporting date. Changes in the fair value of these forward contracts that are designated and effective as hedges of future cash
flows are recognised directly in “Hedging reserve account” under Reserves and surplus, net of applicable deferred income taxes and the
ineffective portion is recognised immediately in the Consolidated Statement of Profit and Loss. Amounts accumulated in the “Hedging reserve
account” are reclassified to the Consolidated Statement of Profit and Loss in the same periods during which the forecasted transaction affects
profit or loss. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies
for hedge accounting. For forecasted transactions, any cumulative gain or loss on the hedging instrument recognised in “Hedging reserve
account” is retained until the forecasted transaction occurs. If the forecasted transaction is no longer expected to occur, the net cumulative
gain or loss recognised in “Hedging reserve account” is immediately transferred to the Consolidated Statement of Profit and Loss.
25 Derivative contracts
The Group enters into derivative contracts in the nature of foreign currency swaps, currency options, forward contracts with an intention to
hedge its existing assets and liabilities, firm commitments and highly probable transactions in foreign currency. Derivative contracts which are
closely linked to the existing assets and liabilities are accounted as per the policy stated for Foreign currency transactions and translations.
Derivative contracts designated as a hedging instrument for highly probable forecast transactions are accounted as per the policy stated for
Hedge Accounting.
All other derivative contracts are marked-to-market and losses are recognised in the Consolidated Statement of Profit and Loss. Gains arising
on the same are not recognised, until realized, on grounds of prudence.
26 Insurance claims
Insurance claims are accounted for on the basis of claims admitted / expected to be admitted and to the extent that the amount recoverable
can be measured reliably and it is reasonable to expect ultimate collection.
27 Service tax input credit

Service tax input credit is accounted for in the books in the period in which the underlying service received is accounted and when there is
reasonable certainty in availing / utilizing the credits.
S-3412

28 Operating Cycle
Based on the nature of products / activities of the Group and the normal time between acquisition of assets and their realization in cash or
cash equivalents, the Group has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as
current and non-current.
29 Claims
Claims against the Company not acknowledged as debts are disclosed under contingent liabilities. Claims made by the Company are recognised
as and when the same is approved by the respective authorities with whom the claim is lodged.
Also Refer Note (I) to the Balance sheet for details.
30 Commitments
Commitments are future liabilities for contractual expenditure. Commitments are classified and disclosed as follows:
(i) Estimated amount of contracts remaining to be executed on capital account and not provided for
(ii) Uncalled liability on shares and other investments partly paid
(iii) Funding related commitment to associate company and
(iv) Other non-cancellable commitments, if any, to the extent they are considered material and relevant in the opinion of management.
Other commitments related to sales/procurements made in the normal course of business are not disclosed to avoid excessive details.
For and on behalf of the Board of Directors

(DIN: 00240086)
Place : Mumbai
Date : May 10, 2017
S-3413

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L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED

RESULTS OF OPERATIONS AND THE STATE OF COMPANY’S AFFAIRS

CAPITAL & FINANCE

REGISTRATION AS CORE INVESTMENT COMPANY

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND

SUBSIDIARY/ASSOCIATE/JOINT VENTURE COMPANIES

A) Shares acquired / subscribed to during the year:

B) Shares sold or transferred by the Company during the year.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

AMOUNT TRANSFERRED TO RESERVES

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

FOREIGN EXCHANGE EARNINGS AND OUTGO

RISK MANAGEMENT POLICY

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

CORPORATE SOCIAL RESPONSIBILITY

Sr.No. Name Designation

Sr.No. Name Designation

Sr. No. Name Designation

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

Date Board Strength No of Directors Present

INFORMATION TO THE BOARD

Date Strength of the Committee No. of members present

COMPANY POLICY ON DIRECTOR APPOINTMENT AND REMUNERATION

Date Strength of the Committee No. of members present

EXTRACT OF THE ANNUAL RETURN

DIRECTORS RESPONSIBILITY STATEMENT

PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES AND DIRECTORS

CONSOLIDATED FINANCIAL STATEMENT

COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND ANNUAL GENERAL MEETINGS

PROTECTION OF WOMEN AT WORKPLACE

AUDITORS AND AUDITORS’ REPORT

SECRETARIAL AUDIT REPORT

For and on behalf of the Board

K. VENKATESH R. SHANKAR RAMAN

F) NAMES OF ASSOCIATES / JOINT VENTURE WHICH ARE YET TO COMMENCE OPERATION

For and on behalf of the Board

K. VENKATESH R. SHANKAR RAMAN

Name of the related party Nature of relationship

Name of the related party Nature of relationship

iii. L&T KTL and L&T IDPL

For and on behalf of the Board

K. VENKATESH R. SHANKAR RAMAN

I. REGISTRATION AND OTHER DETAILS:

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

S. No Name and address of Registered Office CIN/GLN Holding/Subsidiary/ % of shares Applicable

Category-wise Share Holding (Special Equity Shares)

Category-wise Share Holding (Preference Shares)

(ii) Shareholding of Promoters

(v) Shareholding of Directors and Key Managerial Personnel:

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

B. Remuneration to other directors:

C. Remuneration to Key Managerial Personnel Other Than MD/Manager/WTD

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: NIL

For and on behalf of the Board

K. VENKATESH R. SHANKAR RAMAN

S.NO Employee Name Designation CTC

For and on behalf of the Board