Larsen & Toubro Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Sep 2023

Notes:-



(i) The shareholders approved the proposal of buyback of equity shares of the Company, as recommended by its Board of Directors, by way of e-voting on the postal ballot, the results of which were declared on August 25, 2023. The buyback was offered to the shareholders as on the record date i.e. September 12, 2023 on proportionate basis through the tender offer route. The tendering period was from September 18, 2023 to September 25, 2023. The settlement of all valid bids and extinguishment of equity shares bought back were completed on September 28, 2023.

Accordingly, the Company has bought back 3,12,50,000 equity shares of face value of Rs. 2 each, representing 2.22% of the number of equity shares in the paid-up share capital, at a price of Rs. 3,200 per share aggregating to Rs. 10,000 crore. Consequently, the equity share capital stands reduced by Rs. 6.25 crore. The premium on buyback of Rs. 9,993.75 crore, transaction cost (net of tax) with respect to the buyback of Rs. 26.37 crore and the tax on buyback of Rs. 2,253.33 crore have been adjusted against securities premium account and free reserves.



(ii) During the quarter, the Company has allotted 75,964 equity shares of Rs. 2 each fully paid-up, on exercise of stock options by employees in accordance with the Company's stock option schemes.



(iii) The Company entered into a Share Purchase Agreement dated December 16, 2022 to sell its entire shareholding in L&T Infrastructure Development Projects Limited, a joint venture, primarily engaged in the development and operation of toll road and power transmission assets. The sale transaction is subject to receipt of necessary approvals. Accordingly, the investment in the joint venture is classified as “Held for Sale”.



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



(v) The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on October 31, 2023. The same have also been subjected to Limited Review by the Statutory Auditors.
Notes:-



(1) Statement of Cash Flows has been prepared under the indirect method as set out in the Indian Accounting Standard (Ind AS) 7 “Statement of Cash Flows” as specified in the Companies (Indian Accounting Standards) Rules, 2015.



(2) Property, plant and equipment, Investment property and Intangible assets are adjusted for movement of (a) capital work-in-progress for Property, plant and equipment and Investment property and (b) Intangible assets under development during the period.