Larsen & Toubro Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2024

Notes:



(i) The Board of Directors recommended a final dividend of Rs. 28 per equity share of face value of Rs. 2 each in addition to the special dividend of Rs. 6 per equity share declared on July 25, 2023.



(ii) During the quarter, the Company has allotted 1,20,304 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, on April 10, 2024, has concluded the sale of its stake in L&T Infrastructure Development Projects Limited (L&T IDPL), a joint venture, primarily engaged in the development and operation of toll roads and power transmission assets. As on March 31, 2024, the investment in the joint venture is classified as “Held for Sale”.

Exceptional Items (net of tax) for the quarter reported at Rs. 50.02 crore comprise (a) Gain on divestment of stake, in L&T Transportation Infrastructure Limited, a subsidiary of L&T IDPL: Rs. 97.05 crore and (b) Reduction in carrying value of investment in L&T IDPL to its net realisable value pursuant to customary closing adjustments: Rs. 47.03 crore.



(iv) Figures for the quarter ended March 31, 2024 and March 31, 2023 represent the difference between audited figures for the financial year and the limited reviewed figures for the nine months period ended December 31, 2023 and December 31, 2022 respectively.



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



(vi) The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 8, 2024.
Notes:



(i) 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.



(ii) 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 year.