Slides
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08th May 2025 Earnings Call Presentation Q4 / FY25
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2 Disclaimer This presentation contains certain forward looking statements concerning L&T’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and the target countries for exports, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions with respect to investments, fiscal deficits, regulations, etc., interest and other fiscal costs generally prevailing in the economy. Past performance may not be indicative of future performance. The company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the company. L&T achieved the breakthrough in India’s longest railway tunnel – the 14.57 km Tunnel No. 8, on the 125-km Rishikesh-Karnaprayag Broad Gauge Rail Link Project
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Key Highlights Mumbai Ahmedabad High Speed Rail Project Package 6 3
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Order Inflow Strong FCF generated at ₹ 174 bn ₹ 3566 bn Revenue ₹ 2557 bn up 22% y-o-y up 16% y-o-y Order Book ₹ 5791 bn up 18% y-o-y FY25 - All round performance amidst continuing macro - economic volatility Reported PAT ₹ 150 bn up 15% y-o-y 11.0% Lowest in a decade ROE Improves by 140 bps y-o-y NWC / Revenue 16.3% Dividend @ ₹ 34 per equity share
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Key Financial Indicators 5 (Amount in ₹ bn) 721 896 24% Order Inflow 3028 3566 18% Order Book 4758 5791 22% 671 744 11% Revenue 2211 2557 16% 10.8% 11.0% EBITDA (%) 10.6% 10.3% 43 50 17% Recurring PAT 130 146 12% 44 55 25% Reported PAT 131 150 15% Particulars FY24 FY25 Net Working Capital 12.0% 11.0% ROE (TTM) (%) 14.9% 16.3% Q4 FY24 FY24 FY25 (y-o-y)Q4 FY25 (y-o-y) Particulars
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Group Performance Summary Full Conversion Hydrocracker Unit (FCHCU) for a reputed client in Visakhapatnam 6 CRPO 80/81 Project Zuluf Wellhead Platforms
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Q4 / FY25 Order Inflow/Order Book 7 Order Inflow Order Book Domestic International 3155 2636 31-Mar-24 31-Mar-25 18% 4758 5791 2949 1809 (Amount in ₹ bn) • Another year of record order inflow aided by large orders across various sectors • International orders constitute 46% of the Mar’25 Order Book • Prospects pipeline of Rs 19 trn for FY26 provides order inflow growth visibility 469 269 252 627 Q4 FY24 24% 721 1397 1491 1631 2075896 Q4 FY25 FY24 FY25 3028 3566 22%
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Group P&L Construct – Revenue to EBITDA * Manufacturing, Construction and Operating expenses **Finance cost of financial services business and finance lease activity 8 • Strong execution momentum in Energy (49% yoy) and Hi-Tech Manufacturing (36% yoy) businesses drive revenue growth • MCO expense increase reflective of activity levels • Staff costs driven by resource augmentation and salary hikes across businesses • SG&A in line with PY • Stable EBITDA margin Remarks for the quarterQ4 FY24 Q4 FY25 % Var ₹ Billion FY24 FY25 % Var 670.8 743.9 11% Revenue 2211.1 2557.3 16% 45% 49% International Rev. 43% 50% 446.3 490.7 10% MCO Exp.* 1403.1 1646.7 17% 14.2 16.7 18% Fin. Charge Opex** 57.1 63.0 10% 107.3 123.6 15% Staff Costs 411.7 467.7 14% 30.7 30.9 1% Sales & Admin. 104.2 115.6 11% 598.4 661.9 11% Total Opex 1976.2 2293.0 16% 72.3 82.0 13% EBITDA 234.9 264.3 13% 10.8% 11.0% EBITDA % 10.6% 10.3%
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Group P&L Construct – EBITDA to PAT • Decline in finance cost primarily due to lower debt and rate of borrowing in parent • Other income reflective of level of investments & yields earned • Exceptional item during Q4FY25 represents partial reversal of an earlier impairment provision for funded resources in the erstwhile LTSSHF joint venture • Recurring PAT growth reflective of higher activity levels and better treasury management 9 Remarks for the quarter Q4 FY24 Q4 FY25 % Var Rs Billion FY24 FY25 % Var 72.3 82.0 13% EBITDA 234.9 264.3 13% (9.3) (7.5) -19% Finance Cost (35.5) (33.3) -6% (10.2) (10.5) 3% Depreciation (36.8) (41.2) 12% 10.4 11.4 9% Other Income 41.6 41.2 -1% (14.2) (18.8) 33% Tax Expense (49.5) (58.9) 19% 0.1 0.2 >100% JV/Associates PAT Share (0.2) (0.1) -38% (6.2) (6.6) 7% Non-controlling Int. (24.9) (26.4) 6% 43.0 50.2 17% Recurring PAT 129.7 145.6 12% 0.9 4.7 Exceptionals (net of tax and NCI) 0.9 4.7 44.0 55.0 25% Reported PAT 130.6 150.4 15%
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Segment Performance Summary 10 Keonjhar Water Supply Project
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Buildings & Factories Development Projects Segment Composition Buildings & Factories Others Realty Development Projects Buildings & Factories Transportation Infra Heavy Civil Water Power T&D Infrastructure Projects Minerals & Metals 11 CarbonLite Solutions Green and Clean Energy EPC Hydrocarbon Energy Projects Hi - Tech Manufacturing Heavy Engineering Precision Engineering & Systems Electrolyser Manufacturing Financial Services Retail Lending Wholesale Lending* Smart World & Communications* Industrial Machinery & Products Others Realty Development Projects Green Hydrogen BOO Hyderabad Metro Nabha Power Development Projects Energy Projects Hi - Tech Manufacturing LTTS Digital Platforms Data Centers LTIMindtree IT & TS Semiconductor Design *residual portion Renewable
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12 Order Inflow Composition – Q4 / FY25 Q4 FY25 Rs. 896 Bn FY25 Rs. 3566 Bn Geography Segment India, 30% Middle East, 40% USA & Europe, 12% ROW, 18% Infrastructure, 49% Energy, 25% Hi-Tech Manufacturing, 5% Others, 3% Services, 19% Infrastructure, 39% Energy, 36% Hi-Tech Manufacturing, 3% Others, 3% Services, 20% India, 42% Middle East, 34% USA & Europe, 14% ROW, 10%
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13 Order Book as on 31-Mar-2025 Segment Geography India, 54% Middle East, 37% ROW, 9% Infrastructure, 62% Energy, 28% Hi-Tech Manufacturing, 7% Others, 3% Order Book : ₹ 5791 Bn
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14 Revenue Composition – Q4 / FY25 Q4 FY25 Rs.744 Bn FY25 Rs. 2557 Bn Geography Segment India, 51% Middle East, 32% USA & Europe, 14% ROW, 3% Infrastructure, 51% Energy, 16% Hi-Tech Manufacturing, 4% Others, 3% Services, 26% Infrastructure, 52% Energy, 16% Hi-Tech Manufacturing, 5% Others, 3% Services, 24% India, 50%Middle East, 31% USA & Europe, 16% ROW, 3%
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15 Infrastructure Projects Segment • Strong international ordering momentum drives order inflow* growth • Prospect pipeline of ₹ 9.6 trillion for FY26 • Subdued revenue growth primarily due to faster execution in the previous quarters • Margin improves over PY Remarks for the quarter DomesticDomestic International Net Revenue: 2% Net Revenue: 15% 242.5 223.7 137.8 165.3 Q4 FY24 Q4 FY25 EBITDA Margin7.9% 8.0% EBITDA Margin6.2% 6.4% 787.1 338.4 1125.5 FY25 760.8 538.2 1299.0 FY24 380.3 389.0 (Amount in ₹ bn) *Refer Segment Annexure for details
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16 *Energy Projects Segment *Refer Annexures for Business wise break-up of OI, Revenue and EBITDA DomesticDomestic International Net Revenue: 49% Net Revenue: 38% 31.9 47.3 50.1 75.2 Q4 FY24 Q4 FY25 EBITDA Margin11.4% 8.1% EBITDA Margin10.0% 8.4% 123.9 171.5 295.4 FY25 139.9 266.8 406.7 FY24 82.0 122.5 (Amount in ₹ bn) Remarks for the quarter • Receipt of an ultra mega offshore order from QatarEnergy boosts Hydrocarbon order book • Execution ramp up across projects drives Hydrocarbon revenue growth; Revenue decline in CarbonLite Solutions reflective of early stages of executable order book • PY Hydrocarbon margin had benefit of a favorable claim settlement
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17 Hi-Tech Manufacturing Segment *Refer Annexures for Business wise break-up of OI, Revenue and EBITDA * The Precision Engineering & Systems business does not manufacture any explosives nor ammunition of any kind, including cluster munitions or anti-personnel landmines or nuclear weapons or components for such munitions. The business also does not customise any delivery systems for such munitions • Lower order inflow in Heavy Engineering & PES on high PY base • Robust execution momentum across Heavy Engineering & PES • Execution cost savings in Heavy Engineering aids margin improvement; lower margin in PES due to a higher share of cost jobs DomesticDomestic International Net Revenue: 36% Net Revenue: 18% 18.4 25.7 6.2 7.8 Q4 FY24 Q4 FY25 EBITDA Margin16.7% 19.5% EBITDA Margin16.3% 17.3% 56.7 25.3 82.0 FY25 76.4 20.6 97.0 FY24 24.6 33.5 (Amount in ₹ bn) Remarks for the quarter
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18 IT & Technology Services Segment • LTIMindtree revenue growth led by Manufacturing & Resources and BFSI segments • LTTS revenue growth primarily led by Tech and Sustainability verticals • Segment margin declined primarily due to reduced operating leverage arising out of modest revenue growth Revenues and margin of Digital Platforms, Semiconductor Design business and Data Center are not significant Remarks for the quarter DomesticLTIMindtree Net Revenue: 11% Net Revenue: 8% 88.0 96.3 24.3 28.3 Q4 FY24 Q4 FY25 EBITDA Margin20.0% 18.2% EBITDA Margin20.4% 19.5% 351.2 93.3 444.7 FY25 376.2 101.7 478.5 FY24 112.4 124.8 (Amount in ₹ bn) LTTS
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Financial Services Segment 19 • Q4 witnessed calibrated a disbursement strategy in Rural Business Finance due to sectoral headwinds • Strong balance sheet with adequate provision buffers • RoA @ 2.44% for FY25 • Sufficient growth capital available (CRAR @ 22.27%) 5 Pillar Strategy - On track to achieve Lakshya Goals 2026 Enhancing Customer Acquisition Sharpening Credit Underwriting Implementing Futuristic Digital Architecture Heightened Brand Visibility Capability Building Remarks for the quarter Q4 Q4 FY24 FY25 36.0 38.1 6% Income from Operations 131.1 151.9 16% 5.5 6.4 15% PAT 23.2 26.4 14% 3.7 4.1 13% PAT (Net of NCI) accruing to the group 15.3 17.4 13% Book 855.6 977.6 14% Retail Book % 94% 97% % Var Rs. Bn FY24 FY25 % Var
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20 DomesticPower Development Hyderabad Metro Development Projects Segment *Refer Annexures for Business wise break-up of Revenue and EBITDA • Segment includes Power Development (Nabha Power) and Hyderabad Metro • HMRL: Monetization of select Real Estate parcels aid revenue growth and margin improvement • Nabha: Lower PLF impacts revenue; decrease in interest costs support margin improvement * Net Revenue: 2% Net Revenue: 4% 10.3 8.1 2.3 4.1 Q4 FY24 Q4 FY25 EBITDA Margin17.3% 32.9% EBITDA Margin23.7% 19.9% 42.3 13.9 56.2 FY25 42.7 11.0 53.7 FY24 12.6 12.3 (Amount in ₹ bn) Remarks for the quarter
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21 Others Segment • Segment majorly comprises Realty and Industrial Machinery & Products • Segment revenue growth primarily driven by the increased handover of residential units in the Realty business • Segment margin improvement mainly due to a favorable sales mix in Realty and Industrial Machinery & Products businesses * *Refer Annexures for Business wise break-up of OI, Revenue and EBITDA DomesticDomestic International Net Revenue: 4% Net Revenue: 7% 20.2 21.2 2.6 2.5 Q4 FY24 Q4 FY25Q4 FY24 Q4 FY25 EBITDA Margin22.6% 36.7% EBITDA Margin21.2% 29.2% 68.8 7.5 76.3 FY25 61.8 8.8 70.6 FY24 22.8 23.7 (Amount in ₹ bn) Remarks for the quarter
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Strategic Plan Progress Full Conversion Hydrocracker Unit (FCHCU) for a reputed client in Visakhapatnam 22 132kV Asayel Jumeirah Substation, UAE
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Strategic Plan (FY21 – FY26) Progress Strat Plan Target Current Status Rs Trillion, % FY21 FY26 CAGR FY25 CAGR (FY21 - FY26) (FY21 - FY25) 1.7 3.4 14% 3.6 19% 1.4 2.7 15% 2.6 17% 10% 18% 16.3% Order Inflow Revenue ROE 23
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Return Ratios – 5 Year Trend Full Conversion Hydrocracker Unit (FCHCU) for a reputed client in Visakhapatnam 24 Modular Bridging System
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Return ratios continue to improve in the Projects & Manufacturing (P&M)* portfolio Growth over FY21 101% 63 % 2 % is with respect to previous year Note: All the numbers are as per published results *P&M includes Infrastructure Projects, Energy Projects, Hi-Tech Manufacturing and Others segments Rs 100 crore = Rs 1 bn 25 25 (Amount in ₹ crore) Particulars FY21 FY22 FY23 FY24 FY25 Gross Segment Revenue (P&M) 94639 109800 126211 160837 190001 Y-o-Y% -11% 16% 15% 27% 18% Segment Result (PBIT) 8230 8842 9305 11069 13452 Y-o-Y% -12% 7% 5% 19% 22% Segment Result / Gross Revenue 8.7% 8.1% 7.4% 6.9% 7.1% Segment Funds Employed 37532 39376 39367 39168 38398 Y-o-Y% -18% 5% 0% -1% -2% Segment Result/ Segment Funds Employed 21.9% 22.5% 23.6% 28.3% 35.0% Corresponding EBITDA Margin 10.1% 9.3% 8.6% 8.2% 8.3%
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The Journey of Improving Return ratios at Group level # Post inter-segment eliminationsis with respect to FY21 Memorandum Balance Sheet as on 31-Mar-25 Note: All the numbers are as per published results. *includes Hyd Metro Borrowings **Segment funds employed of FS and Nabha is net off borrowings ₹ crore ₹ 100 crore = Rs 1 bn 26 ₹ 100 crore = Rs 1 bn 26 (Amount in ₹ crore) FY25 P&M IT&TS FS DP Corporate Total Gross Revenue 190001 48453 15194 5372 0 255734# Segment Result (PBIT) 13452 7682 3491 757 1055 26438# Segment Funds Employed 38398 37703 23877 18063 31396 149437 Segment Result / Segment Funds Employed FY25 35.0% 20.4% 14.6% 4.2% 3.4% 17.7% FY24 28.3% 23.2% 14.0% 5.3% 5.1% 17.5% FY23 23.6% 24.6% 11.4% 2.0% 3.7% 14.9% FY22 22.5% 23.8% 7.9% -1.1% 4.5% 13.5% FY21 21.9% 20.6% 7.4% -0.9% 7.3% 12.7% Equity & Borrowing Amount Assets Amount Networth 97656 Capital Employed (excl corp)** 118041 Non-controlling int 17748 Unallocable Corporate Assets 31395Borrowings* 34033 149437 149437
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Improving Working Capital Ratios – GWC and NWC Particulars FY21 FY22 FY23 FY24 FY25 Consolidated Revenue (excluding Financial Services) 122575 144550 170766 208004 240541 Y-o-Y% -6% 18% 18% 22% 16% Gross Working Capital (GWC) (excluding Financial Services & Corporate) 97548 106029 106445 115203 119855 GWC / Revenue 79.6% 73.4% 62.3% 55.4% 49.8% Net Working Capital (NWC) (excluding Financial Services & Corporate) 27313 28510 27555 24866 26474 NWC / Revenue 22.3% 19.7% 16.1% 12.0% 11.0% (Amount in ₹ crore) ₹ 100 crore = Rs 1 bn 27
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Outlook Full Conversion Hydrocracker Unit (FCHCU) for a reputed client in Visakhapatnam 28 160 KTPA Zinc Roaster, Debari, Rajasthan
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✓ Emergence of new businesses i.e Renewables, Green Hydrogen, Offshore Wind ✓ Evolution of “Digital Infrastructure” ✓ Resilient geographies: India and ME ✓ Manufacturing & localisation ✓ Opportunities in Defence Manufacturing Seismic shifts leading to an “Ambiguous World Order” Robust Order Inflow ₓ Trade Conflicts ₓ Military Conflicts ₓ Corrosion of Globalisation ₓ Financial market volatility ₓ Supply chain disruption Capital allocation to new growth areas Diversified Orderbook Operational Excellence Cash Flow Focus Clear government policy frameworks will set the course for nations across the globe Higher Dividend Payout Balance Sheet Management Timely Execution Operational Excellence
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Thank You Investor Relations: P Ramakrishnan (P .Ramakrishnan@larsentoubro.com) Harish Barai (Harish.Barai@larsentoubro.com) Vivek Laha (Vivek.Laha@larsentoubro.com) Shalmali Dange (Shalmali.Dange@larsentoubro.com) 30
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31 Balance Sheet ₹ Billion Mar-24 Mar-25 Incr / (Decr) Equity & Reserves 864 977 113 Non Controlling Interest 162 177 16 Borrowings - Financial Services 761 920 160 Development Projects 165 156 -9 Others 214 219 5 Sources of Funds 2166 2450 284 Fixed Assets (incl ROU assets) 185 194 9 Intangible Assets & Investment Property 275 273 -3 Loans towards Financing Activities 793 919 125 Finance lease receivable 56 52 -5 Net Non-Current Assets 194 200 6 Current Investments, Cash & Cash Equivalents 503 663 160 Net Current Assets 149 148 -1 Assets held for Sale (net) 10 2 -8 Application of Funds 2166 2450 284 Gross Debt / Equity Ratio 1.11 1.12 Net Debt / Equity Ratio 0.64 0.60
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32 Cash Flow Q4 FY24 Q3 FY25 Q4 FY25 ₹ Billion FY24 FY25 80.5 66.8 81.1 Operating Profit 249.3 268.3 96.0 (23.5) 41.4 Changes in Working Capital [(Inc)/Dec] 39.2 (2.3) (13.8) (12.2) (15.8) Direct Taxes (Paid) / Refund [Net] (52.8) (56.0) 162.7 31.1 106.7 Net Cash from / (used in) Operations (A) 235.8 209.9 (11.1) (14.0) (7.3) Net Investment in Fixed Assets (incl. Intangible & Investment Property) (42.1) (35.4) 0.8 (13.1) (6.7) Net (Purchase) / Sale of Long Term investments & Business Undertaking (19.1) (9.8) (21.7) (11.0) (69.0) Net (Purchase) / Sale of Current investments 55.0 (131.0) 1.3 1.8 (0.3) Loans/Deposits made with JV/Associate Cos. / Third Party 1.5 (1.3) 6.8 6.1 5.3 Interest & Dividend Received 26.3 22.3 (23.9) (30.1) (77.9) Net Cash from /(used in) Investing Activities (B) 21.6 (155.2) 0.1 (2.5) (0.0) Issue of Share Capital / NCI (8.0) (11.9) 4.4 12.0 59.7 Net Borrowings - FS & Nabha [Inc/(Dec)] (68.7) 153.7 (41.1) (22.2) (26.7) Loans Book towards financing activities (Net) (53.1) (118.3) (68.3) 25.1 (42.4) Net Borrowings - Others [Inc/(Dec)] 23.6 (1.7) (8.3) (7.6) (5.3) Interest & Dividend paid (78.2) (74.6) (0.0) - - Buyback of equity shares (including tax and expenses on buyback) (122.8) - (113.2) 4.8 (14.7) Net Cash from / (used in) Financing Activities (C) (307.2) (52.7) 25.6 5.8 14.0 Net (Dec) / Inc in Cash & Bank (A+B+C) (49.8) 2.0
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Segment Details – Q4 FY25 *Finance cost and tax provisions of parent company are reflected under Corporate **For Financial Services EBITDA is PBDT ₹ 100 crore = ₹ 1 bn #includes eliminations 33 Net Revenue EBITDA EBITDA % Net Revenue EBITDA EBITDA % Infrastructure Projects Segment 38035 3012 7.9% 38901 3109 8.0% Energy Projects Segment 8205 933 11.4% 12249 998 8.1% Hi-Tech Manufacturing Segment 2462 412 16.7% 3354 653 19.5% Others Segment 2277 513 22.6% 2369 868 36.7% Total (Projects & Manufacturing) 50979 4870 9.6% 56872 5628 9.9% IT & Technology Services Segment 11244 2249 20.0% 12481 2277 18.2% Financial Services Segment 3598 722 20.1% 3812 847 22.2% Developmental Projects Segment 1258 217 17.3% 1227 404 32.9% Total (Services & Concessions) 16100 3188 19.8% 17520 3528 20.1% Total 67079 8058 12.0% 74392 9156 12.3% Q4 FY24 Q4 FY25 Segment (₹ Crore) Particulars IT&TS Financial Services** Dev. Projects Projects & Manufacturing* Corporate# Total EBITDA 2277 847 404 5628 182 9338 Depreciation (420) (41) (79) (522) 9 (1052) Segment Result 1857 806 325 5106 191 8284 Finance Cost & Tax Expense (593) (170) (227) (373) (1264) (2627) Non-controlling interest (419) (224) - (20) 5 (659) Share in profit/(loss) of JV and associate 2 - (1) 21 - 22 Exceptional items (net of tax) - - - - 475 475 PAT 847 412 98 4734 (594) 5497 EBITDA to PAT (Q4 FY25)
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Segment Details – FY25 *Finance cost and tax provisions of parent company are reflected under Corporate **For Financial Services EBITDA is PBDT ₹ 100 crore = ₹ 1 bn #includes eliminations 34 Net Revenue EBITDA EBITDA % Net Revenue EBITDA EBITDA % Infrastructure Projects Segment 112551 6984 6.2% 129897 8362 6.4% Energy Projects Segment 29539 2946 10.0% 40668 3429 8.4% Hi-Tech Manufacturing Segment 8196 1337 16.3% 9695 1681 17.3% Others Segment 7626 1618 21.2% 7065 2062 29.2% Total (Projects & Manufacturing) 157911 12885 8.2% 187325 15535 8.3% IT & Technology Services Segment 44473 9062 20.4% 47845 9316 19.5% Financial Services Segment 13109 3143 24.0% 15194 3630 23.9% Developmental Projects Segment 5620 1333 23.7% 5371 1070 19.9% Total (Services & Concessions) 63201 13538 21.4% 68410 14016 20.5% Total 221113 26423 11.9% 255734 29551 11.6% Segment (₹ Crore) FY24 FY25 Particulars IT&TS Financial Services** Dev. Projects Projects & Manufacturing* Corporate# Total EBITDA 9316 3630 1070 15535 1008 30560 Depreciation (1634) (139) (313) (2083) 47 (4121) Segment Result 7682 3491 757 13452 1055 26438 Finance Cost & Tax Expense (2390) (848) (938) (639) (4411) (9226) Non-controlling interest (1719) (903) - (25) 10 (2636) Share in profit/(loss) of JV and associate 3 - (1) (15) - (14) Exceptional items (net of tax) - - - - 475 475 PAT 3575 1741 (181) 12773 (2870) 15037 EBITDA to PAT (FY25)
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35 Breakup of Energy and Hi-Tech Manufacturing Segment Hi-Tech Manufacturing Segment Energy Segment Q4 FY24 Q4 FY25 Y-o-Y ₹ Bn FY24 FY25 Y-o-Y 131.2 322.0 >100% Energy Segment 737.9 875.7 19% 126.8 319.2 >100% Hydrocarbon 709.0 634.0 -11% 4.2 2.8 -34% CarbonLite Solutions 28.7 241.5 >100% 82.0 122.5 49% Energy Segment 295.4 406.7 38% 75.6 117.2 55% Hydrocarbon 265.1 386.1 46% 6.4 5.3 -18% CarbonLite Solutions 30.2 20.4 -32% 11.4% 8.1% - 320 bps Energy Segment 10.0% 8.4% -150 bps 11.7% 8.1% -370 bps Hydrocarbon 10.3% 8.4% -190 bps 8.4% 11.2% 280 bps CarbonLite Solutions 8.7% 11.9% 310 bps Order Inflow Revenue EBITDA Margin Q4 FY24 Q4 FY25 Y-o-Y ₹ Bn FY24 FY25 Y-o-Y 87.9 22.6 -74% Hi-Tech Manufacturing 142.8 182.8 28% 15.0 10.1 -33% Heavy Engineering 39.2 49.6 27% 72.7 12.5 -83% Precision Engineering & Systems 103.4 133.3 29% 24.6 33.5 36% Hi-Tech Manufacturing 82.0 97.0 18% 8.7 12.5 44% Heavy Engineering 35.9 36.3 1% 16.0 21.0 32% Precision Engineering & Systems 46.1 60.6 32% 16.7% 19.5% 270 bps Hi-Tech Manufacturing 16.3% 17.3% 100 bps 15.1% 26.5% 1140 bps Heavy Engineering 17.7% 21.6% 390 bps 18.2% 15.7% -250 bps Precision Engineering & Systems 15.9% 15.3% -60 bps Revenue EBITDA Margin Order Inflow
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36 Breakup of Development Projects and Others Segment Development Projects Others Segment * Industrial Machinery and Products and residual portion of Smart World & Communications Q4 FY24 Q4 FY25 Y-o-Y ₹ Bn FY24 FY25 Y-o-Y 28.0 30.5 9% Others Segment 89.6 91.4 2% 16.7 17.5 5% Realty 45.2 46.8 4% 11.3 13.0 15% Other Businesses* 44.3 44.6 1% 22.8 23.7 4% Others Segment 76.3 70.6 -7% 10.3 11.7 14% Realty 29.5 26.4 -11% 12.5 12.0 -4% Other Businesses* 46.8 44.2 -5% 22.6% 36.7% 1410 bps Others Segment 21.2% 29.2% 800 bps 34.3% 53.9% 1960 bps Realty 34.6% 48.4% 1380 bps 12.9% 19.9% 700 bps Other Businesses* 12.8% 17.7% 490 bps Revenue EBITDA Margin Order Inflow Q4 FY24 Q4 FY25 Y-o-Y ₹ Bn FY24 FY25 Y-o-Y 12.6 12.3 -2% Development Projects 56.2 53.7 -4% 2.3 4.1 80% Hyderabad Metro 13.9 11.0 -21% 10.3 8.1 -21% Nabha Power 42.3 42.7 1% 17.3% 32.9% 1570 bps Development Projects 23.7% 19.9% -380 bps 47.7% 71.9% 2410 bps Hyderabad Metro 66.7% 56.2% -1060 bps 10.4% 13.1% 270 bps Nabha Power 9.6% 10.6% 100 bps Revenue EBITDA Margin
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37 Order Inflow and Order Book Details (Amount in ₹ crore) Q4 FY24 % Int Q4 FY25 % Int FY24 % Int FY25 % Int 31-Mar-24 % Int 31-Mar-25 % Int Infrastructure Projects 31340 22% 34580 55% 142589 38% 173226 61% 311665 27% 357073 39% Energy Projects 13120 52% 32201 97% 73788 87% 87569 60% 118189 80% 165754 73% Hi-Tech Manufacturing 8790 14% 2263 35% 14278 16% 18282 21% 31975 8% 40388 11% Others 2800 5% 3050 12% 8956 12% 9145 10% 13981 10% 15921 9% Projects & Manufacturing 56050 27% 72093 71% 239611 51% 288221 57% 475809 38% 579137 46% IT & Technology Services 11244 91% 12481 91% 44473 92% 47845 92% Financial Services 3598 - 3812 - 13109 - 15194 - Development Projects 1258 - 1227 - 5620 - 5371 - Services 16100 63% 17520 65% 63202 65% 68410 64% Total 72150 35% 89613 70% 302812 54% 356631 58% Order BookOrder Inflow
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38 Share in Profit/(Loss) of JVs/Associates ** Other JVs/Associates of Hi-Tech Manufacturing and IT&TS Segment Q4 FY24 Q4 FY25 ₹ Bn FY24 FY25 0.09 0.10 L&T Power JVs (0.04) 0.08 (0.01) 0.08 L&T Hydrocarbon JVs (0.25) (0.28) 0.01 0.05 Others** 0.07 0.07 0.10 0.22 Total (0.23) (0.14)