Interim report
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Larsen & Toubro Limited Secretarial Department L&T House, Ballard Estate Narottam Morarjee Marg Mumbai - 400 001, INDIA Tel: +91 22 6752 5656 Fax: +91 22 6752 5858 www.Larsentoubro.com Email: igrc@larsentoubro.com CIN: L99999MH1946PLC004768 SEC/2025 October 29, 2025 BSE Limited Phiroze Jejeebhoy Towers, Dalal Street, MUMBAI - 400 001 STOCK CODE: 500510 National Stock Exchange of India Limited Exchange Plaza, 5th Floor Plot No.C/1, G Block Bandra-Kurla Complex Bandra (E), Mumbai - 400 051 STOCK CODE: LT Dear Sir/Madam, Sub: Outcome of Board Meeting held on October 29. 2025 Further to our letter dated October 15, 2025, and in terms of Regulation 30 and 52 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“SEBI Listing Regulations”), we wish to inform you that the Board of Directors of the Company at its meeting held today, i.e., October 29, 2025, ha ve approved the Consolidated and Standalone Unaudited Financial Results of the Company, for the Quarter and Half year ended September 30, 2025. We enclose a copy of Consolidated and Standalone Unaudited Financial Results of the Company, for the Quarter and Half year ended September 30, 2025, along with a Press Release related to the same. We also enclose a copy of the “Limited Review Report for the Quarter and Half year ended September 30, 2025” issued by our Statutory Auditors, M/s. M S KA & Associates, Chartered Accountants. The Board meeting commenced at 1.30 p.m. and concluded at 5.00 p.m. Thanking You Yours faithfully, For Larsen & Toubro Limited Subramanian Narayan Company Secretary & Compliance Officer (ACS 16354) Encl. as above 8 LARSEN & TOUBRO An ISO 9001:2015 Certified Department
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1 Financial Results for the half-year ended September 30, 2025 The Positive Momentum Continues Order Inflow 39%, Revenue 13%, PAT 22% Mumbai, October 29, 2025 Larsen & Toubro secured orders worth ₹ 210,237 crore registering y-o-y growth of 39% for the half-year ended September 30, 2025. During the half-year, big-ticket order wins were in Public Spaces, Commercial Buildings, Metro, Hydel & Tunnel, Transmission & Distribution, Renewables, Non-Ferrous Metals, Thermal BTG, and Offshore and Onshore businesses in the Hydrocarbon sector. International orders at ₹ 124,236 crore during the half-year constituted 59% of the total. On a quarterly basis, orders worth ₹ 115,784 crore were received at the Group level during the quarter ended September 30, 2025. The Company registered a y-o-y growth of 45% aided by a strong order momentum across a broad spectrum of businesses. The quarter saw order wins in businesses such as Public Spaces, Data Centres, Commercial Buildings, Metro, Hydel & Tunnel, Transmission & Distribution, Renewables, and both Offshore and Onshore businesses in the Hydrocarbon sector. International orders stood at ₹ 75,561 crore, accounting for 65% of the total order inflow. The consolidated order book of the Group as on September 30, 2025, was at ₹ 667,047 crore, a growth of 15% over March 2025. International orders comprise 49% of the order book. The Company achieved consolidated revenues of ₹ 131,662 crore recording a y-o-y growth of 13% on a half-year basis. International revenues during the half -year at ₹ 71,217 crore constituted 54% of the total revenue. For the quarter ended September 30, 2025 , consolidated revenue at ₹ 67,984 crore registered a y-o-y growth of 10%. International revenues during the quarter were at ₹ 38,223 crore, constituted 56% of the total revenue. e LARSEN & TOUBRO WWW iarsen t oubro com L& T Press Release Issued by Corporate Brand Management & Communications L&T House Ballard Estate, Mumbai 400 001 Tel 91 22 6752 5656 CIN L99999MH1946PLC004768
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2 The Company, for the half -year ended September 30, 2025, posted a c onsolidated Profit After Tax of ₹ 7,543 crore, registered a y-o-y growth of 22%. Similarly, for the quarter ended September 30, 2025, consolidated Profit After Tax (PAT) at ₹ 3,926 crore, registering a y-o-y growth of 16%. Commenting on the results, S N Subrahmanyan, Chairman and Managing Director, said: “The Company has reported a well -rounded financial performance across all parameters. Our ability to repeatedly secure large orders, across segments and geographies is a true testimony to the Company’s leadership position in the EPC domain. The consistent execution across a diverse portfolio highlights our strength in effectively navigating local / global challenges. We continue to witness higher capex spends, in both our primary geographies of India and the Middle East, and remain fairly optimistic about order prospects. We reached an in -principle understanding with the Government of Telangana for the divestment of our stake in L&T Metro Rail (Hyderabad) Limited (L&TMRHL). This is in line with our stated objective under Lakshya 2026 to exit the public concessions portfolio. To ensure long -term sustainable growth in a rapidly evolving business environment, efforts are ongoing to streamline and grow the emerging technology-led businesses, so to complement our core businesses in the domains of engineering, construction, manufacturing and project management. Our IT&TS portfolio continues to perform well. Lastly, L&T Finance’s strategy to focus on the retail lending space through innovative products and tech -enabled operations has resulted in improved performance of the company”. Note: The key parameters of the Group and Segment Performance for the quarter and half -year ended September 30, 2025, are shown in Annexure 1. Segment composition is provided in Annexure 2. Segment-wise Performance Highlights for the quarter Infrastructure Projects Segment The Infrastructure Projects segment secured order inflow of ₹ 52,686 crore during the quarter ended September 30, 202 5, registering a growth of 6% over the corresponding quarter of the previous year despite the high base effect. International orders constituted 48% of the total order inflow of the segment during the quarter aided by receipt of major orders in the Building & Factories, Heavy Civil I nfrastructure, Power Transmission & Distribution and Renewables businesses. The segment order book stood at ₹ 394,706 crore as on September 30, 2025, with the share of international orders at 43%.
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3 For the quarter ended September 30, 2025, customer revenues were at ₹ 31,759 crore, registering a y-o-y decline of 1%, primarily due to slower progress in water related projects. The extended monsoon conditions also dampened the revenue growth. International revenues constituted 47% of the total customer revenues of the segment during the quarter. The EBITDA margin of the segment during the quarter ended September 30, 2025, was at 6.3%, compared to 6.0% in the corresponding quarter of the previous year . Margin improvement has been primarily driven by execution efficiency. Energy Projects Segment The Energy Projects segment secured orders valued at ₹ 38,156 crore during the quarter ended September 30, 2025, registering more than 100% growth on y-o-y basis. The growth in order inflow was driven by the receipt of ultra-mega orders in both the Onshore and Offshore businesses in the Hydrocarbon sector. International order inflow constituted 98% of the total order inflow during the quarter. The segment order book stood at ₹ 214,496 crore as on September 30, 202 5, with the international order book constituting 71% of the total. For the quarter ended September 30, 2025, the customer revenues stood at ₹ 13,082 crore, registering a robust growth of 48% y-o-y led by an execution ramp up in international projects of the Hydrocarbon business. International revenues constituted 78% of the total customer revenues of the segment during the quarter. The segment’s EBITDA margin stood at 7.3% for the quarter ended September 30, 2025, compared to 8.9% in the corresponding quarter of the previous year. The margin decline is due to project variation at closure stage. Hi-Tech Manufacturing Segment The segment secured orders valued at ₹ 2,582 crore for the quarter ended September 30, 2025, a 34% decline over the corresponding quarter of the previous year primarily attributable to the deferral of orders. Export orders constituted 18% of the total order inflow of the segment during the quarter. The order book of the segment was at ₹ 39,064 crore as on September 30, 2025, with the share of export orders at 11%. For the quarter ended September 30, 202 5, customer revenue s were at ₹ 2,754 crore, registering a growth of 33% y-o-y attributable to improved execution in both the Heavy Engineering and Precision Engineering & Systems business es. International revenue s constituted 25% of the total customer revenues for the segment during the quarter. The EBITDA margin of the segment was at 14.7% for the quarter ended September 30, 2025, which was higher compared to the previous year at 12.8%. The increase in segment margin is primarily attributable to improved operational profitability in the portfolio.
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4 IT & Technology Services (IT&TS) Segment The segment recorded customer revenues of ₹ 13,274 crore for the quarter ended September 30, 2025, registering a y-o-y growth of 13%, largely in line with improved spending in the IT&TS sector. International billing contributed 92% of the total customer revenues. The EBITDA margin for the segment was lower at 20.2% for the quarter ended September 30, 2025 as compared to 21.0% in the corresponding quarter of the previous year. The shift is largely attributable to incremental costs incurred towards the newly incubated businesses and subdued margin in L&T Technology Services. Financial Services Segment The segment recorded income from operations at ₹ 4,166 crore during the quarter ended September 30, 202 5, registering y -o-y growth of 9% primarily attributable to higher disbursements in the retail finance segment. The total Loan Book, as of September 2025, at ₹ 107,096 crore grew by 10% as compared to ₹ 97,762 crore in March 2025. The Retail Loan Book now constitutes 98% of the total Loan Book as on September 30, 2025. The segment PBT for the quarter ended September 30, 2025 at ₹ 989 crore, is higher than the corresponding quarter of the previous year at ₹ 940 crore. The increase is largely due to higher disbursements contributing to increase in Net Interest Margin and Fees. Development Projects Segment The segment reported customer revenues of ₹ 1,533 crore during the quarter ended September 30, 2025, registering a y-o-y growth of 10%. The segment EBIT for the quarter ended September 30, 2025, at ₹ 87 crore, is lower than that of the corresponding quarter of the previous year at ₹ 125 crore. The decline is largely attributable to a prudent provision made for an unfavourable outcome in a sub-judice matter in Nabha Power. Nevertheless, improved profitability in L&TMRHL, due to fare revision, partially softened the impact. “Others” Segment “Others” segment comprises (a) Realty (b) Industrial Valves (c) Construction Equipment & Mining Machinery and (d) Rubber Processing Machinery. Customer revenues of t he segment during the quarter ended September 30, 202 5 is ₹ 1,416 crore, registering a de -growth of 14% y -o-y primarily due to lower handover of residential units in the Realty business. Export sales constitut ed 19% of the total customer revenues of the segment during the quarter, primarily attributable to the Industrial Valves business.
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5 The EBITDA margin for the segment was higher at 3 1.3% for the quarter ended September 30, 2025, compared to 25.1% in the corresponding quarter of the previous year, aided by a sale of commercial property in the Realty business. Outlook India’s economic outlook remains resilient, as healthy domestic fundamentals facilitate navigation of the global geopolitical and macroeconomic situations. The country’s GDP growth is projected to remain robust between 6.5% -7.0% in FY2026, supported by retail and government consumption, steady capex and an expanding services sector. With consumer price inflation having moderated, there appears to be adequate space for a reduction in policy rates. Together, these factors are expected to justify India’s position as one of the world’s fastest-growing major economies. The global economy continues to face growth challenges due to increasing trade protectionism and persisting regional conflicts . Global GDP growth is projected lower at ~3.0% as ongoing policy uncertainties , including trade and tariff policies, impacts investment and supply chains. The GCC economy is likely to remain stable led by a rebound in oil output, stable inflation, and continued investment in non -oil sectors. The current policy and environment remain positive. Against this economic backdrop, the Company has the necessary capability and flexibility to continuously rebalance its approach and strategy to benefit under the ever-changing business environment. The Company remains focu ssed on tapping the emerging opportunities, invest and grow its new businesses, and ensure long-term sustainable growth for its stakeholders. Background: Larsen & Toubro is a USD 30 billion Indian multinational engaged in EPC Projects, Hi -Tech Manufacturing, and Services, operating across multiple geographies. A strong, customer–focussed approach and the constant quest for top -class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades. Media Contact: Sumeet Chatterjee Head - Corporate Brand Management & Communications sumeet.chatterjee@larsentoubro.com
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6 Annexure 1 Group Performance – Key Parameters Q2 FY'25 Q2 FY'26 % Var Key Parameters (in ₹ crore) H1 FY'25 H1 FY'26 % Var 61,555 67,984 10% Revenue from operations 1,16,674 1,31,662 13% 52% 56% International revenue % 50% 54% 55,193 61,178 11% Total operational expenses 1,04,697 1,18,538 13% 6,362 6,806 7% EBITDA 11,977 13,124 10% 10.3% 10.0% EBITDA % 10.3% 10.0% 884 763 -14% Finance costs 1,746 1,544 -12% 1,024 1,092 7% Depreciation & Amortisation 2,022 2,125 5% 3,395 3,926 16% Consolidated Profit After Tax 6,181 7,543 22% Segment Wise Details Q2 FY'25 Q2 FY'26 Q2 FY'25 Q2 FY'26 Q2 FY'25 Q2 FY'26 Infrastructure Projects 49,522 52,686 31,954 31,759 6.0% 6.3% Energy Projects 7,757 38,156 8,869 13,082 8.9% 7.3% Hi-Tech Manufacturing 3,920 2,582 2,063 2,754 12.8% 14.7% IT & Technology Services 11,798 13,274 11,798 13,274 21.0% 20.2% Financial Services 3,837 4,166 3,837 4,166 Development Projects 1,384 1,531 1,387 1,533 Others 1,828 3,389 1,648 1,416 25.1% 31.3% Total 80,045 1,15,784 61,555 67,984 Segment (in ₹ Crore) Order Inflow Customer Revenue Refer Note 2 EBITDA Margin (%) Refer Note 1 H1 FY'25 H1 FY'26 H1 FY'25 H1 FY'26 H1 FY'25 H1 FY'26 Infrastructure Projects 89,575 93,710 58,862 60,516 5.9% 6.0% Energy Projects 16,549 69,576 17,361 25,545 8.9% 7.4% Hi-Tech Manufacturing 7,597 4,471 3,909 5,981 15.0% 14.9% IT & Technology Services 23,303 25,893 23,303 25,893 20.5% 19.8% Financial Services 7,501 8,137 7,501 8,137 Development Projects 2,711 2,773 2,717 2,781 Others 3,746 5,676 3,022 2,808 24.3% 32.1% Total 1,50,982 2,10,237 1,16,674 1,31,662 Segment (in ₹ Crore) Order Inflow Customer Revenue Refer Note 2 EBITDA Margin (%) Refer Note 1 Note 1: Financial Services Q2 FY'25 Q2 FY'26 H1 FY'25 H1 FY'26 NIM + Fees % 10.9% 10.2% 11.0% 10.2% Note 2: Development Projects (₹ crore) Q2 FY'25 Q2 FY'26 H1 FY'25 H1 FY'26 EBIT 125 87 262 219 1---------------------il t-----l ---------< 1---------------------<I 1-----1 ---------<
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7 Annexure 2 Segment Composition Segments Composition Infrastructure Projects Building & Factories, Transportation Infrastructure, Heavy Civil Infrastructure, Power Transmission & Distribution, Renewables, Water & Effluent Treatment, Minerals & Metals Energy Projects Energy Hydrocarbon - Onshore and Offshore, Energy CarbonLite Solutions, Clean Energy EPC Hi-Tech Manufacturing Heavy Engineering, Precision Engineering & Systems, Electrolyser Manufacturing IT & Technology Services LTIMindtree Limited, L&T Technology Services Limited, Digital Platforms, Data Centers, Semiconductor Technologies Financial Services L&T Finance Limited Development Projects Hyderabad Metro, Nabha Power, Green Energy Others Realty, Industrial Valves, Construction Equipment & Mining Machinery, Rubber Processing Machinery
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e LARSEN & TOUBRO LIMITED Registered Office: L&T House, Ballard Estate, Mumbai 400 001 - CJN: L99999MH1946PLC004768 STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2025 1t Crore Quarter ended Six months ended Year ended September 30, June 30, September 30, September 30, September 30, March 31, Particulars 2025 2025 2024 2025 2024 2025 [Reviewed] [Reviewed] [Reviewed] [Reviewed] [Reviewed] [Audited] 1 Income: a) Revenue from operations 67983,53 63678.92 61554,58 131662.45 116674.40 255734.45 b) Other income (net) 1384,28 1356.78 1101.27 2741,06 2021.91 4124,82 Total Income 69367.81 65035.70 62655.85 134403.51 118696.31 259859,27 2 Expenses: a) Manufacturing, construction and operating expenses: i) Cost of raw materials and components consumed 7572,63 6650,27 6204.75 14222.90 11396,24 27655.02 ii) Construction materials consumed 16034,77 13951.77 17032.66 29986,54 29492,69 63526.44 iii) Purchase of stock-in-trade 302.08 212.36 331,86 514.44 683,50 1402,14 iv) Stores, spares and loose tools consumed 985.17 1008,21 1047.51 1993.38 1992,64 4393,39 v) Sub-contracting charges 11001.47 11357,06 9070,31 22358.53 18307.29 40570,92 vi) Changes in inventories of finished goods, stock-in-trade and work-in-progress (168,68) (493,30) (477.33) (661.98) (633,63) (410,79) vii) Other manufacturing, construction and operating expenses 7861,03 7544.45 6247.76 15405.48 12394,81 27533.55 b) Finance cost of financial services business and finance lease activity 1706,83 1706.35 1555.01 3413.18 2985,54 6302,23 c) Employee benefits expense 12985.98 12638.44 11455.65 25624.42 22499.17 46768,68 d) Sales, administration and other expenses 2895,84 2785,65 2724.36 5681.49 5578.82 11558,13 e) Finance costs 762,81 781,61 884.38 1544.42 1745.74 3334.37 f) Depreciation, amortisation, impairment and obsolescence 1091,77 1033.30 1023.84 2125.07 2021.76 4121.18 Total Expenses 63031.70 59176.17 57100.76 122207.87 108464.57 236755.26 3 Profit before exceptional items and tax (1-2) 6336.11 5859.53 5555.09 12195.64 10231.74 23104.01 4 Exceptional items - - - - 474,78 5 Profit before tax (3+4) 6336.11 5859.53 5555.09 12195.64 10231.74 23578.79 6 Tax expense: a) Current tax 1576.97 1518.50 1493.18 3095.47 2828.65 6100.82 b} Deferred tax 72.05 15.46 (50.90) 87.51 (149.83) (209.42) Total tax expense 1649.02 1533.96 1442.28 3182.98 2678.82 5891.40 7 Net profit after tax (5-6) 4687.09 4325.57 4112.81 9012.66 7552.92 17687.39 8 Share in profiV(loss) after tax of joint ventures/associates (net) (9.08) (7.40) (13.97) (16.48) (9.40) (14.06) 9 Net profit after tax and share in profit/(loss) of joint ventures/associates (7+8) 4678.01 4318.17 4098.84 8996.18 7543.52 17673.33 Attributable to: Owners of the Company 3926.09 3617.19 3395.29 7543.28 6181.01 15037.11 Non-controlling interests • 751.92 700.98 703.55 1452.90 1362.51 2636.22 10 Other comprehensive income (OCI) a) i) Items that will not be reclassified to profit and loss (31,60) (90,68) (61.43) (122.28) (114.90) (308.74) ii) Income tax relating to items that will not be reclassified to profit and loss 7.45 26.95 13.74 34.40 27.72 69.24 b) i) Items that will be reclassified to profit and loss (628,08) 1345.57 450.16 717.49 751.54 356.73 ii) Income tax relating to items that will be reclassified to profit and loss 162.69 (122.93) (44.16) 39.76 (109.93) (105.94) Other comprehensive income [net of tax]-(a+b} (489.54) 1158.91 358.31 669.37 554.43 11.29 Attributable to: Owners of the Company (268.08) 1157.30 422.98 889,22 570.83 37.35 Non-controlling interests (221.46) 1.61 (64.67) (219,85) (16.40) (26.06) 11 Total comprehensive income (9+10) 4188.47 5477.08 4457.15 9665.55 8097.95 17684.62 Attributable to: Owners of the Company 3658.01 4774.49 3818.27 8432,50 6751.84 15074.46 Non-controlling interests 530.46 702.59 638.88 1233,05 1346.11 2610.16 12 Paid-up equity share capital (face value of share:< 2 each) 275.11 275.07 275.00 275.11 275.00 275,04 13 Other equity attributable to owners of the Company 97380,56 14 Earnings per equity share (EPS) (not annualised): (a) Basic EPS (<) 28.54 26.30 24.69 54,85 44.96 109.36 (b) Diluted EPS (<) 28.53 26.29 24.68 54.82 44.92 109,28 Notes: (i) During the quarter, the Company has allotted 1,96,577 equity shares of< 2 each fully paid-up, on exercise of stock options by employees in accordance with the Company's stock option schemes. (ii) During the quarter, the Company reached an in-principle understanding for divestment of L&T Metro Rail (Hyderabad) Limited (SPV) to Government of Telangana at a mutually agreed value. The proposed transaction is subject to fulfilment of pre-conditions and other legal & statutory compliances.
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(Iii) Consolidated Statement of Assets and Liabililies: \ ?Crora As at Particulars September 30, March 31, 2025 2025 [Reviewed] [Audited] ASSETS: Non-current assets Property, plant and equipment 14469.57 14128.56 Capital work-in-progress 3255.50 2390.86 Investment property 1130.27 1157.33 Investment property under construction 665.10 501.30 Goodwill 8615.23 8348.48 Other intangible assets 16813.08 17050.76 Intangible assets under development 305.47 197.82 Right-of-use assets 3404.49 2869.02 Financial assets: Investments in joint ventures and associates 2501.62 2318.42 Other investments 8249.87 9126.23 Loans towards financing activities 69754.61 62847.35 Other loans 380.08 348.96 Other financial assets 1524.18 1863.04 Deferred tax assets (net) 3746.72 3792.88 Current tax assets (net) 4825.17 4581.60 Other non-current assets 2374.91 2659.78 Sub-total - Non-current assets 142015.87 134182.39 Current assets Inventories 8313.65 7670.55 Financial assets: Investments 44428.33 43360.62 Trade receivables 53654.94 53713.68 Cash and cash equivalents 9791.11 12187.00 Other bank balances 8904.16 10778.34 Loans towards financing activities 38708.54 36077.51 Other loans 456.59 416.85 Other financial assets 6435.87 5419.89 Other current assets 78268.66 75559.83 Sub-total - Current assets 248961.85 245184.27 Group(s) of assets classified as held for sale 124.90 157.44 TOTAL ASSETS 391102.62 379524.10 EQUITY AND LIABILITIES: EQUITY Equity share capital 275.11 275.04 Other equity 101108.44 97380.56 Equity attributable to owners of the Company 101383.55 97655.60 Non-controlling interest 18423.58 17748.08 TOTAL EQUITY 119807.13 115403.68 LIABILITIES Non-current liabilities Financial liabilities: Borrowings 66942.55 57503.34 Lease liabilities 2657.20 2265.24 Other financial liabilities 744.09 252.18 Provisions 1168.40 1124.01 Deferred tax liabilities (net) 410.71 410.01 Other non-current liabilities 586.01 594.74 Sub-total - Non-current liabilities 72508.96 62149.52 Current liabilities Financial liabilities: Borrowings 33655.71 35861.30 Current maturities of long term borrowings 30023.51 36194.70 Lease liabilities 722.16 584.34 Trade payables: Due to micro enterprises and small enterprises 1578.12 1417.65 Due to others 51291.09 51041.69 Other financial liabilities 6664.22 6273.37 Other current liabilities 66846.94 63326.97 Provisions 5050.16 4691.67 Current tax liabilities (net) 2954.62 2579.21 Sub-total - Current liabilities 198786.53 201970.90 TOTAL LIABILITIES 271295.49 264120.42 TOTAL EQUITY AND LIABILITIES 391102.62 379524.10 (iv) The Company reports its consolidated financial results on a quarterly basis. The standalone financial results are available on the Company's website viz. www.larsentoubro.com and on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com). The specified items of the standalone financial results of the Company for the quarter and six months ended September 30, 2025 are given below: f Crore Quarter ended Six months ended Year ended September 30, June 30, September 30, September 30, September 30, March 31, Particulars 2-025 2025 2024 2025 2024 2025 [Reviewed] [Reviewed] [Reviewed] [Reviewed] [Reviewed] [Audited] a) Revenue from operations 35115.74 33470.73 34918.91 68586.47 65196.06 142509.01 b) Profit before exceptional items and tax 2431.23 4040.09 2694.56 6471.32 6088.28 13098.98 c) Profit/(loss) before tax (after exceptional items) (2981.77) 4040.09 2694.56 1058.32 6088.28 13573.76 d) Net profitl(loss) after tax (after exceptional items) (3591.17) 3485.30 1988.22 (105.87) 4957.31 10870.72
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(v) Additional disclosures as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Sr. Quarter ended Six months ended Year ended No. Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2025 2025 2024 2025 2024 2025 1 Debt equity ratio 1.09 1.13 1.17 1.09 1.17 1.12 2 Debt service coverage ratio (DSCR) 6.00 0.92 2.86 1.64 1.89 2.55 3 Interest service coverage ratio (ISCR) 7.96 7.15 6.11 7.55 5.67 6.75 4 Current ratio 1.25 1.21 1.17 1.25 1.17 1.21 5 Long term debt to working capital ratio 1.21 1.25 1.25 1.21 1.25 1.18 6 Bad debts to accounts receivable ratio 0.00 0.00 0.00 0.00 0.00 0.01 7 Current liability ratio 0.73 0.75 0.78 0.73 0.78 0.76 8 Total debt to total assets ratio 0.33 0.34 0.35 0.33 0.35 0.34 9 Debtors turnover ratio 4.45 4.40 4.17 4.45 4.17 4.31 10 Operating margin(%) 10.01% 9.92% 10.34% 9.97% 10.27% 10.34% 11 Net profit margin(%) 6.88% 6.78% 6.66% 6.83% 6.47% 6.91% 12 Inventory turnover ratio (refer note below) NA NA NA NA NA NA 13 Capital Redemption Reserve/Debenture Redemption Reserve ls Crore] 338.23 338.23 338.23 338.23 338.23 338.23 14 Net worth ls Crore] (As per section 2(57) of Companies Act, 2013) 98737.80 94839.81 87178.56 98737.80 87178.56 95987.31 Notes: (a) The ratios are to be read and interpreted considering that the Group has diversified nature of businesses. (b) Formulae for computation of above ratios are as follows: Sr. Particulars Formulae No. 1 Debt equity ratio Total borrowings Total equity Profit before interest, tax and exce12tional itemsA 2 Debt service coverage ratio (DSCR) Finance costsA + Principal repayments (net of refinancing) made during the period for long term borrowingsA (A Excluding Financial Services and Finance lease model business) Profit before interest, tax and exceQtional itemsA 3 Interest service coverage ratio (ISCR) Finance costsA (A Excluding Financial Services and Finance lease model business) 4 Current ratio Current assets Current liabilities 5 Long term debt to working capital ratio Long term borrowings (including current maturities of long term borrowings) Current assets(-) Current liabilities [excluding current l'(laturities of long term borrowings] Bad debtsA 6 Bad debts to accounts receivable ratio Average gross trade receivablesA (A Excluding Financial Services) 7 Current liability ratio Current liabilities Total liabilities 8 Total debt to total assets ratio Total borrowings Total assets Revenue from operations for trailing 12 monthsA 9 Debtors turnover ratio Average gross trade receivablesA (A Excluding Financial Services) Profit before depreciation, interest\ tax and exceptional items 10 Operating margin(%) (-) Other income Revenue from operations (A Excluding Finance cost of Financial Services and Finance lease model business) 11 Net profit margin(%) Net profit after tax and share in profit/(loss) of joint ventures/associates Revenue from operations Cost of Goods Sold 12 Inventory turnover ratio Average Inventory Not material considering the size and the nature of operations of the Group
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(vi) Consolidated Statement of Cash Flows: Particulars A. Cash flow from operating activities: Profit before exceptional items and tax Adjustments for: Dividend received Depreciation, amortisation, impairment and obsolescence Exchange difference on items grouped under financing/investing activit_ies Effect of exchange rate changes on cash and cash equivalents Finance costs Interest income (Profit)/loss on sale of Property, plant and equipment, Investment property and Intangible assets (net) • (Profit}/loss on sale/fair valuation of investments (net) Bad debts and advances written off & Allowances for expected credit loss (net) Employee stock option-discount Loss on sale/fair valuation of investments and loans towards financing activity (net) Others Operating profit before working capital changes Adjustments for: (lncrease)/decrease in trade and other receivables (Increase )/decrease in inventories lncrease/(decrease) in trade and other payables Cash generated from operations before financing activities (lncrease)/decrease in loans and advances towards financing activities Cash generated from operations Direct taxes paid [net] Net cash generated from/(used in) operating activities B. Cash flow from investing activities: Purchase of Property, plant and equipment, Investment property and Intangible assets Sale of Property, plant and equipment, Investment property and Intangible assets Purchase of non-current investments Sale of non-current investments (Purchase)/sale of current investments (net) Change in other bank balance and cash not available for immediate use Deposits/loans given to associates, joint ventures and third parties Deposits/loans repaid by associates, joint ventures and third parties Interest received Dividend received from joint ventures/associates Dividend received on other investments Consideration received on disposal of subsidiaries/joint venture Consideration received on transfer of business undertaking in Development Projects business Consideration received on transfer of other business undertaking Consideration paid on acquisition of business Consideration paid on acquisition of subsidiaries (including contingent consideration) Cash and cash equivalents acquired pursuant to acquisition of subsidiaries/business Consideration paid on acquisition of stake in an associate/joint venture Net cash generated from/(used in) investing activities C. Cash flow from financing activities: Proceeds from issue of share capital (including share application money) [net] Proceeds from non-current borrowings Repayment of non-current borrowings Proceeds from/(repayment of) other borrowings (net) Payment (to)/from non-controlling interest (net) Settlement of derivative contracts related to borrowings Dividends paid Repayment of lease liability Interest paid on lease liability Interest paid (including cash flows on account of interest rate swaps) Net cash generated from/(used in) financing activities Net increase/(decrease) in cash and cash equivalents (A+ B + C) Cash and cash equivalents at beginning of the period Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at end of the period Notes: , crore Six months ended September 30, September 30, 2025 2024 [Reviewed] [Reviewed] 12195.64 10231.74 (58.28) (58.05) 2125.07 2021.76 22.70 (17.33) (178.88) (15.53) 1448.92 1662.49 (1540.96) (1114.54) (87.90) (125.57) (935.83) (672.59) 1867.74 1673.72 71.07 135.10 (81.39) (17.61) 7.95 (8.72) 14855.85 13694.87 (4172.74) (6118.73) (636.52) (376.57) 6165.84 4210.60 16212.43 11410.17 (9463.02) (8365.51) 6749.41 3044.66 (2933.28) (2798.60) 3816.13 246.06 (2674.72) (1965.43) 241.10 553.24 (2045.97) (697.71) 689.0.1 458.43 2321.46 (1757.53) 2027.66 (3360.36) (168.24) (339.00) 140.24 55.03 1470.06 1001.62 11.69 11.97 58.28 58.05 - 1068.73 - 324.96 - 52.54 (709.21) - (141.03) (140.83) 89.34 3.12 (253.99) (12.50) 1055.68 (4685.67) 6.07 6.10 22925.24 14760.99 (20198.49) (15436.54) (2536.30) 10662.89 (707.24) (941.92) 13.68 31.56 (4676.22) (3849.57) (380.22) (260.49) (109.62) (90.23) (1822.08) (2226.40) (7485.18) 2656.39 (2613.37) (1783.22) 12187.00 11958.50 217.48 30.08 9791.11 10205.36 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. (vii) Figures for the previous periods have been regrouped/reclassified to conform to the classification of the current periods. (viii) The above consolidated financial results of the Parent Company including its Subsidiaries, Associates & Joint Ventures have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards (Ind AS) as prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. These results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on October 29, 2025. The same have also been subjected to Limited Review by the Statutory Auditor. for LARSEN & TOUBRO LIMITED Mumbai S·N;_~\ October 29, 2025 Chairman & Managing Director
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Unaudited Consolidated Segment-wise Revenue, Results, Total Assets and Total Liabilities: t' Crore Quarter ended Six months ended Year ended September 30, June 30, September 30, September 30, September 30, March 31, Particulars 2025 2025 2024 2025 2024 2025 [Reviewed] [Reviewed] [Reviewed] [Reviewed] [Reviewed] [Audited] Gross segment revenue 1 Infrastructure Projects 32148.62 29031.36 32352.30 61179.98 59531.75 131314.52 2 Energy Projects 13090.34 12467.57 8877.60 25557.91 17375.86 40676.89 3 Hi-Tech Manufacturing 2830.84 3362.11 2175.94 6192.95 4095.66 10180.86 4 IT & Technology Services 13353.52 12679.04 11960.56 26032.56 23517.30 48453.32 5 Financial Services 4166.33 3971.01 3836.58 8137.34 7500.61 15193.95 6 Development Projects 1533.00 1249.28 1387.36 2782.28 2717.46 5389.07 7 Others 1612.00 1519.22 1792.51 3131.22 3290.00 7816.40 Total 68734.65 64279.59 62382.85 133014.24 118028.64 259025.01 Less: Inter-segment revenue 751.12 600.67 828.27 1351.79 1354.24 3290.56 Net segment revenue 67983.53 63678.92 61554.58 131662.45 116674.40 255734.45 Segment results 1 Infrastructure Projects 1637.52 1273.27 1550.19 2910.79 2750.28 6921.45 2 Energy Projects 886.32 853.40 719.84 1739.72 1398.96 3178.23 3 Hi-Tech Manufacturing 345.15 429.35 209.69 774.50 476.60 1459.05 4 IT & Technology Services 2210.84 2045.33 2079.82 4256.17 3991.28 7682.15 5 Financial Services 988.89 943.21 939.53 1932.10 1861.85 3491.31 6 Development Projects 86.95 131.72 125.10 218.67 262.40 716.00 7 Others 409.92 424.22 383.74 834.14 674.47 1934.81 Total 6565.59 6100.50 6007.91 12666.09 11415.84 25383.00 Less: Inter-segment margins on capital jobs 30.93 16.15 40.27 47.08 49.71 116.53 Less: Finance costs 762.81 781.61 884.38 1544.42 1745.74 3334.37 Add: Unallocable corporate income net of expenditure 564.26 556.79 471.83 1121.05 611.35 1171.91 Profit before exceptional items and tax 6336.11 5859.53 5555.09 12195.64 10231.74 23104.01 Add: Exceptional items - - - - - 474.78 Profit before tax 6336.11 5859.53 5555.09 12195.64 10231.74 23578.79 Segment assets 1 Infrastructure Projects 97175.88 100391.87 97183.24 2 Energy Projects 32038.75 27157.65 29342.12 3 Hi-Tech Manufacturing 15565.27 12163.40 13342.07 4 IT & Technology Services 51141.10 45073.69 49124.05 5 Financial Services 125478.81 109950.13 118627.16 6 Development Projects 25186.78 25057.64 25125.12 7 Others 17211.74 15585.63 16312.18 Total segment assets 363798.33 335380.01 349055.94 Less: Inter-segment assets 5886.78 4787.41 4779.99 Add: Unallocable corporate assets 33191.07 26716.51 35248.15 Total assets 391102.62 357309.11 379524.10 Segment liabilities 1 Infrastructure Projects 69254.35 72897.62 72180.50 2 Energy Projects 32931.01 22279.88 27064.51 3 Hi-Tech Manufacturing 11247.27 9298.77 11092.07 4 IT & Technology Services 12762.49 10549.04 11420.88 5 Financial Services 100779.31 87430.23 94750.56 6 Development Projects 6546.43 6988.85 6858.74 7 Others 8280.43 7677.79 7649.17 Total segment liabilities 241801.29 217122.18 231016.43 Less: Inter-segment liabilities 5886.78 4787.41 4779.99 Add: Unallocable corporate liabilities 35380.98 38993.35 37883.98 Total liabilities 271295.49 251328.12 264120.42 Notes: (I) The Group has reported segment information as per Ind AS 108 "Operating Segments". The identification of operating segments is consistent with performance assessment and resource allocation by the management. (II) The Segment composition: Infrastructure Projects segment comprises engineering and construction of (a) building and factories, (b) transportation infrastructure, (c) heavy civil infrastructure, (d) power transmission & distribution, (e) renewables, (f) water & effluent treatment and (g) minerals and metals. Energy Projects segment comprises of (a) Hydrocarbon Onshore and Offshore businesses covering EPC solutions in oil & gas, refineries, petrochemicals & offshore wind energy sectors, from front-end design through detailed engineering, modular fabrication, procurement, project management, construction, installation and commissioning, (b) CarbonLite Solutions business covering BTG scope for power generation plants including associated systems and/or carbon capture utilisation & utility packages and (c) EPC solutions in clean energy space. Hi-Tech Manufacturing segment comprises design, manufacture/construct, supply and revamp/retrofit of (a) custom designed, engineered critical equipment & systems to the process plant, nuclear energy and green hydrogen sectors, (b) marine and land platforms including related equipment & systems; aerospace products & systems; precision and electronic products & systems for the defence, security, space and industrial sectors and (c) electrolysers. IT & Technology Services segment comprises (a) information technology and integrated engineering services (Including smart infrastructure & communication_ projects), (b) e-commerce/digital platforms, cloud services & data centres and (c) semiconductor chip design. Financial Services segment primarily comprises retail finance. Development Projects segment comprises (a) development, operation and maintenance of metro project, including transit oriented development, (b) toll roads (upto the date of divestment) and (c) power generation & development - (i) thermal power and (ii) green energy. Others segment includes (a) realty, (b) Construction Equipment & Industrial Product Design Development comprising of (i) manufacture and sale of industrial valves, (ii) manufacture (upto the date of sale), marketing and servicing of construction equipment, mining machinery and parts thereof, (iii) manufacture and sale of components of construction equipment and (iv) manufacture and sale of rubber processing machinery. (Ill) Segment revenue comprises sales and operational income allocable specifically to a segment and includes in the case of Development Projects and Realty business (grouped under "Others" segment) profits on sale of business undertaking/stake in the subsidiary and/or joint venture companies in those segments. Segment result represents profit before interest and tax. Unallocable corporate income includes majorly interest income, dividends and investment related gains. Unallocable expenditure includes majorly corporate expenses not allocated to segments. Unallocable corporate assets comprise majorly investments. Investment in joint ventures and associates identified with a particular segment are reported as part of the segment assets of those respective segments. Unallocable corporate liabilities comprise majorly borrowings. In respect of (a) Financial Services segment and (b) Development Projects segment relating to a power generation asset given on finance lease, segment liabilities include borrowings as finance costs on the borrowings are accounted as segment expense. (IV) In respect of segments of the Group, revenue and margin do not accrue uniformly during the year. (V) Figures for the previous periods have been regrouped/reclassified to conform to the classification of the current periods. for LARSEN & TOUBRO LIMITED ~ .-A .... 1 ~- ,"CT - r Mumbai • S.N.SUBRAHMANYAN October 29, 2025 Chairman & Managing Director
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MSKA & Associates HO Chartered Accountants 602, Floor 6, Raheja Titan ium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (EJ Mumbai 400063, IHDIA Ahmeda Tel: +91 22 6974 0200 Independent Auditor's Review Report on unaudited Consolidated financial results of Larsen & Toubro Limited for the quarter and year-to date pursuant to Regulation 33 and Regulation 52 of the SEBI (Usting Obligations and Disclosure Requirements) Regulations, 2015, as amended. To The Board of Directors of Larsen & Toubro Limited 1. We have reviewed the accompanying statement of unaudited consolidated financial results of Larsen a Toubro Limited (hereinafter referred to as 'the Holding Company'), its subsidiaries, (the Holding Company and its subsidiaries together referred to as the 'Group') and its share of the net loss after tax and total comprehensive loss of its associates and joint ventures for the quarter ended September 30, 2025 and the year-to-date results for the period from April 01, 2025 to September 30, 2025 ('the Statement'), which includes 36 joint operations of the Group consolidated on a proportionate basis, attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and Regulation 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Regulations'), 2. This Statement, which is the responsibility of the Holding Company's Management and has been approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'Interim Financial Reporting', prescribed under Section 133 of the Companies Act, 2013 ('the Act'), read with relevant rules issued thereunder ('Ind AS 34') and other recognised accounting principles generally accepted in India and is in compliance with the Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Institute of Chartered Accountants of India ('ICAI'). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33 (8) of the Regulations, to the extent applicable. 4. This Statement includes the results of the Holding Company and interim financial information of the entities listed in Annexure A. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 to 9 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 and other recognised accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. ~ndigMh I Chennai I Coimbatore I Goa I Gurugram I Hyderabad I Koclii I Kolkata I Mumbai I Pune www.mska. in
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MSKA & Associates Chartered Accountants Head Of Ahmeda 6. We did not review the interim financial information of 5 joint operations included in the Statement, whose financial information reflects total assets of Rs. 3,309.10 crore as at September 30, 2025, total revenues of Rs. 202.13 crore and Rs. 649.54 crore, total net loss after tax of Rs. 160.58 crore and Rs. 351.69 crore and total comprehensive loss of Rs. 160.58 crore and Rs. 351.69 crore for the quarter ended September 30, 2025 and for the period from April 01, 2025 to September 30, 2025 respectively and net cash outflow of Rs. 37.19 crore for the period from April 01, 2025 to September 30, 2025, as considered in the respective unaudited standalone interim financial information of the joint operations included in the Group. The interim financial information of these joint operations has been reviewed by the other auditors whose reports have been furnished to us by the Management of the Holding Company, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these joint operations, is based solely on the reports of such other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of the above matter with respect to our reliance on the work done by and reports of the other auditors. 7. We did not review the interim financial information of 43 subsidiaries included in the Statement, whose interim financial information reflects total assets of Rs. 2,29,048.18 crore as at September 30, 2025, total revenues of Rs. 32,131.51 crore and Rs. 62,014.56 crore, total net profit after tax of Rs. 2,628.20 crore and Rs. 5,207.30 crore and total comprehensive income of Rs. 1,892.41 crore and Rs. 5,069.06 crore, for the quarter ended September 30, 2025 and for the period from April 01, 2025 to September 30, 2025 respectively and net cash outflow of Rs. 2,120.45 crore for the period from April 01, 2025 to September 30, 2025, as considered in the Statement. The Statement also includes the Group's share of net profit/(loss) after tax of Rs. 0.27 crore and Rs. (5.35) crore and total comprehensive loss of Rs. 0.26 crore and Rs. 4.28 crore for the quarter ended September 30, 2025 and for the period from April 01, 2025 to September 30, 2025 respectively, as considered in the Statement, in respect of 2 joint ventures, whose interim financial information has not been reviewed by us. These interim financial information has been reviewed by other auditors whose reports have been furnished to us by the Management of the Holding Company and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and joint ventures, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of the above matter with respect to our reliance on the work done by and report of the other auditors. 8. The Statement includes the interim financial information of 38 subsidiaries which have not been reviewed by their auditors, whose interim financial information reflects total assets of Rs. 6,595.95 crore as at September 30, 2025, total revenues of Rs. 310.02 crore and Rs. 510.12 crore, total net loss after tax of Rs. 1.66 crore and Rs. 36.97 crore and total comprehensive profit/(loss) of Rs. 0.12 crore and Rs. (36.57) crore for the quarter ended September 30, 2025 and for the period from April 01, 2025 to September 30, 2025 respectively and net cash outflow of Rs. 23.09 crore for the period from April 01, 2025 to September 30, 2025, as considered in the Statement. The Statement also includes the Group's share of net profit/ (loss) after tax of Rs. (1.02) crore and Rs. 9.31 crore and total comprehensive income/ (loss) of Rs. (1.37) crore Rs. 9.69 crore for the quarter ended September 30, 2025 and for the period from April 01, 2025 to September 30, 2025 respectively, as considered in the Statement, in respect of 5 associates and 8 joint ventures, based on their interim financial information which has not been reviewed by their auditors. The aforesaid interim financial information has been furnished to us by the Management of the Holding Company and our conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associates and joint ventures is based solely on such Titanium, Western Express Highway, Geetanjali Railway Colony, Ram Hagar, Goregaon (E:), Mumbai 400063, INDIA, Tel: +91 22 6974 □200 andigarh I Chenna1 I Coimbatore I Goa I Guru gram I Hyderabad I Kochi I Kolkata I Mumbai I Pune www .mska.1n
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MSKA & Associates Chartered Accountants management prepared unaudited interim financial information. According to the information and explanations given to us by the Management of the Holding Company, the aforesaid interim financial information is not material to the Group. Our conclusion is not modified in respect of the above matter with respect to our reliance on the financial information certified by the Management. 9. The Statement includes the interim financial information of 31 joint operations which has not been reviewed by other auditors, whose interim financial information reflects total assets of Rs. 770.49 crore as at September 30, 2025, total revenues of Rs. 67.63 crore and Rs. 189.51 crore, total net profit after tax of Rs. 11.11 crore and Rs. 10.65 crore and total comprehensive income of Rs. 11.11 crore and Rs. 10.65 crore for the quarter ended September 30, 2025 and for the period from April 01, 2025 to September 30, 2025 respectively and net cash outflow of Rs. 92.43 crore for the period from April 01, 2025 to September 30, 2025, as considered in the Statement. Our conclusion in so far as it relates to the amounts and disclosures included in respect of these joint operations, is based solely on the interim financial information as furnished by the Management of the Holding Company. According to the information and explanations given to us by the Management of the Holding Company, the aforesaid interim financial information of these joint operations is not material to the Group. Our conclusion is not modified in respect of the above matter with respect to our reliance on the financial information certified by the Management. 10. The unaudited consolidated financial results of the Company for the quarter ended September 30, 2024 and for the period from April 01, 2024 to September 30, 2024 and for the year ended March 31, 2025 was reviewed/audited jointly with predecessor joint auditor. Our conclusion is not modified in respect of the above matter. For M S K A & Associates Chartered Accountants IC Firm R~ No.105047WJi,~~!<L ; ~-t().I ilas Div/cikar Partner Membership No.: 118247 UDIN: )-51 ~ ?))-, 1---'3 NO K \,J y .2--23 5 Place: Mumbai Date: October 29, 2025 Head Office: 602, Floor 6, Raheja Titanium, Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, INDIA, Tel: -,.91 22 6974 0200 Ahmedabad I Ben~aluru I Chandigarh I Chennai I Coimbatore I Goa I Gurugram I Hyderabad I Kochi I Kolkata I Mumbai I Pune www mska,jn
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MS KA & Associates Chartered Accountants Annexure A Sr. Name of Entities No Parent I Holding Company Larsen & Toubro Limited Subsidiaries 1 Hi-Tech Rock Products and Aggregates Limited 2 L&T Geostructure Private Limited 3 Larsen & Toubro (East Asia) Sdn. Bhd. 4 Larsen a Toubro CIS Foreign Enterprise LLC 5 Larsen & Toubro (Oman) LLC 6 Larsen &: Toubro Qatar LLca 7 Larsen & Toubro Kuwait Construction General Contracting Co., W.L.L. 8 Larsen &. Toubro Saudi Arabia LLC 9 Larsen and Toubro T&D SA Proprietary Limited 10 PT Larsen and Toubro 11 L&T Construction Equipment Limited 12 UH Hydrocarbon Saudi Company 13 L&.T Modular Fabrication Yard LLC 14 Larsen & Toubro Electromech LLC 15 Larsen & Toubro Heavy Engineering LLCa 16 Larsen Toubro Arabia LLC 17 Ui.T Energy Green Tech Limited 18 LE'tT Electrolysers Limited 19 L TIMindtree Limited 20 LTIMindtree (Thailand) Limited 21 LTIMindtree Canada Limited 22 LTIMindtree Consulting Brazil Ltda 23 LTIMindtree Financial Services Technologies Inc. 24 LTIMindtree GmbH 25 LTIMindtree Information Technology Services (Shanghai) Co. Ltd. 26 LTIMindtree Middle East FZ-LLC 27 LTtMindtree Norge AS 28 LTIMindtree PSF S.A. 29 LTIMindtree South Africa (Pty) limited 30 L TIMindtree Spain s. L. 31 LTIMindtree Switzerland AG 32 LTIMindtree UK Limited 33 L TIMindtree USA Inc. 34 LTIMindtree, Sociedad De Responsibilidad Limitada De Capital Variable -~'"' - ~ ~AS&~ " ~ .,,, . :! !i • • m • ,., Cl} • Head Office: 6 Ahmedabad • 1, ~ •?~ ~~- 0~4:rt iR. 1' itanium, Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, INDIA, Tel: +91 n 697 I B ~ _ ..,. :. ~randigarh ) Chennai I Coimbatore I Goa I Gurugram I Hyderabad I Kochi I Kolkata I Mumbai I Punc 40200 www,mska in
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MS KA & Associates Chartered Accountants Sr. Name of Entities No 35 LTIMindtree S.A. 36 Nielsen+Partner Pte. ltd. 37 Syncordis Limited, LJKd 38 L&T Technology Services Limited 39 Graphene Solutions SDN.BHD. 40 Graphene Solutions Taiwan Limited 41 L&T Thales Technology Services Private Limited 42 L&T Technology Services (Canada) limited 43 L&T Technology Services (Shanghai) Co. Ltd. 44 L&T Technology Services LLC 45 L&T Technology Services Poland sp6lka z ograniczonij odpowiedzialnosciq 46 L&T Technology Services Pte. Ltd. 47 lntelliswift Software Inc 48 lntelliswift Software (India) Private Limited 49 lntelliswift Software (Hungary) Limited Liability Company 50 lntelliswift Software (Costa Rica) Limitada 51 lntelliswift Software (Canada) Inc. 52 Global lnfotech Corporation 53 P. Murphy & Associates, Inc. 54 UH Semiconductor Technologies Limited 55 Siliconch Systems Private Limited 56 UH Finance Limited 57 L&T Financial Consultants Limited 58 L&T Infra Investment Partners 59 U:tT Infra Investment Partners Advisory Private Limited 60 L&T Infra Investment Partners Trustee Private Limited 61 L&T Metro Rail (Hyderabad) limited 62 L&T Power Development Limited 63 LEH Himachal Hydropower Limited 64 Nabha Power Limited 65 Bangalore Galaxy Techpark Private Limited 66 Business Park (Powai) Private Limited 67 Chennai Nova Techpark Private limited 68 Chennai Vision Developers Private Limited 69 Corporate Park (Powai) Private Limited 70 Elevated Avenue Realty LLP (Formerly known as L&.T Avenue Realty LLP) 71 Elante Properties Private limited (Formerly known as UH Pare{ Project Private Limited ) 72 l&.T Realty Developers Limited 73 L&.T Realty Properties Limited (Formerly known as LftT Seawoods limited) 74 LEH Westend Project LLP a Titanium, Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 4()(J(]63, INDIA, Tel: +91 Z2 6974 0200 11em«1~i;u,,..;ia Chandigarh I Chennai I Coimbatore I Goa I Gurugram I Hyderabad I Kechi I Kolkata I Mumbai I Pune www.mska,jn
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MSKA & Associates Chartered Accountants Head Office· Ahmedabad Sr. No 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 1 2 3 4 5 1 2 3 4 5 6 7 8 9 10 11 1 Name of Entities LH Residential Housing Private Limited LH Uttarayan Premium Realty Private Limited Millennium Techpark (Chennai) Private Limited Prime Techpark (Chennai) Limited L&T Valves Arabia Manufacturing LLC L&T Valves Limited L& T Valves USA LLC Bhilai Power Supply Company Limited L&T Aviation Services Private Limited L&T Capital Company Limited L&T Global Holdings Limited Larsen & Toubro International FZE L&T Network Services Private Limited L&T Special Steels and Heavy Forgings Private Limited L&T Green Energy Kandla Private Limitedb Panipat Green Hydrogen Private Limitedc LTIM Aramco Digital Solutions for Information Technology Company (w.e.f. July 16, 2025) Associates Gujarat Leather Industries Limiteda L&T Camp Facilities LLC" Larsen & Toubro Qatar & HBK Contracting Co. WLL• Magtorq Private Limited E2E Networks Limited Joint Ventures L&T-MHI Power Boilers Private Limited L&T-MHI Power Turbine Generators Private Limited Lft.T Howden Private Limited L&T-Sargent & Lundy Limited L&T Sapura Shipping Private Limited Lft.T MBDA Missile Systems Limited GH41ndia Private Limited Raykal Aluminium Company Private Limited lndiran Engineering Projects and Systems Kish PJSC Hydrocarbon Arabia Limited Company LTIM Aramco Digital Solutions for Information Technology Company (upto July 15, 2025) Joint Operations Aktor- Larsen ft Toubro-Yapi Merkezi-STFA-Al Jaber Engineering Joint Venture anium, Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, INDIA, Tel: •91 Z2 6974 0200 1digarh I Chennai I Coimbatore I Goa I Gurugram I Hyderabad I Kochi I Kolkata I Mumbai I Pune www mska jn
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MSKA & Associates Chartered Accountants Sr. Name of Entities No 2 Al Balagh Trading & Contracting Co W.L.L- L&T Joint Venture 3 Besix - Larsen & Toubro Joint Venture 4 Civil Works Joint Venture 5 DAEWOO and UH Joint Venture 6 Des build L& T Joint Venture 7 HCC - lf:t:T Purulia Joint Venture 8 International Metro Civil Contractors Joint Venture 9 L&T - AM Tapovan Joint Venture 10 L&T - Hochtief Seabird Joint Venture 11 L& T - PCIPL JV 12 L& T - Powerchina JV 13 L& T - Tecton JV 14 L&T- lnabensa JV 15 L&T- ISDPL JV 16 L&T·AL-Sraiya LRDP 6 Joint Venture 17 Ui:T-Delma MafraQ Joint Venture 18 L&T-IHI Consortium 19 UH-Shanghai Urban Construction (Group) Corporation Joint Venture 20 L& T-Shanghai Urban Construction (Group) Corporation Joint Venture CC27 Delhi 21 L&.T-STEC JV Mumbai 22 Larsen & Toubro Limited & NCC Limited Joint Venture 23 Larsen & Toubro Ltd - Passavant EnenlV & Environment JV 24 Larsen and Toubro Limited-Scomi Engineering BHD Consortium-O&M Joint Venture 25 Larsen and Toubro Limited-Scomi Engineering BHD Consortium-Residual Joint Works Joint Venture 26 Larsen and Toubro Limited·Shapoorji Pallonji ft Co. Ltd. Joint Venture 27 Larsen and Toubro Shriram EPC JV 28 LTH Milcom Private Limited 29 Metro Tunneling Chennai-L&T Shanghai Urban Construction (Group) Corporation Joint Venture 30 Metro Tunneling Delhi-L&.T Shanghai Urban Construction (Group) Corporation Joint Venture 31 Metro Tunneling Group 32 Hafeet Rail spce 33 Larsen & Toubro Ltd - Passavant Enernv &. Environment JVO&.M 34 Ras Mohaisen Independent Water Projecte 35 Bauer - L& T Geo Joint Venture 36 Larsen Toubro Arabia LLC - Subsea Seven Saudi Company Ltd. Head Office: 602, Floor 6, Raheja Titanium, Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, INDIA, Tel: +91 22 6974 0200 Ahmedabad I Bengaluru I Chandigarh I Chennai I Coimbatore I Goa I Gurugram I Hyderabad I Kochi I Kolkata I Mumbai I Pune www.mska.jn
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MSKA & Associates Chartered Accountants Symbol Explanation to Symbol a The entities are in the process of liquidation. b Incorporated on April 4, 2025 C Incorporated on June 30, 2025 d Dissolved w.e.f. July 16, 2025 Head Office: 602, Floor 6, Raheja Titanium, Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, INDIA, Tel: +91 22 6974 0200 Ahmedabad I Beng<Jluru I Chandigarh I Chennai I Coimbatore I Goa I Gurugram I Hyderabad I Kochi I Kolkata I Mumbai I Pune www.mska.in
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s LARSEN & TOUBRO LIMITED Registered Office: L& T House, Ballard Estate, Mumbai 400 001 GIN: L99999MH1946PLC004768 \ STATEMENT OF UNAUDITED STANDALONE FINANCIAL RES UL TS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2025 tCrore Quarter ended Six months ended Year ended Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2025 2025 2024 2025 2024 2025 [Reviewed] [Reviewed] [Reviewed] [Reviewed] [Reviewed] [Audited] 1 Income: a) Revenue from operations 35115.74 33470.73 34918.91 68586.47 65196.06 142509,01 b) Other income(net) 1073.53 2606,00 831.30 3679.53 3277.51 5669.21 Total Income 36189.27 36076.73 35750.21 72266.00 68473.57 148178.22 2 Expenses: a) Manufacturing, construction and operating expenses: i) Cost of raw materials and components consumed 4246.47 4054.17 3661,89 8300.64 6067.90 15219.90 ii) Construction materials consumed 11182.17 10085.41 12316.09 21267.58 22225.71 45457.97 iii) Purchases of stock-in-trade 305,58 212.81 328.40 518.39 698,12 1409.90 iv) Stores, spares and loose tools consumed 626.66 601.69 762.73 1228.35 1456.62 3060.70 v) Sub-contracting charges 8975.98 8923.61 8354.32 17899,59 16500.83 35741.21 vi) Changes in inventories of finished goods, stock-in-trade and work-in-progress 156,94 (44.07) (255.34) 112.87 (189.39) 1089.23 vii) Other manufacturing, construction and operating expenses 3625.29 3580.74 3388.38 7206.03 6750.26 14676.41 b) Employee benefits expense 2887.75 2691.67 2559.42 5579.42 5061.11 10380.08 c) Sales, administration and other expenses 789.14 973.65 851.15 1762.79 1676.85 3885.36 d) Finance costs 476.23 474.12 583.12 950.35 1150.30 2195.46 e) Depreciation, amortisation, impairment and obsolescence 485,83 482.84 505.49 968.67 986.98 1963.02 Total Expenses 33758.04 32036.64 33055.65 65794.68 62385.29 135079.24 3 Profit before exceptional items and tax (1-2) 2431.23 4040.09 2694.56 6471.32 • 6088.28 13098.98 4 Exceptional items (5413.00) - (5413.00) - 474.78 5 Profit/(loss) before tax (3+4) (2981.77 4040.09 2694.56 1058.32 6088.28 13573.76 6 Tax expense: a) Current tax 590.98 561.47 617.18 1152.45 1085.07 2849.97 b) Deferred tax 18.42 (6.68) 89.16 11.74 45.90 (146.93) Total tax expense 609.40 554.79 706.34 1164.19 1130.97 2703.04 7 Net profit/(loss) after tax (5-6) (3591.17 3485.30 1988.22 (105.87) 4957.31 10870.72 8 Other comprehensive income (OCI) a) i) Items that will not be reclassified to profit and loss (38.23) (79.92) (51.95) (118.15) (110.15) (266.31) ii) Income tax relating to items that will not be reclassified to profit and loss 9.63 20.11 13.06 29.74 27.71 67.02 b) i) Items that will be reclassified to profit and loss 346.34 802.96 508.29 1149.30 592.47 604.74 ii) Income tax relating to items that will be reclassified to profit and loss (124.80) (160.32) (124.29) (285.12) (142.80) (146,20) Other comprehensive income [net of lax] (a+b) 192.94 582.83 345.11 775.77 367.23 259.25 9 Total comprehensive income (7+8) (3398.23 4068.13 2333.33 669,90 5324.54 11129.97 10 Paid-up equity share capital (face value of share: , 2 each) 275.11 275.07 275.00 275.11 275.00 275.04 11 Other equity 71620.80 12 Earnings per equity share (EPS) (not annualised): (a) Basic EPS (<) (26.11) 25.34 14.46 (0.77) 36.06 79.06 (b) Diluted EPS (<) (26.11) 25.33 14.45 (0.77) 36.03 79.00 Notes: (i) During the quarter, the Company has allotted 1,96,577 equity shares of, 2 each fully paid-up, on exercise of stock options by employees in accordance with the Company's stock option schemes. (ii) Exceptional items during the quarter ended September 30, 2025 represents impairment of equity investment in L&T Metro Rail (Hyderabad) Limited, a special purpose vehicle (SPV) consequent to an in-principle understanding for its divestment to the Government of Telangana at a mutually agreed value. The proposed transaction is subject to fulfilment of pre-conditions and other legal & statutory compliances. No deferred tax asset has been created on this impairment.
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(iii) Statement of Assets and Liabilities: Particulars ASSETS: Non-current assets Property, plant and equipment Capital work-in-progress Investment property Investment property under construction Goodwill Other intangible assets Intangible assets under development Right-of-use assets Financial assets: Investments Loans Other financial assets Deferred tax assets (net) Current tax assets (net) Other non-current assets Sub total - Non-current assets Current assets Inventories Financial assets: Investments Trade receivables Cash and cash equivalents Other bank balances Loans Other financial assets Other current assets Sub total - Current assets Group(s) of assets classified as held for sale TOTAL ASSETS EQUITY AND LIABILITIES: EQUITY Equity share capital Other equity LIABILITIES Non-current liabilities Financial liabilities: Borrowings Lease liabilities TOTAL EQUITY Other financial liabilities Provisions Other non-current liabilities Sub total - Non-current liabilities Current liabilities Financial liabilities: Borrowings Current maturities of long term borrowings Lease liabilities Trade payables: Due to micro enterprises and small enterprises Due to others Other financial liabilities Other current liabilities Provisions Current tax liabilities (net) Sub total - Current liabilities TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES if Crore As at September 30, March 31, 2025 2025 [Reviewed] 8922.93 2003.31 1041.56 400.03 121.86 103.15 61.62 766.35 28205.67 764.85 896.30 1239.75 3807.83 1391.13 49726.34 3525.13 22432.46 38233.63 3521.03 1112.27 521.55 4375.13 59518.18 133239.38 124.90 183090.62 275.11 67650.02 67925.13 9786.70 309.10 204.04 773.69 23.47 11097.00 4492.59 3512.40 240.95 1298.76 36206.48 3266.03 50504.09 2588.83 1958.36 104068.49 115165.49 183090.62 [Audited] 9155.12 1117.33 741.34 565.82 121.86 107.95 21.76 561.89 32853.88 726.67 976.02 1544.69 3511.16 1838.30 53843.79 3398.77 24788.29 38330.18 3583.55 763.06 635.02 3775.12 57141.13 132415.12 157.44 186416.35 275.04 71620.80 71895.84 9286.00 198.19 143.07 765.72 18.47 10411.45 3743.58 8905.30 162.18 1170.16 37625.83 3450.20 44764.13 2398,23 1889.45 104109.06 114520.51 186416.35
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(iv) Additional disclosures as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Quarter ended Six months ended Year ended Sr.No. Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2025 2025 2024 2025 2024 2025 1 Debt equity ratio 0.26 0.31 0.35 0.26 0.35 0.31 2 Debt service coverage ratio (DSCR) 6.11 0.78 2.07 1.19 1.57 2.14 3 Interest service coverage ratio (ISCR) 6.11 9.52 5.62 7.81 6.29 6,97 4 Current ratio 1.28 1.26 1.21 1.28 1.21 1.27 5 Long term debt to working capital ratio 0.41 0.43 0.48 0.41 0.48 0.49 6 Bad debts to accounts receivable ratio 0,00 0.00 0.00 0,00 0.01 0,01 7 Current liability ratio 0,90 0.91 0.93 0.90 0.93 0,91 8 Total debt to total assets ratio 0,10 0.12 0.13 0.10 0,13 0,12 9 Debtors turnover ratio 3.43 3.42 3.44 3.43 3.44 3.39 10 Operating margin (%) 6.61% 7,14% 8.45% 6,87% 7,59% 8.13% 11 Net profit margin (%) -10.23% 10.41% 5.69% -0,15% 7.60% 7.63% 12 Inventory turnover ratio (refer note below) NA NA NA NA NA NA 13 Capital Redemption Reserve/Debenture Redemption Reserve [, Crore] 266.25 266.25 266.25 266,25 266,25 266.25 14 Net worth [ t Crore] (As per section 2(57) of Companies Act 2013) 66577.13 70183,38 65580.79 66577.13 65580,79 71413.12 15 The Company has not issued any secured listed non-convertible debt securities, Note: Formulae for computation of ratios are as follows: Sr. No. Particulars Formulae 1 Debt equity ratio Total borrowings Total equity 2 Debt service coverage ratio (DSCR) Profit before interest, tax and exceptional items Finance cost+ Principal repayments (net of refinancing) made during the period for long term borrowings 3 Interest service coverage ratio (ISCR) Profit before interest, tax and exceptional items Finance cost 4 Current ratio Current assets Current liabilities 5 Long term debt to working capital ratio Long term borrowings (including current maturities of long term borrowings) Current assets(-) Current liabilities [excluding current maturities of long term borrowings] 6 Bad debts to accounts receivable ratio Bad debts Average gross trade receivables 7 Current liability ratio Current liabilities Total liabilities 8 Total debt to total assets ratio Total borrowings Total assets 9 Debtors turnover ratio Revenue from o~erations for trailing 12 months Average gross trade receivables 10 Operating margin (%) Profit before depreciation, interest, tax and exceptional items (-) Other income Revenue from operations 11 Net profit margin(%) Net ~rofit/(loss) after tax Revenue from operations 12 Inventory turnover ratio Cost of Goods Sold Average Inventory Not material considering the size and the nature of operations of the Company
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(v) Statement of Cash Flows: Particulars A. Cash flow from operating activities: Profit before exceptional items and tax Adjustments for: Dividend received Depreciation, amortisation, impairment and obsolescence Exchange difference on items grouped under financing/investing activities Effect of exchange rate changes on cash and cash equivalents Finance costs Interest income (Profit)/loss on sale of Property, plant and equipment, Investment property and Intangible assets (net) (Profit)/loss on sale/fair valuation of investments (net) Bad debts/Allowance for expected credit loss (net) Employee stock option-discount Others Operating profit before working capital changes Adjustments for: (lncrease)/decrease in trade and other receivables (lncrease)/decrease in inventories lncrease/(decrease) in trade and other payables Cash generated from operations Direct taxes paid (net) Net cash generated from/(used in) operating activities B. Cash flow from investing activities: Purchase of Property, plant and equipment, Investment property and Intangible assets Sale of Property, plant and equipment, Investment property and Intangible assets Investment in subsidiaries, associates and joint venture companies Divestment of stake in subsidiaries, associates and joint venture companies (net) Purchase of non-current investments (Purchase)/sale of current investments (net) Change in other bank balances and cash not availabe for immediate use Long term deposits/loans (given) - subsidiaries, associates, joint venture companies and third parties Short term deposits/loans (given)/repaid (net) - subsidiaries, associates, joint venture companies and third parties Interest received Dividend received from subsidiaries and joint venture companies Dividend received on other investments Net cash generated from/(used in) investing activities C. Cash flow from financing activities: Notes: Proceeds from fresh issue of share capital (including share application money) [net] Proceeds from non-current borrowings Repayments of non-current borrowings Proceeds/(repayments) from other borrowings (net) Settlement of derivative contracts related to borrowings Interest paid on lease liability Repayment on lease liability Dividends paid Interest paid (including cash flows from interest rate swaps) Net cash generated from/(used in) financing activities Net increase/(decrease) in cash and cash equivalents (A+ B + C) Cash and cash equivalents at beginning of the period Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at end of the period ( crore September 30, September 30, 2025 2024 [Reviewed] [Reviewed] 6471.32 6088.28 (1836,32) (1893.37) 968,67 986.98 0.29 (26.56) (31.36) 5.80 883.20 1086.36 (811,72) (643.82) (60.68) (387.70) (573.17) (320.53) 508.32 380.32 26.36 53.82 14.51 1.25 5559.42 5330.83 (3274.19) (3158.10) (131.75) (166.24) 5860.01 949.60 8013.49 2956.09 (1342.16) (1186.57) 6671.33 1769.52 (1436.53) (1206.38) 101.57 459.19 (674.54) (896.71) - 1068.73 (62.50) - 2828.44 916.11 (390.17) 41.07 (25.07) (43.79) 136.00 (9.00) 785.10 658.46 1817.40 1886.02 18.92 7.34 3098.62 2881.04 6.07 6.10 500.00 - (5300.24) (3450.00) 745.06 4399.72 13.68 31.56 (19.19) (10.10) (111.75) (61.62) (4676.22) (3849.57) (1026.24 (1372.56 (9868.83 (4306.47 (98.88 344.09 3583.55 3940.99 36.36 (5.17) 3521.03 4279.91 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. (vi) Figures for the previous periods have been regrouped/reclassified to conform to the classification of the current periods. (vii) The above financial results of the Company have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards (Ind AS) as prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. These results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on October 29, 2025. The same have -also been subjected to Limited Review by the Statutory Auditor. for LARSEN & TOUBRO LIMITED Mumbai Stl~s~~ October 29, 2025 Chairman & Managini:i Director
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Unaudited Standalone Segment-wise Revenue, Results, Total Assets and Total Liabilities: fCrore Quarter ended Six months ended Year ended Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2025 2025 2024 2025 2024 2025 [Reviewed] [Reviewed] [Reviewed] [Reviewed] [Reviewed] [Audited] Gross segment revenue 1 Infrastructure Projects 25312.70 23053.47 • 25914.77 48366.17 49097.19 105100.36 2 Energy Projects 6409.73 6333.32 5912.46 12743.05 10622.32 24042.96 3 Hi-Tech Manufacturing 2718.60 3243.34 2175.94 5961.94 4095.66 10112.86 4 Others 903.40 1040.13 1318.05 1943.53 2083.00 4624.29 Total 35344.43 33670.26 35321.22 69014.69 65898.17 143880.47 Less: Inter-segment revenue 228.69 199.53 402.31 428.22 702.11 1371.46 Net segment revenue 35115.74 33470.73 34918.91 68586.47 65196.06 142509.01 Segment results 1 Infrastructure Projects 1129.61 791.13 1026.39 1920.74 2040.94 5058.60 2 Energy Projects 452.40 665.17 822.18 1117.57 1139.65 2768.92 3 Hi-Tech Manufacturing 314.33 365.37 219.69 679.70 493.32 1470.40 4 Others 160.23 208.39 465.08 368.62 522.18 1024.81 Total 2056.57 2030.06 2533.34 4086.63 4196.09 10322.73 Less: Inter-segment margins on capital jobs 18.08 9.30 12.52 27.38 17.85 44.48 Less: Finance costs 476.23 474.12 583.12 950.35 1150.30 2195.46 Add: Unallocable corporate income net of expenditure 868.97 2493.45 756.87 3362.42 3060.34 5016.19 Profit before exceptional items and tax 2431.23 4040.09 2694.56 6471.32 6088.28 13098.98 Add: Exceptional items (5413.00) - - (5413.00) - 474.78 Profit/(loss) before tax (2981.77) 4040.09 2694.56 1058.32 6088.28 13573.76 Segment assets 1 Infrastructure Projects 81087.16 84891.25 80847.03 2 Energy Projects 19204.43 17587.72 17120.03 3 Hi-Tech Manufacturing 14634.38 11953.55 12544.05 4 Others 8805.35 8817.73 8911.73 Total segment assets 123731.32 123250.25 119422.84 Less: Inter-segment assets 1050.44 1139.11 1239.28 Add: Unallocable corporate assets 60409.74 56647.59 68232.79 Total assets 183090.62 178758.73 186416.35 Segment liabilities 1 Infrastructure Projects 57558.85 60413.79 59255.57 2 Energy Projects 21613.80 13675.40 15469.62 3 Hi-Tech Manufacturing 11183.02 9272.44 11189.90 4 Others 4027.90 4044.28 3999.46 Total segment liabilities 94383.57 87405.91 89914.55 Less : Inter-segment liabilities 1050.44 1139.11 1239.28 Add : Unallocable corporate liabilities 21832.36 26440.07 25845.24 Total liabilities 115165.49 112706.87 114520.51 Notes: (I) The Company has reported segment information as per Ind AS 108 "Operating Segments". The identification of operating segments is consistent with performance assessment and resource allocation by the management. (II) Segment composition: Infrastructure Projects segment comprises engineering and construction of (a) building and factories, (b) transportation infrastructure, (c) heavy civil infrastructure, (d) power transmission & distribution, (e) renewables, (f) water & effluent treatment and (g) minerals and metals. Energy Projects segment comprises of (a) Hydrocarbon Onshore and Offshore businesses covering EPC solutions in oil & gas, refineries, petrochemicals & offshore wind energy sectors, from front-end design through detailed engineering, modular fabrication, procurement, project management, construction, installation and commissioning, (b) Carbon Lite Solutions business covering BTG scope for power generation plants including associated systems and/or carbon capture utilisation & utility packages and (c) EPC solutions in clean energy space. Hi-Tech Manufacturing segment comprises design, manufacture/construct, supply and revamp/retrofit of (a) custom designed, engineered critical equipment & systems to the process plant, nuclear energy and green hydrogen sectors (b) marine and land platforms including related equipment & systems; aerospace products & systems; precision and electronic products & systems for the defence, security, space and industrial sectors. Others segment includes (a) realty, (b) smart infrastructure & communication projects, (c) construction equipment & industrial product design development comprising of (i) marketing and servicing of construction equipment, mining machinery and parts thereof, (ii) manufacture and sale of rubber processing machinery and (d) e-commerce/digital platforms & data centres. (Ill) Unallocable corporate income includes majorly interest income, dividends and investment related gains. Unallocable expenditure includes majorly corporate expenses not allocated to segments. Unallocable corporate assets comprise majorly investments. Unallocable corporate liabilities comprise majorly borrowings. (IV) In respect of segments of the Company, revenue and margin do not accrue uniformly during the year. (V) Figures for the previous periods have been regrouped/reclassified to conform to the classification of the current periods. for LARSEN & TOUBRO LIMITED Mumbai l~-N~~ October 29, 2025 Chairman & Managing Director
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MSKA & Associates HO 602, Floor 6, Raheja Titanium Chartered Accountants Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E) Mumbai 400063, INDIA Tel: +91 22 6974 0200 Independent Auditor's Review Report on Standalone unaudited Standalone financial results of Larsen & Toubro limited for the quarter and year-to-date pursuant to Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. To The Board of Directors of Larsen 8: Toubro Limited 1. We have reviewed the accompanying statement of unaudited standalone financial results of Larsen & Toubro Limited (hereinafter referred to as 'the Company'}, which includes the interim financial information of 34 joint operations consolidated on proportionate basis for the quarter ended September 30, 2025 and the year-to-date results for the period from April 01, 2025 to September 30, 2025 ('the Statement') attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ('the Regulations'). 2. This Statement, which is the responsibility of Company's Management and has been approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'Interim Financial Reporting', prescribed under Section 133 of the Companies Act, 2013('the Act'), read with relevant rules issued thereunder ('Ind AS 34' ), and other recognised accounting principles generally accepted in India, and is in compliance with the Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India ('ICAI'). A review of interim financial information consists of making inquiries, primarily of Company's persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We have also performed procedures in accordance with the circular issued by the SEBl under regulation 33(8) of listing regulation, to the extent applicable. 4. The Statement includes interim financial information of the joint operations listed in Annexure A. 5. Based on our review and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 and 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 and other recognised accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement. Ahmedabad I Bengaluru I Chandigarh I Chennai I Coimbatore I Goa I Gurugram I Hyderabad I Kochi I Kolkata I Mumbai I Pune www.mska.in
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MSKA & Associates Chartered Accountants 6. We did not review the interim financial information of 4 joint operations included in the Statement, whose financial information reflects total assets of Rs. 3,255.35 crore as at September 30, 2025, total revenues of Rs. 202.13 crore and Rs. 649.54 crore, total net loss after tax of Rs. 160.58 crore and Rs. 351.69 crore and total comprehensive loss of Rs. 160.58 crore and Rs. 351.69 crore for the quarter ended September 30, 2025 and for the period from April 01, 2025 to September 30, 2025 respectively, and net cash outflow of Rs. 37 .19 crore for the period from April 01, 2025 to September 30, 2025, as considered in the Statement. The interim financial information of these joint operations has been reviewed by the other auditors whose reports have been furnished to us by the Management of the Company, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these joint operations is based solely on the reports of such other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of the above matter with respect to our reliance on the work done by and reports of the other auditors. 7. The Statement includes the interim financial information of 30 joint operations which are not subject to review, whose interim financial information reflect total assets of Rs. 755.06 crore as at September 30, 2025, total revenues of Rs. 67.70 crore and Rs. 189.58 crore, total net profit after tax of Rs. 4.23 crore and Rs. 3.95 crore and total comprehensive income of Rs. 4.23 crore and Rs. 3.95 crore for the quarter ended September 30, 2025 and for the period from April 01, 2025 to September 30, 2025 respectively and net cash outflow of Rs. 90.86 crore for the period from April 01, 2025 to September 30, 2025, as considered in the Statement. The aforesaid interim financial information has been furnished to us by the Management and our conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of these joint operations is based solely on such management prepared unaudited interim financial information. According to the information and explanations given to us by the Management, the aforesaid interim financial information of these joint operations is not material to the Company. Our conclusion is not modified in respect of the above matter with respect to our reliance on the financial information certified by the Management. 8. The unaudited standalone financial results of the Company for the quarter ended September 30, 2024 and for the period from April 01, 2024 to September 30, 2024 and for the year ended March 31, 2025 was reviewed/audited jointly with predecessor joint auditor. Our conclusion is not modified in respect of the above matter. Partner Membership No.: 118247 UDIN: ?--5 1 I 'd' '.). i 1-I3 HO')( w K Place: Mumbai Date: October 29, 2025 Head Office: 602, Floor 6, Raheja Titanium, Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, INDJA, Tei: +91 Z2 6974 0200 Ahmcdabad I Bengaluru I Chandigarh I Chennai I Coimbatore I Goa I Gurugram I Hyderabad I Kochi I Kolkata I Mumbai I Pune www mska jn
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MSKA & Associates Chartered Accountants Annexure A Sr. No Name of Entities Parent I Holding Company Larsen&. Toubro limited List of Joint Operations 1 Aktor- Larsen &. Toubro-Yapi Merkezi-STFA·Al Jaber Engineering Joint Venture 2 Al Balagh Trading & Contracting Co W.L.L- L&.T Joint Venture 3 Besix - Larsen & Toubro Joint Venture 4 Civil Works Joint Venture 5 DAEWOO and L&T Joint Venture 6 Desbuild L&T Joint Venture 7 HCC - L8: T Purulia Joint Venture 8 International Metro Civil Contractors Joint Venture 9 L&T - AM Tapovan Joint Venture 10 L&T - Hochtief Seabird Joint Venture 11 L&.T - PCIPL JV 12 UH - Powerchina JV 13 L&.T - Tecton JV 14 L&T- lnabensa JV 15 L& T- ISDPL JV 16 Lft T-AL-Sraiya LRDP 6 Joint Venture 17 LftT-Delma Mafraq Joint Venture 18 L&.T-IHI Consortium 19 L&T-Shanghai Urban Construction (Group) Corporation Joint Venture 20 L&.T-Shanghai Urban Construction (Group) Corporation Joint Venture CC27 Delhi 21 L&T-STEC JV Mumbai 22 Larsen a Toubro Limited & NCC Limited Joint Venture 23 Larsen &. Toubro Ltd - Passavant Energy & Environment JV 24 Larsen and Toubro Limited-Scomi Engineering BHD Consortium-O&M Joint Venture 25 Larsen and Toubro limited-Scomi Engineering BHD Consortium -Residual Joint Works Joint Venture 26 Larsen and Toubro Limited-Shapoorji Patlonji & Co. Ltd. Joint Venture 27 Larsen and Toubro Shriram EPC JV 28 L TH Milcom Private Limited 29 Metro Tunneling Chennai-L&T Shanghai Urban Construction (Group) Corporation Joint Venture 30 Metro Tunneling Delhi-UH Shanghai Urban Construction (Group) Corporation Joint Venture 31 Metro Tunneling Group 32 Hafeet Rail SPC 33 Larsen & Toubro Ltd • Passavant Energy & Environment JVO&M 34 Ras Mohaisen Independent Water Project