Larsen & Toubro : Standalone and Consolidated Results 2021-22 Q3

LARSEN & TOUBRO LIMITED

Registered Office: L&T House, Ballard Estate, Mumbai 400 001

CIN : L99999MH1946PLC004768

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021

			Quarter ended		Nine months ended	Year ended
	Particulars	December 31,	September 30,	December 31,	December 31,	December 31,	March 31,
	2021	2021	2020	2021	2020	2021
		[Reviewed]	[Reviewed]	[Reviewed]	[Reviewed]	[Reviewed]	[Audited]
1	Income:
a)	Revenue from operations	21551.54	17061.00	19619.81	51721.54	43561.48	73315.59
b)	Other income(net)	1012.44	1353.77	1127.66	3036.70	2761.07	3435.44
	Total Income	22563.98	18414.77	20747.47	54758.24	46322.55	76751.03
2	Expenses:
a)	Manufacturing, construction and operating expenses:
	i) Cost of raw materials and components consumed	1359.21	1464.97	1713.07	4111.62	3849.70	5693.94
	ii) Stores, spares and tools consumed	629.17	540.27	374.54	1557.76	970.47	1418.59
	iii) Sub-contracting charges	4993.56	4503.88	5574.77	12418.17	11436.48	19625.19
	iv) Construction materials consumed	9178.12	5368.36	5614.45	18195.45	11622.66	22426.38
	v) Purchases of stock-in-trade	319.98	251.54	348.89	810.98	789.99	1226.68
	vi) Changes in inventories of finished goods, stock-in-trade and work-in-progress	(1242.44)	(521.83)	297.79	(2127.10)	547.71	342.53
	vii) Other manufacturing, construction and operating expenses	2308.70	1883.94	1905.82	5965.17	4939.58	7556.80
b)	Employee benefits expense	1617.18	1567.43	1393.07	4727.86	4149.29	5474.32
c)	Sales, administration and other expenses	667.58	599.70	533.60	1912.56	1579.35	2285.01
d)	Finance costs	412.00	424.21	567.81	1303.13	1932.66	2419.55
e)	Depreciation, amortisation, impairment and obsolescence	258.73	261.25	240.42	780.25	724.60	1025.62
	Total Expenses	20501.79	16343.72	18564.23	49655.85	42542.49	69494.61
3	Profit before exceptional items and tax (1-2)	2062.19	2071.05	2183.24	5102.39	3780.06	7256.42
4	Tax expense:
a)	Current tax	447.96	346.67	354.05	1014.19	598.20	1434.27
b)	Deferred tax	(56.61)	(33.77)	124.29	(90.76)	143.76	317.01
	Total tax expense	391.35	312.90	478.34	923.43	741.96	1751.28
5	Net profit after tax (before exceptional items) from continuing operations (3-4)	1670.84	1758.15	1704.90	4178.96	3038.10	5505.14
6	Exceptional items:
a)	Exceptional items before tax	-	290.06	-	290.06	(2818.65)	(2818.65)
b)	Tax expense on exceptional items	-	22.77	-	22.77	-	-
	Exceptional items (net of tax)	-	267.29	-	267.29	(2818.65)	(2818.65)
7	Net profit after tax from continuing operations (5+6)	1670.84	2025.44	1704.90	4446.25	219.45	2686.49
8	Profit before tax from discontinued operations	-	-	213.08	-	11232.81	11199.23
9	Tax expense of discontinued operations	-	-	45.21	-	2556.40	2548.75
10	Net profit after tax from discontinued operations	-	-	167.87	-	8676.41	8650.48
11	Net profit after tax from continuing operations & discontinued operations (7+10)	1670.84	2025.44	1872.77	4446.25	8895.86	11336.97
12	Other comprehensive income/(loss) [net of tax]	(62.60)	(38.57)	519.15	49.02	901.40	491.55
13	Total comprehensive income (11+12)	1608.24	1986.87	2391.92	4495.27	9797.26	11828.52
14	Paid-up equity share capital (face value of share: 2 each)	280.97	280.93	280.85	280.97	280.85	280.91
15	Other equity						60132.63

16 Earnings per equity share (EPS) from continuing operations after exceptional items (not annualised):

(a) Basic EPS ( )	11.89	14.42	12.14	31.65	1.56	19.13
(b) Diluted EPS ( )	11.88	14.40	12.13	31.62	1.56	19.11
17 Earnings per equity share (EPS) from discontinued operations (not annualised):
(a) Basic EPS ( )	-	-	1.20	-	61.80	61.61
(b) Diluted EPS ( )	-	-	1.19	-	61.74	61.54

18 Earnings per equity share (EPS) from continuing operations & discontinued operations (not

annualised):
(a) Basic EPS ( )	11.89	14.42	13.34	31.65	63.36	80.74
(b) Diluted EPS ( )	11.88	14.40	13.32	31.62	63.30	80.65

Notes:

1. The Scheme of Arrangement (the "Scheme") for amalgamation of L&T Hydrocarbon Engineering Limited, a wholly owned subsidiary with the Company was filed with Hon'ble National Company Law Tribunal, Mumbai Bench (NCLT). The Scheme proposes 'Appointed Date' of April 1, 2021 and would be effective upon receipt of the NCLT order.
2. During the quarter, the Company has allotted 1,83,257 equity shares of 2 each fully paid-up, on exercise of stock options by employees in accordance with the Company's stock option schemes.
3. The Company will assess the impact of Code on Wages, 2019 and the Code on Social Security, 2020 and give effect in the Financial Statements when the date of implementation of these codes and the Rules/Schemes thereunder are notified.
4. For better understanding of the Group's financial performance, line items have been added to show Profit after tax from continuing operations separately from Exceptional Items. This is in line with guidance available in Schedule III to the Companies Act, 2013.

(v) Additional disclosures as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

			Quarter ended		Nine months ended	Year ended
Sr. No.	Particulars	December 31,	September 30,	December 31,	December 31,	December 31,	March 31,
		2021	2021	2020	2021	2020	2021

1	Debt equity ratio	0.34	0.37	0.54	0.34	0.54	0.39
2	Debt service coverage ratio (DSCR)	5.84	5.88	5.55	4.85	1.09	1.66
3	Interest service coverage ratio (ISCR)	6.01	5.88	4.85	4.92	2.96	4.00
4	Current ratio	1.41	1.40	1.46	1.41	1.46	1.46
5	Long term debt to working capital ratio	0.50	0.51	0.49	0.50	0.49	0.50
6	Bad debts to accounts receivable ratio	0.00	0.00	0.00	0.00	0.01	0.01
7	Current liability ratio	0.85	0.85	0.81	0.85	0.81	0.81
8	Total debt to total assets ratio	0.14	0.16	0.21	0.14	0.21	0.16
9	Debtors turnover ratio	2.74	2.79	2.48	2.74	2.48	2.34
10	Operating margin (%)	7.98%	8.22%	9.50%	8.02%	8.44%	9.91%
11	Net profit margin (%)	7.75%	11.87%	9.55%	8.60%	20.42%	15.46%
12	Inventory turnover ratio (refer note below)	NA	NA	NA	NA	NA	NA
13	Debenture Redemption Reserve [ Crore]	138.65	138.65	138.65	138.65	138.65	138.65
14	Net worth [ Crore] (As per section 2(57) of Companies Act, 2013)	62293.73	60594.41	57827.13	62293.73	57827.13	60303.20

15 The Company continues to maintain 100% asset cover for the NCDs issued by it.

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 from continuing operations
		Interest expense + Principal repayments made during the period for long term borrowings+ Cash flow on
		settlement of derivatives contracts related to borrowings
3	Interest service coverage ratio (ISCR)	Profit before interest, tax and exceptional items from continuing operations
			Interest expense
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 operations for trailing 12 months
		Average gross trade receivables
10	Operating margin (%)	Profit before depreciation, interest, tax and exceptional items
		from continuing operations (-) Other income
		Revenue from operations
11	Net profit margin (%)	Net profit after tax from continuing operations and discontinued operations
		Revenue from operations
12	Inventory turnover ratio	Not material considering the size and the nature of operations of the Company

1. Figures for the previous periods have been regrouped/reclassified to conform to the classification of the current periods.
2. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on January 28, 2022.The same have also been subjected to Limited Review by the Statutory Auditors.

for LARSEN & TOUBRO LIMITED

Mumbai	S. N. SUBRAHMANYAN
January 28, 2022	Chief Executive Officer & Managing Director

Standalone unaudited Segment-wise Revenue, Result, Total Assets and Total Liabilities:

			Quarter ended		Nine months ended	Year ended
	Particulars	December 31,	September 30,	December 31,	December 31,	December 31,	March 31,
	2021	2021	2020	2021	2020	2021
		[Reviewed]	[Reviewed]	[Reviewed]	[Reviewed]	[Reviewed]	[Audited]
Gross segment revenue
1	Infrastructure	17837.79	13402.49	15106.78	41022.27	33598.43	58364.15
2	Power	1071.00	1118.16	903.74	2953.64	1972.43	3192.64
3	Heavy Engineering	754.98	687.66	803.14	2072.40	1936.32	3018.23
4	Defence Engineering	793.25	845.95	1023.98	2329.25	2269.28	3410.12
5	Electrical & Automation (discontinued operations)	-	-	-	-	1262.74	1262.74
6	Others	1188.10	1094.43	1875.20	3598.25	3977.13	5660.86
	Total	21645.12	17148.69	19712.84	51975.81	45016.33	74908.74
	Less: Revenue of discontinued operations	-	-	-	-	1262.74	1262.74
	Less : Inter-segment revenue	93.58	87.69	93.03	254.27	192.11	330.41
Net segment revenue from continuing operations	21551.54	17061.00	19619.81	51721.54	43561.48	73315.59
Segment results
1	Infrastructure	1098.14	918.86	778.65	2533.70	1664.13	4274.16
2	Power	37.10	22.08	8.82	70.15	16.51	111.42
3	Heavy Engineering	94.81	85.86	134.77	267.32	208.97	489.47
4	Defence Engineering	158.19	86.81	138.37	355.71	314.15	616.98
5	Electrical & Automation (discontinued operations)	-	-	(1.71)	-	120.91	120.91
6	Others	109.83	162.17	533.68	389.39	664.08	773.64
	Total	1498.07	1275.78	1592.58	3616.27	2988.75	6386.58
	Less : Result of discontinued operations	-	-	(1.71)	-	120.91	120.91
	Less : Inter-segment margins on capital jobs	-	-	-	-	1.68	11.11
	Less : Finance costs	412.00	424.21	567.81	1303.13	1932.66	2419.55
	Add : Unallocable corporate income net of expenditure	976.12	1219.48	1156.76	2789.25	2846.56	3421.41
Profit before tax from continuing operations (before exceptional items)	2062.19	2071.05	2183.24	5102.39	3780.06	7256.42
	Add/(Less) : Exceptional items(net)	-	290.06	-	290.06	(2818.65)	(2818.65)
Profit before tax from continuing operations (including exceptional items)	2062.19	2361.11	2183.24	5392.45	961.41	4437.77
Segment assets
1	Infrastructure				73574.35	67662.16	71165.62
2	Power				5521.76	5443.31	5518.52
3	Heavy Engineering				3018.37	3379.70	3165.37
4	Defence Engineering				5366.60	6471.82	5843.61
5	Electrical & Automation (discontinued operations)				-	-	-
6	Others				7647.38	7408.49	6967.26
	Total segment assets				95128.46	90365.48	92660.38
	Less : Inter-segment assets				728.38	551.93	869.96
	Add : Unallocable corporate assets				52847.78	57215.46	56162.14
Total assets				147247.86	147029.01	147952.56
Segment liabilities
1	Infrastructure				48673.79	41474.03	48169.76
2	Power				4652.68	4671.58	4672.13
3	Heavy Engineering				1416.38	1738.72	1430.07
4	Defence Engineering				3034.05	3755.34	3766.93
5	Electrical & Automation (discontinued operations)				-	-	-
6	Others				4405.90	3588.12	4377.18
	Total segment liabilities				62182.80	55227.79	62416.07
	Less : Inter-segment liabilities				728.38	551.93	869.96
	Add : Unallocable corporate liabilities				23369.54	33987.93	25992.91
Total liabilities				84823.96	88663.79	87539.02

Notes:

1. 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.

1. Segment composition: Infrastructure segment comprises engineering and construction of (a) building and factories, (b) transportation infrastructure, (c) heavy civil infrastructure, (d) power transmission & distribution, (e) water & effluent treatment systems and (f) metallurgical & material handling systems. Power segment comprises turnkey solutions for Coal-based and Gas-based thermal power plants including power generation equipment with associated systems and/or balance-of-plant packages. Heavy Engineering segment comprises manufacture and supply of custom designed, engineered critical equipment & systems to core sector industries like Fertiliser, Refinery, Petrochemical, Chemical, Oil & Gas and Thermal & Nuclear Power. Defence Engineering segment comprises (a) design, development, serial production and through life-support of equipment, systems and platforms for Defence and Aerospace sectors and (b) design, construction, and repair/refit of defence vessels. Electrical & Automation segment (upto the date of transfer and disclosed as discontinued operation) comprises manufacture and sale of low and medium voltage switchgear components, custom-built low and medium voltage switchboards, electronic energy meters/protection (relays) systems and control & automation products. Others segment includes realty, smart world & communication projects (including military communications), hydrocarbon, marketing and servicing of construction & mining machinery and parts thereof and manufacture, sale of rubber processing machinery and EduTech business.

1. Unallocable corporate income primarily includes interest income, dividends and investment related gains. Unallocable expenditure mainly includes corporate expenses not allocated to segments. Unallocable corporate assets mainly comprise investments. Corporate liabilities mainly comprise borrowings.

(IV) In respect of most of the segments of the Company, revenue and margins 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	S. N. SUBRAHMANYAN
January 28, 2022	Chief Executive Officer & Managing Director

LARSEN & TOUBRO LIMITED

Registered Office: L&T House, Ballard Estate, Mumbai 400 001

CIN: L99999MH1946PLC004768

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021

		Quarter ended		Nine months ended	Year ended
Particulars	December 31,	September 30,	December 31,	December 31,	December 31,	March 31,
2021	2021	2020	2021	2020	2021
	[Reviewed]	[Reviewed]	[Reviewed]	[Reviewed]	[Reviewed]	[Audited]

• Income:

a)	Revenue from operations	39562.92	34772.90	35596.42	103670.55	87891.13	135979.03
b)	Other income (net)	571.39	532.14	1064.66	1751.49	2401.07	3429.35
	Total Income	40134.31	35305.04	36661.08	105422.04	90292.20	139408.38
2	Expenses:
a)	Manufacturing, construction and operating expenses:
	i) Cost of raw materials and components consumed	4003.00	4387.90	4147.82	12112.86	10491.64	15571.40
	ii) Stores, spares and tools consumed	771.03	677.35	510.02	1916.45	1285.55	2023.54
	iii) Sub-contracting charges	5877.78	5236.89	6302.37	14894.25	13076.33	22316.18
	iv) Construction materials consumed	9757.08	5840.37	6212.15	19793.41	12825.51	24558.23
	v) Purchase of stock-in-trade	322.75	252.70	346.23	814.46	779.65	1213.58
	vi) Changes in inventories of finished goods, stock-in-trade and work-in-progress	(1281.73)	(521.71)	297.00	(2262.59)	644.96	343.37
	vii) Other manufacturing, construction and operating expenses	4386.06	3869.55	3265.56	11750.68	8720.75	12983.56
b)	Finance cost of financial services business and finance lease activity	1453.52	1491.40	1785.89	4510.71	5874.53	7691.04
c)	Employee benefits expense	7631.46	7252.01	6167.55	21762.99	18399.11	24750.97
d)	Sales, administration and other expenses	2111.55	2291.57	2281.88	6680.54	6557.91	8903.06
e)	Finance costs	813.80	779.34	962.01	2420.60	3060.37	3913.44
f)	Depreciation, amortisation, impairment and obsolescence	732.46	728.75	702.10	2178.60	2087.45	2904.21
	Total Expenses	36578.76	32286.12	32980.58	96572.96	83803.76	127172.58
3	Profit before exceptional items and tax (1-2)	3555.55	3018.92	3680.50	8849.08	6488.44	12235.80
4	Tax expense:
a)	Current tax	1118.05	658.20	886.36	2796.92	2261.54	3923.39
b)	Deferred tax	(59.36)	226.32	154.39	(135.28)	(337.43)	87.43
	Total tax expense	1058.69	884.52	1040.75	2661.64	1924.11	4010.82
5	Net profit after tax (before exceptional items) from continuing operations (3-4)	2496.86	2134.40	2639.75	6187.44	4564.33	8224.98
6	Share in profit/(loss) after tax of joint ventures/associates (net)	20.28	0.63	8.58	(3.61)	(145.11)	14.40
7	Net profit after tax and share in profit/(loss) of joint ventures/associates from continuing	2517.14	2135.03	2648.33	6183.83	4419.22	8239.38
	operations before exceptional items (5+6)
8	Exceptional items:
a)	Exceptional items before tax	-	119.70	-	119.70	(3693.78)	(3693.78)
	Current tax	-	22.77	-	22.77	48.44	48.44
	Deferred tax	-	-	-	-	(186.20)	(186.20)
b)	Total tax expense	-	22.77	-	22.77	(137.76)	(137.76)
	Exceptional items (net of tax) (a-b)	-	96.93	-	96.93	(3556.02)	(3556.02)
9	Net profit after tax from continuing operations including share in profit/(loss) of joint	2517.14	2231.96	2648.33	6280.76	863.20	4683.36
	ventures/associates (7+8)
10	Profit before tax from discontinued operations	-	-	255.47	-	10922.64	10790.50
11	Tax expense of discontinued operations	-	-	46.14	-	2560.26	2552.58
12	Net profit after tax from discontinued operations (10-11)	-	-	209.33	-	8362.38	8237.92
13	Net profit after tax from continuing operations & discontinued operations (9+12)	2517.14	2231.96	2857.66	6280.76	9225.58	12921.28
	Attributable to: Owners of the Company	2054.74	1819.45	2466.71	5048.63	8290.12	11582.93
	Non-controlling interests	462.40	412.51	390.95	1232.13	935.46	1338.35
14	Other comprehensive income (OCI) [net of tax]	172.03	87.26	778.89	431.96	1868.89	1454.37
	Attributable to: Owners of the Company	94.73	41.45	693.31	303.47	1567.35	1129.49
	Non-controlling interests	77.30	45.81	85.58	128.49	301.54	324.88
15	Total comprehensive income (13+14)	2689.17	2319.22	3636.55	6712.72	11094.47	14375.65
	Attributable to: Owners of the Company	2149.47	1860.90	3160.02	5352.10	9857.47	12712.42
	Non-controlling interests	539.70	458.32	476.53	1360.62	1237.00	1663.23
16	Paid-up equity share capital (face value of share: 2 each)	280.97	280.93	280.85	280.97	280.85	280.91
17	Other equity attributable to owners of the Company						75587.62

18 Earnings per share (EPS) from continuing operations after exceptional items (not annualised):

(a) Basic EPS ( )	14.63	12.95	16.08	35.94	(0.51)	23.82
(b) Diluted EPS ( )	14.61	12.94	16.06	35.90	(0.51)	23.80
19 Earnings per share (EPS) from discontinued operations (not annualised):
(a) Basic EPS ( )	-	-	1.49	-	59.55	58.67
(b) Diluted EPS ( )	-	-	1.49	-	59.55	58.61

20 Earnings per share (EPS) from continuing operations & discontinued operations (not annualised):

(a) Basic EPS ( )	14.63	12.95	17.57	35.94	59.04	82.49
(b) Diluted EPS ( )	14.61	12.94	17.55	35.90	59.04	82.41

Notes:

1. Based on the assessment of business/economic conditions in the backdrop of COVID-19 pandemic, the Group expects to recover the carrying value of its assets. The Group will continue to evaluate the continuing pandemic-related uncertainty and update its assessment.

1. During the quarter, the Group entered into a definitive agreement with HSBC Asset Management (India) Private Limited, subject to regulatory approvals, to sell the asset management business forming part of the Financial Services segment. The proposed sale is expected to be completed within next one year and accordingly, the asset and related liabilities of the business have been classified as "Held for Sale".

1. During the quarter, the Company has allotted 1,83,257 equity shares of 2 each fully paid-up, on exercise of stock options by employees in accordance with the Company's stock option schemes.
2. The Group will assess the impact of Code on Wages, 2019 and the Code on Social Security, 2020 and give effect in the Financial Statements when the date of implementation of these codes and the Rules/Schemes

thereunder are notified.

1. For better understanding of the Group's financial performance, line items have been added to show Profit after tax from continuing operations separately from Exceptional Items. This is in line with guidance available in Schedule III to the Companies Act, 2013.

(vi) Additional disclosures as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

Sr.	Particulars
No.

• Debt equity ratio

• Debt service coverage ratio (DSCR)
  3 Interest service coverage ratio (ISCR)
  4 Current ratio
  5 Long term debt to working capital ratio
  6 Bad debts to accounts receivable ratio
  7 Current liability ratio
  8 Total debt to total assets ratio
  9 Debtors turnover ratio

1. Operating margin (%)
2. Net profit margin (%)
3. Inventory turnover ratio (refer note below)
4. Outstanding Redeemable Preference Shares [` Crore]
5. Capital Redemption Reserve/Debenture Redemption Reserve [Crore]
6. Net worth [ Crore] (As per section 2(57) of Companies Act, 2013)

	Quarter ended		Nine months ended	Year ended
December 31,	September 30,	December 31,	December 31,	December 31,	March 31,
2021	2021	2020	2021	2020	2021
1.33	1.40	1.74	1.33	1.74	1.51
4.84	2.61	3.74	2.98	1.18	1.80
4.84	4.46	4.46	4.25	2.89	3.76
1.34	1.39	1.42	1.34	1.42	1.42
1.19	1.24	1.39	1.19	1.39	1.31
0.00	0.00	0.00	0.00	0.01	0.01
0.68	0.64	0.60	0.68	0.60	0.62
0.40	0.41	0.47	0.40	0.47	0.43
3.23	3.28	2.98	3.23	2.98	2.74
11.45%	11.49%	12.02%	11.28%	10.51%	11.49%
5.19%	5.23%	6.93%	4.87%	9.43%	8.52%
NA	NA	NA	NA	NA	NA
353.90	1411.10	1411.10	353.90	1411.10	1411.10
1086.86	1053.76	1184.86	1086.86	1184.86	1078.76
77175.58	75068.11	71299.54	77175.58	71299.54	74603.26

Notes:

1. The ratios are to be read and interpreted considering that the Group has diversified nature of businesses.
2. Number of Redeemable Preference Shares is not relevant as the paid-up value per share varies across the group companies.
3. Formulae for computation of above ratios are as follows:

Sr.	Particulars
No.

• Debt equity ratio

• Debt service coverage ratio (DSCR)

• Interest service coverage ratio (ISCR)

• Current ratio

• Long term debt to working capital ratio

• Bad debts to accounts receivable ratio

• Current liability ratio

• Total debt to total assets ratio
  9 Debtors turnover ratio

1. Operating margin (%)
2. Net profit margin (%)

Formulae

Total borrowings

Total equity

Profit before interest, tax and exceptional items from continuing operations^

Interest expense^ + Principal repayments (net of refinancing) made during the period for long term

borrowings^

(^ Excluding Financial Services and Finance lease model business)

Profit before interest, tax and exceptional items from continuing operations^

Interest expense^

(^ Excluding Financial Services and Finance lease model business)

Current assets

Current liabilities

Long term borrowings (including current maturities of long term borrowings)

Current assets (-) Current liabilities [excluding current maturities of long term borrowings]

Bad debts^

Average gross trade receivables^ (^ Excluding Financial Services)

Current liabilities

Total liabilities

Total borrowings

Total assets

Revenue from operations for trailing 12 months^

Average gross trade receivables^ (^ Excluding Financial Services)

Profit before depreciation, interest, tax and exceptional items from continuing operations (-) Other income

Revenue from operations

Net profit after tax from continuing operations and discontinued operations attributable to the owners of the

Company

Revenue from operations

12 Inventory turnover ratio

Not material considering the size and the nature of operations of the Group