Larsen & Toubro Ltd

Larsen Toubro Limited is an Indian multinational engaged in EPC Projects, HiTech Manufacturing and Services. The Company operate in over 50 countries worldwide. The Company is a major technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. The Companys manufacturing footprint extends across eight countries in addition to India.The companys Engineering, Construction Contracts Division (ECCD) undertakes engineering, design and construction of infrastructure, buildings, factories, water supply, and metallurgical material handling projects covering civil, mechanical, electrical and instrumentation engineering disciplines. Their Engineering Construction Division designs, engineering and executes projects for hydrocarbon sector with frontend design. Its heavy engineering division is organized into two independent companies: Heavy Engineering Independent Company and Ship Building Independent Company. Their Electrical Electronics division comprises Electrical and Automation Independent Company and Medical Equipment and Systems business.LT has an international presence, with a global spread of offices. A thrust on international business has seen overseas earnings grow significantly. It continues to grow its overseas manufacturing footprint, with facilities in China and the Gulf region. The companys businesses are supported by a wide marketing and distribution network, and have established a reputation for strong customer support.Larsen Toubro Ltd was incorporated in the year 1946 as a private limited company. Earlier, the company was established as a partnership firm founded by two Danish engineers Henning Holk Larsen with Soren Kristian Toubro im Mumbai. In December 1950, the company became a Public Company with a paidup capital of Rs.2 million. They executed prestigious orders during this period which includes the Amul Dairy at Anand and Blast Furnaces at Rourkela Steel Plant.During the year 198182, the company acquired 2 bulk shipping carriers from Japan. During the year 198384, they started one cement plant with capacity of 1 MTPA at Maharashtra. In the year 1997, the company formed a joint venture company with Deere Pvt Ltd to manufacture agricultural tractors namely LTJohn Deere Pvt Ltd. In April 1, 2003, the company transferred their cement business to Ultra Tech Cement Ltd. The company received a host of awards, medals and trophies for their continuous efforts. They received Environmental Excellence Gold award from Greentech Foundation during the years 200304 and 200405. Engineering Export Promotion Council (EEPC) offered a trophy for high exports. The Ministry of Power conferred the first prize in National Energy Conservation for the year 2005.In July 2005, the company approved the divestment of their stake in LTJohn Deere Pvt Ltd. In August 2005, the company entered into a MoU with DatarSwitchgear Ltd (DSL) to merger the company with LT. As on October 2005, the company totally exited from the packaging business by sale of their Glass Containers Business to ACE Glass. In the year 2006, the company amalgamated two of their own folds, the LT Power Investments Pvt Ltd (LTPL) amalgamated with India Infrastructure Developers Ltd (IIDL).During the year 200607, A Wall Street Journal survey featured L T among Asias Most Admired Companies and ranked the company No.1 for quality of products and for overall reputation. In April 2007, the company and theirs associate Audco India Ltd (AIL) invested Rs 35 crore in the Coimbatore (TN) switchboard and valve unit. Larsen Toubro made a tie up with Japans Toshiba Corporation and Mitsubishi Heavy Industries for setting up manufacturing facilities for supercritical turbines and boilers used in coalfired power generation plants. During the year 200809, the company transferred their entire 100% stake in LT Infrastructure Finance Company Ltd, LT Finance Ltd and India Infrastructure Developers Ltd to LT Capital Holdings Ltd (LTCHL). In March 31, 2009, the company acquired 50% stake in LTDemag Plastics Machinery Ltd from the joint venture partner Sumitomo (SHI) Demag Plastics Machinery GmbH. Accordingly, LTDemag Plastics Machinery Ltd became a wholly owned subsidiary of the company with effect from March 31, 2009.In April 2010, the company and RollsRoyce, the global power systems company, signed an MoU for cooperation to effectively address the projected need for light water reactors in India and internationally. Also, the company won a critical offshore platform contract from Gujarat State Petroleum Corporation (GSPC) valued at Rs 1060 crore. In May 2010, the company and Howden signed a joint venture to design, engineer, manufacture and supply axial fans and air preheaters to Indian thermal power plants ranging between 100 MW to 1200 MW. The joint venture will invest around Rs 100 crore for setting up of the industrial facility and related infrastructure. The manufacturing unit will be setup in Hazira, Gujarat. In June 2010, the company secured orders aggregating Rs 747 crore from various customers like Coal India, Indiabulls Power Ltd and Hindalco Industries Ltd. Also, they secured orders aggregating to Rs 1440 crore for the construction of residential towers, township and factory building. The Thermal Power Plant Construction business unit secured two orders aggregating Rs 827 crore from GVK Power for their Gautami Combined Cycle Power Plant Expansion and from SEPCOI for Talwandi Sabo Power Plant in Punjab.In July 2010, the company won an offshore rig refurbishment contract from Oil and Natural Gas Corporation valued at Rs 376 crore. In August 2010, the companys Building Factories Operating Company (BFOC), secured orders aggregating to Rs 10.25 billion for the construction of two hospital building, residential projects in Mumbai and a cement plant from a major cement manufacturer. Also, the company received two projects worth Rs 1195 crore from ONGC to set up additional processing units at its gas processing complexes at Hazira and Uran. In September 2010, the company and Befula Investments (South Africa) signed a shareholders agreement to incorporate Larsen Toubro TD SA (Pty) Ltd in South Africa to capitalize on the power transmission and distribution opportunities in South Africa.In October 2010, the company received an order valued at Rs 1449 crore from DB Power Ltd promoted by the Bhaskar Group. In December 2010, they secured two orders amounting Rs 415 crore from Hindalco and SepcoI. The Hindalco order worth Rs 253 crores is for carrying out structural steel works for the 6x150 MW captive power plant in Orissa. The SepcoI order valued at Rs 162 crore is for the erection of boilers for their 2x660 MW Talwandi Sabo Power plant, developed by Sterlite Energy Ltd in Punjab.In January 2011, the company secured orders aggregating Rs 1103 crore from various power plant developers for construction of merry go round systems, construction of dedicated railway lines to link power plant sites to the main line rail network. The company and Kobe Steel Ltd entered into a joint venture (JV) for the manufacture of internal mixers and twin screw rollerhead extruders for the tyre rubber industry for global markets, including India. The JV aims to provide customers with products for the tyre industry. In February 2011, the company secured an order valued over Rs 1,100 crore from Gujarat State Electricity Corporation Ltd (GSECL), a government of Gujarat company, to set up a 1 x 375 MW gas based power plant at Dhuvaran, near Baroda in Gujarat, on EPC basis.In May 2011, the company received an order valued over Rs 3500 crore from PPN Power Generating Company Ltd based in Chennai, for setting up a 3 x 360 MW gas based power plant at Village Pillaiperumalnallur in Nagpattinam District of Tamil Nadu State, on EPC basis. They won a process platform contract from Gujarat State Corporation (GSPC) valued at Rs 14.50 billion. In July 2011, the company bagged a major international EPC order valued at Rs 1210 crore from Qatar General Electricity Water Corporation (KAHRAMAA) for supply and construction of thirteen extra high voltage (EHV) substations in Qatar.In August 2011, the company bagged international orders valued at USD 889 million in the hydrocarbon sector. One order is from Abu Dhabi Gas Industries Limited (GASCO) for its HabshanRuwaisShuweihat (52/48 dia) Gas Pipeline Project. Valued at around USD 189 million, it involves EPC installation commissioning of 123 KM of the pipeline to be commissioned in 24 to 26 months. The other order is a USD 450 million EPCI project awarded to LT Hydrocarbons Upstream Business Group from ADMAOPCO, a subsidiary of ADNOC and a major producer of Oil Gas for the UAE.In August 2011, the company secured new orders worth Rs 1340 crore in the Building Factories segment for the construction of commercial residential buildings including addon orders from ongoing projects. In September 2011, they received a project order valued around Rs 700 crore from the Petroleum Development Oman LLC (PDO). The order is for setting up a green field project planned to treat an average of 3 MMSCMD of gas. In November 2011, they bagged new orders worth Rs 1629 crore in the building and factories segment.In December 2011, the company bagged a major order valued at Rs 21.64 billion in their Infrastructure Segment from GMR Infrastructure. The order is for construction of stretches consisting of six laning of Kishangarh Udaipur Ahmedabad Highway. The development would be executed on EPC (Engineering, Procurement Construction) basis.In 2012 Larsen and Toubros financial arm LT Finance Holdings Limited (LTFH) has entered into the housing finance business by acquiring Indo Pacific Housing Finance Ltd (IPHF), a small sized housing finance company. Larsen Toubro (LT) also bagged Rs 1,937 crore order for 4laning of a major portion of ShivpuriDewas section of NH3 in Madhya Pradesh from GVK Group. The company and Samsung Techwin have joined hands to cooperate in the Indian Armys Tracked Self Propelled Artillery programme. LT and Nexter Systems join hands for Indian army artillery programme. LT Joint Venture firm bags contract from Sadara Chemical Company. LT Construction Secures Orders Valued at over Rs 2592 Crore, Rs 2040 crores and Rs 2008 crore from various business segments. LT Wins Rs. 749 Crore Contract from ONGC for 4 Wellhead Platforms. LT Wins Prestigious Order for Manufacture of Cryostat for International Fusion Energy Project. LT led Joint Venture wins Rs. 1252 Cr Delhi Metro Contract. Larsen Toubro bags 250mn EPC contract in Ras Laffan, Qatar. LT bags Rs 781 cr contract from ONGCIn 2013 LT Completes Acquisition of Audco India Ltd. LT IDPL bags Rs. 1293 crore road project in Odisha. LT Group Company Wins Saudi Aramco Contract. LT Ranked Asias 2nd Most Sustainable Company in Industrial Sector. LT Technology Services Wins Frost Sullivan Excellence Award. LT Wins Golden Peacock Award for Excellence in Corporate Governance. LT Power Wins National Energy Conservation Award. LT Wins ICICI FoundationCNBC TV 18 Inclusive India Award. LT Construction also Wins Rs.1630 Crores Expressway Project in Uttar Pradesh. LT Wins Saudi Aramco Contract. LT Wins Rs 5100 Crore Supercritical Power Plant Order from MP State Utility. LT Construction Wins Rs. 4510 Crs Doha Metro ProjectIn 2015 LT Won Golden Peacock Award for Risk Management, Award for Excellence in Power Project Execution from the Central Board and Good Corporate Citizen Award. LT Construction Commissions Indias first 765kV Gas Insulated Substation. LT secures Rs 5,580 cr power plant order from NTPC. LT also Signs MoU with AREVA for Jaitapur Nuclear Power Project. LT opens new service centre in Nagpur.At the time of announcement of Q4 March 2015 results on 30 May 2015, LT said that the companys consolidated order inflow surged 39% on yearonyear basis at Rs 47582 crore in Q4 March 2015. On 3 July 2015, LT announced that it has successfully flagged off Indias first Nuclear 700 MWe Steam Generator for Kakrapar nuclear power plant in Gujarat. At the time of announcement of Q1 June 2015 results on 31 July 2015, LT said that the company won new orders worth Rs 26376 crore at consolidated level in Q1 June 2015.On 21 September 2015, Larsen Toubro announced that it has sold 8.52 crore equity shares of its subsidiary LT Finance Holdings representing 4.95% stake in the company on the National Stock Exchange at Rs 70 per share. At the time of announcement of Q2 September 2015 results on 30 October 2015, LT said that the company won new orders worth Rs 28620 crore at consolidated level in Q2 September 2015.On 9 November 2015, Larsen Toubro announced that it has entered into an inprinciple agreement for strategic sale of Kattupalli port in Tamil Nadu to Adani Kattupalli Ports Private Limited (AKPPL), a subsidiary of Adani Ports and Special Economic Zone (APSEZ). At the time of announcement of Q3 December 2015 results on 29 January 2016, LT said that the company won new orders worth Rs 38528 crore at consolidated level in Q3 December 2015.On 25 February 2016, LT announced that its fullyowned subsidiary LT Hydrocarbon Engineering Limited (LTHE) has signed a longterm agreement with McDermott International focused on subsea projects in deepwater segment emerging on the east coast of India. Under the agreement, LTHE and McDermott will develop a costeffective approach which will utilize LTHEs stateoftheart, strategically located Kattupalli facility near Chennai. It will be used for fabrication and setting up of a local spool base in India.On 31 March 2016, LT announced that it has sold its entire 89% stake in LT Infocity Limited to Ace Urban Developers for total consideration of Rs 191 crore. LT had promoted LT Infocity Limited as a special purpose vehicle (SPV) in 1997 in partnership with Andhra Pradesh Infrastructure Investment Corporation to develop IT infrastructure in Andhra Pradesh. At the time of announcement of Q4 March 2016 results on 25 May 2016, LT said that the company won new orders worth Rs 43334 crore at consolidated level in Q4 March 2016.On 31 May 2016, LTs whollyowned subsidiary LT Hydrocarbon Engineering (LTHE) announced a teaming agreement with Parsons Corporation to provide engineering and design solutions for onshore and offshore projects across the hydrocarbon, fertilizer, chemicals, and modular plant sectors. On 15 July 2016, LT announced that it has decided to participate in the offer for sale of equity shares by way of initial public offering by its subsidiary LT Technology Services. LT proposes to sell up to 15% of the equity shares held in LT Technology Services through the offer.At the time of announcement of Q1 June 2016 results on 29 July 2016, LT said that the companys consolidated order inflow rose 14% on yearonyear basis at Rs 29702 crore in Q1 June 2016. On 26 August 2016, LT Group Chairman A.M. Naik said at the 71st Annual General Meeting of the company that LT plans to achieve revenue of Rs 2 lakh crore (USD 30 billion at the prevailing exchange rates) by 2021 without compromising on profit margins and achieving an order inflow in excess of Rs 2.5 lakh crore per annum.On 22 September 2016, Larsen Toubro announced that it has won an order worth USD 99.7 million from Vietnam Border Guard for design and construction of high speed patrol vessels in India as well as for transfer of design and technology along with supply of equipment and material kits for construction of followon vessels at a Vietnam shipyard. It is the biggest export order given to a private Indian Shipyard till date. On 4 October 2016, Larsen Toubro announced that it has achieved synchronisation of the first 660 MW supercritical unit (Unit5) of the 2x660 MW supercritical thermal power project at Chhabra in Rajasthan in record time of 42 months and four days from the date of Notice to Proceed. On 14 October 2016, LT announced that a consortium of the company and Sojitz Corp., Japan has won a major order worth Rs 3799 crore from the Dedicated Freight Corridor Corporation of India Ltd. (DFCCIL). This Design and Build Integrated Package involves the construction of Civil (Embankment, Structure, Tunnel), Track Works, Overhead Electrification, Traction Substations and Signaling Telecommunication Works for double line electrified tracks with 2x25 kV AC, high rise Overhead Catenary System capable of operating at a maximum train speed of 100 Km/h, from Rewari to Dadri (128 Km). On 20 October 2016, LT announced the signing of a formal contract with the Department of Information Technology, Maharashtra Government, under which Nagpur will be converted into the countrys first largescale integrated Smart City. LTMHPS Boilers Private Limited (LMB), a joint venture of Larsen Toubro Limited (LT) and Mitsubishi Hitachi Power Systems Limited (MHPS), Japan, signed a Technology Licence Agreement with MHPS on 7 November 2016 for Selective Catalytic Reduction (SCR) systems. The technology licensing agreement is for design, engineering, manufacture, installation, commissioning, and sale of new boilers under BTG, EPC or SG packages or standalone SCR systems, and for existing and under construction boilers on exclusive basis in India.On 8 November 2016, LT announced that it has signed a longterm technical licence agreement with Chiyoda Corporation, Japan for its Flue Gas Desulphurisation (FGD) technology. The agreement grants LT exclusive rights to undertake EPC of CT121TM FGD Systems. At the time of announcement of Q2 September 2016 results on 22 November 2016, LT said that the companys consolidated order inflow rose 11% on yearonyear basis at Rs 31119 crore in Q2 September 2016. On 2 January 2017, LT announced that it has bagged a project from Pune Municipal Corporation to convert Pune into a smart city as a part of Government of Indias Smart City Mission. On the same day, LT announced that its fully owned subsidiary LT Hydrocarbon Engineering in consortium with EMAS CHIYODA Subsea, has won two awards involving Engineering, Procurement, Construction and Installation contracts from Saudi Arabian oil giant and biggest oil company in world, Saudi Aramco.On 13 February 2017, LT announced that the company has formed a joint venture with MBDA, a world leader in missile systems, to develop and supply missiles and missile systems to meet the growing potential requirements of the Indian armed forces. LT will own 51% of the new joint venture company with MBDA owning the remaining 49% stake.On 25 February 2017, LT announced that its wholly owned subsidiary LT Hydrocarbon Engineering (LTHE) has bagged an onshore EPC contract worth around Rs 1100 crore from Indian Oil Corporation Limited (IOCL) for setting up a 0.740 MMTPA Fluidised Cracking Unit (FCC) including LPG Treatment Facility at IOCLs Bongaigaon refinery in Assam. On 28 February 2017, LT announced that its whollyowned subsidiary LT Hydrocarbon Engineering (LTHE) has signed an Enterprise Framework Agreement (EFA) with Shell Global Solutions International B.V., for providing Engineering, Procurement and Construction Management (EPCM) services for Shell projects in the Middle East, South East Asia and India. The EFA is for a period of five years.On 20 March 2017, LT announced that its whollyowned subsidiary LT Hydrocarbon Engineering Limited (LTHE) has bagged an offshore contract valued at Rs 1656 crore for the Neelam ReDevelopment B173AC Project from Oil Natural Gas Corporation (ONGC). On 28 March 2017, LT announced that the Buildings Factories Business of LT Construction has bagged a major design build order worth Rs 2903 crore to redevelop Mumbais centuryold BDD Chawls for Maharashtra Housing and Area Development Authority (MHADA). On 30 March 2017, LT announced that its whollyowned subsidiary LT Hydrocarbon Engineering Limited has bagged orders totalling close to Rs 4000 crore in the International market. On 7 April 2017, LT announced that it has commissioned gas turbines in open cycle for two large gasbased power projects in Bangladesh in quick succession during March 2017.On 21 April 2017, Larsen Toubro and Hanwha Techwin (HTW) of South Korea signed a contract for execution of the 155mm/ 52 Cal Tracked Self Propelled (SP) gun program for the Indian Army. On 12 May 2017, Larsen Toubro announced that it has won a contract worth Rs 4500 crore for supply of 100 units of 155mm/ 52 calibre Tracked SelfPropelled gun systems to the Indian Army. It is the largest private sector defence order for artillery guns. On 26 May 2017, LT announced that its whollyowned subsidiary LT Hydrocarbon Engineering (LTHE) has signed a Memorandum of Agreement (MOA) with Institute of Chemical Technology (ICT) to build ethanol plants based on the fully indigenous technology developed by ICT for producing Second Generation Ethanol.At the time of announcement of Q4 March 2017 results on 29 May 2017, LT said its consolidated order inflow rose 9.6% on yearonyear basis to Rs 47289 crore in Q4 March 2017. On 20 June 2017, Larsen Toubro announced the launch of a Floating Dock (FDN2) designed and built for the Indian Navy at the companys greenfield shipyard at Kattupalli, near Chennai. This marks a significant achievement for LTs Shipbuilding arm in Design, Construction and Project Management of Defence Vessels. At the time of announcement of Q1 June 2017 results on 28 July 2017, LT said that the company won new orders worth Rs 26352 crore at consolidated level in Q1 June 2017 in a challenging business environment. On 2 August 2017, Larsen Toubro announced the bagging of a Rs 3375crore major breakthrough order from Metro Express Limited which is owned by the Government of Mauritius to design and build an Integrated Light Railbased Urban Transit System in Mauritius. The project will be fully funded through a Government of India grant and Line of Credit.On 16 August 2017, LT announced that it entered into a definitive agreement for the divestment of its entire stake in its whollyowned subsidiary LT Cutting Tools Limited to IMC International Metalworking Companies B.V, a company owned by Berkshire Hathaway Inc., for a total consideration of Rs 174.04 crore. On 2 September 2017, LT announced that its subsidiary Infrastructure Development Projects Limited (LT IDPL) has filed an application with Securities and Exchange Board of India for registration of its proposed infrastructure investment trust, named IndInfravit Trust.On 3 October 2017, Larsen Toubro announced that it has completed the purchase of the entire remaining 26% stake held by Airbus Defence and Space GmbH (earlier known as EADS Deutschland GmbH) in LT Cassidian, a joint venture between Larsen Toubro and Airbus Defence and Space GmbH.At the time of announcement of Q2 September 2017 results on 11 November 2017, LT said that the company won new orders worth Rs 28732 crore at consolidated level in Q2 September 2017 amidst subdued business environment, policy uncertainties and delayed implementation. On 1 January 2018, LT announced that its wholly owned subsidiary LT Hydrocarbon Engineering Limited (LTHE) has secured a major EPC contract for Crude Distillation and Vacuum Distillation Unit (CDU VDU) from Hindustan Petroleum Corporation Limited, Visakhapatnam Refinery, and an extension to an ongoing contract for Reliance Industries Jamnagar, both adding to about Rs 2100 crore. On 2 January 2017, LT announced that its construction division has won orders worth Rs 1454 crore across various business segments.On 5 January 2018, LT announced that its whollyowned subsidiary LT Hydrocarbon Engineering Limited (LTHE) has secured an offshore contract for Bassein Development 3 Well Platform Pipeline Project from Oil Natural Gas Corporation (ONGC). The order is valued at approximately Rs 1483 crore. On 8 January 2018, LT announced the Transportation Infrastructure and Water Effluent Treatment businesses of LT Construction have jointly bagged three EPC orders worth Rs 2265 crore from Andhra Pradesh Capital Region Development Authority (APCRDA).At the time of announcement of Q3 December 2017 results on 31 January 2018, LT said its consolidated order inflow jumped 38% on yearonyear basis to Rs 48130 crore in Q3 December 2017. Consolidated order book of the group stood at Rs 270727 crore as on 31 December 2017. The international order book constituted 25% of the total order book.The board of directors of the company at a meeting held on 31 January 2018 approved subscription to equity shares offered by its subsidiary LT Finance Holdings (LTFH) on a preferential basis up to an amount not exceeding Rs 2000 crore, subject to necessary approvals, including the approval of board of directors and shareholders of LTFH. The exact amount of the subscription would depend on the preferential issue that LTFH would be making to LT.During the FY2019, the company repaid longterm borrowings of USD 233 million (approx.Rs 1610 crore including secured debentures of Rs 400 crore). On the other hand, the company raised USD 100 million of foreign currency borrowings and Rs 90 Crore of Rupee Term Loan as fresh unsecured longterm borrowings for meeting business requirements and certain capital expenditure.As at 31March 2019, the gross property, plant and equipment, investment property and other intangible assets including leased assets, stood at Rs 12,174.29 crore and the net property, plant and equipment, investment property and other intangible assets, including leased assets, at Rs 7,934.32 crore and spent capital expenditure during the year amounted to R 1,571.41 crore.The company had proposed a buyback of up to 6,10,16,949 equity shares from its equity shareholders as on the record date, being 15 October 2018, on a proportionate basis by way of the tender offer route through the stock exchange mechanism at a price of Rs 1,475 per equity share, aggregating up to Rs 9,000 crore.The company has entered into a share purchase agreement on 18 March 2019 with Mr. V. G. Siddhartha, Coffee Day Trading Limited and Coffee Day Enterprises Limited (Sellers) for acquisition of 3,33,60,229 equity shares of Mindtree Limited aggregating to 20.32% of the paidup equity share capital of Mindtree Limited.Further the company, has acquired entire stake held by Tamil Nadu Industrial Development Corporation (TIDCO) in LT Shipbuilding Limited on 10 April 2019. With this acquisition, LT Shipbuilding Limited is now a wholly owned subsidiary of the Company.Pursuant to an order dated 13 December 2018 passed by the National Company Law Tribunal, Mumbai bench, the equity share capital of LT Seawoods Limited, a wholly owned subsidiary, was reduced to the extent of 34.50 crore shares aggregating to Rs 345 crore.The Company has divested its entire stake in LT Kobelco Machinery Private Limited, a subsidiary, to Kobe Steel, Ltd. on 17 April 2019.As at 31 March 2019, LT Group comprises 110 subsidiaries, 8 associates, 27 joint venture companies and 31 joint operations. LT Group achieved order inflow of Rs 176834 crore during the year 201819, registering a growth of 15.6% over the previous year.During the FY2019, the company received six British Sword of Honor awards and fivestar certification from the British Safety Council, for third time in a row. The companys Eight projects won National Infrastructure Construction Awards 2018. The company also won a Construction Week Award 2018, a MEED Quality Award for the Year 2018 in Oman and a MACE Global Health, Safety Well Being Award 2018 for outstanding safety performance on site.The period leading up to the lockdown and the subsequent stoppage of all economic activity from 25th March, 2020 has adversely affected your Companys operations in late FY 201920 as well as the better part of Q1 FY 202021.The total Order Book of R 303,857 crores as on 31March, 2020 grew by 4% over the previous year. During the FY2020, on exercise of the conversion option of USD200 million 0.675% convertible bonds due in 2019, the Company has allotted 3,79,388 equity shares of Rs 2/ each against conversion of 7,970 FCCBs of the face value of US 1000 each. Remaining 1,92,030 Bonds of the face value of US1000 each were redeemed/repaid.The company repaid longterm borrowings of USD 492.03 million (approx. Rs 3,500 crore) and on the other hand the company raised USD 425 million of foreign currency borrowings for meeting business requirements and certain capital expenditure.The Company has issued and allotted on private placement basis, Unsecured, Rated, Listed, Redeemable Nonconvertible Debentures (NCDs) aggregating to Rs 5900 crore during the financial year 201920.The Company has issued Commercial Papers amounting to Rs 4,845 Crore during the FY 201920.As at 31 March 2020, the gross property, plant and equipment, investment property and other intangible assets including leased assets, stood at Rs 13,559.73 crore and the net property, plant and equipment, investment property and other intangible assets, including leased assets, at Rs 8,637.58 crore. The company spent towards Capital Expenditure during the year amounted to Rs 1,370.51 crore.The Company had acquired the entire stake held by Tamil Nadu Industrial Development Corporation (TIDCO) in LT Shipbuilding Limited thereby making it a wholly owned subsidiary of the Company. Subsequently, pursuant to the National Company Law Tribunal (Mumbai Chennai bench) approval for the Scheme of Amalgamation, LT Shipbuilding Limited has merged with the Company (appointed date 01 April 2019 and effective date 18 May 2020).The Company acquired 3,27,60,229 equity shares of Mindtree Limited, pursuant to the Share Purchase Agreement. Further, 164,42,134 equity shares of Mindtree Limited have been acquired in the open market and 5,13,25,371 equity shares have been acquired through open offer.Pursuant to the approval of the Composite Scheme of Amalgamation Arrangement between LT Realty Limited (LTR), LT Construction Equipment Limited (LTCEL) and LT Construction Machinery Limited (LTCML) by National Company Law Tribunal, Mumbai bench (appointed date 1st April 2018 and effective date 17 May 2020), LTR has been amalgamated into LTCEL and the manufacturing business of LTCEL has been demerged into LTCML. As consideration towards this amalgamation and demerger, the Company has been allotted 19,91,32,091 equity shares of Rs 10 each by LT Construction Machinery Limited and 4,71,600 equity shares of Rs 10 each and 64,83,00,000 12% nonconvertible preference shares of Rs 10 each by LT Construction Equipment Limited.Pursuant to the amendment agreement entered by the Company with Canadian Pension Plan Investment Board (CCPIB), LT Infrastructure Development Projects Limited, (LT IDPL), a wholly owned subsidiary of the Company, has allotted 30,84,62,468 equity shares to CCPIB India Private Holdings Inc. Accordingly, the Company presently holds 51% in LT IDPL.During March 2020, the COVID pandemic increased rapidly forcing Governments of most countries to enforce a lockdown of all activities. Heeding to the various guidelines issued in India by the Central and State Governments and abroad by various agencies on the Covid19 pandemic, all establishments, offices factories of the Company had shut down operations from 25 March 2020.For the quarter ended 31 March 2020, the impact due to COVID 19 on your Companys revenues and net profits was approximately Rs 1800 crore and Rs 400 crore respectively.The Company resumed partial service of operations from 14 April 2020, after implementation of standard protocols in line with the guidelines prescribed. During the FY2020, the company has secured major orders such as CIDCO Housing Project at Navi Mumbai, One of the e largest greenfield airports in India at Navi Mumbai and Mandarin Oriental Hotel, Muscat in Oman.The business was conferred several prestigious awards during FY2020 including British Safety Councils Sword of Honour, for the fourth consecutive year, with ten of its projects securing the award, The Royal Society for the Prevention of Accidents (UK) Gold Awards for Occupational Health Safety for eleven projects and 18 National Safety Council awards in various categories.During the quarter ended 31 December 2020, the Company in terms of the Business Transfer Agreement for divestment of Its Electrical Si Automation (EA) business to Schneider Electric India Private Limited (a) accrued further sale consideration on fulfilment of relevant covenants (b) updated financial estimates of posttransaction closing adjustments. The Company expects final closure of the divestment of EA business in the quarter ending 31 March 2021.The consolidated order book of the Group stood at a record Rs 331,061 crore as at 31 December 2020, registering a robust growth of 9% over the March 2020 level.During FY 2022, the Company sold its digital transformation business, incubated and operated as LT NxT, to Mindtree Limited, a listed subsidiary of the Company, for a consideration of Rs 198 crore. In year 2022, the Board of Directors of the Company had approved a Scheme for Amalgamation of LT Hydrocarbon Engineering Limited (LTHE), a wholly owned subsidiary, with the Company, which was approved by the Honble National Company Law Tribunal, Mumbai Bench and became effective from 7th February 2022, with the Appointed date, 1st April 2021. The rationale for the Scheme was to create cost effectiveness by integrating the Hydrocarbon business of LTHE and Engineering, Projects and Construction (EPC) power business of the Company. Subsequently all the subsidiaries of LTHE have become direct subsidiaries of the Company. During the year 202122, the Company acquired 6,82,25,347 equity shares of LT Finance Holdings Limited (LTFHL) and presently holds 163,92,29,920 equity shares representing 66.26% of the total share capital of LTFHL. In year 2022, LT Uttaranchal Hydropower Limited (LT UHPL) ceased to be a subsidiary of the Company through sale of entire stake by the Company and LT Power Development Limited (a wholly owned subsidiary) to ReNew Power Services Private Limited for a total consideration of Rs 1,003 crore. During year 202223, the Company sold a portion of Smart World and Communication Business Unit to its subsidiary, LT Technology Services Limited (LTTS) effective from April 01, 2023. The Pilot Green Hydrogen Plant was commissioned at Hazira during 2023. During the year 202223, the Company commissioned Kempegowda International Airport T2, in Bengaluru Seven Hospitals for Assam Cancer Care Foundation, in Assam, Birsa Munda Hockey Stadium, at Rourkela, Odisha RAMCO Cement Plant at Kurnool IIT Hyderabad Phase 2 Technology Innovation Park (TIP) Building Research Centre Complex (RCC) JCB manufacturing facility at Halol, in Gujarat and Prestige Jindal City at Bengaluru, in Karnataka.