Investor Presentation

9th February, 2015

Disclaimer

This presentation contains certain forward looking statements concerning L&T’s future

business prospects and business profitability, which are subject to a number of risks

and uncertainties and the actual results could materially differ from those in such

forward looking statements.

The risks and uncertainties relating to these statements include, but are not limited to,

risks and uncertainties regarding fluctuations in earnings, our ability to manage growth,

competition (both domestic and international), economic growth in India and the

target countries for exports, ability to attract and retain highly skilled professionals,

time and cost over runs on contracts, our ability to manage our international

operations, government policies and actions with respect to investments, fiscal

deficits, regulations, etc., interest and other fiscal costs generally prevailing in the

economy. Past performance may not be indicative of future performance.

The company does not undertake to make any announcement in case any of these

forward looking statements become materially incorrect in future or update any

forward looking statements made from time to time by or on behalf of the company.

2

3

Presentation Outline

L&T Overview

Group Performance

Business Overview

Sectoral Opportunities & Outlook

4

Presentation Outline

L&T Overview

Business Overview

Sectoral Opportunities & Outlook

Group Performance

L&T - At a Glance

Professionally Managed Company

FY 14 Group Revenues: `851 Bn

(US$ 14.3 Bn)

Market Cap (9th Feb’15):

₹1461 Bn

(US$ 24 Bn)

Credit Ratings CRISIL:

AAA/Stable ICRA:

AAA(Stable)

5

India’s largest E&C company with interests in Projects, Infrastructure

Development, Manufacturing, IT & Financial Services

L&T - At a Glance

6

L&T – Shareholding Pattern

Listed with BSE & NSE

GDRs listed with LSE and LuxSE

L&T is one of the most widely held listed companies in India

No promoter holding

Uninterrupted Dividend payment record since 1946; FY14 Dividend of Rs. 14.25 per share (FY13:

Rs. 12.33 per share)

Major Institutional Shareholders % Shares

Life Insurance Corporation of India 16.9%

Administrator of the SUUTI 8.2%

General Insurance Corp. of India 1.9%

Blackrock Group 1.8%

HDFC Trustee Company Limited 1.8%

Carmignac Group 1.3%

Government of Singapore 1.3%

7

Govt. Financial

Institutions & Insurance Companies,

29.7%

FII’s & GDR, 20.3%

Individuals, 23.0%

L&T Employee Welfare

Foundation, 12.0%

Mutual Funds & Pvt.

Insurance Cos., 11.8%

Others, 3.2%

31st Dec

2014

Experienced Management Team

8

A M Naik

Group Executive Chairman

BE [Mech]

Joined L&T in March 1965

Diverse and vast experience in general management, Technology and E&C

M V Kotwal

Whole-time Director & President (Heavy Engineering)

BE [Mech], Univ. of Bombay

Joined L&T in October 1968

Vast experience in Heavy Engineering business including manufacture of critical equipment for Nuclear Power & Space Research Program

S. N. Subrahmanyan

Whole-time Director & Sr. Executive Vice President (Construction & Infrastructure)

B.SC ENGG (CIVIL), MBA (Finance)

Joined L&T in November 1984

Vast experience in Design & Build (D&B) Contracts, PPP Projects, Engineering and Construction Industry

K Venkataramanan

Chief Executive Officer

& Managing Director

BE [Tech] – IIT, Delhi

Joined L&T in June 1969

Vast experience in product engineering and project management

R Shankar Raman

Whole-time Director & Chief Financial Officer

B.Com, ACA, CWA

Joined L&T Group in November 1994

Vast experience in Finance, Taxation, Insurance, Risk Management, Legal and Investor Relations

Shailendra Roy

Whole-time Director & Sr. Executive Vice President (Power, Minerals & Metals)

BE (Tech)

Joined L&T in 2004

Vast experience in Thermal Power Business

Corporate Governance

9

Four-tier Governance Structure

L&T’s essential character revolves around values based on transparency, integrity, professionalism and accountability

Board

of Directors

Executive Management Committee (EMC)

Independent Company (IC) Board

Strategic Business Group (SBG) / Business Unit (BU)

Journey Towards Excellence

10

Divested non - core business (Cement, Tractor, Glass, RMC, PDP, Medical)

Capacity expansion & TAMCO acquisition

Entry into new ventures (MHI JVs, Shipbuilding, Forging)

Tie-up with tech majors in defence and nuclear power

Foray into power generation

Listing of Financial Services

Significant ramp up of Concessions Business

Expansion of IT & Engg. Services business

Reorganisation into ICs

Acquisition of 100% ownership in Audco / L&T Komatsu / EWAC Alloys

Demerged Hydrocarbon & Integrated Engg. Service businesses into separate wholly owned subsidiaries

Restructuring for Value Creation (2000-14)

Entered into IT, Financial services and Infrastructure Concessions business

Entered into Engineering JVs with technology majors

Emerged as India’s largest integrated E&C company

Expansion through internationalisation

Developed road map for portfolio restructuring

Expansion & Consolidation

(1990-2000)

Emerged as leading & acclaimed engineering contractors

Commenced production of tractor undercarriages, valves, welding components, earth-moving equipment and cement

Established fabrication facility and yard on the waterfront at Hazira for Hydrocarbon business

Seeds of Growth (1960-90)

1938: Formed as a partnership

1952: Listed on BSE

Commenced trading & making dairy equipment, fabrication serv., war-time ship repair

Entered construction business thro’ acquisition of ECC

Started switchgear business

The Beginnings

(1938-60)

L&T’s Sustainability Initiative The L&T Sustainability Report 2014 is a ‘GRI Checked’ , Externally Assured, Application Level A+ report.

Climate Change Carbon footprint

mapping

Energy Conservation

Water Conservation

Material Management

Community

Sustainability Thrust Areas

Safety

Accolades

One of the eight Indian

companies featuring in Dow

Jones Sustainability

Emerging Markets Indices

One of the only five Indian

Companies to feature in the

Global ‘A’ list for its Carbon

Performance – CDP 2014

Ranked Asia’s 2nd Most

Sustainable Company in

Industrial Sector in Channel

NewsAsia’s Sustainability

Rankings 2014

L&T Ranks In Top 10

Companies for CSR – The

Economic Times

Sustainability – Environment & Social

12

Green Buildings

L&T’s own – 2.1 million sq. ft.

Constructed for Clients – 43.02 million sq. ft.

All 28 L&T Campuses are zero wastewater discharge

5 Campuses are water positive

2012-13 2013-14

1,6

1,4

67

2,0

7,3

68

Energy Conservation (GJ)

Renewable power contributes 7.9 % of indirect energy

Food waste processing plants for

treatment of organic waste

Aligned with

National Action Plan on Climate Change

and

UN Millennium Development Goals

Thrust Areas No. of Beneficiaries (2013-14)

Education 242,024

Skill Building 45,209

Healthcare-Mother and Child

517,837

Total 805,070

Education - Over two lakh children impacted

Skill Building - 8 construction skills training institutes empowering more than 13,000 people

Healthcare: Mother & Child - 8 community health centres provide state-of-the-art diagnostic health

services

Parameter Values

Energy Consumption (GJ/Employee)

132.82

Direct GHG Emissions (Tons/Employee)

7.80

Water Consumption (m3/employee)

155.81

13

Presentation Outline

L&T Overview

Sectoral Opportunities & Outlook

Group Performance

Business Overview

Builders to the nation

14

Wankhede Stadium, Mumbai

Baha’i Temple, Delhi

Maruti Manesar (Haryana) Expansion 88m Rail Bridge Jammu Udhampur 1320 MT FCC Regenerator – for RIL

Oil & Gas Offshore Platforms Mumbai International Airport 3rd Narmada High

ITC Grand Chola Hotel, Chennai Sri Sathya sai Whitefield Hospital Srinagar Hydro Electric Plant

2x384 MW CCPP, Vemagiri, A.P. Transmission Lines in Himachal Water Treatment Plant, Barmer 300 mtr Minerva Tower, Mumbai

Kakrapar Nuclear Power Plant, Guj

International Footprint – Marquee Jobs

15

NMC Speciality hospital, Abu Dhabi

Bhukara Hotel, Uzbeckistan

Stadium at Barbados Glorei (Commercial Space), Muscat Salalah Airport, Oman

Sabah, Malaysia

Sheikh Khalifa Interchange, UAE Coal Gasifier for China Transmission Lines, Al Majlis, Oman

1500 MT Tubular Reactor for Kuwait Bi-metallic Urea Stripper for Saudi MV Switchgear Factory, Malaysia Water Treatment Plant, Doha

Punatsangchhu HEP, Bhutan

World’s Longest Conveyer, Bangladesh Bulk Cement Terminal, Colombo

E&C Delivery Platform

16 Single point responsibility for turnkey solutions

Design

&

Engineering

Manufacture

&

Fabrication

EPC Projects

Construction

One of Asia’s largest vertically integrated E&C Companies

Quality Customer Mix

17

MIAL Indian Coastguard

Multiple Alliances & Joint Ventures

18

Alliances

Pre qualifications

Note: Some of these are project specific alliances & pre qualifications

Joint Ventures

Befula Investments

L&T’s Business Structure

* These are not separate legal entities

LARSEN & TOUBRO LTD.

BUSINESS VERTICALS – INDEPENDENT COMPANIES (ICs)*

SUBSIDIARIES & ASSOCIATES

BUILDINGS & FACTORIES

TRANSPORTATION INFRASTRUCTURE

METALLURGICAL & MATERIAL HANDLING

POWER T&D

HEAVY ENGINEERING

SHIPBUILDING

ELECTRICAL & AUTOMATION

POWER

FINANCIAL SERVICES

IT & TECHNOLOGY SERVICES

INFRASTRUCTURE SPVs (BOTs)

MHI JVs (Boilers & Turbine Mfg.)

HEAVY CIVIL INFRASTRUCTURE

WATER & RENEWABLE ENERGY

OTHER MANUFACTURING & FABRICATION SUBSIDIARIES

SERVICES AND OTHER SUBSIDIARIES & ASSOCIATES

19

L&T HYDROCARBON ENGINEERING

20

Presentation Outline

L&T Overview

Business Overview

Sectoral Opportunities & Outlook

Group Performance

FY 12 FY 13 FY 14

88.8

99.3

EBITDA

Three Year Performance

21

` B

illion

FY 12 FY 13 FY 14

643

745

Net Sales

` B

illi

on

` B

illi

on

FY 12 FY 13 FY 14

1,450 1,648

Order Book

` B

illi

on

851

1,815 107.9

FY 12 FY 13 FY 14

793

Order Inflow

` B

illion

1270

1029

` B

illi

on

Group Performance Highlights – Q3 / 9M FY15

22

Q3 9M

Revenues 10% 10%

Order Book 17% 17%

Order Inflow 19% 16%

EBITDA 10% 10%

Profit After Tax 9% 31%

9M FY14 9M FY15

Order Book

1926

2258

9M FY14 9M FY15

300 334

340 398

290 346

Order Inflow

Q3

Q2

Q1

930 1078

Group level Order Inflow & Order Book

23

Amount in ` Bn

16% 17%

Order Inflow Order Book

82% 75%

18% 25%

Geographical Breakup

Domestic International

Strong growth in Q3 order receipts mainly contributed by Infra Segment

Q4+ Prospect pipeline looks promising

Order Inflow increase in Q3 and 9 mth driven by domestic orders

Robust Order Book (2x+ Revenues) affords multi-year revenue visibility

Q3

FY15

Group Performance – Sales & Costs

24

Revenue growth driven by Infra and Services Businesses; partially offset by depleted

Order Book in investment constrained segments (Power, MMH, Hydrocarbon, Heavy

Engineering)

MCO charge in line with Sales

Staff cost increase occasioned by manpower augmentation, increased level of

international operations and normal revisions

SGA Expenses benefit from stable currency and cost

Q3 FY15 Q3 FY14 % Change ` Billion 9M FY15 9M FY14 %

Change FY14

238.48 217.32 10%Net Sales / Revenue from

Operations 639.82 581.04 10% 851.28

64.00 58.54 9% ----International Sales 178.04 174.77 2% 240.04

27% 27% - % of Total Sales 28% 30% -2% 28%

177.96 160.64 11% Mfg, Cons. & Opex (MCO) 464.76 420.44 11% 625.78

19.25 17.08 13% Staff Costs 59.04 52.77 12% 71.41

12.36 13.27 -7% Sales, adm. & other Exp. 38.63 37.74 2% 46.77

209.58 190.99 10% Total Opex 562.43 510.95 10% 743.95

Performance Summary – Operational Costs & Profitability

Material cost,

39.7% (37.0%)

Subcontracting

charges, 17.3% (20.5%)

Other

Opex, 17.6% (16.4%)

Staff Costs,

8.1% (7.9%)

Sales, adm. &

other Exp., 5.2% (6.1%)

EBITDA,

12.1% (12.1%)

Q3 FY15

25

Material cost,

36.2% (34.8%)

Subcontracting

charges, 17.6% (20.2%)

Other

Opex, 19.0% (17.4%)

Staff Costs,

9.2% (9.0%)

Sales, adm. &

other Exp., 6.0% (6.5%)

EBITDA,

12.1% (12.1%)

9M FY15

Figures in brackets indicate corresponding period of the Previous Year

Group Performance Summary Extracts

26

Growth in Realty and Services Business compensates for lower margins in Power, MMH,

HE and Hydrocarbon segments

Higher depreciation charge due to adoption of new rates under New Companies Act

Other Income mainly comprises of Treasury gains

Q3 FY15 Q3 FY14 % Change ` Billion 9M FY15 9M FY14 %

Change FY14

28.90 26.33 10% EBITDA 77.39 70.09 10% 107.33

12.1% 12.1% - EBITDA Margin 12.1% 12.1% - 12.6%

(9.20) (8.84) 4% Interest Expenses (23.90) (23.69) 1% (31.41)

(6.79) (5.88) 16% Depreciation (20.35) (17.32) 18% (14.46)

2.35 1.96 20% Other Income 7.26 7.13 2% 9.82

(5.69) (6.69) -15% Provision for Taxes (14.87) (17.40) -15% (26.28)

8.67 7.97 9% PAT after Minority Interest 26.95 20.62 31% 49.02

27

Segment Performance Analysis

28

Segment Composition

Infrastructure PowerMetallurgical &

Material HandlingHeavy Engineering

Electrical &

Automation

Building & Factories EPC – Coal & Gas FerrousProcess Plant

Equipment

Electrical Standard

Products

Transportation InfraThermal Power Plant

ConstructionNon Ferrous

Nuclear Power Plant

Equipment

Electrical Systems &

Equipment

Heavy Civil Infra Critical Piping Metering & Protection

Water & Renewable

Energy

Power T&D

HydrocarbonDevelopmental

ProjectsIT & TS Financial Services Others

Upstream Roads Retail & Corporate Shipbuilding

Mid & Downstream Metros Infrastructure Realty

Ports General InsuranceConstruction & Mining

Equipment

Power Mutual Fund Asset

Management

Machinery & Industrial

Products

Construction &

Pipelines

Control & AutomationElectrostatic

Precipitators

Defence & Aerospace

Technology Services

Information

Technology

Bulk Material Handling

Infrastructure 71% (70%)

Power 10% (8%)

MMH 5% (7%)

HE 4% (4%)

E&A 1% (2%)

Hydrocarbon 7% (6%)

Others 2% (3%)

Order Book

Rs 2258 Bn

29

Segmental Breakup of Orders – 9M FY15

Infrastructure 53% (62%)

Power 9% (1%)

MMH 3% (2%)

HE 4% (4%)

E&A 4% (4%)

Hydrocarbon 9%

(10%) Services

13% (11%)

Others 5% (6%)

Figures in brackets indicate corresponding period of the Previous Year

Order Inflow

Rs 1078 Bn

Infrastructure 44%

MMH 4%

Power 5%

HE 4%

Hydrocarbon 8%

IT & TS 9% Fin. Services

7%

Devl. Proj. 7%

Others 7%

Segmental Breakup

30

Revenue Breakup – 9M FY15

E&A

5%

72%

28%

Geographical breakup

Domestic International

Infrastructure Segment

31

Amount in ` Bn

Investment momentum yet to pick up strongly

Revenue growth driven by in-line execution across all businesses

Execution of large, long duration international orders starting to contribute to Revenue

Comparative Margin reflective of job mix and one-off gains in FY14

Revenues & Margin

Power Segment

32

Amount in ` Bn

Long bid-to-award timelines adversely affecting the power sector

Slow progress on land, clearances and fuel availability

Revenue decline due to delayed replenishment of Order Book

Margin variation on account of lower level of operations

Revenues & Margin

Business shrinkage due to current business conditions (iron ore mining ban, global

over-capacity of steel, protracted procedures for clearances, depressed domestic

industrial capex,etc)

Revenue and Margin decline due to reduced Order Book and under-utilization

33

Amount in ` Bn

Metallurgical & Material Handling (MMH) Segment

Revenues & Margin

Deferral of investments in Oil, Gas, Fertiliser and Nuclear Power sectors continues

Global economic uncertainties dampening prospects

Private sector participation in domestic Defence opportunities is yet to mature

Revenue contraction due to paucity of orders in process plant sector

Margin diminution due to under-utilization and cost overruns in some projects 34

Amount in ` Bn

Heavy Engineering Segment

Revenues & Margin

Modest revenue growth affected by lacklustre domestic industrial capex; revival

closely linked to economic conditions

Healthy margins aided by stable input costs, operational efficiencies and product mix

35

Amount in ` Bn

Electrical & Automation (E&A) Segment

Revenues & Margin

Falling oil prices leading to uncertainty in oil & gas capex across geographies

Decline in revenues due to low opening order book and execution challenges in some

Middle East projects

Under-recovery, cost overruns and close out cost impact margins

36

Hydrocarbon Segment Amount in ` Bn

Revenues & Margin

Robust revenue growth driven mainly by North American markets

Focus is on leveraging depth of relationship with existing customers while continuing

efforts in new customer acquisitions

Margin variation due to augmentation of front-end Sales & Marketing staff,

compliance costs and increase in onsite staff deployment

37

Amount in ` Bn

IT & Technology Services Segment

Revenues & Margin

Realty and Valves Businesses power segment growth

EBITDA margin improvement through –

Increase in Realty Business

Reduction of Shipbuilding losses

38

Amount in ` Bn

Others Segment

Revenues & Margin

Step up in revenues due to operationalization of 2x700 MW Coal fired power plant at

Rajpura, Punjab (‘Nabha’) in early Q2 FY15

Traffic growth on operational road SPVs seen

CPPIB invests the first tranche of Rs 10 Bn in IDPL

39

Amount in ` Bn

Developmental Projects Segment Revenues & Margin

Balance Equity Commitment (Dec 2014): ` 45 Bn

Total Project Cost (Dec 2014): ` 567 Bn

Equity Invested (Dec 2014): ` 83 Bn

40

Roads and Bridges:

Portfolio: 17 projects (1764 Km); 12 Operational

Project Cost: `184 Bn

Power:

Portfolio: 5 projects (2270 MW); 1 Operational

Project Cost: `178 Bn

Ports:

Portfolio: 2 projects (18 MTPA) - Operational

Project Cost: `21 Bn

Metros:

Portfolio: 1 project (71.16 Km) – Under-implementation

Project Cost: `170 Bn

Transmission Lines:

Portfolio: 1 project (482 Km) – Under-implementation

Project Cost: `14 Bn

Concessions Business Portfolio – 26 SPVs

Loan assets growth through strong disbursements across segments:

Retail B2C: Microfinance, Tractors, 2-wheelers, Housing

Wholesale: Operational Renewable & Road projects

MF achieves AUM above Rs. 210 Bn with continuous accretion in equity assets

PAT growth due to healthy NIMs and strong fee income

41

L&T Finance Holdings

Q3 FY15 Q3 FY14 %

Change ` Billion

9M

FY15 9M FY14

%

Change FY14

65 58 11% Networth (Excl. Pref. Cap.) 65 58 11% 58

396 324 22% Borrowings 396 324 22% 359

94 64 46% Disbursements 235 178 32% 260

452 378 20% Loans and Advances 452 378 20% 401

3.0% 2.9% 0.1% Gross NPA (%) 3.0% 2.9% 0.1% 3.2%

1.82 1.10 66% PAT 5.30 4.10 29% 5.97

42

Presentation Outline

L&T Overview

Business Overview

Group Performance

Sectoral Opportunities & Outlook

Infrastructure Segment

43

Opportunities: Transportation –

Domestic – Airports, Railways, Dedicated Freight Corridor, Metro

Rails, Roads & Bridges

International – Airports, Roads & Bridges, Railways (GCC Rail)

Urban Infra / Factories -

Housing, Office Space, Hospitals, Shopping Malls, Hotels, Edu.

Institutions and Factory Buildings

Water - Prospects for Water supply & distribution / waste water

treatment and Effluent Treatment Plants

Nuclear Power - possibility of revival

Thrust on Solar

Power T&D –

PGCIL / STU spending in T&D / APDRP funding

Opportunities in MENA for T&D

Presence : Roads and Runways, Tunnels & Spl. Bridges, Ports,

Airports, Railways, Metro Rail, Residential & Commercial Buildings,

Factories, Water Infrastructure, Solar, Hydro & Nuclear Power, Power

T&D – Transmission lines & substation projects

Challenges: Overall Macro challenges; clarity on Investment plans

Land acquisition and environmental clearance

Contraction in Govt spends; reduced appetite for PPP from private sector

Aggressive Competition

Power Segment

44

Presence : EPC Projects in Power Capacity addition (Coal

& Gas), Coal based Power Plant Equipment (Boilers,

Turbines, ESP, Piping and other Power Auxiliaries)

Challenges:

Fuel supply

Land acquisition

Environment and Forest Clearances

Poor financial health of Distribution Cos

Aggressive bidding by competition

Opportunities:

Base level capacity addition in Coal based Power Plants

EPC prospects for gas-fired power plants in Bangladesh

Likely pick up in investments

Metallurgical & Material Handling Segment

45

Opportunities:

Capacity addition in ferrous metals sector both from

private and public units

Non Ferrous EPC prospects

Power segment currently driving Material Handling

business

Presence : Construction capabilities for ferrous and non-

ferrous plants, bulk material handling equipment and

systems addressing mining, steel, power, railways and ports

sectors

Challenges:

Land acquisition

Environment and forest clearances

Policy clarity and legal mandates on iron ore mining

Lack of private sector investment appetite

Heavy Engineering Segment

46

Opportunities: Oil & Gas equipment supply opportunities in India, Middle

East, Far East, Russia, Europe and USA

Nuclear Power Plant equipment in India

Interceptor Boats, Ships and Submarines for Indian Navy

and Coastguard

Artillery guns and other equipment for Indian Army

Components for Indian Space Program

Presence : Equipment for process plants (mainly for oil

and gas), Nuclear power plant equipment, Defense (mainly

for navy and army) and Aerospace

Challenges:

Shrinking spends on Oil & Gas

Reduced prospect base of nuclear power equipment post-

Fukushima and consequent on civil liability overhang

Monopoly of Public Sector in Defense orders; very long

prospect-to-award timelines

Electrical & Automation Segment

47

Opportunities: Electrical switchgear in industrial units

Large market for building electricals

Electrical switchgear for Agricultural segment

Automation solutions in Cement, Oil & Gas, Roads and

Power sectors

Metering and protection of power distribution networks

Presence : Low voltage switchgear, building electricals,

metering & protection equipment, low and medium voltage

customised switchboards, automation solutions

Challenges:

Subdued industrial capex, muted agricultural growth

Competitive intensity

Tight liquidity and high borrowing costs for small and

medium enterprises (including stockists)

Hydrocarbon Segment

48

Opportunities: Promising International prospects – Upstream / Mid &

Downstream

Opportunities from ONGC Capex – Upstream / Mid &

Downstream

Opportunities for Fertilizer EPC

Regasification terminals

Pipeline jobs in Western India

Presence : Offshore Platforms, Subsea pipelines,

Floating Systems, Jackup Rigs, Subsea installations,

Onshore Oil & Gas installations, Refineries, Petrochemical

and Fertiliser Plants (EPC), Onshore pipelines,

Regasification Terminals

Challenges:

Long bid-to-award timelines

Contraction in domestic E&P investment

Aggressive competition in Domestic and GCC markets

Project execution in international markets

Outlook – Wide circles of influence

49

Thank You

50

Annexure-1: Standalone Like–to-Like Extracts

51

IES Business became a separate subsidiary from 1st April, 2014

Q3 FY15

Reported IES Like-to-Like Total

Net Sales / Revenue from Operations 143.88 4.17 139.71 149.95 7%

EBITDA 16.89 0.86 16.02 15.70 -2%

Interest Expenses (2.91) (0.02) (2.89) (5.00) 73%

Depreciation (1.99) (0.07) (1.92) (2.64) 37%

Other Income 4.33 (0.01) 4.34 6.22 43%

Profit after Tax 12.41 0.64 11.77 10.60 -10%

` Billion Q3 FY14 %

Change

9M FY15

Reported IES Like-to-Like Total

Net Sales / Revenue from Operations 365.20 11.59 353.61 380.49 8%

EBITDA 37.66 2.65 35.01 39.99 14%

Interest Expenses (7.71) (0.09) (7.62) (10.85) 42%

Depreciation (5.79) (0.20) (5.58) (7.62) 37%

Other Income 13.86 (0.08) 13.94 17.13 23%

Profit after Tax 27.70 1.89 25.80 29.96 16%

` Billion 9M FY14 %

Change

Annexure-2: Group 9M P&L Summary Extracts

52

* Includes Insurance Business

9M FY15 9M FY14 %

Change FY14

Revenue from Operations 380.49 55.65 47.17 42.70 113.80 639.82 581.04 10% 851.28

EBITDA 39.98 10.86 6.68 19.65 0.22 77.39 70.09 10% 107.33

Interest Expenses (10.85) (0.03) 0.01 (8.42) (4.60) (23.90) (23.69) 1% (31.41)

Depreciation (7.62) (1.69) (0.85) (4.06) (6.13) (20.35) (17.32) 18% (14.46)

Other Income 17.13 0.18 1.19 0.07 (11.32) 7.26 7.13 2% 9.82

Provision for Taxes (10.40) (1.67) (2.68) (1.48) 1.35 (14.87) (17.40) -15% (26.28)

Profit After Tax 29.96 7.65 3.65 5.94 (20.25) 26.95 20.62 31% 49.02

` Billion L&T

Parent IT & TS

Fin.

Services *

Devl.

Projects

Other

Subsidiaries

&

Eliminations

L&T Group

Annexure 3: Group Balance Sheet Extracts

53

* Includes Insurance Business

Dec-14 Mar14Inc /

(Dec)

Net Worth (Excl. Pref. Cap.) 366.5 27.7 45.1 88.4 (123.9) 403.8 377.1 26.7

Minority Interest - 0.0 31.6 10.7 5.3 47.5 31.8 15.7

Borrowings 148.2 4.2 395.7 226.1 112.8 887.0 803.5 83.5

Net Segment Assets 514.7 31.9 472.4 354.8 (5.3) 1,368.5 1,247.2 121.3

L&T Group

` Billion L&T

Parent IT & TS

Fin.

Services *

Devl.

Projects

Other

Subsidiaries

&

Eliminations

Annexure 4: Group Cash Flow (Summarised)

54 * included under Net Cash from operations under statutory financial statements

` Billion Q3 FY15 9M FY15 Q3 FY14 9M FY14

Operating Profit 30.10 77.80 25.95 74.53

Adjustments for NWC (0.74) (25.57) (8.84) (70.53)

Direct Taxes (Paid) / Refund - Net (7.22) (20.97) (4.01) (20.89)

Net Cash from Operations 22.14 31.26 13.10 (16.89)

Investments in Fixed Assets (Net) (15.89) (53.55) (16.34) (49.49)

(Purchase) /Sale of Long Term & Current Investments (Net) (5.73) (10.88) 3.20 4.21

Investments / Loans to S&A Cos (Net) (0.73) 5.67 (0.31) (2.35)

Interest & Div. Received from Investments 1.20 3.46 2.16 4.40

Net Consideration on acquisition / disposal of Subs. (0.74) 1.08 1.08 1.14

Net Cash from / (used in) Investing Activities (21.89) (54.21) (10.22) (42.09)

Issue of Share Capital / Minority 10.21 16.25 2.82 3.68

Net Borrowings 29.01 94.25 20.69 123.12

Loans towards financing activities * (29.17) (47.87) (20.33) (37.21)

Interest & Dividend paid (8.80) (38.70) (12.96) (37.35)

Net Cash from Financing Activities 1.25 23.93 (9.77) 52.24

Net (Dec) / Inc in Cash & Bank 1.51 0.98 (6.90) (6.74)