LARSEN & TOUBRO LIMITED Registered Office: L&T House, Ballard Estate, Mumbai CIN : L99999MH1946PLC004768

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Gloria Russell
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1 3 months ended Year ended 1 (a) Gross Sales/Revenues from operations Less : Excise duty Net Sales/Revenues from operations (b) Other Operational Income Total Income from Operations (net) (a + b) Expenses: a) i) Consumption of raw materials, components and stores, spares & tools ii) Subcontracting charges iii) Construction materials consumed iv) Purchases of stockintrade v) Changes in inventories of finished goods, workinprogress and stockintrade (13870) (71268) vi) Other manufacturing, construction and operating expenses b) Employee benefits expense c) Sales, administration and other expenses d) Depreciation, amortisation, impairment and obsolescence Total expenses Profit from operations before other income, finance costs and exceptional items (12) Other income Profit from ordinary activities before finance costs and exceptional items (3+4) Finance costs Profit from ordinary activities after finance costs but before exceptional items (56) Exceptional items Profit from ordinary activities before tax (7+8) Tax Expense Net profit from ordinary activities after tax (910) Extraordinary items 13 Net profit for the period (11+12) Share in profit/(loss) of associates (net) (153) (196) (179) (251) Adjustments for minority interests in subsidiaries (12300) (14488) (8951) (44495) (20132) 16 Net Profit after tax, minority interest and share in profit/(loss) of associates ( ) Paidup equity share capital (face value of share: ` 2 each) Reserves excluding revaluation reserve Earnings per share (EPS) of ` 2 each (before extraordinary items) (Not annualised): (a) Basic EPS (`) (b) Diluted EPS (`) Earnings per share (EPS) of ` 2 each (after extraordinary items) (Not annualised): (a) Basic EPS (`) (b) Diluted EPS (`) See accompanying notes to the financial results LARSEN & TOUBRO LIMITED Registered Office: L&T House, Ballard Estate, CIN : L99999MH1946PLC STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2016

2 Notes : (i) Exceptional items for the year ended March 31, 2016 include: (a) Gain of ` lakh on sale of part stake in a subsidiary company and stake in an associate company during the quarter ended September 30, 2015; and (b) Gain of ` 4852 lakh on sale of the Company s Foundry Business unit during the quarter ended March 31, (ii) The Board of Directors of the Company has recommended a dividend of ` per equity share of face value of ` 2 each. (iii) Consolidated statement of assets and liabilities as per regulation 33(3)(f) of SEBI (Listing and Disclosure Requirements) Regulations, 2015: As at EQUITY AND LIABILITIES Shareholders' funds (a) Share capital (b) Reserves and surplus (including revaluation reserve) Subtotal Shareholders' funds Minority Interest Noncurrent liabilities (a) Longterm borrowings (b) Deferred tax liabilities (net) (c) Other long term liabilities (d) Longterm provisions Subtotal Noncurrent liabilities Current liabilities (a) Shortterm borrowings (b) Current maturities of long term borrowings (c) Trade payables Due to micro enterprises and small enterprises Due to others (d) Other current liabilities (e) Shortterm provisions Subtotal Current liabilities TOTAL EQUITY AND LIABILITIES ASSETS Noncurrent assets (a) Fixed Assets (b) Goodwill on consolidation (c) Noncurrent investments (d) Deferred tax assets (net) (e) Longterm loans and advances (f) Other noncurrent assets Subtotal Noncurrent assets Current assets (a) Current investments (b) Inventories (c) Trade receivables (d) Cash and bank balances (e) Shortterm loans and advances (f) Other current assets Subtotal Current assets TOTAL ASSETS (iv) The Company reports consolidated financial results on quarterly basis, pursuant to the option made available as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.The standalone financial results are available on the Company's website viz. and on the websites of BSE ( and NSE ( The specified items of the standalone financial results of the Company for the quarter and year ended March 31, 2016 are given below: 3 months ended Year ended Total Income from Operations (net) Profit before tax Profit after tax (v) During the quarter ended March 31, 2016, 2,64,108 equity shares of ` 2 each fully paidup were allotted on exercise of stock options by employees, in accordance with the Company's stock option schemes. (vi) The figures for the quarter ended March 31, 2016 and March 31, 2015 are the balancing figures between audited figures in respect of the full financial year and the limited reviewed yeartodate published figures upto the quarter ended December 31, 2015 and December 31, 2014 respectively. (vii) Figures for the previous periods have been regrouped/reclassified to conform to the figures of the current periods. (viii) The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on.

3 Audited Consolidated Segmentwise Revenue, Result and Capital Employed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: 3 months ended Year ended Gross segment revenue 1 Infrastructure Power Metallurgical & Material Handling Heavy Engineering Electrical & Automation Hydrocarbon IT & Technology Services Financial Services Developmental Projects Others [refer note (I) below] Total Less : Intersegment revenue Net segment revenue Segment result (Profit/ (Loss) before interest and tax) 1 Infrastructure Power Metallurgical & Material Handling 8144 (2462) Heavy Engineering (2343) (2380) 8159 (19203) Electrical & Automation Hydrocarbon (9195) 3929 (20924) (1543) (134280) 7 IT & Technology Services Financial Services Developmental Projects Others [refer note (I) below] Total Less : Intersegment margins on capital jobs Less : Interest expenses Add : Unallocable corporate income net of expenditure Profit Before Tax (before extraordinary item) Capital employed (Segment assets less segment liabilities) 1 Infrastructure Power Metallurgical & Material Handling Heavy Engineering Electrical & Automation Hydrocarbon IT & Technology Services Financial Services Developmental Projects Others [refer note (I) below] Total capital employed in segments Unallocable corporate assets less corporate liabilities Total Capital Employed Notes: (I) Segments have been identified in accordance with Accounting Standard (AS) 17 on Segment Reporting, considering the risk/return profiles of the businesses, their organisational structure and the internal reporting systems. The smaller business segments not separately reportable have been grouped under "Others" segment. The reportable segments have been identified based on segment revenue, segment result and segment assets as per the financial statements for the year ended March 31, (II) Segment composition: Infrastructure segment comprises engineering and construction of building and factories, transportation infrastructure, heavy civil infrastructure, power transmission & distribution and water, smart world and communication projects. Power segment comprises turnkey solutions for Coalbased and Gasbased thermal power plants including power generation equipment with associated systems and / or balanceofplant packages. Metallurgical & Material Handling segment comprises turnkey solutions for ferrous (iron & steel making) and nonferrous (aluminium, copper, lead & zinc) metal industries, bulk material & ash handling systems in power, port, steel and mining sector including manufacture and sale of industrial machinery and equipment. 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, Thermal & Nuclear Power, Aerospace and Defence. Electrical & Automation segment 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. Hydrocarbon segment comprises complete EPC solutions for the global Oil & Gas Industry from frontend design through detailed engineering, modular fabrication, procurement, project management, construction, installation and commissioning. IT & Technology Services segment comprises information technology and integrated engineering services. Financial Services segment comprises retail and corporate finance, housing finance, infrastructure finance, general insurance, asset management of mutual fund schemes and related advisory services. Developmental Projects segment comprises development, operation and maintenance of basic infrastructure projects, toll collection, power development, development and operation of port facilities and providing related advisory services. Others segment includes realty, shipbuilding, manufacture and sale of industrial valves, welding and cutting equipment, manufacture, marketing and servicing of construction equipment and parts thereof, marketing and servicing of mining machinery and parts thereof, manufacture and sale of rubber processing machinery & castings (upto the date of sale), readymix concrete, asphalt & paving materials, mining and aviation. (III) (IV) Segment revenue comprises sales & operational income allocable specifically to a segment including profit on sale of stake in the subsidiary and/or joint venture companies under developmental projects segment and realty business grouped under "Others" segment. Unallocable income primarily includes interest income, dividends and profit on sale of investments. Unallocable expenditure mainly includes expenses incurred on common services provided to segments and other corporate expenses. Corporate assets mainly comprise investments. In respect of majority of the segments for the Company, sales and margins do not accrue uniformly during the year. Hence, the operational/financial performance of aforesaid segments can be discerned only on the basis of figures for the full year.

4 3 months ended Year ended 1 (a) Gross Sales/Revenue from operations Less : Excise duty Net Sales/Revenue from operations (b) Other Operational Income Total Income from Operations (net) Expenses: a) i) Consumption of raw materials, components and stores, spares & tools ii) Subcontracting charges iii) Construction materials consumed iv) Purchases of stockintrade v) Changes in inventories of finished goods, workinprogress and stockintrade (3881) (21561) vi) Other manufacturing, construction and operating expenses b) Employee benefits expense c) Sales, administration and other expenses d) Depreciation, amortisation and obsolescence Total expenses Profit from operations before other income, finance costs and exceptional items (12) Other income Profit from ordinary activities before finance costs and exceptional items (3+4) Finance costs Profit from ordinary activities after finance costs but before exceptional items (56) Exceptional items [refer note (ii)] (7730) Profit from ordinary activities before tax (7+8) Tax Expense Net profit from ordinary activities after tax (910) Extraordinary items 13 Net profit for the period (11+12) Paidup equity share capital (face value of share: ` 2 each) Reserves excluding revaluation reserve Earnings per share (EPS) of ` 2 each (before extraordinary items) (Not annualised): (a) Basic EPS (`) (b) Diluted EPS (`) Earnings per share (EPS) of ` 2 each (after extraordinary items) (Not annualised): (a) Basic EPS (`) (b) Diluted EPS (`) See accompanying notes to the financial results LARSEN & TOUBRO LIMITED Registered Office: L&T House, Ballard Estate, CIN : L99999MH1946PLC STATEMENT OF STANDALONE AUDITED RESULTS FOR THE YEAR ENDED MARCH 31, 2016

5 Notes : (i) During the quarter ended March 31, 2016, 2,64,108 equity shares of ` 2 each fully paidup were allotted on exercise of stock options by employees, in accordance with the Company's stock option schemes. (ii) Exceptional items for the year ended March 31, 2016 include: (a) Gain of ` lakh on sale of part stake in a subsidiary company and stake in an associate company during the quarter ended September 30, 2015; (b) Gain of ` 9173 lakh on sale of stake in three subsidiary companies & an associate company during the quarter ended December 31, 2015 and gain of ` 918 lakh on sale of stake in a subsidiary company during the quarter ended March 31, 2016 to a wholly owned subsidiary of the Company; (c) Gain of ` 4852 lakh on sale of the Company s Foundry Business unit during the quarter ended March 31, 2016; and (d) Provision of ` lakh for impairment of investment in a subsidiary company during the quarter ended March 31, (iii) The Board of Directors has recommended a dividend of ` per equity share of face value of ` 2 each. (iv) Statement of assets and liabilities as per regulation 33(3)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: As at EQUITY AND LIABILITIES Shareholders' funds: (a) Share capital (b) Reserves and surplus (including revaluation reserve) Subtotal Shareholders' funds Noncurrent liabilities (a) Longterm borrowings (b) Deferred tax liabilities (net) (c) Other long term liabilities (d) Longterm provisions Subtotal Noncurrent liabilities Current liabilities (a) Shortterm borrowings (b) Current maturities of long term borrowings (c) Trade payables Due to micro enterprises and small enterprises Due to others (d) Other current liabilities (e) Shortterm provisions Subtotal Current liabilities TOTAL EQUITY AND LIABILITIES ASSETS Noncurrent assets (a) Fixed Assets (b) Noncurrent investments (c) Longterm loans and advances (d) Other noncurrent assets Subtotal Noncurrent assets Current assets (a) Current investments (b) Inventories (c) Trade receivables (d) Cash and bank balances (e) Shortterm loans and advances (f) Other current assets Subtotal Current assets TOTAL ASSETS (v) Figures for the previous periods have been regrouped/reclassified to conform to the figures of the current periods. (vi) The figures for the quarter ended March 31, 2016 and March 31, 2015 are the balancing figures between audited figures in respect of the full financial year and the limited reviewed published year to date figures upto the quarter ended December 31, 2015 and December 31, 2014 respectively.

6 (vii) Additional disclosures as per regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Sr No 1) Debtequity ratio [no.of times]* As at 31/03/2016 As at 31/03/ ) i) Previous due date for the payment of Interest of Non Convertible Debentures (NCDs) a) 9.15% NCDs (Issued on 5th January 2009) b) 8.8% NCDs (Issued on 13th April 2010) c) 9.15% NCDs (Issued on 11th May 2010) d) 8.95% NCDs (Issued on 26th May 2010) e) 9.75% NCDs (Issued on 10th April 2012) f) 9.15% NCDs (Issued on 22nd August 2014) g) 8.42% NCDs (Issued on 11th December 2014) h) 7.80% NCDs (Issued on 2nd February 2015) ii) Whether interest has been paid on due dates 3) i) Previous due date for the repayment of Principal of NCDs a) 8.42% NCDs (issued on 11th December 2014) b) 7.80% NCDs (issued on 2nd February 2015) ii) Whether principal has been repaid on due dates ) Next due date and amount for the payment of Interest of NCDs Amount Date Amount Date a) 9.15% NCDs (issued on 5th Jan 2009) b) 8.80% NCDs (issued on 13th April 2010) c) 9.15% NCDs (issued on 11th May 2010) d) 8.95% NCDs (issued on 26th May 2010) e) 9.75% NCDs (issued on 10th April 2012) f) 9.20% NCDs (issued on 21st August 2014) g) 9.20% NCDs (issued on 21st August 2014) h) 9.15% NCDs (issued on 22nd August 2014) i) 8.42% NCDs (issued on 11th December 2014) j) 7.80% NCDs (issued on 2nd February 2015) k) 8.40% NCDs (issued 24th September 2015) ) Next due date and amount for the repayment of Principal of NCDs Amount Date Amount Date a) 9.20% NCDs (issued on 21st August 2014) b) 9.20% NCDs (issued on 21st August 2014) c) 9.15% NCDs (issued on 22nd August 2014) d) 8.42% NCDs (issued on 11th December 2014) e) 7.80% NCDs (issued on 2nd February 2015) ) Debt service coverage ratio (DSCR) [no.of times]** 7) Interest service coverage ratio (ISCR) [no.of times]*** 8) Debenture Redemption Reserve 9) Net worth (excluding revaluation reserve) * DebtEquity Ratio = Debt divided by Equity ** DSCR = [Profit before interest and exceptional & extraordinary items divided by (Interest expense together with principal repayments of longterm debt during the year)] *** ISCR = [Profit before interest and exceptional & extraordinary items divided by interest expense] (viii) The Nonconvertible debentures issued by the Company are rated CRISIL AAA (Stable) and ICRA AAA (Stable). (ix) The Company continues to maintain 100% asset cover for the Nonconvertible debentures issued by it. (x) The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on.

7 Standalone Segmentwise Revenue, Result and Capital Employed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: 3 months ended Year ended Gross segment revenue 1 Infrastructure Power Metallurgical and Material Handling Heavy Engineering Electrical & Automation Others [refer note (I) below] Total Less : Intersegment revenue Net segment revenue Segment result (Profit/(Loss) before interest and tax) 1 Infrastructure Power Metallurgical and Material Handling 8202 (2411) Heavy Engineering (988) (1697) (7460) Electrical & Automation Others [refer note (I) below] Total Less : Intersegment margins on capital jobs (84) Less : Interest expenses Add : Unallocable corporate income net of expenditure Profit Before Tax (before extraordinary item) Capital employed (Segment assets less segment liabilities) 1 Infrastructure Power Metallurgical and Material Handling Heavy Engineering Electrical & Automation Others [refer note (I) below] Total capital employed in segments Unallocable corporate assets less corporate liabilities Total Capital Employed Notes: I Segments have been identified in accordance with Accounting Standard (AS) 17 on Segment Reporting, considering the risk/return profiles of the businesses, their organisational structure and the internal reporting systems. The smaller business segments not separately reportable have been grouped under "Others" segment. II Segment composition: Infrastructure segment comprises engineering and construction of building and factories, transportation infrastructure, heavy civil infrastructure, power transmission & distribution and water & effluent treatment, smart world & communication projects. Power segment comprises turnkey solutions for Coalbased and Gasbased thermal power plants including power generation equipment with associated systems and/or balanceofplant packages. Metallurgical & Material Handling segment comprises turnkey solutions for ferrous (iron & steel making) and nonferrous (aluminium, copper, lead & zinc) metal industries, bulk material & ash handling systems in power, port, steel and mining sector including manufacture and sale of industrial machinery and equipment. 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, Thermal & Nuclear Power, Aerospace and Defence. Electrical & Automation segment 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, shipbuilding, marketing and servicing of construction & mining machinery and parts thereof, manufacture and sale of rubber processing machinery & castings (upto the date of sale). III Segment revenue comprises sales & operational income allocable specifically to a segment including profit on sale of stake in the subsidiary and/or joint venture companies under realty business grouped under "Others" segment. Unallocable income primarily includes interest income, dividends and profit on sale of investments. Unallocable expenditure mainly includes expenses incurred on common services provided to segments and other corporate expenses. Corporate assets mainly comprise investments. IV In respect of majority of the segments for the Company, sales and margins do not accrue uniformly during the year. Hence, the operational/financial performance of aforesaid segments can be discerned only on the basis of figures for the full year.

LARSEN & TOUBRO LIMITED Registered Office: L&T House, Ballard Estate, Mumbai CIN : L99999MH1946PLC004768

LARSEN & TOUBRO LIMITED Registered Office: L&T House, Ballard Estate, Mumbai CIN : L99999MH1946PLC004768 1 Gross Sales/Revenue from operations 1914591 1512489 2022938 5755807 5716385 Less : Excise duty 17799 12987 15028 54066 56493 Net Sales/Revenue from operations 1896792 1499502 2007910 5701741 5659892