L&T Technology Services Limited — Annual Report 2021

May 3, 2021

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L&T Technology Services Limited L&T Business Park, TC 2 Tower B, Second floor, North East Wing, Gate no.5, Saki Vihar Road, Powai, Mumbai – 400072 www.ltts.com

May 3, 2021

National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex Bandra (East), Mumbai – 400 051. NSE Symbol: LTTS

The BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001 BSE Script Code: 540115

Subject: Outcome of Board Meeting as per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Ref: Our letter dated April 14, 2021

Dear Sirs,

We would like to inform that pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors of the Company at their meeting held today, i.e. May 3, 2021, have approved and taken on record the Audited Consolidated and Standalone Financial Results of the Company, for the quarter and year ended March 31, 2021. The Board Meeting was commenced at 4.30 p.m. and concluded at 6.45 p.m., we attach herewith the following

1. Audited Standalone and Consolidated Financial Results of the Company for the quarter and year ended March 31, 2021 along with the Auditor’s Report thereon. The Audit Reports were issued with unmodified opinion of the financial statements.

2. Press Release and Investor Release w.r.t. Financial Results for the quarter and year ended March 31, 2021.

Re-appointment of Director:

Pursuant to Regulation 30 read with Schedule III Para A (7) of the LODR Regulations, and based on recommendation of Nomination & Remuneration Committee, the Board has re-appointed Mr. Narayanan Kumar (DIN: 00007848) as the Independent Director of the Company for a further period of three years and seven months with effect from July 15, 2021 upto and including January 14, 2025, subject to the approval of the shareholders. The brief profile of Mr. Narayanan Kumar is attached herewith as Annexure A. We further affirm that Mr. Narayanan Kumar is not debarred from holding the office of director by virtue of any SEBI order or any other such authority.

The above Director is not related to any existing Directors.

Registered Office: L&T House, N. M. Marg, Ballard Estate, Mumbai - 400 001. INDIA, Tel: +91 22 6752 5656 Fax: +91 22 6752 5893

CIN : L72900MH2012PLC232169

L&T Technology Services is a subsidiary of Larsen & Toubro Limited

L&T Technology Services Limited L&T Business Park, TC 2 Tower B, Second floor, North East Wing, Gate no.5, Saki Vihar Road, Powai, Mumbai – 400072 www.ltts.com

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Final Dividend:

We would further like to inform that the Board of Directors at their meeting held today, have recommended a final dividend of 725% i.e. Rs. 14.5/- per equity share of face value of Rs 2.00/each, subject to approval of the shareholders of the Company, which if approved, shall be paid / dispatched within thirty days from the conclusion of the Annual General Meeting of the Company. The date of book closure for the purpose of final dividend shall be intimated later.

Secretarial Auditors:

Alwyn Jay & Co. Company Secretaries are appointed as Secretarial Auditors for the financial year 2021-22.

The above information is also available on the website of the Company. Kindly take the above information on record and acknowledge the receipt of the same.

Thanking You,

Yours sincerely,

For L&T Technology Services Limited

Kapil Bhalla Company Secretary FCS.3485 Encl: As above

Registered Office: L&T House, N. M. Marg, Ballard Estate, Mumbai - 400 001. INDIA, Tel: +91 22 6752 5656 Fax: +91 22 6752 5893

CIN : L72900MH2012PLC232169

L&T Technology Services is a subsidiary of Larsen & Toubro Limited

Annexure-A

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PROFILE OF N KUMAR

N Kumar is Vice Chairman of The Sanmar Group (www.sanmargroup.com), a multinational US $ 1 billion conglomerate headquartered in Chennai, India with manufacturing facilities in India, Mexico and Egypt. The Group is engaged in key business sectors - Chemicals (including Speciality Chemicals), Engineering (Products and Steel Castings) and Shipping.

N Kumar is the Honorary Consul General of Greece in Chennai.

As a spokesman of Industry and Trade, he is a former President of Confederation of Indian Industry (CII) and has participated in other apex bodies. He is also the Chairman of the Indo-Japan Chamber of Commerce & Industry.

N Kumar is on the Board of various public companies and carries with him over four decades of experience in the spheres of Electronics, Telecommunications, Chemicals, Engineering, Technology, Education, Management and Finance.

N Kumar has a wide range of public interests going beyond the confines of corporate management in areas of health, social welfare, education and sports. He is the Managing Trustee of The Indian Education Trust (www.srisankaraschools.org) that runs two schools in Chennai. He is also the President of Bala Mandir Kamaraj Trust, Chairman of Madhuram Narayanan Centre for Exceptional Children and a Trustee of WWF-India (World Wide Fund for Nature - India).

N Kumar is an Electronics Engineering Graduate from Anna University, Chennai and a fellow member of the Indian National Academy of Engineering. He is also a fellow life member of The Institution of Electronics and Telecommunication Engineers and The Institute of Electrical and Electronics Engineers, Inc., New York (IEEE).

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SHARP & TANNAN Chartered Accountants

Firm’s Registration No. 109982W

INDEPENDENT AUDITOR’S REPORT

To the Board of Directors of L&T Technology Services Limited

Report on the audit of the consolidated financial results

Opinion

1. We have audited the accompanying consolidated financial results of L&T Technology Services Limited (‘the Holding Company’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as ‘the Group’) for the year ended 31 March 2021 (‘the consolidated financial results’) attached herewith, being submitted by the Holding Company pursuant to the requirements of regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).

2. In our opinion and to the best of our information and according to the explanation given to us, and based on the consideration of the reports of the other auditors on separate audited financial statements and the other financial information of subsidiaries, the aforesaid consolidated financial results:

•	includes the annual financial results of the following entities:	includes the annual financial results of the following entities:
Sr. no.	Entity name	Relationship
1	L&T TechnologyServices LLC(‘LTTS LLC’)	Whollyowned subsidiary
2	Esencia Technologies Inc.	Wholly owned subsidiary of LTTS LLC
3	L&T Technology Services (Canada) Limited	Wholly owned subsidiary of LTTS LLC
4	Orchestra Technology, Inc.	Wholly owned subsidiary of LTTS LLC*
5	Esencia Technologies India Private Limited	Whollyowned subsidiary
6	L&T Thales TechnologyServices Private Limited	Subsidiary
7	Graphene Semiconductor Services Private Limited	Whollyowned subsidiary
8	Graphene Solutions Pte. Ltd.	Whollyowned subsidiary
9	Graphene Solutions SDN. BHD.	Whollyowned subsidiary
10	Graphene Solutions Taiwan Limited	Whollyowned subsidiary
11	Seastar Labs Private Limited	Whollyowned subsidiary
12	L&T TechnologyServices(Shanghai)Co. Limited	Whollyowned subsidiary

*With effect from 2 October 2020.

• are presented in accordance with the requirements of regulation 33 of the Listing Regulations in this regard; and

• give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards prescribed under section 133 of the Companies Act, 2013 (‘the Act’), read with relevant rules issued

Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road, Mumbai - 400 020, India. Tel. (22) 2204 7722/23, 2286 9900 Fax (22) 2286 9949 E-mail : admin.mumbai@sharpandtannan.com Shreedhar T. Kunte Ramnath D. Kare Edwin P. Augustine Raghunath P. Acharya Firdosh D. Buchia Tirtharaj A. Khot Pavan K. Aggarwal

Also at Pune. Associate Offices : New Delhi, Chennai, Bangalore, Baroda, Goa & Ahmedabad

SHARP & TANNAN

SHEET NO:: _____

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thereunder, and other accounting principles generally accepted in India, of the consolidated total comprehensive income (comprising of net profit and other comprehensive income) and other financial information of the Group for the year ended 31 March 2021.

Basis of opinion

1. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the auditor’s responsibilities for the audit of the consolidated financial results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other matters” paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Management’s responsibilities for the consolidated financial results

1. These consolidated financial results have been prepared on the basis of the consolidated annual financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other financial information of the Group in accordance with the Indian Accounting Standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Holding Company, as aforesaid.

2. In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

3. The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor’s responsibilities for the audit of the consolidated financial results

1. Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.

2. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

SHARP & TANNAN

SHEET NO::

_____

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• Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group to express an opinion on the consolidated financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

• We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

• We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

• We also performed procedures in accordance with the circular issued by the SEBI under regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other matters

1. The consolidated financial results include the audited financial results of six subsidiaries, whose financial statements reflect Group’s share of total assets of Rs. 4,726 million as at 31 March 2021, Group’s share of total revenue of Rs. 1,587 million and Rs. 5,582 million, Group’s share of total net profit after tax of Rs. 193 million and Rs. 629 million, total comprehensive income of Rs. 205 million and Rs. 529 million for the quarter ended 31 March 2021 and for the period from 1 April 2020 to 31 March 2021 respectively and net cash inflows amounting to

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L&T Technology Services Limited

Registered Office: L&T House, N.M. Marg, Ballard Estate, Mumbai 400 001

CIN : L72900MH2012PLC232169

Consolidated audited statement of assets and liabilities as per regulation 33(3)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circular dated July 5, 2016.

		₹ Million	₹ Million
A 1 2 B 1 2 3 Sr. No.	Particulars	As at	As at
		31-03-2021	31-03-2020
	ASSETS Non-current assets (a) Property, plant and equipment (b) Right-of-use assets (c) Capital work-in-progress (d) Goodwill (e) Other Intangible assets (f) Financial assets (i) Investments (ii) Trade receivables (iii) Other financial assets (g) Deferred tax assets (net) (h)Other non current assets	2,063 4,197 119 5,827 737 - - 1,644 67 1,049	2,099 3,490 87 5,460 686 310 - 827 311 661
	Total non-current assets	15,703	13,931
	Current assets (a) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Other bank balances (v) Loans (vi) Other financial assets (b)Other current assets	15,149 12,346 1,751 576 - 1,685 3,519	6,110 13,807 2,179 260 - 1,731 5,015
	Total current assets	35,026	29,102
	TOTAL ASSETS	50,729	43,033
	EQUITY AND LIABILITIES Equity (a) Equity share capital (b)Other equity	210 34,521	209 27,477
	Equity attributable to equity holders of the Company	34,731	27,686
	Non-controllinginterest	101	69
	Total equity	34,832	27,755
	Non-current liabilities (a) Financial liabilities (i) Lease liability (ii) Other financial liabilities (b)Deferred tax liabilities(net)	4,015 322 578	3,268 1,622 -
	Total non-current liabilities	4,915	4,890
	Current liabilities (a) Financial liabilities (i) Borrowings (ii) Trade payables Due to micro enterprises and small enterprises Due to others (iii) Lease liability (iv) Other financial liabilities (b) Other current liabilities (c) Provisions (d)Current tax liabilities(net)	- 66 2,286 790 2,827 2,958 1,584 471	303 28 1,947 693 3,059 2,376 1,654 328
	Total current liabilities	10,982	10,388
	TOTAL EQUITY AND LIABILITIES	50,729	43,033

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L&T Technology Services Limited

Registered Office: L&T House, N.M. Marg, Ballard Estate, Mumbai 400 001

CIN : L72900MH2012PLC232169

Statement of audited consolidated financial results for the quarter and year ended March 31, 2021

		₹ Million	₹ Million	₹ Million	₹ Million	₹ Million
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Sr. No.	Particulars	Quarter ended			Year ended
		31-03-2021 Refer note (6)	31-12-2020 (Reviewed)	31-03-2020 Refer note (6)	31-03-2021 (Audited)	31-03-2020 (Audited)
	Income a) Revenue from operations b) Other income (net) Total income Expenses a) Employee benefit expenses b) Depreciation and amortisation expenses c) Other expenses d) Finance costs Total expenses Profit from ordinary activities after finance costs but before exceptional items (1-2) Exceptional items Profit from ordinary activities before tax (3-4) Tax expense Net profit from ordinary activities after tax (5-6) Extraordinary items (net of tax expense) Net profit for the period (7+8) Other comprehensive income (net of tax expense) Total comprehensive income (9+10) Net profit / (loss) attributable to : Shareholders of the Company Non-controlling interest Total comprehensive income attributable to : Shareholders of the Company Non-controlling interest Paid up equity share capital Face value per equity share (in Rs.) Other equity Earnings per equity share (Not annualised) a) Basic (in Rs.) b)Diluted(in Rs.)	14,405 346 14,751 8,496 540 2,978 125 12,139 2,612 - 2,612 659 1,953 - 1,953 235 2,188 1,945 8 2,180 8 210 2 18.54 18.42	14,007 488 14,495 8,556 624 2,695 114 11,989 2,506 - 2,506 637 1,869 - 1,869 470 2,339 1,861 8 2,331 8 210 2 17.75 17.63	14,466 614 15,080 8,337 485 3,446 94 12,362 2,718 - 2,718 655 2,063 - 2,063 (1,907) 156 2,048 15 141 15 209 2 19.61 19.40	54,497 1,537 56,034 33,550 2,183 10,873 455 47,061 8,973 - 8,973 2,308 6,665 - 6,665 2,482 9,147 6,633 32 9,115 32 210 2 34,521 63.32 62.90	56,191 2,091 58,282 32,516 1,829 12,570 365 47,280 11,002 - 11,002 2,778 8,224 - 8,224 (2,479) 5,745 8,186 38 5,707 38 209 2 27,546 78.56 77.70

Statement of audited consolidated financial results for the quarter and year ended March 31, 2021

Sr. No. 1 2	Particulars	Quarter ended	Quarter ended	Quarter ended	Year ended	Year ended
		31-03-2021 Refer note (6)	31-12-2020 (Reviewed)	31-03-2020 Refer note (6)	31-03-2021 (Audited)	31-03-2020 (Audited)
	Segment revenue Transportation Plant Engineering Industrial Products Medical Devices Telecom & Hitech	4,492 2,239 2,717 1,773 3,184	4,261 2,055 2,706 1,780 3,205	5,168 2,318 2,785 1,469 2,726	16,967 7,973 10,504 6,957 12,096	19,863 9,099 10,863 5,113 11,253
	Revenue from operations	14,405	14,007	14,466	54,497	56,191
	Segment results Transportation Plant Engineering Industrial Products Medical Devices Telecom & Hitech	753 520 778 563 367	697 491 769 560 370	758 523 732 411 380	2,496 1,667 2,833 2,142 1,456	3,510 2,313 2,837 1,396 1,857
	Total results	2,981	2,887	2,804	10,594	11,913
	Less - Unallocable expenses (net) Add - Other income Less - Finance costs Less - Depreciation and amortisation expenses	50 346 125 540	131 488 114 624	121 614 94 485	520 1,537 455 2,183	808 2,091 365 1,829
	Profit before tax	2,612	2,506	2,718	8,973	11,002

Notes for segment information

• a Segments have been identified in accordance with Indian Accounting Standards ("Ind AS") 108 on Operating Segments, considering the risk/return profiles of the business, their organisational structure and internal reporting systems.

• b Property, plant and equipment used and liabilities contracted for performing the Company's business have not been identified to any of the above reported segments as the property, plant and equipment and services are used interchangeably among segments.

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L&T Technology Services Limited

Registered Office: L&T House, N.M. Marg, Ballard Estate, Mumbai 400 001

CIN : L72900MH2012PLC232169

Consolidated statement of Cash Flow as per regulation 33(3)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circular dated July 5, 2016.

		₹ Million	₹ Million
A B C Sr. No.	Particulars	Year ended
		March 31,	March 31,
		2021	2020
	Cash flow from operating activities Profit/(loss) before tax (excluding exceptional and extraordinary items) Adjustments for: Depreciation and amortisation Interest income Interest paid (Profit)/Loss on sale of fixed assets Employee stock option forming part of staff expenses Bad debts written off, allowances for bad and doubtful debts and ECL Investment income Unrealised foreign exchange loss/(gain) Operating profit before working capital changes Changes in working capital (Increase)/decrease in trade and other receivables Increase/(decrease) in trade and other payables (Increase)/decrease in working capital Cash generated from operations Direct taxes paid Net cash (used in)/from operating activities Cash flow from investing activities Purchase of property, plant and equipment and intangibles Sale of property, plant and equipment and intangibles Consideration paid on acquisition of subsidiaries (Purchase)/ sales of current investments (net) Cash and cash equivalents acquired pursuant to acquisition of subsidiaries Deposits/loans (given) - subsidiaries and third parties Income received from current investments Interest received Net cash (used in)/from investing activities Cash flow from financing acivities Equity share capital issued Proceeds from/(repayment of) borrowings Interest paid Lease liability paid Dividend paid Dividend tax paid Net cash (used in) / from financing activities Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at beginning of the period Cash and cash equivalents at end of theperiod	8,973 2,183 (155) 455 (35) 126 (111) (315) 430 11,551 2,070 2,175 4,245 15,796 (2,523) 13,273 (771) 15 (795) (8,613) 70 (315) 200 155 (10,054) 1 (287) (455) (688) (2,198) - (3,627) (408) 2,133 1,725	11,002 1,829 (173) 365 - 199 326 (170) (591) 12,787 (5,310) 1,023 (4,287) 8,500 (2,119) 6,381 (1,527) 16 (436) (350) - (253) 166 162 (2,222) 1 (426) (365) (634) (2,186) (450) (4,060) 99 2,034 2,133
Notes: 1 2 3	Cash and cash equivalents included in statement of cash flows comprise the following : Year ended 31-03-2021 Year ended 31-03-2020 a) Cash and cash equivalents disclosed under current assets 1,751 2,179 b) Other bank balances disclosed under current assets 576 260 c) Cash and cash equivalents disclosed under non-current assets 5 5 Total cash and cash equivalents as per balance sheet 2,332 2,444 Add: (i) Unrealised exchange (gain)/loss on cash and cash equivalents (26) (46) Less: (ii) Other bank balances disclosed under current assets 576 260 Less: (iii) Cash and cash equivalents disclosed under non-current assets 5 5 Total cash and cash equivalents as per cash flow statement 1,725 2,133 Statement of cash flows has been prepared under the indirect method as set out in the IndAS 7 "Statement of Cash Flows" as specified in the Companies (Indian Accounting Standards) Rules, 2015. Purchase of fixed assets represents addditions to property, plant and equipment and other intangible assets adjusted for movement of of capital work-in-progress of (a) capital work-in-progress for property, plant and equipment and (b) intangible assets.
		(26) (46) 576 260 5 5
		1,725 2,133

Explanatory notes to the statement of audited consolidated financial results for the quarter and year ended March 31, 2021

1. The interim consolidated financial statements for the quarter and year ended March 31, 2021 and the audited consolidated financial statements for the year ended March 31, 2021 have been taken on record by the Board of Directors at its meeting held on May 3, 2021. The statutory auditors, Sharp & Tannan, have expressed an unqualified audit opinion. The information for the year ended March 31, 2021 presented above is extracted from the audited consolidated financial statements and the information for quarter ended March 31, 2021 are extracted from the interim consolidated financial statements. These consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under section 133 of the Companies Act, 2013 read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, as amended.

2. The standalone financial results are available on the Company’s website viz. www.ltts.com and on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com). The specified items of the standalone financial results of the Company for the quarter and year ended March 31, 2021 are given below:

are given below:
				(₹ million) Year ended 31-03-2021 31-03-2020 51,382 53,936 8,951 10,550 6,731 7,900
Particulars		Quarter ended		Year ended
	31-03-2021	31-12-2020	31-03-2020	31-03-2021	31-03-2020
Total income	13,394	13,160	13,874	51,382	53,936
Profit before tax	2,512	2,537	2,510	8,951	10,550
Profit after tax	1,906	1,898	1,907	6,731	7,900

1. L&T Technology Services LLC, a US based wholly owned subsidiary of the Company, has acquired a 100% stake in a US based company named Orchestra Technology, Inc., effective October 2, 2020. The company is in the business of delivering high-value engineering services and solutions for the global telecommunications industry. The income and expenses of Orchestra Technology Inc. have, accordingly, been consolidated and included in the financials for the year ended March 31, 2021. Resultantly, the figures for the current periods are not comparable with the previous periods.

2. During the quarter ended March 31, 2021 the Company has allotted 46,835 equity shares of Rs. 2 each fully paid-up on exercise of stock options by employees in accordance with the Company's stock option scheme.

3. The Board of Directors have recommended a final dividend of Rs. 14.50 per equity share (face value Rs. 2) for the year ended March 31,2021 and the final dividend is payable subject to the approval of the shareholders at the ninth annual general meeting.

4. The figures for the quarter ended March 31, 2021 and March 31, 2020 are the balancing figures between audited figures in respect of the full financial year and the limited reviewed year to date figures up to the quarters ended December 31, 2020 and December 31, 2019 respectively.

5. Estimation uncertainty relating to COVID-19: The Group has considered internal and certain external sources of information including reliable credit reports, economic forecasts and industry reports up to the date of approval of the financial results in determining the impact on various elements of its financial results. The Group has used the principles of prudence in applying judgments, estimates and assumptions including sensitivity analysis and based on current estimates, the Group expects to fully recover the carrying amount of trade receivables including unbilled receivables, intangible assets, and investments. Management of the Group has also reviewed goodwill and is of the opinion that no impairment is required at present. The eventual outcome of impact of the global health pandemic may be different from those estimated as on the date of approval of these financial results.

8. Figures for earlier periods have been regrouped, wherever necessary.

For and on behalf of the Board of Directors of L&T Technology Services Limited

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Amit Chadha

Washington, USA May 3, 2021

Chief Executive Officer and Managing Director

SHARP & TANNAN Chartered Accountants

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Firm’s Registration No. 109982W

INDEPENDENT AUDITOR’S REPORT

To the Board of Directors of L&T Technology Services Limited

Report on the audit of the Standalone Financial Results

Opinion

• 1 We have audited the accompanying standalone quarterly financial results of L&T Technology Services Limited (‘the Company’), for the quarter ended 31 March 2021 and the year to date financial results for the period from 1 April 2020 to 31 March 2021 attached herewith (‘the standalone financial results’), being submitted by the Company pursuant to the requirement of regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).

• 2 In our opinion and to the best of our information and according to the explanations given to us, the standalone financial results:

• (i) are presented in accordance with the requirements of regulation 33 of the Listing Regulations in this regard; and

• (ii) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information for the quarter ended 31 March 2021 as well as the year to date results for the period from 1 April 2020 to 31 March 2021.

Basis of opinion

• 3 We conducted our audit in accordance with the Standards on Auditing (‘SAs’) specified under section 143(10) of the Companies Act, 2013 (‘the Act’). Our responsibilities under those Standards are further described in the a uditor’s responsibilities for the audit of the standalone financial results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management’s responsibilities for the standalone financial results

• 4 These standalone financial results have been prepared on the basis of the standalone financial statements. The Company’s Board of Directors are responsible for the preparation of these standalone financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, ‘Interim Financial Reporting’ prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with regulation

Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road, Mumbai - 400 020, India. Tel. (22) 2204 7722/23, 2286 9900 Fax (22) 2286 9949 E-mail : admin.mumbai@sharpandtannan.com Shreedhar T. Kunte Ramnath D. Kare Edwin P. Augustine Raghunath P. Acharya Firdosh D. Buchia Tirtharaj A. Khot Pavan K. Aggarwal

Also at Pune. Associate Offices : New Delhi, Chennai, Bangalore, Baroda, Goa & Ahmedabad

SHARP & TANNAN

SHEET NO::

_____

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33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

• 5 In preparing the standalone financial results, the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

• 6 The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s responsibilities for the audit of the standalone financial results

• 7 Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

• 8 As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls in place with reference to the financial statements and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

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L&T Technology Services Limited

Registered Office: L&T House, N.M. Marg, Ballard Estate, Mumbai 400 001

CIN : L72900MH2012PLC232169

Standalone audited statement of assets and liabilities as per regulation 33(3)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circular dated July 5, 2016.

₹ Million

A 1 2 B 1 2 3 Sr. No.	Particulars	As at	As at
		31-03-2021	31-03-2020
	ASSETS Non-current assets (a) Property, plant and equipment (b) Right-of-use assets (c) Capital work-in-progress (d) Goodwill (e) Other Intangible assets (f) Financial assets (i) Investments (ii) Trade receivables (ii) Other financial assets (g) Deferred tax assets (net) (h)Other non current assets	2,001 4,117 119 3,891 187 2,076 - 1,636 - 1,035	2,039 3,391 87 3,891 274 1,574 - 816 366 581
	Total non-current assets	15,062	13,019
	Current assets (a) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Other bank balances (v) Loans (vi) Other financial assets (b)Other current assets	14,930 11,751 1,426 576 - 1,382 3,074	6,078 13,212 2,011 260 92 1,678 4,467
	Total current assets	33,139	27,798
	TOTAL ASSETS	48,201	40,817
	EQUITY AND LIABILITIES Equity (a) Equity share capital (b)Other equity	210 33,191	209 25,991
	Total equity	33,401	26,200
	Non-current liabilities (a) Financial liabilities (i) Lease liability (ii) Other financial liabilities (b)Deferred tax liabilities(Net)	3,956 207 530	3,189 1,622 -
	Total non-current liabilities	4,693	4,811
	Current liabilities (a) Financial liabilities (i) Short-term borrowings (ii) Trade payables Due to micro enterprises and small enterprises Due to others (iii) Lease liability (iv) Other financial liabilities (b) Other current liabilities (c) Provisions (d)Current tax liabilities(net)	- 66 2,136 760 2,402 2,820 1,550 373	239 27 1,843 658 2,893 2,292 1,625 229
	Total current liabilities	10,107	9,806
	TOTAL EQUITY AND LIABILITIES	48,201	40,817

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L&T Technology Services Limited

Registered Office: L&T House, N.M. Marg, Ballard Estate, Mumbai 400 001

CIN : L72900MH2012PLC232169

Statement of audited standalone financial results for the quarter and year ended March 31, 2021

₹ Million

					₹ Million	₹ Million
1 2 3 4 5 6 7 8 9 10 11 12 13 14 Sr. No.	Particulars	Quarter ended			Year ended
		31-03-2021 Refer note (4)	31-12-2020 (Reviewed)	31-03-2020 Refer note (4)	31-03-2021 (Audited)	31-03-2020 (Audited)
	Income a) Revenue from operations b) Other income (net) Total income Expenses a) Employee benefit expenses b) Depreciation and amortisation expenses c) Other expenses d) Finance costs Total expenses Profit from ordinary activities after finance costs but before exceptional items (1-2) Exceptional items Profit from ordinary activities before tax (3-4) Tax expense Net profit from ordinary activities after tax (5-6) Extraordinary items (net of tax expense) Net profit for the period (7+8) Other comprehensive income (net of tax expense) Total comprehensive income (9+10) Paid up equity share capital Face value per equity share (in Rs.) Other equity Earnings per equity share (Not annualised) a) Basic (in Rs.) b)Diluted(in Rs.)	13,030 365 13,395 7,561 434 2,773 115 10,883 2,512 - 2,512 606 1,906 - 1,906 225 2,131 210 2 18.17 18.05	12,676 484 13,160 7,569 439 2,512 103 10,623 2,537 - 2,537 639 1,898 - 1,898 505 2,403 210 2 18.10 17.97	13,241 633 13,874 7,467 408 3,395 94 11,364 2,510 - 2,510 603 1,907 - 1,907 (1,988) (81) 209 2 18.26 18.06	49,640 1,743 51,383 30,012 1,737 10,248 435 42,432 8,951 - 8,951 2,220 6,731 - 6,731 2,540 9,271 210 2 33,191 64.25 63.83	51,813 2,123 53,936 29,263 1,534 12,238 351 43,386 10,550 - 10,550 2,650 7,900 - 7,900 (2,603) 5,297 209 2 25,991 75.82 74.99

Statement of audited standalone financial results for the quarter and year ended March 31, 2021

1 2 Sr. No.	Particulars	Quarter ended	Quarter ended	Quarter ended	Year ended	Year ended
		31-03-2021 Refer note (4)	31-12-2020 (Reviewed)	31-03-2020 Refer note (4)	31-03-2021 (Audited)	31-03-2020 (Audited)
	Segment revenue Transportation Plant Engineering Industrial Products Medical Devices Telecom & Hitech	3,870 2,218 2,648 1,766 2,528	3,732 2,037 2,565 1,765 2,577	4,449 2,320 2,664 1,470 2,338	14,740 7,930 10,048 6,872 10,050	17,014 9,101 10,717 5,109 9,872
	Revenue from operations	13,030	12,676	13,241	49,640	51,813
	Segment results Transportation Plant Engineering Industrial Products Medical Devices Telecom & Hitech	609 507 812 546 264	604 488 760 547 324	604 526 618 412 340	2,081 1,651 2,837 2,124 1,177	3,064 2,315 2,695 1,397 1,649
	Total results	2,738	2,723	2,500	9,870	11,120
	Less - Unallocable expenses (net) Add - Other income Less - Finance costs Less - Depreciation and amortisation expenses	42 365 115 434	128 484 103 439	121 633 94 408	490 1,743 435 1,737	808 2,123 351 1,534
	Profit before tax	2,512	2,537	2,510	8,951	10,550

Notes for segment information

• a Segments have been identified in accordance with Indian Accounting Standards ("Ind AS") 108 on Operating Segments, considering the risk/return profiles of the business, their organisational structure and internal reporting systems.

• b Property, plant and equipment used and liabilities contracted for performing the Company's business have not been identified to any of the above reported segments as the property, plant and equipment and services are used interchangeably among segments.

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L&T Technology Services Limited

Registered Office: L&T House, N.M. Marg, Ballard Estate, Mumbai 400 001 CIN : L72900MH2012PLC232169

Standalone statement of Cash Flow as per regulation 33(3)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circular dated July 5, 2016.

		₹ Million	₹ Million
A B C Sr. No.	Particulars	Year ended
		March 31,	March 31,
		2021	2020
	Cash flow from operating activities Profit before tax Adjustments for: Depreciation and amortisation Interest received Interest paid (Profit)/ loss on sale of fixed assets Employee stock option forming part of staff expenses Bad debts written off, allowances for bad and doubtful debts and ECL Investment income Unrealised foreign exchange loss/(gain) Operating profit before working capital changes Changes in working capital (Increase)/decrease in trade and other receivables Increase/(decrease) in trade and other payables (Increase)/decrease in working capital Cash generated from operations Direct taxes paid Net cash (used in)/from operating activities Cash flow from investing activities Purchase of property, plant and equipment and intangibles Sale of property, plant and equipment and intangibles (Purchase)/ sales of current investments (net) (Purchase)/ sales of non-current investments Deposits/loans (given) - subsidiaries and third parties Consideration paid on acquisition of subsidiaries Capital infusion in subsidiaries Consideration paid for acquiring Graphene business Dividends received from current investments Dividend from subsidiary Interest received Net cash (used in)/from investing activities Cash flow from financing acivities Equity share capital issued including share premium Proceeds from/(repayment of) borrowings Interest paid Lease liability paid Dividend paid Dividend tax Net cash (used in) / from financing activities Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end ofyear	8,951 1,737 (150) 435 (31) 126 (142) (493) 508 10,941 1,995 2,118 4,113 15,054 (2,383) 12,671 (724) 14 (8,427) - (223) - (812) - 197 180 149 (9,646) 1 (239) (435) (667) (2,198) - (3,538) (513) 1,965 1,452	10,550 1,534 (185) 351 - 199 322 (169) (617) 11,985 (2,950) (457) (3,407) 8,578 (1,935) 6,643 (1,492) 16 (388) (310) (251) (508) - (206) 164 - 170 (2,805) 1 (186) (351) (600) (2,187) (449) (3,772) 66 1,899 1,965
Notes: 1 2 3	Year ended 31-03-2021 Year ended 31-03-2020 a) Cash and cash equivalents disclosed under current assets 1,426 2,011 b) Other bank balances disclosed under current assets 576 260 c) Cash and cash equivalents disclosed under non-current assets 2 2 Total cash and cash equivalents as per balance sheet 2,004 2,273 Add: (i) Unrealised exchange (gain)/loss on cash and cash equivalents 26 (46) Less: (ii) Other bank balances disclosed under current assets 576 260 Less: (iii) Cash and cash equivalents disclosed under non-current assets 2 2 Total cash and cash equivalents as per cash flow statement 1,452 1,965 Statement of cash flows has been prepared under the indirect method as set out in the Ind AS 7 "Statement of Cash Flows" as specified in the Companies (Indian Accounting Standards) Rules, 2015. Purchase of fixed assets represents addditions to property, plant and equipment and other intangible assets adjusted for movement of of capital work-in-progress of (a) capital work-in-progress for property, plant and equipment and (b) intangible assets. Cash and cash equivalents included in the statement of cash flows comprise the following:
		2,004 2,273 26 (46) 576 260 2 2
		1,452 1,965

Explanatory notes to the statement of audited standalone financial results for the quarter and year ended March 31, 2021

1. The interim standalone financial statements for the quarter and year ended March 31, 2021 and the audited standalone financial statements for the year ended March 31, 2021 have been taken on record by the Board of Directors at its meeting held on May 3, 2021. The statutory auditors, Sharp & Tannan, have expressed an unqualified audit opinion. The information for the year ended March 31, 2021 presented above is extracted from the audited standalone financial statements and the information for quarter ended March 31, 2021 are extracted from the interim standalone financial statements. These standalone financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under section 133 of the Companies Act, 2013 read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, as amended.

2. During the quarter ended March 31, 2021 the Company has allotted 46,835 equity shares of Rs. 2 each fully paid-up on exercise of stock options by employees in accordance with the Company's stock option scheme.

3. The Board of Directors have recommended a final dividend of Rs. 14.50 per equity share (face value Rs. 2) for the year ended March 31,2021 and the final dividend is payable subject to the approval of the shareholders at the ninth annual general meeting.

4. The figures for the quarter ended March 31, 2021 and March 31, 2020 are the balancing figures between audited figures in respect of the full financial year and the limited reviewed year to date figures up to the quarters ended December 31, 2020 and December 31, 2019 respectively.

5. Estimation uncertainty relating to COVID-19: The Company has considered internal and certain external sources of information including reliable credit reports, economic forecasts and industry reports up to the date of approval of the financial results in determining the impact on various elements of its financial results. The Company has used the principles of prudence in applying judgments, estimates and assumptions including sensitivity analysis and based on current estimates, the Company expects to fully recover the carrying amount of trade receivables including unbilled receivables, intangible assets and investments. Management of the Company has also reviewed goodwill and is of the opinion that no impairment is required at present. The eventual outcome of impact of the global health pandemic may be different from those estimated as on the date of approval of these financial results.

6. Figures for earlier periods have been regrouped, wherever necessary.

For and on behalf of the Board of Directors of L&T Technology Services Limited

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Washington, USA May 3, 2021

Amit Chadha Chief Executive Officer and Managing Director

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L&T Technology Services reports a resilient Q4FY21 to close FY21 with strong execution

Q4 Revenue of $197.5mn, up 4% QoQ Q4 Net profit of ₹195 crore, up 5% QoQ

Mumbai, May 03, 2021: L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India’s leading pure-play engineering services company, announced its results for the fourth quarter and full year ended March 31, 2021.

Highlights for Q4FY21 include:

• Revenue at ₹ 14,405 million; growth of 2.8% QoQ

• USD Revenue at $197.5 million; growth of 3.9% QoQ

• EBIT margin at 16.6%; up 140 bps QoQ

• Net profit at ₹ 1,945 million; growth of 4.5% QoQ

Highlights for FY21 include:

• Revenue at ₹54,497 million; decline of 3%

• USD Revenue at $737 million; decline of 6.3%

• EBIT margin at 14.5%

• Net profit at ₹6,633 million; decline of 19%

• Board has recommended a final dividend of ₹14.50 per share

During the quarter, LTTS won 6 deals with TCV of USD10 million plus, which includes 2 USD25 million plus deals. Revenues from digital and leading-edge technologies stood at 52% during the quarter.

“We are exiting FY21 on an optimistic note post three consecutive quarters of strong deal wins and sequential revenue and operating margin improvement. The annual free cash flow generation at ₹1,252 crores was at a record high. I am happy to note that in Q4, our revenue is back on the positive year-over-year growth path.

We are seeing healthy deal win closures and pipeline build up as customers look for innovation and digital led transformation to strengthen their market positioning. Across all our five segments, we are investing in disruptive technologies and design labs to further the growth.

As we continue to execute in an environment made difficult by Covid uncertainties, I would like to thank our employees for their commitment, customer focus and resilience that has helped us deepen strategic relationships”, said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.

REGISTERED OFFICE: L&T House, N.M. Marg, Ballard Estate, Mumbai - 400 001 CIN: L72900MH2012PLC232169

www.LTTS.com info@LTTS.com Copyright © L&T Technology Services

Industry Recognitions:

• LTTS has been recognized as a ‘Leader’ for Development and Verification & Validation services in Industry 4.0 by Everest Group

• ISG Group rated LTTS as ‘Leader’ in Smart Manufacturing Services for Automotive and Hi-Tech

• LTTS won the 2021 Big Innovation Awards, USA for Chest rAI™ and i-BEMS™.

• For its Solar Electrification tribal village project, LTTS was conferred with the Mahatma Award for CSR Excellence.

Patents

At the end of the fourth quarter, the patents portfolio of L&T Technology Services stood at 650, out of which 485 are co-authored with its customers and the remaining 165 have been filed by LTTS.

Human Resources

At the end of Q4FY21, LTTS’ employee strength stood at 16,452.

About L&T Technology Services Ltd

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 53 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 16,400 employees spread across 17 global design centers, 28 global sales offices and 69 innovation labs as of March 31, 2021.

Media Contact:

Aniruddha Basu L&T Technology Services Limited E: Aniruddha.Basu@LTTS.com T: +91-80-67675707

REGISTERED OFFICE: L&T House, N.M. Marg, Ballard Estate, Mumbai - 400 001 CIN: L72900MH2012PLC232169 www.LTTS.com info@LTTS.com Copyright © L&T Technology Services

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ENGINEERING THE CHANGE

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L&T TECHNOLOGY SERVICES LIMITED FOURTH QUARTER - FY 21 RESULTS

Investor Release Mumbai, India, May 3, 2021

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SAFE HARBOUR STATEMENT

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. L&T Technology Services Limited (LTTS) does not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

PAGE 2 L&T TECHNOLOGY SERVICES | Q4 FY 21 - QUARTERLY RESULT

FINANCIAL HIGHLIGHTS

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Q4 FY21

• [Revenue of ] [₹][14,405 million][ for the quarter; growth of ] [2.8% QoQ][ and decline of ] [0.4% YoY]

• [ Revenue of ] [$197.5 million][ for the quarter; a growth of ] [3.9% QoQ][ and ] [1.1% YoY][; in constant currency a growth of ] [3.8% QoQ] and decline of 0.6% YoY

• [EBIT of ] [₹][2,391 million][ for the quarter; EBIT margin at ] [16.6%]

• [ Net Income of ] [₹][1,945 million][ for the quarter, growth of ] [4.5% QoQ ][and decline of ] [5.0% YoY;][ Net margin at ] [13.5% ]

FY21

• [Revenue of ] [₹][54,497 million][ for the year; decline of] [ 3.0% ]

• [ Revenue of ] [$736.6 million][ for the year; decline of ] [6.3%][; in constant currency a decline of ] [6.8%]

• [ EBIT of ] [₹][7,891 million][ for the year; EBIT margin at ] [14.5% ]

• [Net Income of ] [₹][6,633 million][ for the year, decline of ] [19.0%][; Net margin at ] [12.2%]

CAPITAL RETURN

• [Dividend pay-out ratio][ (1) ][of ] [35%][ for the year]

• [ROE][ (2) ][of ] [21%][ for the year]

• Dividend payout ratio is calculated as total dividend payout (Interim dividend plus proposed Final dividend) divided by Net Income

• ROE represents Return on Equity and is calculated as the Net Income divided by Average Shareholder equity

PAGE 3 L&T TECHNOLOGY SERVICES | Q4 FY 21 - QUARTERLY RESULT

MESSAGE FROM THE CEO & MANAGING DIRECTOR

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With revenue of $197.5mn and EBIT margin of 16.6% in Q4, we are better on both counts as compared to the same period in the previous year – which was the goal that we had set ourselves. Looking back, we had a tough Q1FY21 on account of the pandemic, but we executed well thereafter to deliver three quarters of sequential revenue and margin improvement along with strong deal wins. We closed FY21 with $737mn in revenue which is a decline of 6.3% but better than what we guided at the start of the year. The full year . free cash flow generation was at a record high of ₹12.5 billion

In Q4, we won 6 deals with TCV of $10 million plus, which includes 2 $25 million plus deals. The pipeline is strong across all segments as customers are turning more optimistic about investing in new technology, which gives us the confidence of broadbased growth. Across all our five segments, we are investing in advanced engineering and technology labs to further the growth. We are optimistic about FY22 and our guidance is for a dollar revenue growth of 13-15%.

We are committed to attracting bright minds and strengthening the talent pool at LTTS. The fourth edition of TECHgium[®] - a unique industry-academia initiative by LTTS, concluded recently and saw record participation from students across universities in India. Winners were rated based on the innovation and new age technology used to solve real world challenges.

Despite an environment made difficult by Covid related uncertainties, our engineers continued their innovation journey and filed 148 patents in FY21 in a work-from-anywhere enabled model. I would like to thank our employees for their commitment and resilience that has helped us strengthen the strategic relationships we have with our customers.

Amit Chadha

CEO & Managing Director L&T Technology Services Limited

PAGE 4

L&T TECHNOLOGY SERVICES | Q4 FY 21 - QUARTERLY RESULT

PERFORMANCE HIGHLIGHTS

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KEY DEAL WINS

LTTS closed several multi-million dollar projects from global customers across various verticals. The major wins are listed below:

• [Under a multi-year EV program, the Electronic Powertrain unit of a European automotive components manufacturer has selected LTTS to build a ] real-time technology framework to simulate the controller design of the e-Powertrain systems.

• [LTTS will set up a dedicated engineering analytics lab at Bangalore for one of the world’s leading technology companies to provide software engineering ] and system validation for the next generation server platforms.

• [A global telecommunications company has selected LTTS as its engineering services partner to provide end to end systems integration, 5G and ] engineering services.

• [ LTTS has been selected as an engineering partner by a multinational oil and gas company to provide digital twin services. Under the multi-year ] agreement LTTS will carry out data preparation, conversion & modelling activities across upstream and downstream assets.

• [A leading global OEM awarded end-to-end Digital Product Management for all its automotive component design data across Chassis, Interior, Exteriors, ] Wire and Electrical systems.

• [ LTTS won an Infotainment Systems deal from a multinational electronics company. LTTS will support multiple OEM programs in a managed services ] engagement model.

• [ A leading European OEM has selected LTTS for its next generation telematics program. As part of this engagement, LTTS will set up a Telematics Lab ] for the customer in Germany.

PAGE 5 L&T TECHNOLOGY SERVICES | Q4 FY 21 - QUARTERLY RESULT

FINANCIAL PERFORMANCE

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INCOME STATEMENT (CONSOLIDATED)

Amount in ₹ million

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----- Start of picture text -----

Q4 FY20 Q3 FY21 Q4 FY21 QoQ YoY FY20 FY21 YoY
Revenue 14,466 14,007 14,405 2.8% -0.4% 56,191 54,497 -3.0%
Cost of sales 9,614 9,696 9,755 37,708 38,115
Gross Profit 4,851 4,312 4,651 7.8% -4.1% 18,483 16,382 -11.4%
Selling, General & Administration Expenses 2,169 1,555 1,719 7,379 6,308
EBITDA 2,682 2,756 2,931 6.3% 9.3% 11,104 10,074 -9.3%
Depreciation & Amortisation 485 624 540 1,829 2,183
EBIT 2,198 2,132 2,391 12.1% 8.8% 9,276 7,891 -14.9%
Other Income, net 521 374 221 1,726 1,082
Income tax expense 655 637 659 2,778 2,308
Minority Interest 16 8 8 38 32
Net Income 2,048 1,861 1,945 4.5% -5.0% 8,186 6,633 -19.0%
Margins (%)
Gross Margin 33.5% 30.8% 32.3% 32.9% 30.1%
EBITDA Margin 18.5% 19.7% 20.3% 19.8% 18.5%
EBIT Margin 15.2% 15.2% 16.6% 16.5% 14.5%
Net Income Margin 14.2% 13.3% 13.5% 14.6% 12.2%
Earnings Per Share (INR)
Basic 19.61 17.75 18.54 78.56 63.32
Diluted 19.40 17.63 18.42 77.70 62.90
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PAGE 6 L&T TECHNOLOGY SERVICES | Q4 FY 21 - QUARTERLY RESULT

Amount in ₹ million

OTHER INCOME

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----- Start of picture text -----

Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
Income from investments, net 58 114 117 335 449
Foreign exchange gains/(loss) 231 223 194 739 409
Govt. incentives 323 97 - 931 548
Others (incl. IND AS 116 Finance charge) -91 -60 -90 -278 -324
Total 521 374 221 1,726 1,082
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PAGE 7 L&T TECHNOLOGY SERVICES | Q4 FY 21 - QUARTERLY RESULT

Amount in ₹ million

BALANCE SHEET (CONSOLIDATED)

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FY20 FY21
Assets
Property and equipment 5,676 6,379
Intangible Assets and Goodwill 6,146 6,564
Accounts Receivable 13,807 12,346
Unbilled Revenues 3,510 2,415
Investments 6,420 15,149
Cash and Cash equivalents 2,439 2,327
Other current assets 3,236 2,789
Other non-current assets 1,799 2,760
Total Assets 43,033 50,729
Liabilities and Shareholders' Equity
Shareholders' Funds 27,686 34,731
Short term borrowings 303 -
Other current liabilities 10,085 10,982
Other non-current liabilities 4,890 4,915
Minority Interest 69 101
Total Liabilities 43,033 50,729
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CASH FLOW SUMMARY (CONSOLIDATED)

Amount in ₹ million

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FY20 FY21
Net cash provided by operating activities 6,381 13,273
Capex -1,511 -756
Free Cash Flow 4,870 12,517
Free Cash Flow to Net Income (%) 59% 189%
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OPERATIONAL PERFORMANCE

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QoQ YoY In Constant Currency
Q4 FY20 Q3 FY21 Q4 FY21
Growth Growth
YoY Growth
Revenue (USD Mn) 195.4 190.1 197.5 3.9% 1.1% 3.8% -0.6%
In Constant Currency
FY20 FY21 YoY Growth
Revenue (USD Mn) 786.2 736.6 -6.3% -6.8%
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REVENUE BY VERTICAL

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Q4 FY20 Q3 FY21 Q4 FY21 QoQ Growth YoY Growth FY20 FY21 YoY Growth
Transportation 35.7% 30.4% 31.2% 6.5% -11.7% 35.3% 31.1% -17.5%
Industrial Products 19.4% 19.3% 18.9% 1.5% -1.6% 19.4% 19.3% -6.9%
Telecom & Hi-tech 18.7% 22.9% 22.1% 0.2% 19.7% 20.0% 22.2% 4.1%
Plant Engineering 16.0% 14.7% 15.5% 9.9% -1.8% 16.2% 14.6% -15.1%
Medical Devices 10.3% 12.7% 12.3% 0.8% 21.1% 9.1% 12.7% 30.8%
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REVENUE SHARE BY GEOGRAPHY

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Q4 FY20 Q3 FY21 Q4 FY21 QoQ Growth YoY Growth FY20 FY21 YoY Growth
North America 61.2% 61.2% 61.5% 4.4% 1.5% 61.3% 61.0% -6.8%
Europe 16.7% 16.1% 16.7% 7.5% 0.8% 15.2% 16.2% 0.0%
India 12.8% 13.9% 13.1% -2.3% 3.0% 13.0% 13.4% -3.5%
Rest of the World 9.2% 8.8% 8.8% 3.1% -4.2% 10.5% 9.4% -16.3%
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REVENUE MIX

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Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
Onsite 47.1% 42.9% 42.1% 44.8% 44.5%
Offshore 52.9% 57.1% 57.9% 55.2% 55.5%
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REVENUE BY PROJECT TYPE

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Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
Fixed Price 38.6% 38.5% 36.1% 41.4% 38.2%
Time and Material Contract 61.4% 61.5% 63.9% 58.6% 61.8%
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CLIENT PROFILE

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Q4 FY20 Q3 FY21 Q4 FY21
Number of Active Clients 270 296 306
30 Million dollar + 2 1 -
20 Million dollar + 8 4 3
10 Million dollar + 21 18 20
5 Million dollar + 43 41 39
1 Million dollar + 113 118 122
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Client profile is based on LTM (Last Twelve Months) revenue

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CLIENT CONTRIBUTION TO REVENUE

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Q4 FY20 Q3 FY21 Q4 FY21
Top 5 Clients 19.2% 16.3% 16.1%
Top 10 Clients 31.8% 27.3% 26.9%
Top 20 Clients 48.5% 44.0% 43.8%
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Client contribution is based on LTM (Last Twelve Months) revenue

UTILISATION

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Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
Including Trainees 78.1% 77.5% 78.9% 78.6% 75.7%
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EMPLOYEE STATISTICS

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Q4 FY20 Q3 FY21 Q4 FY21
Total Headcount 16,883 16,069 16,452
Billable 15,667 14,975 15,335
Sales & Support 1,216 1,094 1,117
Voluntary Attrition % (LTM) 13.8% 10.7% 12.2%
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EXCHANGE RATE (USD/INR)

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Q4 FY20 Q3 FY21 Q4 FY21 FY20 FY21
Period Realised 74.05 73.69 72.96 71.47 73.98
Period Closing 75.67 73.07 73.11 75.67 73.11
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PAGE 11 L&T TECHNOLOGY SERVICES | Q4 FY 21 - QUARTERLY RESULT

INDUSTRY RECOGNITIONS

• [ LTTS has been recognized as a ‘Leader’ for Development and Verification & Validation services in Industry 4.0 by Everest Group]

• [ ISG Group rated LTTS as ‘Leader’ in Smart Manufacturing Services for Automotive and Hi-Tech]

• [ LTTS won the 2021 Big Innovation Awards, USA for Chest rAI™ and i-BEMS™. Chest rAI™ is LTTS’ AI based chest X-Ray analysis system to assist ] radiologists in improving speed and accuracy of diagnosis and i-BEMS™ is LTTS’ proprietary smart campus framework

• [ For its Solar Electrification tribal village project, LTTS was conferred with the Mahatma Award for CSR Excellence. ]

PARTNERSHIPS & ALLIANCES

AIRBUS SKYWISE PROGRAM

LTTS has been selected by Airbus to provide technology and digital engineering solutions for Airbus’ Skywise platform.

With more than 130 airlines around the world already connected to Skywise, the platform is playing a very important part in enabling and accelerating digital transformation of the aviation sector as a whole. LTTS will support the airlines in the development of complex workflows, creation of new interfaces between their existing information systems and Skywise and also provide assistance in their digital transformation with Skywise.

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OTHER HIGHLIGHTS

LTTS inaugurates Module X, a new 1,300 seater design centre in Mysuru

In March 2021, L&T Technology Services inaugurated Module X, its newest facility in Mysore.

This facility has a seating capacity of 1,300 plus and LTTS engineers in this centre will work on a wide spectrum of services covering multiple industries with a focus on design & development of digital products, embedded and software engineering.

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TECHgium[®] concludes with record-breaking academia participation

LTTS concluded the fourth edition of its annual open innovation initiative TECHgium[®] , with record-breaking participation of over 22,500 engineering students from 354 reputed institutes as compared to corresponding figures of 19,000 and 272 in 2019. 11 business challenges were provided by LTTS’ global customers and the Jury encompassed renowned industry and academia personalities.

The team from Vellore Institute of Technology, Chennai were declared as winners for developing a solution that can blur personal information in vehicles.

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Held for the first time in virtual mode, TECHgium[®] ’s successful fourth edition saw 61 innovative PoCs on real life technical challenges pertaining to domains such as AI, Compute Vision, 5G, Ergonomics, and Sustainability, covering major industries including Automotive, Plant Engineering, Telecommunications & Hi-Tech and Industrial & Consumer Products.

PAGE 13 L&T TECHNOLOGY SERVICES | Q4 FY 21 - QUARTERLY RESULT

PATENTS

At the end of the fourth quarter, the patents portfolio of L&T Technology Services stood at 650 , out of which 485 are co-authored with its customers and the remaining 165 are filed by LTTS.

CORPORATE SOCIAL RESPONSIBILITY

As part of its Social Responsibility mandate, LTTS undertook several CSR initiatives throughout the year, with a focus on areas such as Health, Education, Skill Development, Water, Environment and Sports. The total contribution towards CSR in FY21 was ₹161mn.

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LTTS’ Classroom Studio at IIT Madras

A Studio Classroom at IIT Madras as part of the National Program on Technology Enhanced Learning (NPTEL) - one of the world’s biggest higher technical education platforms, has been set up by LTTS. NPTEL courses will help thousands of Indians to upskill and cross-skill and become eligible for jobs. The state-of-the-art Studio was inaugurated virtually by Dr. Keshab Panda.

Watershed Plus Project in Katwadi Village (Pune, Maharashtra)

As part of the Watershed Plus Project LTTS empower farmers in Pune district of Maharashtra to improve agriculture practices, promote peer learning, get new ideas for overall development of the farmers and to support members with knowledge and skills to expand their entrepreneurship ventures.

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PAGE 14 L&T TECHNOLOGY SERVICES | Q4 FY 21 - QUARTERLY RESULT

ABOUT L&T TECHNOLOGY SERVICES

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 53 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 16,400 employees spread across 17 global design centers, 28 global sales offices and 69 innovation labs as of March 31, 2021.

For more information please contact:

Pinku Pappan Head, Investor Relations Email: pinku.pappan@LTTS.com

For additional information about L&T Technology Services log on to www.LTTS.com

Copyright © L&T Technology Services

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