L&T Technology Services Limited — Annual Report 2022

Apr 21, 2022

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L&T Technology Services Limited A.M. Naik Tower,6th Floor, L&T Campus, Gate No.3, Jogeshwari-Vikhroli Link Road, Powai, Mumbai-400072. www.ltts.com

April 21, 2022

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 1, 2022

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. April 21, 2022, have approved and taken on record the Audited Consolidated and Standalone Financial Results of the Company, for the quarter and year ended March 31, 2022. The Board Meeting commenced at 2.00 p.m. and concluded at 4.00 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, 2022 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, 2022.

Final Dividend:

We would like to inform that the Board of Directors at their meeting held today, have recommended a final dividend of 750% i.e. Rs. 15/- 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.

Statutory Auditors:

M/s MSKA & Associates, Chartered Accountants are appointed as Statutory Auditors for a term of five years from the conclusion of 10th Annual General Meeting to the conclusion of 15th Annual General Meeting. The said appointment is subject to approval of members. The brief profile of the Statutory Auditors is attached herewith as Annexure A .

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 A.M. Naik Tower,6th Floor, L&T Campus, Gate No.3, Jogeshwari-Vikhroli Link Road, Powai, Mumbai-400072. www.ltts.com

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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. Abhishek Sinha (DIN: 07596644) as the COO & Whole-Time Director of the Company for a second term of three years w.e.f. October 18,2022 upto and including October 17, 2025, subject to the approval of the shareholders. The brief profile of Mr. Abhishek Sinha is attached herewith as Annexure B . We further affirm that Mr. Abhishek Sinha 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.

Secretarial Auditors:

Alwyn Jay & Co., Company Secretaries are appointed as the Secretarial Auditors for the financial year 2022-23. The brief profile of the Secretarial Auditors is attached herewith as Annexure C .

Scheme of Amalgamation:

The Board of Directors of the Company at its meeting held on October 19, 2021, had approved the scheme of amalgamation of the following wholly owned subsidiaries of LTTS with the Company:

1. Esencia Technologies India Private Limited (Esencia)

2. Graphene Semiconductor Services Private Limited (Graphene)

3. Seastar Labs Private Limited (Seastar).

The Board of Directors at its meeting held today, have changed the appointed date for the said Scheme to April 1, 2022.

Enclosed as Annexure D is the information pursuant to Regulation 30 of SEBI LODR read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015.

The Scheme is subject to necessary statutory and regulatory approvals including the approvals of the National Company Law Tribunal/other regulatory authority and the respective Shareholders and Lenders/Creditors of each of the companies involved in the Scheme.

The Scheme will be filed with the Stock Exchanges as per the applicable provisions of Regulation 37 of SEBI LODR.

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 A.M. Naik Tower,6th Floor, L&T Campus, Gate No.3, Jogeshwari-Vikhroli Link Road, Powai, Mumbai-400072. www.ltts.com

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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

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Prajakta Powle Company Secretary & Compliance Officer (M. No. A 20135)

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

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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
		31-03-2022	31-03-2021
	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	2,324 4,073 99 5,881 549 861 - 2,364 138 1,370	2,063 4,197 119 5,827 737 - - 1,644 67 1,049
	Total non-current assets	17,659	15,703
	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	13,918 16,959 2,347 4,395 2,564 3,068	15,149 12,346 1,751 576 - 1,685 3,519
	Total current assets	43,251	35,026
	TOTAL ASSETS	60,910	50,729
	EQUITY AND LIABILITIES Equity (a) Equity share capital (b)Other equity	211 41,414	210 34,521
	Equity attributable to equity holders of the Company	41,625	34,731
	Non-controllinginterest	137	101
	Total equity	41,762	34,832
	Non-current liabilities (a) Financial liabilities (i) Lease liability (ii) Other financial liabilities (b)Deferred tax liabilities(net)	4,276 274 809	4,015 322 578
	Total non-current liabilities	5,359	4,915
	Current liabilities (a) Financial liabilities (i) Trade payables Due to micro enterprises and small enterprises Due to others (ii) Lease liability (iii) Other financial liabilities (b) Other current liabilities (c) Provisions (d)Current tax liabilities(net)	31 1,689 495 3,844 4,937 1,952 841	66 2,286 790 2,827 2,958 1,584 471
	Total current liabilities	13,789	10,982
	TOTAL EQUITY AND LIABILITIES	60,910	50,729

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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, 2022

		₹ 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
		31-03-2022 Refer note (6)	31-12-2021 (Reviewed)	31-03-2021 Refer note (6)	31-03-2022 (Audited)	31-03-2021 (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.)	17,561 419 17,980 9,485 531 4,271 105 14,392 3,588 - 3,588 956 2,632 - 2,632 14 2,646 2,620 12 2,634 12 211 2 24.83 24.78	16,875 370 17,245 9,224 530 3,977 111 13,842 3,403 - 3,403 907 2,496 - 2,496 459 2,955 2,488 8 2,947 8 211 2 23.61 23.56	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	65,697 1,524 67,221 36,505 2,144 15,043 437 54,129 13,092 - 13,092 3,486 9,606 - 9,606 900 10,506 9,570 36 10,470 36 211 2 41,414 90.92 90.74	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

Statement of audited consolidated financial results for the quarter and year ended March 31, 2022

Sr. No. 1 2	Particulars	Quarter ended	Quarter ended	Quarter ended	Year ended	Year ended
		31-03-2022 Refer note (6)	31-12-2021 (Reviewed)	31-03-2021 Refer note (6)	31-03-2022 (Audited)	31-03-2021 (Audited)
	Segment revenue Transportation Plant Engineering Industrial Products Medical Devices Telecom & Hitech	5,844 2,708 3,302 2,019 3,688	5,369 2,605 3,288 2,011 3,602	4,492 2,239 2,717 1,773 3,184	20,991 10,141 12,766 7,757 14,042	16,967 7,973 10,504 6,957 12,096
	Revenue from operations	17,561	16,875	14,405	65,697	54,497
	Segment results Transportation Plant Engineering Industrial Products Medical Devices Telecom & Hitech	1,090 716 967 620 497	981 656 963 651 477	753 520 778 563 367	3,971 2,521 3,778 2,485 1,813	2,496 1,667 2,833 2,142 1,456
	Total results	3,890	3,728	2,981	14,568	10,594
	Less - Unallocable expenses (net) Add - Other income Less - Finance costs Less - Depreciation and amortisation expenses	85 419 105 531	54 370 111 530	50 346 125 540	419 1,524 437 2,144	520 1,537 455 2,183
	Profit before tax	3,588	3,403	2,612	13,092	8,973

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,
		2022	2021
	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 disposal of property, plant and equipment (Gain)/ loss on de-recognition of ROU 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 Disposal of property, plant and equipment and intangibles Consideration paid on acquisition of subsidiaries (Purchase)/ sales of current investments (net) (Purchase)/ sales of non-current investments (net) Cash and cash equivalents acquired pursuant to acquisition of subsidiaries Deposits placed/loans given (net) - subsidiaries and third parties Income received from current investments Interest received Net cash (used in)/from investing activities Cash flow from financing activities Equity share capital issued Proceeds from/(repayment of) borrowings Interest paid Lease liability paid Dividend paid Net cash (used in) / from financing activities Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of theyear	13,092 2,144 (492) 437 (5) (35) 55 148 (294) 27 15,077 (5,227) 3,775 (1,452) 13,625 (3,563) 10,062 (1,624) 69 - 1,211 (861) - (3,743) 135 330 (4,483) 1 - (437) (913) (3,633) (4,982) 597 1,777 2,374	8,973 2,183 (155) 455 3 (38) 126 (111) (315) 482 11,603 2,884 1,361 4,245 15,848 (2,523) 13,325 (771) 15 (795) (8,613) - 70 (315) 200 155 (10,054) 1 (287) (455) (688) (2,198) (3,627) (356) 2,133 1,777
Notes: 1 2 3	Cash and cash equivalents included in statement of cash flows comprise the following : Year ended 31-03-2022 Year ended 31-03-2021 a) Cash and cash equivalents disclosed under current assets 2,347 1,751 b) Other bank balances disclosed under current assets 4,395 576 c) Cash and cash equivalents disclosed under non-current assets 265 5 Total cash and cash equivalents as per balance sheet 7,007 2,332 Add: (i) Unrealised exchange (gain)/loss on cash and cash equivalents 27 26 Less: (ii) Other bank balances disclosed under current assets 4,395 576 Less: (iii) Cash and cash equivalents disclosed under non-current assets 265 5 Total cash and cash equivalents as per statement of cash flows 2,374 1,777 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 Property, plant and equipment and intangibles represents additions to property, plant and equipment and other intangible assets adjusted for movement of capital work-in-progress of (a) capital work-in-progress for property, plant and equipment and (b) intangible assets.
		27 26 4,395 576 265 5
		2,374 1,777

Explanatory notes to the statement of audited consolidated financial results for the quarter and year ended March 31, 2022

1. The interim consolidated financial statements for the quarter and the audited consolidated financial statements for the year ended March 31, 2022 have been taken on record by the Board of Directors at its meeting held on April 21, 2022. The statutory auditors, Sharp & Tannan, have expressed an unqualified audit opinion. The information for the year ended March 31, 2022 presented above is extracted from the audited consolidated financial statements and the information for quarter ended March 31, 2022 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, 2022 are given below:

are given below:
				(₹ million)
Particulars		Quarter ended		Year ended
	31-03-2022	31-12-2021	31-03-2021	31-03-2022	31-03-2021
Total income	15,900	15,428	13,395	60,274	51,383
Profit before tax	3,318	3,301	2,512	12,508	8,951
Profit after tax	2,419	2,429	1,906	9,185	6,731

1. During the quarter and year ended March 31, 2022, the Company has allotted 46,720 and 4,86,344 equity shares of Rs. 2 each fully paid-up respectively on exercise of stock options by employees, in accordance with the Company's stock option scheme.

2. Esencia Technologies Inc., a wholly owned subsidiary of L&T Technology Services LLC (‘LTTS LLC’), was merged with LTTC LLC with effect from 1 October 2021. As LTTS LLC is a wholly owned subsidiary of the Company, there is no impact on the consolidated financial results.

3. The Board of Directors have recommended a final dividend of Rs. 15.00 per equity share (face value Rs. 2) for the year ended March 31,2022 and the final dividend is payable subject to the approval of the shareholders at the tenth annual general meeting.

4. The figures for the quarter ended March 31, 2022 and March 31, 2021 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, 2021 and December 31, 2020 respectively.

5. 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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Mumbai April 21, 2022

Amit Chadha Chief Executive Officer and Managing Director

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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	₹ Million
A 1 2 B 1 2 3 Sr. No.	Particulars	As at	As at
		31-03-2022	31-03-2021
	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)Other non-current assets	2,242 3,797 99 3,891 214 2,937 - 2,353 1,349	2,001 4,117 119 3,891 187 2,076 - 1,636 1,035
	Total non-current assets	16,882	15,062
	Current assets (a) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Other bank balances (v) Other financial assets (b)Other current assets	13,536 15,834 1,772 4,395 2,148 2,516	14,930 11,751 1,426 576 1,382 3,074
	Total current assets	40,201	33,139
	TOTAL ASSETS	57,083	48,201
	EQUITY AND LIABILITIES Equity (a) Equity share capital (b)Other equity	211 39,605	210 33,191
	Total equity	39,816	33,401
	Non-current liabilities (a) Financial liabilities (i) Lease liability (ii) Other financial liabilities (b)Deferred tax liabilities(Net)	4,052 120 791	3,956 207 530
	Total non-current liabilities	4,963	4,693
	Current liabilities (a) Financial liabilities (i) Trade payables Due to micro enterprises and small enterprises Due to others (ii) Lease liability (iii) Other financial liabilities (b) Other current liabilities (c) Provisions (d)Current tax liabilities(net)	31 1,223 431 3,147 4,813 1,911 748	66 2,136 760 2,402 2,820 1,550 373
	Total current liabilities	12,304	10,107
	TOTAL EQUITY AND LIABILITIES	57,083	48,201

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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, 2022

		₹ Million	₹ Million	₹ Million	₹ Million	₹ Million
1 2 3 4 5 6 7 8 9 10 11 12 13 14 Sr. No.	Particulars	Quarter ended			Year ended
		31-03-2022 Refer note (4)	31-12-2021 (Reviewed)	31-03-2021 Refer note (4)	31-03-2022 (Audited)	31-03-2021 (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.)	15,481 419 15,900 8,185 454 3,847 96 12,582 3,318 - 3,318 899 2,419 - 2,419 (38) 2,381 211 2 22.93 22.88	15,056 372 15,428 8,080 457 3,491 99 12,127 3,301 - 3,301 872 2,429 - 2,429 454 2,883 211 2 23.05 23.00	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	58,737 1,537 60,274 31,927 1,826 13,619 394 47,766 12,508 - 12,508 3,323 9,185 - 9,185 806 9,991 211 2 39,605 87.26 87.08	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

Statement of audited standalone financial results for the quarter and year ended March 31, 2022

1 2 Sr. No.	Particulars	Quarter ended	Quarter ended	Quarter ended	Year ended	Year ended
		31-03-2022 Refer note (4)	31-12-2021 (Reviewed)	31-03-2021 Refer note (4)	31-03-2022 (Audited)	31-03-2021 (Audited)
	Segment revenue Transportation Plant Engineering Industrial Products Medical Devices Telecom & Hitech	4,934 2,699 3,220 1,965 2,663	4,634 2,551 3,205 1,962 2,704	3,870 2,218 2,648 1,766 2,528	18,030 10,030 12,510 7,603 10,564	14,740 7,930 10,048 6,872 10,050
	Revenue from operations	15,481	15,056	13,030	58,737	49,640
	Segment results Transportation Plant Engineering Industrial Products Medical Devices Telecom & Hitech	912 725 963 576 337	864 624 929 623 498	609 507 812 546 264	3,346 2,412 3,807 2,347 1,660	2,081 1,651 2,837 2,124 1,177
	Total results	3,513	3,538	2,738	13,572	9,870
	Less - Unallocable expenses (net) Add - Other income Less - Finance costs Less - Depreciation and amortisation expenses	64 419 96 454	53 372 99 457	42 365 115 434	381 1,537 394 1,826	490 1,743 435 1,737
	Profit before tax	3,318	3,301	2,512	12,508	8,951

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	Year ended
		March 31,	March 31,
		2022	2021
	Cash flow from operating activities Profit before tax Adjustments for: Depreciation and amortisation Interest received Interest paid (Profit)/ loss on disposal of Property, plant and equipment (Gain)/ loss on de-recognition of ROU 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 Disposal of property, plant and equipment and intangibles (Purchase)/ sales of current investments (net) (Purchase)/ sales of non-current investments Deposits placed/loans given (net) - subsidiaries and third parties Capital infusion in subsidiaries Dividends received from current investments Dividend from subsidiary Interest received Net cash (used in)/from investing activities Cash flow from financing activities Equity share capital issued including share premium Proceeds from/(repayment of) borrowings Interest paid Lease liability paid Dividend paid Net cash (used in) / from financing activities Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of theyear	12,508 1,826 (492) 394 (5) (35) 55 114 (285) 24 14,104 (4,601) 2,776 (1,825) 12,279 (3,286) 8,993 (1,183) 68 1,252 (861) (3,661) - 165 - 334 (3,886) 1 - (394) (734) (3,633) (4,760) 347 1,452 1,799	8,951 1,737 (150) 435 3 (34) 126 (142) (493) 508 10,941 2,767 1,346 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
Notes: 1 2 3 Year ended 31-03-2022 Year ended 31-03-2021 a) Cash and cash equivalents disclosed under current assets 1,772 1,426 b) Other bank balances disclosed under current assets 4,395 576 c) Cash and cash equivalents disclosed under non-current assets 262 2 Total cash and cash equivalents as per balance sheet 6,429 2,004 Add: (i) Unrealised exchange (gain)/loss on cash and cash equivalents 27 26 Less: (ii) Other bank balances disclosed under current assets 4,395 576 Less: (iii) Cash and cash equivalents disclosed under non-current assets 262 2 Total cash and cash equivalents as per statement of cash flows 1,799 1,452 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 property, plant and equipment and intangibles represents additions to property, plant and equipment and other intangible assets adjusted for movement 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:

Notes:

1 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.

• 2 Purchase of property, plant and equipment and intangibles represents additions to property, plant and equipment and other intangible assets adjusted for movement of capital work-in-progress of (a) capital work-in-progress for property, plant and equipment and (b) intangible assets.

• 3 Cash and cash equivalents included in the statement of cash flows comprise the following:

a) Cash and cash equivalents disclosed under current assets b) Other bank balances disclosed under current assets c) Cash and cash equivalents disclosed under non-current assets Total cash and cash equivalents as per balance sheet Add: (i) Unrealised exchange (gain)/loss on cash and cash equivalents Less: (ii) Other bank balances disclosed under current assets Less: (iii) Cash and cash equivalents disclosed under non-current assets Total cash and cash equivalents as per statement of cash flows	Year ended 31-03-2022 Year ended 31-03-2021 1,772 1,426 4,395 576 262 2
	6,429 2,004 27 26 4,395 576 262 2
	1,799 1,452

Explanatory notes to the statement of audited standalone financial results for the quarter and year ended March 31, 2022

1. The interim standalone financial statements for the quarter and the audited standalone financial statements for the year ended March 31, 2022 have been taken on record by the Board of Directors at its meeting held on April 21, 2022. The statutory auditors, Sharp & Tannan, have expressed an unqualified audit opinion. The information for the year ended March 31, 2022 presented above is extracted from the audited standalone financial statements and the information for quarter ended March 31, 2022 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 and year ended March 31, 2022, the Company has allotted 46,720 and 4,86,344 equity shares of Rs. 2 each fully paid-up respectively 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. 15.00 per equity share (face value Rs. 2) for the year ended March 31, 2022 and the final dividend is payable subject to the approval of the shareholders at the tenth annual general meeting.

4. The figures for the quarter ended March 31, 2022 and March 31, 2021 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, 2021 and December 31, 2020 respectively.

5. 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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Mumbai Amit Chadha April 21, 2022 Chief Executive Officer and Managing Director

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L&T Technology Services reports 21% growth in FY22

FY22 Revenue of ₹6,570 crore, up 21% YoY FY22 Net profit of ₹957 crore, up 44% YoY

Mumbai, April 21, 2022: L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India’s leading pure-play engineering services company, announced its results for the fourth quarter ended March 31, 2021.

Highlights for Q4FY22 include:

• Revenue at ₹ 17,561 million; growth of 22% YoY

• USD Revenue at $232 million; growth of 19% YoY in constant currency

• EBIT margin at 18.6%; up 200 bps YoY

• Net profit at ₹ 2,620 million; growth of 35% YoY

Highlights for FY22 include:

• Revenue at ₹65,697 million; growth of 21%

• USD Revenue at $880 million; growth of 20% in constant currency

• • EBIT margin at 18.3%; up 380 bps

• Net profit at ₹9,570 million; growth of 44%

• Final dividend of ₹15 per share recommended by the Board

During the quarter, LTTS won a USD 100 million plus deal, a USD 25 million plus deal and 4 other deals with TCV of USD 10 million plus. Revenues from digital and leading-edge technologies stood at 57% during the quarter.

“We achieved several milestones in FY22 – a dollar revenue growth of 20% in constant currency, record high operating margins, and more than three-fold increase in patents filed by our engineers. Our growth was broad based with all five segments growing in double digits and showing an improvement in operating margins.

We are making very good progress across our six bets; in Q4, we won a $100mn plus deal in the EACV space - being chosen as the strategic engineering partner for a new age electric VTOL (Vertical Takeoff and Landing) aircraft program. With this deal, we have been able to extend our EACV success at Auto and Trucks & Off Highway segments, to Aerospace, reflecting our multi-domain engineering expertise.

Our team of around 20,000 engineers are excited about partnering with companies to herald new and breakthrough innovations. As we start a new fiscal, I am confident of our capability preparedness to capture greater mindshare and continue being the engineering partner of choice to the top ER&D companies globally”, 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

Awards & Recognitions:

• LTTS recognized as a Partner-level Supplier & Supplier of the Year , in John Deere’s 2021 Achieving Excellence Program

• 2022 U.S. BIG Innovation Awards recognized LTTS in Top Innovative Product of the Year category for its Point-of-Care Sepsis solution

• LTTS was ranked as #6 out of 54 service providers in Everest Group’s Engineering Services PEAK Matrix Service Provider of Year™ Awards 2022

• The 12[th] Aegis Graham Bell Awards honored LTTS in the Innovation in Cybersecurity category

• US-based Business Intelligence Group recognized LTTS as one of the Best Places to Work

• • LTTS recognized with ASSOCHAM CSR & Sustainability Excellence Award 2022 in the Healthcare category

• LTTS won Gold in BW Recycle: Recycling for a Greener Tomorrow Award 2022 for its Solid Waste Management Program

Patents

At the end of Q4FY22, the patents portfolio of L&T Technology Services stood at 868, out of which 605 are co-authored with its customers and the rest are filed by LTTS.

Human Resources

At the end of Q4FY22, LTTS’ employee strength stood at 20,861.

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 57 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 20,800 employees spread across 17 global design centers, 28 global sales offices and 89 innovation labs as of March 31, 2022. For more information, please visit https://www.ltts.com/

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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FOURTH QUARTER - FY 22 RESULTS Investor Release Mumbai, India, April 21, 2022

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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 22 - QUARTERLY RESULT

FINANCIAL HIGHLIGHTS

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Q4 FY22

• [Revenue of ][₹] [17,561 million][ for the quarter; growth of ] [4.1% QoQ][ and ] [21.9% YoY]

• [ Revenue of ] [$232 million][ for the quarter; a growth of ] [3.1% QoQ][ and ] [17.5% YoY][; in constant currency, a growth of ]

• 3.6% QoQ and 19.4% YoY

• [EBIT of ][₹] [3,274 million][ for the quarter; EBIT margin at ] [18.6%]

• [ Net Income of ][₹] [2,620 million][ for the quarter, growth of ] [5.3% QoQ ][and ] [34.7% YoY;][ Net margin at ] [14.9% ]

FY22

• [Revenue of ][₹] [65,697 million][ for the year; a growth of] [ 20.6% ]

• [ Revenue of ] [$880 million][ for the year; growth of ] [19.5%][; in constant currency, a growth of ] [20.0%]

• [ EBIT of ][₹] [12,005 million][ for the year; EBIT margin at ] [18.3% ]

• [Net Income of ][₹] [9,570 million][ for the year, growth of ] [44.3%][; Net margin at ] [14.6%]

CAPITAL RETURN

• [Final Dividend of ][₹] [15 ][per share; Dividend pay-out ratio][ (1) ][of ] [39%][ for the year]

• [ROE][ (2) ][of ] [25%][ 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 22 - QUARTERLY RESULT

MESSAGE FROM THE CEO & MANAGING DIRECTOR

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Our FY22 performance was strong across the six dimensions of our strategy. We achieved a dollar revenue growth of 20% in constant currency for the year, with double digit growth at each of our 5 segments and 20% plus growth at Transportation, Industrial Products and Plant Engineering. Digital and leading-edge technologies have been a growth driver and differentiator for us, and its contribution inched up to 56% in FY22. Technology quotient improved with patent filings by our engineers rising to 98 which is more than three times that of the previous year. With better quality of growth, and improvement in operating metrics, we were able to improve EBIT margins to 18.3% for the year – an improvement of 380 bps.

We are making very good progress across our six bets; in Q4, we won a $100 million plus deal in the EACV space - being chosen as the strategic engineering partner for a new age electric VTOL (Vertical Takeoff and Landing) aircraft program. With this deal, we have been able to extend our EACV success at Auto and Trucks & Off Highway segments, to Aerospace, reflecting our multi-domain engineering and technology track record and expertise.

Deal bookings continue to be strong with a total of 6 deals more than $10 million won in Q4, that includes a $100 million plus deal in EACV and another $25 million plus deal. We see a healthy deal pipeline and demand environment across segments. Our FY23 guidance is for a dollar revenue growth of 13.5-15.5%.

Our team of around 20,000 engineers are excited about partnering with companies to herald new and breakthrough innovations. I am confident of our capability preparedness to capture greater mindshare and continue being the engineering partner of choice to the top ER&D companies globally.

Amit Chadha

CEO & Managing Director L&T Technology Services Limited

PAGE 4 L&T TECHNOLOGY SERVICES | Q4 FY 22 - QUARTERLY RESULT

PERFORMANCE HIGHLIGHTS

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KEY DEAL WINS

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

• [Jaunt Air Mobility (Jaunt) has awarded LTTS a multi-year $100 million+ electric air mobility contract. As part of the contract, LTTS will open an ] Engineering and R&D Centre in Québec Province for the next-gen electric aircraft manufacturer to provide new product development engineering and design services for the Jaunt Journey eVTOL (electric Vertical Takeoff and Landing) air taxi.

• [For a middle eastern chemical manufacturing company, LTTS’ engineers will be developing an AI based Decision Support System for forecasting ] asset performance using Machine Learning Models that provides early prediction to reduce failures and avoid unplanned maintenance and plant shutdowns The solution is expected to be implemented at 10 Plants of the customer across the Middle East, USA & Europe.

• [LTTS has been identified to support an American conglomerate to alleviate their global supply chain challenges. LTTS shall be working closely with ] the tier-1 and tier-2 suppliers of the customer and help identify and resolve supply chain bottlenecks.

• [LTTS will be supporting the autonomous drive product development program for an American automotive company, by providing R&D and ] validation and verification services for its suite of robo-taxis. LTTS will also be setting up an offshore dedicated engineering center in India to support the customer’s global roadmap.

• [A global tier 1 automotive company has chosen LTTS as its technology partner in the areas of Power Electronics, Software Platform Development, ] Controls and Systems.

• [LTTS has been selected as a strategic engineering supplier by a multinational oil field services company, for a range of engineering and technical ] services for surface and sub-surface equipment and support global operations.

• [LTTS has won a multi-year deal from a European automotive supplier to support its next-gen In-Vehicle Infotainment (IVI) for multiple product lines ] encompassing cockpit electronics, display technologies and advanced driver assistance systems.

• [A leading semiconductor manufacturer has empanelled LTTS as a strategic engineering partner for a period of 3 years to offer engineering services ] globally to its entire product suite and assist in their digital transformation journey

PAGE 5 L&T TECHNOLOGY SERVICES | Q4 FY 22 - QUARTERLY RESULT

FINANCIAL PERFORMANCE

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INCOME STATEMENT (CONSOLIDATED)

Amount in ₹ million

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

Q4 FY21 Q3 FY22 Q4 FY22 QoQ YoY FY21 FY22 YoY
Revenue 14,405 16,875 17,561 4.1% 21.9% 54,497 65,697 20.6%
Cost of sales 9,755 11,182 11,765 38,115 43,791
Gross Profit 4,651 5,693 5,796 1.8% 24.6% 16,382 21,906 33.7%
Selling, General & Administration Expenses 1,719 2,018 1,992 6,308 7,757
EBITDA 2,931 3,675 3,804 3.5% 29.8% 10,074 14,149 40.4%
Depreciation & Amortisation 540 531 530 2,183 2,144
EBIT 2,391 3,144 3,274 4.1% 36.9% 7,891 12,005 52.1%
Other Income, net 221 259 314 1,082 1,087
Income tax expense 659 907 956 2,308 3,486
Minority Interest 8 8 12 32 36
Net Income 1,945 2,488 2,620 5.3% 34.7% 6,633 9,570 44.3%
Margins (%)
Gross Margin 32.3% 33.7% 33.0% 30.1% 33.3%
EBITDA Margin 20.3% 21.8% 21.7% 18.5% 21.5%
EBIT Margin 16.6% 18.6% 18.6% 14.5% 18.3%
Net Income Margin 13.5% 14.7% 14.9% 12.2% 14.6%
Earnings Per Share (INR)
Basic 18.54 23.61 24.83 63.32 90.92
Diluted 18.42 23.56 24.78 62.90 90.74
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Amount in ₹ million

OTHER INCOME

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Q4 FY21 Q3 FY22 Q4 FY22 FY21 FY22
Income from investments, net 117 193 215 449 753
Foreign exchange gains/(loss) 194 155 207 409 905
Others -90 -89 -108 224 -571
Total 221 259 314 1,082 1,087
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PAGE 7 L&T TECHNOLOGY SERVICES | Q4 FY 22 - QUARTERLY RESULT

Amount in ₹ million

BALANCE SHEET (CONSOLIDATED)

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FY21 FY22
Assets
Property and equipment 6,379 6,496
Intangible Assets and Goodwill 6,564 6,430
Accounts Receivable 12,346 16,959
Unbilled Revenues 2,415 2,610
Investments 15,149 14,779
Cash and Cash equivalents 2,327 6,742
Other current assets 2,789 3,022
Other non-current assets 2,760 3,872
Total Assets 50,729 60,910
Liabilities and Shareholders' Equity
Shareholders' Funds 34,731 41,625
Other current liabilities 10,982 13,789
Other non-current liabilities 4,915 5,359
Minority Interest 101 137
Total Liabilities 50,729 60,910
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CASH FLOW SUMMARY (CONSOLIDATED)

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Amount in ₹ million
FY21 FY22
Net cash provided by operating activities 13,324 10,062
Capex -756 -1,555
Free Cash Flow 12,569 8,507
Free Cash Flow to Net Income (%) 189% 89%
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PAGE 8 L&T TECHNOLOGY SERVICES | Q4 FY 22 - QUARTERLY RESULT

OPERATIONAL PERFORMANCE

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QoQ YoY In Constant Currency
Q4 FY21 Q3 FY21 Q4 FY22
Growth Growth
QoQ Growth YoY Growth
Revenue (USD Mn) 197.5 225.1 232.0 3.1% 17.5% 3.6% 19.4%
In Constant Currency
FY21 FY22 YoY Growth
YoY Growth
Revenue (USD Mn) 736.6 880.2 19.5% 20.0%
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REVENUE BY VERTICAL

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Q4 FY21 Q3 FY22 Q4 FY22 QoQ Growth YoY Growth FY21 FY22 YoY Growth
Transportation 31.2% 31.8% 33.3% 7.8% 25.5% 31.1% 31.9% 22.7%
Industrial Products 18.9% 19.5% 18.8% -0.5% 17.2% 19.3% 19.5% 20.7%
Telecom & Hi-tech 22.1% 21.4% 21.0% 1.1% 11.4% 22.2% 21.4% 14.9%
Plant Engineering 15.5% 15.4% 15.4% 3.0% 16.5% 14.6% 15.4% 25.8%
Medical Devices 12.3% 11.9% 11.5% -0.2% 10.1% 12.7% 11.8% 10.8%
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REVENUE SHARE BY GEOGRAPHY

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Q4 FY21 Q3 FY22 Q4 FY22 QoQ Growth YoY Growth FY21 FY22 YoY Growth
North America 61.5% 62.5% 62.3% 2.8% 19.1% 61.0% 62.5% 22.5%
Europe 16.7% 16.5% 16.1% 0.8% 13.6% 16.2% 16.5% 21.6%
India 13.1% 13.7% 14.5% 9.5% 30.7% 13.4% 13.5% 20.8%
Rest of the World 8.8% 7.4% 7.0% -1.6% -5.7% 9.4% 7.4% -5.4%
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PAGE 9 L&T TECHNOLOGY SERVICES | Q4 FY 22 - QUARTERLY RESULT

REVENUE MIX

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Q4 FY21 Q3 FY22 Q4 FY22 FY21 FY22
Onsite 42.1% 41.3% 45.4% 44.5% 42.4%
Offshore 57.9% 58.7% 54.6% 55.5% 57.6%
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REVENUE BY PROJECT TYPE

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Q4 FY21 Q3 FY22 Q4 FY22 FY21 FY22
Fixed Price 36.1% 29.0% 28.6% 38.2% 30.3%
Time and Material Contract 63.9% 71.0% 71.4% 61.8% 69.7%
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CLIENT PROFILE

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Q4 FY21 Q3 FY22 Q4 FY22
Number of Active Clients 306 318 324
30 Million dollar + 0 2 2
20 Million dollar + 3 6 6
10 Million dollar + 20 22 22
5 Million dollar + 39 44 48
1 Million dollar + 122 126 136
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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 FY21 Q3 FY22 Q4 FY22
Top 5 Clients 16.1% 17.3% 17.2%
Top 10 Clients 26.9% 28.5% 28.3%
Top 20 Clients 43.8% 43.8% 43.5%
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Client contribution is based on LTM (Last Twelve Months) revenue

UTILISATION

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Q4 FY21 Q3 FY22 Q4 FY22 FY21 FY22
Including Trainees 78.9% 75.9% 75.1% 75.7% 76.9%
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EMPLOYEE STATISTICS

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Q4 FY21 Q3 FY22 Q4 FY22
Total Headcount 16,452 20,118 20,861
Billable 15,335 18,975 19,534
Sales & Support 1,117 1,143 1,327
Voluntary Attrition % (LTM) 12.2% 17.5% 20.4%
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EXCHANGE RATE (USD/INR)

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Q4 FY21 Q3 FY22 Q4 FY22 FY21 FY22
Period Realised 72.96 74.95 75.69 73.98 74.69
Period Closing 73.11 74.34 75.79 73.11 75.79
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PAGE 11 L&T TECHNOLOGY SERVICES | Q4 FY 22 - QUARTERLY RESULT

INDUSTRY RECOGNITIONS

• [2022 U.S. BIG Innovation Awards ][recognized LTTS in the ] [Top Innovative Product of the Year][ category for its Point-of-Care Sepsis solution]

• [LTTS ranked as ] [#6][ out of 54 service providers in ] [Everest Group’s Engineering Services PEAK Matrix Service Provider of the Year™ Awards 2022]

• [ The ] [12][th][ Aegis Graham Bell Awards][ honored LTTS in the ] [Innovation in Cybersecurity category]

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• [ US-based ] [Business Intelligence Group][ recognized LTTS as one of the ] [Best Places to Work]

• [ LTTS recognized with ] [ASSOCHAM CSR & Sustainability Excellence Award 2022][ in ] [the Healthcare][ category]

• [ LTTS won Gold in ] [BW Recycle: Recycling for a Greener Tomorrow Award 2022][ for its ] [Solid Waste Management Program]

OTHER HIGHLIGHTS

• [LTTS named as a ] [Partner-level Supplier & Supplier of the Year ][in ] [John Deere’s 2021 Achieving Excellence Program]

• [ Aerospace major ] [Airbus][ recognized LTTS as a ] [Global Preferred Engineering Supplier ][under its EMES][3 ][(Engineering, Manufacturing Engineering ] and Services Strategic Suppliers) program.

• [ In collaboration with ] [Microsoft][ and ] [Bentley Systems][, LTTS established a ] [Center of Excellence (CoE) ][to address and accelerate the Digital Twin and ] Digital Thread requirements of new-age manufacturing companies. LTTS also launched a next-gen IoT-based engineering practice on Digital Twins for the manufacturing and industrial sectors

• [ Announcing the roadmap to achieve carbon and water neutrality by 2030, LTTS released its first ] [Sustainability Report][ for the year 2020-21. ]

PAGE 12 L&T TECHNOLOGY SERVICES | Q4 FY 22 - QUARTERLY RESULT

PATENTS

At the end of the fourth quarter, the patents portfolio of L&T Technology Services stood CORPORATE SOCIAL RESPONSIBILITY at 868 out of which 605 are co-authored with its customers and the remaining 263 are filed by LTTS.

CORPORATE SOCIAL RESPONSIBILITY

LTTS CSR initiatives are focused on Health, Education, Skill Development, Water, Environment and Sports. The key initiatives undertaken in Q4 FY22 include:

Vaccination drive for senior citizens and children

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L&T Technology Services, in partnership with Samarthanam Trust, provided vaccination to 9,425 people – two doses for children and COVID-19 booster dose for senior citizens. The team also conducted a drive to raise awareness on the importance of vaccination. Additionally, safety equipment was provided to 14 vaccination centres in rural parts of Karnataka.

Restoration of Veernapalya Flyover

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L&T Technology Services, in partnership with India Rising Trust, undertook the restoration of the area below Veernapalya Flyover (Bangalore, Karnataka). Based on the theme of Wild Karnataka, a new section has been added to the area, known as the Bison Section. Earlier a dump yard, this area has now been converted into a public utility space which also exhibits Karnataka’s rich wildlife.

PAGE 13 L&T TECHNOLOGY SERVICES | Q4 FY 22 - 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 57 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 20,800 employees spread across 17 global design centers, 28 global sales offices and 89 innovation labs as of March 31, 2022.

For more information please contact:

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

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

Copyright © L&T Technology Services

PAGE 14 L&T TECHNOLOGY SERVICES | Q4 FY 22 - QUARTERLY RESULT

Annexure A

M/s. MSKA & Associates, Chartered Accountants (FRN: 105047W), established in 1978 is an Indian Partnership firm registered with the Institute of Chartered Accountants of India (ICAI) and PCAOB (US Public Company Accountancy Oversight Board). MSKA & Associates offers a range of Assurance services, led by industry experts with deep knowledge pockets and driven by a commitment, to deliver high -quality services to all clients.

The firm has over 60 Partners/Directors and over 1300 staff and provides range of services inter alia under Audit & Assurance including Tax audit and Internal Financial Controls Audit. The firm has presence in 10 key cities in India namely Ahmedabad, Bengaluru, Chennai, Goa, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai and Pune.

Annexure B

Brief Profile of Mr. Abhishek Sinha

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Chief Operating Officer & Whole-Time Director, L&T Technology Services Limited

Mr. Abhishek Sinha is the Chief Operating Officer (COO) & Whole Time Director at LTTS, focusing on quality, cost-efficient delivery, and client and employee satisfaction. Key Vertical and Horizontal Heads roll up to him.

A professional with over two decades of industry experience, Abhishek has a demonstrated track record in Business Leadership on both Engineering and Enterprise Software areas.

His key strengths are making the business competitive through strategy formulation and execution, operational excellence and talent leadership. Clients, peers, senior leaders, and team respect him for his commitment to driving results and transforming concepts to reality.

Prior to joining LTTS, Abhishek was the Chief Operations & Personnel Officer and Executive Board Member at KPIT, where he was responsible for laying out the operational framework and operational governance of all businesses within KPIT to help in achieving profitable growth. In the past, Abhishek was the Vice President and Global Head for Product Engineering Services (PES) at KPIT.

After graduating in engineering from Banaras Hindu University (now IIT-BHU), Abhishek joined Infosys in 1993 and worked till 2013. During his tenure & leadership, the ER&D business at Infosys witnessed one of the fastest growth in its business.

Annexure C

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Alwyn Jay & Co. Company Secretaries

Annex-103, Dimple Arcade, Asha Nagar, Kandivali (East),Mumbai 400101. Tel : 22-79629822 Branch Office: B-002, Gr. Floor, Shreepati-2, Royal Complex, Behind Olympia Tower, Mira Road (E), Thane-401107. Tel :022-28125781 ; Mob : 09820465195; Mob : 09819334743 : Email : alwyn.co@gmail.com Website: www.alwynjay.com

PROFILE

		Alwyn Jay & Co, Company Secretaries	Alwyn Jay & Co, Company Secretaries	Alwyn Jay & Co, Company Secretaries
A.	PERSONAL PROFILE OF PARTNERS
1.	Alwyn Prakash D’souza Membership No.: FCS : 5559 C P Number : FCS : 5137 B.B.M (Bachelor In Business Management) from Mangalore University, Karnataka B.G.L (Bachelor In General Laws) from Institute of Chartered Financial Analysts of India (ICFAI) F.C.S (Fellow Company Secretary) from Institute of Company Secretaries of India , New Delhi	Jay Prabhu D’souza Membership No.: FCS : 3058 C P Number : 6915 M.Com(Master of Commerce) Bombay University, India. LL.B(Bachelor of Laws) Bombay University, India. F.C.S (Fellow Company Secretary) from Institute of Company Secretaries of India , New Delhi I.C.M.A (The Institute of Cost and Management Accountants of India. (Associate Member). A.C.I.S. (The Institute of Chartered Secretaries and Administrators, London, U.K, (Associate Member)	Ronald D’mello Membership No.: FCS : 3818 C P Number : 14353 B.Com(Bachelor of Commerce )from Mangalore University, India LL.B(Bachelor of Laws) Mumbai University, India. F.C.S (Fellow Company Secretary) from Institute of Company Secretaries of India , New Delhi A.C.I.S. (The Institute of Chartered Secretaries and Administrators, London, U.K, (Associate Member) C.F.A (Inter) & DFMfrom ICFAI, India	Vijay Sonone Membership No.: FCS : 7301 C P Number : 7991 B.Com (Bachelor of Commerce) from Mumbai University LL.M Master in Laws (Business Law) from Mumbai University, India. F.C.S (Fellow Company Secretary) from Institute of Company Secretaries of India , New Delhi

		Alwyn Jay & Co, Company Secretaries	Alwyn Jay & Co, Company Secretaries	Alwyn Jay & Co, Company Secretaries	Alwyn Jay & Co, Company Secretaries	Alwyn Jay & Co, Company Secretaries	Alwyn Jay & Co, Company Secretaries	Alwyn Jay & Co, Company Secretaries	Alwyn Jay & Co, Company Secretaries	Alwyn Jay & Co, Company Secretaries
2.	Corporate/Branch Office Address	Alwyn Jay & Co Company Secretaries Annex-103, Dimple Arcade, Asha Nagar, Kandivli (E), Mumbai 400101 Tel :022-28125781 Mob :9619011077				Alwyn Jay & Co Company Secretaries B-002, Ground Floor, Shreepati-2 Behind Olympia Tower, Nr. Ayyappa Temple, Mira Road (East) , Thane 401107
3.	Website	www.alwynjay.com
4.	Partners Contact Details	Alwyn D’souza Mob :9820465195		Jay D’souza Mob:9819334743			Ronald D’mello Mob:9833402088		Vijay Sonone Mob:9930021463
5.	E-mail Address	alwyn.co@gmail.com		dsouza.jay@gmail.com			csrondmello@gmail.com		vijaysonone@gmail.com
6.	No. of Employees	6
7.	Key Associates Contacts	Binod Singh Mob:09011670689			Shweta More Mob :09867555830			Krishnakant Adagale Mob:08879796777
B.	PROFESSIONAL EXPERTISE	ALWYN D’SOUZA
1	In practice as Company Secretary since 2002	Practicing as Corporate and Legal Advisor and advising corporate clients on legal or procedural matters falling under The Companies Act, 2013, The Securities and Exchange Board of India (SEBI) Guidelines, The Securities Contracts Regulation Act, 1956, the Foreign Exchange Management Act, 1999 and other Corporate Laws and Legislations with specialization in the above areas. The present nature of work, inter alia, consists of the following: ➢ Advising the clients on Corporate Law, secretarial audits, opinions, Postal Ballots, E-voting, liaison with Ministry of Corporate Affairs, Company Law Board and Regional Directors ➢ Advising clients on extensive range of matters including amongst other areas, advice on joint ventures and foreign collaborations, inbound/outbound investment issues, regulatory issues specifically under the Foreign Exchange Management Act, 1999, corporate laws, commercial laws, contract laws, etc. ➢ Advising clients on India entry strategies in light of the guidelines issued by the Government of India on investment norms in various sectors, drafting and filing applications to the Foreign Investment Promotion Board and Reserve Bank of India.

Alwyn Jay & Co, Company Secretaries ➢ Drafting and review of all types of commercial agreements like joint venture agreements, technical know how agreements, trade mark and license agreements, share purchase agreement, share subscription agreements, guarantees, loan and investment related agreements, marketing and distributorship agreements, shareholders agreements, lease deeds, leave and licence agreements, etc. ➢ Incorporation of joint venture companies, wholly owned subsidiaries, drafting of Memorandum and Articles of Association, acting as Company Secretary of the companies subsequent to incorporation, company maintenance including drafting of notices, agenda and minutes of board meeting of the companies. ➢ Assisting clients in obtaining requisite government approvals from the Reserve Bank of India, Foreign Investment Promotion Board, Securities and Exchange Board of India, Stock Exchanges, Directorate General of Foreign Trade, Registrar of Companies, Company Law Board, etc. 2 Special training, if any ➢ Articleship from October 17, 1998 to October 16, 1999 with T.M.Khumri & Co., Company Secretaries, Mumbai. ➢ Associated with M/s. T.M. KHUMRI & CO. Company Secretaries, Mumbai .Since August, 1994 to March, 2010 ➢ Obtained NCFM (National Certification in Financial Markets) Certificate from NSE, Mumbai in AMFI (Association of Mutual Funds in India) Financial Advisors Module. ➢ Certificate from Dolphin Infotech (P) Ltd in Share Accounting Software 3 No. of years of experience 20 years

	Alwyn Jay & Co, Company Secretaries	Alwyn Jay & Co, Company Secretaries
I C	I PROFESSIONAL EXPERTISE	JAY D’SOUZA
1	August 2005 onwards	Currently practicing as Corporate and Legal Advisor and advising corporate clients on legal or procedural matters falling under The Companies Act, 2013, The Securities and Exchange Board of India (SEBI) Guidelines, The Securities Contracts Regulation Act, 1956, the Foreign Exchange Management Act, 1999 and other Corporate Laws and Legislations with specialization in the above areas. The present nature of work, inter alia, consists of the following: ➢ Corporate Law and Secretarial Practice– extensive knowledge of all aspects of Company Law. Thorough practical knowledge of procedures; ➢ Securities Laws– Sound knowledge of Securities Control and Regulation Act and the rules and regulations of Securities and Exchange Board of India (SEBI); ➢ Mergers and Takeovers- have exposure in law and procedure on mergers and takeovers under Company Law and Securities Law; ➢ Industrial policy and promotion- Well-versed in policy, guidelines and procedures of the Government of India, ➢ Reserve Bank of India, Foreign Investment Promotion Board and other Government and semi-Government authorities concerned with approvals for setting-up industrial projects, incorporation of companies, branch, liaison offices, etc. ➢ Joint ventures, Technology licensing-Thorough knowledge of law and procedure and wide experience in setting-up joint ventures, wholly owned subsidiaries and other strategic alliances in India. Adept in drafting various legal documents, such as Memorandum of Understanding; Joint Venture (Shareholders’) Agreement, Share Purchase Agreement, Technology Transfer Agreement ➢ Assisting clients on the finance areas and taxation, modeling of pay packages, advise on Income Tax, withholding tax , filing of Corporate Returns, assisting in Tax assessments, Service Tax and in case of foreign collaborations advising on tax implications with regard to Double Taxation Avoidance Agreements (DTAA).

		Alwyn Jay & Co, Company Secretaries
		➢ Advising Clients on the applicability of the provisions of Labour Laws including applicability of local statutes while setting up new business entities. ➢ Advising clients on Transfer Pricing guidelines and taxation aspects of non residents
2	December 1997 to June, 2005	Employed with De Beers India Private Limited, a diamond mining company and subsidiary of De Beers, South Africa, as Finance Officer and Company Secretary and handled the legal, secretarial and finance functions of the Company.
3	August, 1994 to November, 1997	Employed with Cravatex Limited, a listed company engaged in the business of garments and sportswear, as Company Secretary and Legal Manager and handled the legal, secretarial and finance functions of the Company.
4	July, 1990 to July, 1994	Employed with Killick Caribonum Limited, a company engaged in manufacturing of Carbon papers, Computer ribbon, etc., as Company Secretary and Legal Manager and handled the legal, secretarial and accounts functions of the Company.
5	March, 1989 to June, 1990	Employed with Navsari Group of Companies , a company engaged in the business of textiles, as Company Secretary and handled the legal, secretarial and accounts functions of the Company and the group companies.
6	July, 1987 to February, 1989	Employed with Frigorifico Allana Limited, a company engaged in the business of food products as Company Secretary and Legal Manager and handled the legal and secretarial functions of the Company
7	No. of years of experience	25 years

	Alwyn Jay & Co, Company Secretaries	Alwyn Jay & Co, Company Secretaries
I D	I PROFESSIONAL EXPERTISE	RONALD D’MELLO
1		➢ Currently practicing as Corporate and Legal Advisor and advising corporate clients on legal or procedural matters falling under The Companies Act, 2013, The Securities and Exchange Board of India (SEBI) Guidelines, The Securities Contracts Regulation Act, 1956, the Foreign Exchange Management Act, 1999 and other Corporate Laws and Legislations with specialization in the above areas. ➢ Industry experience in corporates like WNS as General Counsel, Syntel as its head of legal, Mphasis, Volvo, Sharp, JM Financial , ABCL etc and managed the legal and corporate secretarial functions ➢ Has vast experience in legal, governance and compliance matters in addition to commercial and financial understanding for over 25 years and has in depth hands-on experience in companies spread across various industry segments such as investment banking, stock broking, flexible packaging, automobiles, entertainment, IT and ITES/BPM, with his recent global role as general counsel of a large NYSE listed BPM company . His experience in governance, policy matters and regulatory understanding and compliance will go a long way in our endeavour to provide the best viable service to our customers. Experience in a vast spectrum of service industry with global focus will benefit the customers in areas of governance and policies, regulatory compliance mechanism and practice, management of governance at board and below board level functions, contracting, due diligence and documentation of contracts in corporate transactions such as acquisitions, expansion into new territory, setting up of ventures, setting up of a corporate governance and legal set up and ongoing advisory service.
2	No. of years of experience	25 YEARS

	Alwyn Jay & Co, Company Secretaries	Alwyn Jay & Co, Company Secretaries
I E	I PROFESSIONAL EXPERTISE	VIJAY SONONE
	In practice as Company Secretary since 2008	Practicing as Corporate and Legal Advisor for Company Law Procedures, listing obligation and disclosures requirements (LODR) Compliances, Corporate Restructuring, Collaborations, arbitration, voluntary liquidations, BIFR, CLB matters, and collaboration agreements. The present nature of work, inter alia, consists of the following: ➢ Advising the clients on Corporate Law, secretarial audits, opinions, Postal Ballots, E-voting, liaison with Ministry of Corporate Affairs, Company Law Board and Regional Directors ➢ Advising clients on extensive range of matters including amongst other areas, advice on joint ventures and foreign collaborations, inbound/outbound investment issues, regulatory issues specifically under the Foreign Exchange Management Act, 1999, corporate laws, commercial laws, contract laws, etc. ➢ Advising clients on India entry strategies in light of the guidelines issued by the Government of India on investment norms in various sectors, drafting and filing applications to the Foreign Investment Promotion Board and RBI. ➢ Drafting and review of all types of commercial agreements like joint venture agreements, technical know how agreements, trade mark and license agreements, share purchase agreement, share subscription agreements, guarantees, loan and investment related agreements, marketing and distributorship agreements, shareholders agreements, lease deeds, leave and licence agreements, etc. ➢ Incorporation of joint venture companies, wholly owned subsidiaries, drafting of Memorandum and Articles of Association, acting as Company Secretary of the companies subsequent to incorporation, company maintenance including drafting of notices, agenda and minutes of board meeting of the companies. ➢ Assisting clients in obtaining requisite government approvals from the Reserve Bank of India, Foreign Investment Promotion Board, Securities and Exchange Board of India, Stock Exchanges, Directorate General of Foreign Trade, Regional Director, Registrar of Companies, Company Law Board, etc.
	Special training, if any	➢ Articleship with T. M. Khumri & Co., Company Secretaries, Mumbai. ➢ Associated with M/s.T.M. KHUMRI & CO.Company Secretaries, Mumbai , Since 2ndJanuary 2006 till 30thApril 2016.
	No. of years of experience	12 years

Alwyn Jay & Co, Company Secretaries	Alwyn Jay & Co, Company Secretaries	Alwyn Jay & Co, Company Secretaries
I F	I	MAJOR CLIENTS UNDER MANAGEMENT
		➢ L&T Group Companies ➢ Air India Group ➢ HDFC Bank Limited ➢ RBL Bank Limited ➢ IDBI Capital Markets Ltd ➢ IndusInd Bank Limited ➢ Unity Small Finance Bank Limited ➢ Mahanagar Gas Limited ➢ More Retail Limited ➢ ICICI Bank Limited ➢ Metropolitan Stock Exchange Of India Limited ➢ India Infradebt Limited ➢ Asian Paint Limited ➢ Sapphire Foods India Limited ➢ IRB Group Companies ➢ Chalet Hotels ➢ Nirlon Limited ➢ Navio Shipping Private Limited ➢ WNS Group Companies- United States ➢ Barclays Group Companies- U.K ➢ Bocconi Group- Italy ➢ Filtrec Bharat Manufacturing Private Limited- Italy ➢ Sideridraulic India Private Limited- Italy ➢ Toto India Industries Private Limited- Japan ➢ Valsir Plumbing Technologies India Private Limited- Italy

		Alwyn Jay & Co, Company Secretaries
		➢ Hafele India – Germany ➢ Thames Side Sensors India Private Ltd- U.K ➢ Monedo Financial Services Private Limited ➢ Selfin India Financial Services Private Limited
G	JOB PROFILE	ALWYN JAY & CO
	Corporate Law	❖ Promotion, formation and incorporation of companies and matters related therewith including: ➢ choice of type of company; ➢ name availability; ➢ drafting of Memorandum and Articles of Association; and ➢ drafting of other documents, ➢ stamping and registration of Memorandum and Articles of Association and other documents with the Registrar of Companies. ❖ Filing, registering, representing, attesting or verifying any documents including forms, applications and returns by or on behalf of the company as an authorized representative. ❖ Advising on legal and procedural matters falling under the Companies Act and ❖ Maintenance of secretarial records and statutory books and registers. ❖ Signing of annual return of companies whose shares are listed on a recognized stock exchange. ❖ Acting as Secretarial consultant. ❖ Carrying out secretarial audit. ❖ Issuing status report on statutory/legal compliances. ❖ Issuing Secretarial Compliance Report ❖ Compilation of status/search reports for banks and financial institutions. ❖ Charges - Pre-certification of forms relating to Registration/ Modification/Satisfaction of Charges and their filing with the Registrar of Companies. ❖ Pre-certification of other documents, returns required to be filed with the Registrar of Companies. ❖ Filing of petitions before the National Company Law Tribunal.

		Alwyn Jay & Co, Company Secretaries
		❖ Appearing as an authorized representative before the National Company Law Tribunal . ❖ Certifying the compliance of requirements of the Schedule regarding appointment of managing director/whole time director/manager without the approval of the Central Government. ❖ Appearing as an authorized representative before the Regional Director, ❖ Appearing as an authorized representative before the Registrar of Companies/Ministry of Corporate Affairs.
	Other areas of Practice	❖ Advising clients on extensive range of matters including amongst other areas, advice on joint ventures and foreign collaborations, inbound/outbound investment issues, regulatory issues specifically under the Foreign Exchange Management Act, 1999, corporate laws, commercial laws, contract laws, etc. ❖ Advising clients on India entry strategies in light of the guidelines issued by the Government of India on investment norms in various sectors, drafting and filing applications to the Foreign Investment Promotion Board and Reserve Bank of India. ❖ Drafting and review of all types of commercial agreements like joint venture agreements, technical know how agreements, trade mark and license agreements, share purchase agreement, share subscription agreements, guarantees, loan and investment related agreements, marketing and distributorship agreements, shareholders agreements, lease deeds, leave and licence agreements, etc. ❖ Incorporation of joint venture companies, wholly owned subsidiaries, drafting of Memorandum and Articles of Association, acting as Company Secretary of the companies subsequent to incorporation, company maintenance including drafting of notices, agenda and minutes of board meeting of the companies. ❖ Assisting clients in obtaining requisite government approvals from the Reserve Bank of India, Foreign Investment Promotion Board, Securities and Exchange Board of India, Stock Exchanges, Directorate General of Foreign Trade, Registrar of Companies, Company Law Board, etc. ❖ Assisting clients on the finance areas and taxation, modeling of pay packages, advise on Income Tax, withholding tax , filing of Corporate Returns, assisting in Tax assessments, Value added tax (Tax), Service Tax and in case of foreign collaborations advising on tax implications with regard to Double Taxation Avoidance Agreements (DTAA). ❖ Advising Clients on the applicability of the provisions of Labour Laws including applicability of local statutes while setting up new business entities. ❖ Advising clients on Transfer Pricing guidelines and taxation aspects of non residents

ANNEXURE D

Disclosure of Information pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("LODR Regulations") read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 .

1. Details of the Transferor and Transferee Companies:

• Transferor Entities:

A) Esencia Technologies India Private Limited (Esencia)

• Esencia is a private limited company incorporated under the provisions of the Companies Act, 1956 on 3[rd] December 2011 having CIN: U74140MH2011PTC378802. Esencia is interalia engaged in the business of all IT/telecom related technologies/solutions like software and hardware development, services, consultancy, implementation and maintenance, networking, Data Processing, Infrastructure Solutions, Storage solutions, E-Commerce solutions, internet related technologies, Enterprise Resource Planning (ERP), implementation and maintenance and Outsourcing activities like Business Processing Outsourcing(BPO), Knowledge Process Outsourcing (KPO), Information Technology Outsourcing (ITO) in and outside India. Esencia is also engaged in the business of high-end VLSI and ASIC services to its customers across hi-tech and semiconductor industries.

• B) Graphene Semiconductor Services Private Limited (Graphene)

• Graphene is a private limited company incorporated under the provisions of the Companies Act, 1956 on 17th April 2013 having CIN: U74900MH2013PTC378804. Graphene is inter-alia engaged in the business of manufacturing, processing, converting, repairing, servicing, buying, selling, importing, exporting, trading and dealing in Semiconductors, electronic components including Capacitors of all types, inputs required for Semiconductors, Assemblies, Radios, Television sets, Tape recorders, Loud Speakers, Record players, Stereophonic Equipment’s and Assemblies, Computers both Digitals and Analogues, Microwave Equipment’s and Communication Equipment’s and Components of all sorts. Graphene is also engaged in the business of end to end semiconductor services and solution, expertise in complete VLSI Chip Design & Embedded Software.

• C) Seastar Labs Private Limited (Seastar)

• Seastar is as a private limited company incorporated under the provisions of the Companies Act, 1956 incorporated on 1st June 2015 having CIN: U72900MH2015PTC374645. Seastar is inter-alia engaged in the business of exporters, importers, servicing, consulting, developing, designing, sales and marketing, trading, selling, distributing and licensing computer software and hardware of any description, particularly those used in or in connections with electronic data processing equipment, computers, micro processor based systems and providing software, hardware, programmes, data processing and consultancy services, computer software and hardware programmes

Transferee Entity:

L&T Technology Services Limited (“Transferee Company”/ “LTTS”) is a listed public limited company was originally incorporated on June 12, 2012 having CIN L72900MH2012PLC232169 and having its Registered office at L&T House, N.M Marg, Ballard Estate, Mumbai- 400001, Maharashtra. LTTS is inter-alia engaged in the business of LTTS is inter-alia engaged in the business of providing a range of engineering services and related technologies in the areas of embedded systems, mechanical, plant & manufacturing engineering services such as Design & Consulting, Prototyping, Valve Engineering, Test and Validation, Engineering Process Services, Sourcing support, maintenance, sustenance & after market support, electrical and electronics hardware and software, Technical Publications, Detail Engineering and Asset Information Management

Details as on March 31, 2022:

(Rs. in Million)

Particulars	Net Worth	Total Revenue
L&T Technology Services Limited	39,816	58,737
Esencia Technologies India Private Limited	5.88	0
Graphene Semiconductor Services Private Limited	109.83	3.48
Seastar Labs Private Limited	0.56	0.06

2. Related Party Transaction Disclosure:

The Transferor Companies are wholly-owned subsidiaries of the Transferee Company. The proposed amalgamation does not fall within the purview of related party transaction in lieu of General Circular No. 30/2014 dated July 17, 2014, issued by the Ministry of Corporate Affairs and since the same is subject to the sanction of the National Company Law Tribunal/other regulatory authorities. Further, pursuant to Regulation 23(5)(b) of the LODR Regulations, the related party provisions are not applicable to the proposed Scheme.

3. Rationale for the Proposed Scheme:

The Transferor Companies and the Transferee Company are collectively operating in the business of providing Engineering Research & Development solutions to its customers in same geographies with similar profiles and can be conveniently combined and managed by the Transferee Company for leveraging superior delivery to customers and financial capability of the Transferee Company for mutual benefit. The proposed Scheme will also stabilize the operating cost of entities and result in synergies, efficient utilization of capabilities and resources.

The detailed rationale for the amalgamation forms part of the Scheme.

4. Nature of Consideration:

As the Transferor Companies are wholly-owned subsidiaries of the Transferee Company, the entire share capital of the Transferor Companies is held by the Transferee Company. Therefore, upon the proposed scheme becoming effective, all shares held by the Transferee Company in the share capital of the Transferor Companies as on the Effective Date shall stand cancelled, without any further act or deed.

5. Details of Change in Shareholding Pattern:

There will be no change in shareholding pattern of the Transferee Company pursuant to the proposed Scheme.