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L&T Technology Services Limited — Audit Report / Information 2020
Jun 3, 2020
59063_rns_2020-06-03_23c29d83-efe3-4802-b239-3b1112e6c606.pdf
Audit Report / Information
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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
June 3, 2020
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
Dear Sirs,
Sub: - Submission to the Exchange pursuant to Regulation 23(9) of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015
Pursuant to Regulation 23(9) of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, we attach herewith the disclosure of related party transactions on a consolidated basis for the year ended March 31, 2020 in the format specified in the applicable accounting standards.
Please take note of the above.
Thanking You,
Yours sincerely,
For L&T Technology Services Limited
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Kapil Bhalla Company Secretary (M. No. F3485)
Encl: As above
Fax: +91 22 6752 5893 CIN : L72900MH2012PLC232169
L&T Technology Services is a subsidiary of Larsen & Toubro Limited
L&T TECHNOLOGY SERVICES LIMITED
Notes forming part of the consolidated financial statements
43 Related party disclosures
43 (1) (i) List of related parties over which control exists/exercised:
Name
L&T Technology Services LLC L&T Thales Technology Services Private Limited Esencia Technologies Inc Esencia Technologies India Private Limited Graphene Semiconductor Services Private Limited Graphene Solutions Pte. Ltd. Graphene Solution SDN. BHD. Graphene Solutions Taiwan Limited Seastar Labs Private Limited L&T Technology Services (Shanghai) Co. Ltd. L&T Technology Services (Canada) Ltd.
Relationship Wholly owned subsidiary Subsidiary Wholly owned subsidiary of LTTS LLC Wholly owned subsidiary Wholly owned subsidiary Wholly owned subsidiary Wholly owned subsidiary Wholly owned subsidiary Wholly owned subsidiary Wholly owned subsidiary Wholly owned subsidiary of LTTS LLC
- Wholly owned subsidiary w.e.f 1st October, 2019. Earlier wholly owned by Graphene Semiconductor Services Private Limited
43 (1) (ii) List of related parties which can exercise control:
| 43(1) (ii) List of relatedparties which can exercise control: | |
|---|---|
| Name | Relationship |
| Larsen and Toubro Limited | Holding company |
| 43(1) (iii) Key managementpersonnel : | |
| Executive director | Status |
| Dr. Keshab Panda | Chief Executive Officer & Managing Director |
| Mr. Amit Chadha | Deputy Chief Executive Officer and Whole Time Director |
| Mr. Abhishek Sinha | Chief Operating Officer & Whole Time Director |
| Mr. P. Ramakrishnan | Chief Financial Officer |
| Mr. Kapil Bhalla | Company Secretary |
Non-executive directors
Mr. Anilkumar Manibhai Naik
Mr. Sekharipuram Narayanan Subrahmanyan
43 (1) (iv) List of related parties with whom there were transactions during the year:
| 43(1) (iv) List of relatedparties with whom there were transactions during the | year: |
|---|---|
| Name | Relationship |
| Larsen & Toubro Limited | Holding company |
| Larsen & Toubro Infotech Limited | Fellow subsidiary |
| Larsen & Toubro Infotech Canada Limited | Fellow subsidiary |
| Larsen & Toubro Infotech GmbH | Fellow subsidiary |
| L&T Information Technology Services (Shanghai) Co. Ltd | Fellow subsidiary |
| L&T Infotech Financial Services Technologies INC | Fellow subsidiary |
| Larsen Toubro Arabia LLC | Fellow subsidiary |
| Larsen &Toubro (East Asia) SDN.BHD | Fellow subsidiary |
| L&T Metro Rail (Hyderabad) Limited | Fellow subsidiary |
| L&T Hydrocarbon Engineering Limited | Fellow subsidiary |
| L&T Construction Equipment Limited | Fellow subsidiary |
| Servowatch Systems Limited | Fellow subsidiary |
| L&T Valves Limited | Fellow subsidiary |
| Kesun Iron & Steel Company Private Limited | Fellow subsidiary |
| L&T Overseas Projects Nigeria Limited | Fellow subsidiary |
| Tamco Switchgear (Malaysia) SDN BHD | Fellow subsidiary |
| L&T-Sargent & Lundy Limited | Joint Venture |
43 (1) (v) Name of post-employment benefit plans with whom transactions were carried out during the year:
Larsen & Toubro Officers & Supervisory Staff Provident Fund
L&T Technology Services Limited Employee Group Gratuity Scheme
43 (1) (vi) Disclosure of related party transactions
| 43(1) (vi) Disclosure of relatedparty transactions | ||||
|---|---|---|---|---|
| Particulars | 31-Mar-20 | 31-Mar-19 | ||
| Revenue from services : | ||||
| Holding company | 412 | 349 | ||
| - Larsen & Toubro Limited | 412 | 349 | ||
| Fellow subsidiaries | 1,075 | 734 | ||
| - L&T Hydrocarbon Engineering Limited | 40 | 22 | ||
| - Larsen & Toubro Infotech Limited | 1,032 | 708 | ||
| - L&T Metro Rail (Hyderabad) Limited | 2 | 2 | ||
| - L&T Valves Limited | - | 2 | ||
| - L&T Construction Equipment Limited | 1 | - | ||
| Particulars | 31-Mar-20 | 31-Mar-19 | ||
| Purchase of services : | ||||
| Holding company | 1 | 1 | ||
| - Larsen & Toubro Limited | 1 | 1 | ||
| Fellow subsidiaries | 1,176 | 856 | ||
| - L&T Hydrocarbon Engineering Limited | 82 | 280 | ||
| - Larsen & Toubro Infotech Limited | 1,071 | 474 | ||
| - Larsen & Toubro Infotech GMBH | 22 | 99 | ||
| - L&T-Sargent & Lundy Limited | 1 | 3 | ||
| Particulars | 31-Mar-20 | 31-Mar-19 | ||
| Rent paid : | ||||
| Holding company | 234 | 192 | ||
| - Larsen & Toubro Limited | 234 | 192 | ||
| Fellow subsidiaries | 31 | 48 | ||
| - Larsen & Toubro Infotech Limited | 22 | 37 | ||
| - Larsen & Toubro Infotech GMBH | 8 | 8 | ||
| - Larsen & Toubro Saudi Arabia LLC | - | 3 | ||
| - Larsen & Toubro (East Asia) Sdn. Bhd. | 1 | - | ||
| Particulars | 31-Mar-20 | 31-Mar-19 | ||
| Commission paid : | ||||
| Fellow subsidiaries | 1 | 2 | ||
| - Larsen & Toubro Infotech Limited | 1 | 2 | ||
| Particulars | 31-Mar-20 | 31-Mar-19 | ||
| Interest receivable : | ||||
| Holding company | 113 | 22 | ||
| - Larsen & Toubro Limited | 113 | 22 |
| Particulars | 31-Mar-20 | 31-Mar-19 | |||
|---|---|---|---|---|---|
| Services availed by the Company : | |||||
| Holding company | 260 | 338 | |||
| - Larsen & Toubro Limited | 260 | 338 | |||
| Fellow subsidiaries | 42 | 67 | |||
| - Larsen & Toubro Infotech | Limited | 29 | 59 | ||
| - L&T Infocity Limited | - | 5 | |||
| - Larsen & Toubro Infotech | Gmbh | - | 3 | ||
| - L&T Hydrocarbon Engineering Limited | 1 | - | |||
| - L&T Information Technology Services (Shanghai) Co. Ltd. | 12 | ||||
| Particulars | 31-Mar-20 | 31-Mar-19 | |||
| Services rendered by the Company : | |||||
| Holding company | 1 | 9 | |||
| - Larsen & Toubro Limited | 1 | 9 | |||
| Fellow subsidiaries | 9 | 8 | |||
| - Larsen & Toubro Infotech | Limited | 6 | 5 | ||
| - L&T Hydrocarbon Engineering Limited | 1 | - | |||
| - Servowatch Systems Limited | 2 | 3 | |||
| Particulars | 31-Mar-20 | 31-Mar-19 | |||
| Trademark fees : | |||||
| Holding company | 84 | 76 | |||
| - Larsen & Toubro Limited | 84 | 76 | |||
| Particulars | 31-Mar-20 | 31-Mar-19 | |||
| Trade receivable : | |||||
| Holding company | 168 | 89 | |||
| - Larsen & Toubro Limited | 168 | 89 | |||
| Fellow subsidiaries | 356 | 179 | |||
| - Larsen & Toubro Infotech | Limited | 342 | 177 | ||
| - L&T Metro Rail (Hyderabad) Limited | 2 | 2 | |||
| - L&T Construction Equipment Limited | 1 | - | |||
| - L&T Hydrocarbon Engineering Limited | 11 | - |
| Particulars | 31-Mar-20 | 31-Mar-19 | ||
|---|---|---|---|---|
| Trade payable : | ||||
| Holding company | 156 | 145 | ||
| - Larsen & Toubro Limited | 156 | 145 | ||
| Fellow subsidiaries | 315 | 268 | ||
| - Larsen & Toubro Infotech Limited | 152 | 117 | ||
| - L&T Hydrocarbon Engineering Limited | 134 | 93 | ||
| - L&T-Sargent & Lundy Limited | - | 1 | ||
| - Larsen & Toubro Infotech GmBH | 2 | 47 | ||
| - Larsen & Toubro Saudi Arabia LLC | 27 | 10 | ||
| Particulars | 31-Mar-20 | 31-Mar-19 | ||
| Loans and advances recoverable : | ||||
| Holding company | - | 1 | ||
| - Larsen & Toubro Limited | - | 1 | ||
| Fellow subsidiaries | 6 | 4 | ||
| - Kesun Iron & Steel Company Private Limited | - | 2 | ||
| - Servowatch Systems Limited | - | 2 | ||
| - L&T Infotech Financial Services Technologies Inc. | 1 | - | ||
| - L&T Valves Limited | 4 | - | ||
| - Tamco Switchgear (Malaysia) SDN BHD | 1 | - | ||
| Particulars | 31-Mar-20 | 31-Mar-19 | ||
| Interim/final dividend paid - Equity : | ||||
| Holding company | 1,638 | 1,630 | ||
| - Larsen & Toubro Limited | 1,638 | 1,630 |
| Compensation to key managerial personnel | ||
|---|---|---|
| Particulars | 2019-20 | 2018-19 |
| Short-term employee benefits | 124 | 137 |
| Post-employment benefits | 1 | 1 |
| Employee share-based payment | 143 | - |
| Total compensation | 268 | 138 |
| *Mr. Bhupendra Bhate (previous Chief Operating Officer & Whole Time Director) resigned on 3rd May,2019, his proportionate | ||
| compensation has been included in 2019-20 | ||
| Mr. Abhishek Sinha (current Chief Operating Officer & Whole Time Director) joined LTTS on 6th May 2019 and appointed in | ||
| Board on 18th Oct 2019, his proportionate compensation has been included in 2019-20 | ||
| Compensation to non-executive directors | ||
| Particulars | 2019-20 | 2018-19 |
| Sitting fees | 2 | 2 |
| Commission | 20 | 22 |
| Total compensation | 22 | 24 |
| Transactions with trust managed employees provident fund | ||
| Particulars | 2019-20 | 2018-19 |
| Towards employer's contribution | 263 | 222 |
| Paid during the year | 813 | 675 |
| Due to trust (year end liability) | 78 | 62 |
| Transactions with approved gratuity fund | ||
| Particulars | 2019-20 | 2018-19 |
| Towards employer's contribution | 173 | 130 |
| Paid during the year | 173 | 130 |
| Due to trust (year end liability) | 170 | 87 |