L&T Technology Services Limited — Interim / Quarterly Report 2021

Oct 29, 2020

==> picture [326 x 96] intentionally omitted <==

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

October 29, 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 half year ended September 30, 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

==> picture [199 x 58] intentionally omitted <==

Kapil Bhalla Company Secretary (M. No. F3485)

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

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:

43(1) (i) List of related parties over which control exists/exercised:
Name	Relationship
L&T Technology Services LLC	Wholly owned subsidiary
L&T Thales Technology Services Private Limited	Subsidiary
Esencia Technologies Inc	Wholly owned subsidiary of LTTS LLC
Esencia Technologies India Private Limited	Wholly owned subsidiary
Graphene Semiconductor Services Private Limited	Wholly owned subsidiary
Graphene Solutions Pte. Ltd.	Wholly owned subsidiary
Graphene Solution SDN. BHD.	Wholly owned subsidiary
Graphene Solutions Taiwan Limited	Wholly owned subsidiary
Seastar Labs Private Limited	Wholly owned subsidiary
L&T Technology Services (Shanghai) Co. Ltd.	Wholly owned subsidiary
L&T Technology Services (Canada) Ltd.	Wholly owned subsidiary of LTTS LLC
43(1) (ii) List of related parties 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. Rajeev Gupta	Chief Financial Officer*
Mr. Kapil Bhalla	Company Secretary

• Mr. P. Ramakrishnan resigned as the CFO of the Company w.e.f July 19,2020 and Mr. Rajeev Gupta was appointed as the CFO w.e.f July 20,2020.

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:

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
Mindtree Limited	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
Particulars	30-Sep-20	30-Sep-19
Revenue from services :
Holding company	69,347,148	123,283,266
- Larsen & Toubro Limited	69,347,148	123,283,266
Fellow subsidiaries	320,039,796	468,355,768
- L&T Hydrocarbon Engineering Limited	12,926,710	27,654,591
- Larsen & Toubro Infotech Limited	289,633,710	440,701,176
- Mindtree Limited	5,858,940	-
- L&T Chiyoda Limited	11,620,437	-
Particulars	30-Sep-20	30-Sep-19
Purchase of services :
Holding company	76,338	6,439,445
- Larsen & Toubro Limited	76,338	6,439,445
Fellow subsidiaries	261,831,141	423,706,291
- L&T Hydrocarbon Engineering Limited	103,964,371	42,598,453
- Larsen & Toubro Infotech Limited	137,202,125	365,596,346
- Larsen & Toubro Infotech GMBH	-	14,841,016
- L&T-Sargent & Lundy Limited	-	670,476
- Mindtree Limited	20,664,645	-
Particulars	30-Sep-20	30-Sep-19
Rent paid :
Holding company	119,891,231	105,385,833
- Larsen & Toubro Limited	119,891,231	105,385,833
Fellow subsidiaries	10,927,895	12,702,018
- Larsen & Toubro Infotech Limited	10,172,900	11,919,581
- Larsen & Toubro Infotech GMBH	100,053	687,304
- L&T Infotech Financial Services Technologies INC	201,376	95,133
- Larsen & Toubro (East Asia) Sdn. Bhd.	453,566	-
Particulars	30-Sep-20	30-Sep-19
Commission paid :
Fellow subsidiaries	-	565,967
- Larsen & Toubro Infotech Limited	-	565,967
Particulars	30-Sep-20	30-Sep-19
Interest receivable :
Holding company	-	89,841,202
- Larsen & Toubro Limited	-	89,841,202

Particulars	30-Sep-20	30-Sep-19
Services availed by the Company :
Holding company	88,879,142	133,908,006
- Larsen & Toubro Limited	88,879,142	133,908,006
Fellow subsidiaries	11,072,032	54,600,626
- Larsen & Toubro Infotech Limited	11,049,354	17,629,365
- Larsen &Toubro (East Asia) SDN.BHD	22,679	-
- Larsen & Toubro Saudi Arabia LLC	-	36,971,261
Particulars	30-Sep-20	30-Sep-19
Services rendered by the Company :
Holding company	2,207,638	5,206,771
- Larsen & Toubro Limited	2,207,638	5,206,771
Fellow subsidiaries	3,757,660	1,518,917
- Larsen & Toubro Infotech Limited	1,348,917	1,089,802
- L&T Hydrocarbon Engineering Limited	67,375	100,764
- Servowatch Systems Limited	851,185	328,351
- L&T Construction Equipment Limited	1,055,975	-
- L&T Information Technology Services (Shanghai) Co. Ltd.	434,208	-
Particulars	30-Sep-20	30-Sep-19
Trademark fees :
Holding company	39,126,855	41,243,551
- Larsen & Toubro Limited	39,126,855	41,243,551
Particulars	30-Sep-20	30-Sep-19
Inter corporate deposit to :
Holding company	-	2,627,239,370
- Larsen & Toubro Limited	-	2,627,239,370
Particulars	30-Sep-20	30-Sep-19
Trade receivable :
Holding company	119,440,418	48,269,008
- Larsen & Toubro Limited	119,440,418	48,269,008
Fellow subsidiaries	215,858,869	289,795,821
- Larsen & Toubro Infotech Limited	197,059,690	233,380,319
- L&T Metro Rail (Hyderabad) Limited	-	302,400
- L&T Valves Limited	29,996	-
- L&T Construction Equipment Limited	1,080,000	53,833,639
- L&T Hydrocarbon Engineering Limited	9,833,994	2,279,463
- Mindtree Limited	5,066,772	-
- L&T Chiyoda Limited	2,788,417	-

Particulars	30-Sep-20	30-Sep-19
Trade payable :
Holding company	1,635,487	185,408,237
- Larsen & Toubro Limited	1,635,487	185,408,237
Fellow subsidiaries	139,856,831	321,683,890
- Larsen & Toubro Infotech Limited	52,219,838	191,517,240
- Larsen & Toubro Infotech Canada Limited	63,959	62,344
- L&T Infotech Financial Services Technologies INC	-	1,090,003
- L&T Information Technology Services (Shanghai) Co. Ltd	4,857,609	-
- L&T Hydrocarbon Engineering Limited	39,079,030	81,911,724
- Larsen &Toubro (East Asia) SDN.BHD	155,580	-
- L&T-Sargent & Lundy Limited	-	-
- Larsen & Toubro Infotech GmBH	786,625	9,761,421
- Larsen & Toubro Saudi Arabia LLC	18,291	37,341,159
- Mindtree Limited	42,675,899	-
Particulars	30-Sep-20	30-Sep-19
Loans and advances recoverable :
Holding company	99,180,776	-
- Larsen & Toubro Limited	99,180,776	-
Fellow subsidiaries	2,661,318	2,065,176
- Kesun Iron & Steel Company Private Limited	-	1,895,076
- L&T Overseas Projects Nigeria Limited	177,048	170,100
- L&T Infotech Financial Services Technologies Inc.	963,640	-
- L&T Valves Limited	1,038,042	-
- Tamco Switchgear (Malaysia) SDN BHD	482,589	-
Particulars	30-Sep-20	30-Sep-19
Lease Liability :
Holding company	945,364,971	405,956,661
- Larsen & Toubro Limited	945,364,971	405,956,661
Particulars	30-Sep-20	30-Sep-19
Interim/final dividend paid - Equity :
Holding company	1,052,823,137	1,052,823,137
- Larsen & Toubro Limited	1,052,823,137	1,052,823,137

Compensation to key managerial personnel

	Particulars	30-Sep-20	30-Sep-19
Short-term employee benefits		45,753,284	93,157,186
Post-employment benefits		374,813	258,300
Employee share-based payment		1,509,350	-
Total compensation		47,637,447	93,415,486

*Mr. P.Ramakrishnan (previous Chief Financial Officer) resigned on July 19,2020, his proportionate compensation has been included in half yearly FY 2020-21 Mr. Rajeev Gupta (current Chief Fianncial Officer) joined LTTS on July 20,2020 , his proportionate compensation has been included in half yearly FY 2020-21

Compensation to non-executive directors

Particulars	30-Sep-20	30-Sep-19
Sitting fees	150,000	75,000
Commission	3,600,000	4,500,000
Total compensation	3,750,000	4,575,000
Transactions with trust managed employees provident fund
Particulars	30-Sep-20	30-Sep-19
Towards employer's contribution	155,086,995	121,362,649
Transactions with approved gratuity fund
Particulars	30-Sep-20	30-Sep-19
Towards employer's contribution	45,666,411	165,648,375