AI assistant
L&T Technology Services Limited Interim / Quarterly Report 2021
59063_rns_2021-05-24_9e2ca8ff-75f9-4b23-bffe-6e70936310ea.PDF
Interim / Quarterly Report
Open in viewerOpens in your device viewer
L&T Technology Services Limited L&T Business Park, TC 2 Tower B, Second floor, North East Wing, Gate no.5, Saki Vihar Road, Powai, Mumbai – 400072 www.ltts.com
May 24, 2021
National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex Bandra (East), Mumbai – 400 051. NSE Symbol: LTTS
The BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001 BSE Script Code: 540115
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 March 31, 2021 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
Kapil Bhalla Company Secretary (M. No. F3485)
Encl: As above
L&T TECHNOLOGY SERVICES LIMITED
Notes forming part of the consolidated financial statements
44 Related party disclosures
44 (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 |
| Orchestra Technology Inc | Wholly owned subsidiary of L&T Technology Services Limited LLC** |
| Esencia Technologies Inc | Wholly owned subsidiary of L&T Technology Services Limited 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 L&T Technology Services Limited LLC |
*Wholly owned subsidiary w.e.f 1st Oct'19. Earlier wholly owned by Graphene Semiconductor Services Private Limited. *Wholly owned subsidiary of L&T Technology Services LLC w.e.f 2nd October, 2020.
44(1) (ii) List of related parties which can exercise control:
| Name | Relationship | |
|---|---|---|
| Larsen and Toubro Limited | Holding company | |
| 44(1) (iii) Key management personnel : | ||
| 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 Ramkrishnan | Chief Financial Officer upto 19th July, 2020 | |
| Mr. Rajeev Gupta | Chief Financial Officer w.e.f 28th July, 2020 | |
| Mr. Kapil Bhalla | Company Secretary |
Non-executive directors Mr. Anilkumar Manibhai Naik
Mr. Sekharipuram Narayanan Subrahmanyan
| 44(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 Tecnologies INC | Fellow subsidiary | |
| Larsen Toubro Arabia LLC | Fellow subsidiary | |
| Larsed &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 | |
| 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 | |
| L&T Chiyoda Limited | Associate | |
| Thales Services SAS, France | Associate |
44 (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
| Transaction | 31-Mar-21 | 31-Mar-20 |
|---|---|---|
| Revenue from services : | ||
| Holding company | 161,382,266 | 411,546,446 |
| - Larsen & Toubro Limited | 161,382,266 | 411,546,446 |
| Fellow subsidiaries | 722,087,215 | 1,074,666,919 |
| - L&T Hydrocarbon Engineering Limited | 40,727,218 | 39,999,709 |
| - Larsen & Toubro Infotech Limited | 671,997,787 | 1,032,101,790 |
| - L&T Metro Rail (Hyderabad) Limited | - | 1,540,000 |
| - L&T Valves Limited | - | 25,420 |
| - L&T Construction Equipment Limited | - | 1,000,000 |
| - Mindtree Limited | 9,362,210 | - |
| Associates | 15,703,270 | - |
| - L&T Chiyoda Limited | 15,703,270 | - |
| Transaction | 31-Mar-21 | 31-Mar-20 |
| Purchase of services : | ||
| Holding company | 428,006 | 1,196,122 |
| - Larsen & Toubro Limited | 428,006 | 1,196,122 |
| Fellow subsidiaries | 890,684,559 | 1,175,259,431 |
| - L&T Hydrocarbon Engineering Limited | 287,042,778 | 81,738,078 |
| - Larsen & Toubro Infotech Limited | 539,771,680 | 1,071,202,411 |
|---|---|---|
| - Larsen & Toubro Infotech GMBH | - | 21,648,465 |
| - L&T-Sargent & Lundy Limited - Mindtree Limited |
806,363 63,063,738 |
670,476 - |
| Transaction Rent paid : |
31-Mar-21 | 31-Mar-20 |
| Holding company - Larsen & Toubro Limited |
226,219,758 226,219,758 |
233,808,335 233,808,335 |
| Fellow subsidiaries - Larsen & Toubro Infotech Limited |
29,302,494 17,545,798 |
30,691,424 21,606,286 |
| - Larsen & Toubro Infotech GMBH | 10,597,204 | 7,848,831 |
| - Larsen & Toubro Saudi Arabia LLC | - | - |
| - L&T Infotech Financial Services Tecnologies INC - Larsen & Toubro (East Asia) Sdn. Bhd. |
410,361 749,132 |
388,298 848,009 |
| Rent Received : | ||
| Fellow subsidiaries | 2,312,109 | - |
| - Larsen & Toubro Infotech Limited | 2,312,109 | - |
| Transaction Commission paid : |
31-Mar-21 | 31-Mar-20 |
| Fellow subsidiaries - Larsen & Toubro Infotech Limited |
- - |
565,967 565,967 |
| Guarantee Charges: | ||
| Holding company | 2,641,635 | - |
| - Larsen & Toubro Limited | 2,641,635 | - |
| Transaction Interest receivable : |
31-Mar-21 | 31-Mar-20 |
| Holding company - Larsen & Toubro Limited |
- - |
113,476,912 113,476,912 |
| Transaction | 31-Mar-21 | 31-Mar-20 |
| Services availed by the Company : | ||
| Holding company - Larsen & Toubro Limited |
180,740,297 180,740,297 |
260,041,747 260,041,747 |
| Fellow subsidiaries | 44,704,226 | 41,563,024 |
| - Larsen & Toubro Infotech Limited | 44,247,303 | 28,621,410 |
| - L&T Infocity Limited | - - |
- |
| - Larsen & Toubro Infotech Canada Limited - Larsed &Toubro (East Asia) SDN.BHD |
204,923 | - 365,981 |
| - Larsen & Toubro Infotech Gmbh | - | - |
| - L&T Hydrocarbon Engineering Limited | 192,000 | 1,060,569 |
| - L&T Information Technology Services (Shanghai) Co. Ltd. - L&T-Sargent & Lundy Limited |
- 60,000 |
11,515,064 - |
| Transaction | 31-Mar-21 | 31-Mar-20 |
| Services rendered by the Company : | ||
| Holding company | 2,163,065 | 854,174 |
| - Larsen & Toubro Limited | 2,163,065 | 854,174 |
| Fellow subsidiaries | 926,694 | 8,883,903 |
| - Larsen & Toubro Infotech GmbH | - | - |
| - Larsen & Toubro Infotech Limited - L&T Hydrocarbon Engineering Limited |
8,134 67,375 |
5,828,818 559,614 |
| - Servowatch Systems Limited | 851,185 | 2,495,471 |
| Transaction | 31-Mar-21 | 31-Mar-20 |
| Trademark fees : | ||
| Holding company | 81,746,385 | 84,285,919 |
| - Larsen & Toubro Limited | 81,746,385 | 84,285,919 |
| Transaction Trade receivable : |
31-Mar-21 | 31-Mar-20 |
| Holding company - Larsen & Toubro Limited |
86,620,161 86,620,161 |
168,391,067 168,391,067 |
| Fellow subsidiaries | 190,513,898 | 355,951,568 |
| - Larsen & Toubro Infotech Limited | 178,978,992 | 342,122,389 |
| - L&T Metro Rail (Hyderabad) Limited | - | 1,965,600 |
| - L&T Valves Limited - L&T Construction Equipment Limited |
- - |
29,996 1,080,000 |
| - L&T Hydrocarbon Engineering Limited | 8,893,125 | 10,753,583 |
| - Mindtree Limited | 2,641,782 | - |
| Associate | 842,282 | - |
| - L&T Chiyoda Limited | 707,230 | - |
| - Thales Services SAS, France | 135,052 | - |
| Transaction | 31-Mar-21 | 31-Mar-20 |
|---|---|---|
| Trade payable : | ||
| Holding company | 80,642,121 | 156,042,102 |
| - Larsen & Toubro Limited | 80,642,121 | 156,042,102 |
| Fellow subsidiaries | 458,404,812 | 314,757,865 |
| - Larsen & Toubro Infotech Limited | 409,667,832 | 151,885,234 |
| - Larsen & Toubro Infotech Canada Limited | 22,468 | 61,662 |
| - L&T Infotech Financial Services Tecnologies INC | 39,689 | - |
| - L&T Information Technology Services (Shanghai) Co. Ltd | - | - |
| - L&T Hydrocarbon Engineering Limited | 27,394,723 | 133,628,381 |
| - Larsed &Toubro (East Asia) SDN.BHD | 91,145 | 79,126 |
| - L&T-Sargent & Lundy Limited | - | - |
| - Larsen & Toubro Infotech GmBH - Larsen & Toubro Saudi Arabia LLC |
6,438,633 9,015,418 |
1,645,633 27,439,088 |
| - Larsen Toubro Arabia LLC | 18,128 | 18,740 |
| - Mindtree Limited | 5,716,776 | - |
| Associate | 3,577,029 | - |
| - Thales Services SAS, France | 3,577,029 | - |
| Transaction | 31-Mar-21 | 31-Mar-20 |
| Loans and advances recoverable : | ||
| Holding company - Larsen & Toubro Limited |
202,755 202,755 |
- - |
| Fellow subsidiaries | 1,907,836 | 5,838,289 |
| - Kesun Iron & Steel Company Private Limited | - | - |
| - L&T Overseas Projects Nigeria Limited | 175,464 | 181,596 |
| - Servowatch Systems Limited | - | - |
| - L&T Infotech Financial Services Technologies Inc. | - | 1,003,049 |
| - L&T Valves Limited | 54,661 | 3,560,397 |
| - Tamco Switchgear (Malaysia) SDN BHD | - | 1,093,247 |
| - L&T Information Technology Services (Shanghai) Co. Ltd - Larsen & Toubro Infotech Limited |
1,107,705 570,006 |
- - |
| Transaction | 31-Mar-21 | 31-Mar-20 |
| Interim dividend paid - Equity : | ||
| Holding company | 1,640,124,398 | 1,637,724,879 |
| - Larsen & Toubro Limited | 1,640,124,398 | 1,637,724,879 |
| Compensation to key managerial personnel | ||
| Particulars Short-term employee benefits |
2020-21 120,651,552 |
2019-20 124,352,294 |
| Post-employment benefits | 624,126 | 428,088 |
| Long-term employee benefits | - | - |
| Termination benefits | - | - |
| Employee share-based payment | 153,037,100 | 143,081,400 |
| Total compensation** | 274,312,778 | 267,861,782 |
| **Mr. P. Ramakrishnan (previous Chief Financial Officer) resigned on July 19,2020, his proportionate compensation has been | ||
| included in calculation of remuneration of FY21. | ||
| Mr. Rajeev Gupta (current Chief Financial Officer) joined LTTS on 2nd April 2020 and appointed in Board on 20th July 2020, his | ||
| proportionate compensation has been included above calculation of FY21. | ||
| Compensation to non-executive directors | ||
| Particulars | 2020-21 | 2019-20 |
| Sitting fees | 2,274,773 | 1,852,099 |
| Commission | 24,967,315 | 20,042,300 |
| Share-based payment | - | - |
| Total compensation | 27,242,088 | 21,894,399 |
| Transactions with trust managed employees provident fund | ||
| Particulars | 2020-21 | 2019-20 |
| Towards employer's contribution | 313,112,061 | 262,522,802 |
| Paid during the year | 879,368,126 | 813,265,848 |
| Due to trust (year end liability) | 81,525,571 | 78,108,918 |
| Transactions with approved gratuity fund | ||
| Particulars | 2020-21 | 2019-20 |
| Towards employer's contribution | 180,552,879 | 173,230,927 |
| Paid during the year | 180,552,879 | 173,152,063 |
| Due to trust (year end liability) | 111,056,015 | 170,028,025 |