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Board Report

FY 2019-20  

Board Report

Dear Members,

The Directors have pleasure in presenting their 75th Annual Report and Audited Financial Statements for the year ended 31st March 2020.

FINANCIAL RESULTS
Particulars
Profit Before Depreciation, exceptional
items & Tax
Less: Depreciation, amortization, impairment and obsolescence
Profit before exceptional items and tax
Add: Exceptional Items
Profit before tax
Less: Provision for tax
Profit for the year from continuing operations
Profit before tax from discontinued operations
Less: Tax expense of discontinued operations
Net profit after tax from discontinued operations
Net profit after tax from continuing operations
and discontinued operations
Add: Balance brought forward from the previous year
Less: Business combination impact
Less: Ind AS 115 transition adjustment
Less: Ind AS 116 transition adjustment
Less: Dividend paid for the previous year (Including dividend distribution tax)
Less: Interim dividend paid during the year
Less: Loss on remeasurement of the net defined benefits plans / Equity instruments through Other Comprehensive Income
Balance available for disposal
(which the Directors appropriate as follows)
Less: Debenture Redemption Reserve
Balance to be carried forward
 

STATE OF COMPANY AFFAIRS:

The total income for the financial year under review was ₹ 85,192 crore as against ₹ 84,999 crore for the previous financial year, registering an increase of 0.23%. The profit before tax from continuing operations including exceptional items was ₹ 6,986 crore for the financial year under review as against ₹ 9,219 crore for the previous financial year, registering a decrease of 24%. The profit after tax from continuing operations including exceptional items was ₹ 6,025 crore for the financial year under review as against ₹ 6,948 crore for the previous financial year, registering a decrease of 13%.

AMOUNT TO BE CARRIED TO RESERVE:

The Company has not transferred any amount to the reserves during the current financial year.

DIVIDEND:

During the Financial Year ended March 31, 2020, the Company paid an interim dividend of ₹ 10/- (500%) per equity share amounting to ₹ 1,403.89 crore

The Directors recommend payment of dividend of ₹ 8/- (400%) per equity share of ₹ 2/- each on the share capital amounting to ₹ 1,123.11 crore for FY 2020.

The total dividend for FY 2020, including the final dividend, if approved by shareholders, would amount to ₹ 18/- (900%) per equity share.

The Dividend payment is based upon the parameters mentioned in the Dividend Distribution Policy approved by the Board of Directors of the Company which is in line with regulation 43A of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (‘SEBI LODR Regulations’). The Policy is provided as Annexure ‘G’ forming a part of this Board Report and also uploaded on the Company’s website at https://investors.larsentoubro.com/Listing-Compliance.aspx.

CAPITAL & FINANCE:

During the year under review, the Company allotted 7,83,249 equity shares of ₹ 2/- each upon exercise of stock options by the eligible employees under the Employee Stock Option Schemes.

On exercise of the conversion option of US$200 million 0.675% convertible bonds due in 2019, the Company has allotted 3,79,388 equity shares of ₹ 2/- each against conversion of 7,970 FCCBs of the face value of US$ 1000 each. Remaining 1,92,030 Bonds of the face value of US$1000 each were redeemed/repaid.