Economy

Indian Economy

The financial year 2021-22 was expected to be a year of recovery on the back of normalised resumption of economic activity and improved mobility, post the first COVID-19 wave.

On the contrary, the year commenced with the onset of a more virulent second wave, resulting in a record number of infections and high mortality rate. The country witnessed partial lockdowns across different states, as opposed to complete lockdowns during the first wave. With improved vaccination efforts, the economy bounced back faster than anticipated. However, the recovery momentum was once more disrupted due to the emergence of the Omicron variant towards the end of Q3, which fortunately, lasted only for a brief period. The emergence of geopolitical tensions towards the end of the year has however now created new challenges with a sharp rise in commodity prices, leading to a record high inflation and rising interest rates.

Despite these turbulences, India’s GDP is expected to grow by 8.7% in FY 2021-22, compared to a 6.6% contraction registered in the previous year.

India’s Union Budget 2022 emphasised on maintaining fiscal deficit near current levels along with a renewed capex thrust. Government capex serves the twin purpose of employment

generation and acts as a growth multiplier. Complementing the efforts of the Government, the RBI continues to pursue an accommodative but cautious monetary stance. The tax buoyancy due to improved economic activity could help India to stay adequately prepared to handle the worsening terms of trade arising out of high oil prices. The Government remaining committed to achieve its NIP target and private capex showing early signs of revival, augurs well for economic growth.

The surge in domestic demand, improvement in capacity utilization levels and much leaner corporate balance sheets are further indicating a sustained resurgence in the economic output. The IMD’s prediction of yet another year of normal monsoon has added to the positive sentiments.

With the easing of COVID-19 protocols, consumer confidence and household optimism are also on an uptrend. A robust Rabi output should support recovery in rural demand and pick-up in contact-intensive services should help in further strengthening the urban demand.

It is expected that the ongoing geopolitical conflict could impact supply chain dynamics and keep commodity prices elevated for a longer period. Rising interest rates across the world could also impact capital flows into the country. However, India due to its structural reforms and thoughtful fiscal stimulus and monetary support from Government & RBI respectively, is in a better position to withstand the challenges, as in the past.

Global Economy

The global economy witnessed swift recovery amidst continued progress with vaccination efforts, supportive macroeconomic policies in the major economies and favourable financial conditions. However, the global environment significantly worsened in the latter half of the financial year with the unfavourable geopolitical situation, adversely impacting food and energy prices, and supply chain disruption.

There are no easy policy choices in current times. Governments and Central Banks across the world continue to grapple with the prospect of stagflation, as low economic output and supply-side led inflation continues to linger. This is getting further aggravated with the resurgence of COVID-19 infections in some major economies, leading to lockdowns and thereby delaying the resumption of normalcy.

In this scenario, the themes to watch out for in the medium term would be a possible rearrangement of the global supply chain, consequent shift in export hubs, establishment of a ’new world order‘ and the gradual shift from globalisation to localisation.

Business Model and Strategy

Strategy Formulation

Business strategy formulation seeks to set long-term goals and strategies that help the Company in exploiting its strengths, identifying and realising new opportunities, and building new capabilities. This is enabled through three plans with time horizons ranging from long-term Perspective (7-10 years) to medium-term Strategic (5 years) to the short-term (the Annual Budget). Each plan dovetails into the next.

The Company’s 5-year Strategic Plan, ‘Lakshya’, is developed through a collaborative and consultative process across the organisation. The Lakshya 2026 plan formulation was initiated in March 2021. The exercise was to be undertaken in 2020 for the period FY 2021-22 to FY 2025-26 but was deferred by a year owing to the exigencies created by the COVID-19 pandemic and the heightened uncertainty across economy and various sectors. The first year, which is FY 2021-22, was covered through the annual budgeting exercise, and Lakshya 2026 plan has been now developed for the four-year period FY 2022-23 to FY 2025-26.

The Lakshya 2026 plan targets to achieve value accretive growth in the existing businesses through a multipronged approach like selective project bidding, targeting opportunities in line with global ESG trends, riding the momentum in existing and emerging technological trends for services, rejigging business offerings and driving profitability through operational excellence, value engineering and digitalisation initiatives.

The plan also envisages venturing into emerging businesses like Green Hydrogen development, Electrolyser & Battery manufacturing, Data Centers and also scale up new-age digital and e-commerce businesses over the plan period. The thrust on unlocking value by exiting non-core businesses continues.

EPC Projects

The Group focuses on its proven core competencies of conceptualising, designing, engineering, executing, and commissioning large, complex projects in the areas of transportation infrastructure, power transmission and distribution, thermal / hydel / solar / nuclear power plants, green hydrogen, and derivatives, water and irrigation infrastructure, buildings and factories, oil and gas facilities, and metals and mining projects.

Hi-Tech Manufacturing

Hi-Tech Manufacturing focuses on custom-built products catering to process industries, material handling equipment, electrolysers and advanced cell chemistry batteries, construction machinery & mining equipment, industrial valves and defence engineering including shipbuilding

Services

The Services businesses cater to sectors of IT (through LTI and Mindtree), Technology Services (through LTTS, Smart World & Communication), Real Estate (through L&T Realty) and Financial Services (through LTFHL), B2B E-commerce (through L&T SuFin), Skilling & Assessment (through L&T EduTech) and Cloud Services (through Data Centers).

Our businesses and offerings are closely linked to global megatrends

Strategic Thrust & Direction

As part of the Lakshya 2026 plan, the Group has re-evaluated shareholder value creation, defined social obligations, and framed sustainability goals. The outcome of this assessment was the rearticulation of its Strategic Objectives (SOs), which would drive value creation over a long-term horizon. These are:

Performance in FY 2021-22 against objectives:

Objectives	KPIs	Performance
SO-I Value accretive growth of current businesses	• Revenue Growth • Composition of Services in Total Revenues	In FY 2021-22, despite continued impact of COVID-19 led disruptions, the Company achieved revenues of 156,521 crore (+15% y-o-y). Services business continued to show strong growth of 12% with a stable percentage share in revenues at 30% in FY 2021-22.
SO-II Completing the divestment of non-core businesses	• Businesses divested	In FY 2021-22, the Company divested Singoli-Bhatwari Hydroelectric Project (99 MW) and is actively pursuing divestments in L&T IDPL and exploring various alternatives to cap our current exposure in Hyderabad Metro.
SO-III Developing business offerings to ride the Energy Transition wave	• Size of Green Portfolio • New Business or Business offerings developed	The size of Green Portfolio of businesses is 38,843 crore which is 38.2% of standalone revenues in FY 2021-22 (compared to 33.2% in FY 2020-21). The Board has approved entry into the ‘Green Energy’ business through Green Hydrogen & derivates and Advanced Chemistry Cells batteries. The business will be setup in FY 2022-23, including tie-ups for technology and business partnerships. These new businesses are proposed to be set up through joint ventures, with L&T having a dominant share.
SO-IV Scaling up digital and E-commerce businesses	• Growth of Digital & E-commerce Businesses	L&T SuFin and L&T EduTech have been formally launched in FY 2021-22 and currently in scale-up stage. A new business which has been evaluated and incubated in FY 2021-22 is Data Center & Cloud Services (Business offering linked to data centers and related services).
SO-V Enabling business sustainability through high focus on ESG & Stakeholder Value Creation	• Metrics linked to ESG performance based on materiality e.g: - GHG Intensity - Water consumption - Lost Time Incident - Training hours	For details refer to sections: Natural Capital (pg. no.136 of the Integrated Annual Report 2021-22) Social & Relationship Capital (pg.no.178 of the Integrated Annual Report 2021-22) Human Capital (pg.no.168 of the Integrated Annual Report 2021-22)

Risk Management

L&T has a comprehensive Enterprise Risk Management (ERM) framework in place for identification, assessment, treatment and reporting of risks. The Risk Management Framework consists of four tiers:

• The operating businesses form the First Tier as risk owners and have primary responsibility for identifying and managing the risks.

• The Second Tier comprises corporate functions and dedicated Business Risk Management teams who are responsible for monitoring and reporting of risks and providing guidance to risk owners.

• The Apex Risk Management Committee is the Third Tier that monitors & provides strategic decisions on risks. This Committee periodically evaluates the robustness and defensibility of the systems in place and suggests mitigation plans accordingly.

• The Board Risk Management Committee (BRMC) & Audit Committee is the Fourth Tier that provides risk governance and oversight as a component of strategic leadership. The BRMC reviews the existing risk management policy,

framework, processes, structure, and the mitigation systems. It also on a periodic basis, evaluates and monitors the key risks at a Company level. The Audit Committee, in compliance with The Companies Act and SEBI LODR, oversees the financial risk framework of the Company.
The Company is predominantly into the Projects business and has a robust Project Risk Management process. The key processes of risk reviews include (a) country clearance process for the first-time geographies (b) pre-bid risk reviews based on authorisation level mapped to the range of bid values (c) execution risk reviews of the projects for tracking the movement of risks and course corrections and (d) close out reviews to capture key learnings from the projects completed and document the learnings for future bids. The Company’s risk management processes ensure that the businesses accept risks as per the boundary conditions based on the risk appetite of the organisation. The entire risk management process is overseen by the office of the Chief Risk Officer of the Company. The Company also has a Chief Information Security Officer (CISO) who is responsible for forming and assuring implementation of IT security policies, frameworks to manage cybersecurity risk, and controls across the organisation.

The Risk Management processes are enabled through an ERM system that facilitates monitoring risks across projects in various geographies of operation, provides a risk-weighted portfolio view of businesses and shares learnings across the organisation. An integrated Knowledge Centre Portal is also available that provides a platform for assessment of financials of counterparty, geo-political and macro risks to support informed and fact-based decision-making.

The Company emphasises on continuous learning and has taken initiatives to strengthen its processes. An e-Learning module of ERM is in place for employees to get acquainted with Risk Management processes and manage risks effectively and responsibly. Periodic training workshops on Risk Management are organised across the Company to spread awareness.

The Enterprise Risk Management Framework is continuously reviewed and benchmarked with industry best practices.

FINANCIAL RISKS

Foreign Exchange and Commodity Price Risks

The businesses of the Company are exposed to fluctuations in foreign exchange rates and commodity prices. Additionally, it has exposures to foreign currency denominated financial assets and liabilities. With the increasing tendency to access sanctions to combat geo-political issues, there have been

reports of attempts to develop alternate payment systems to support trade and capital flows. The rise of cryptocurrency may pose additional challenges in this regard.

The Group has an evolved policy for foreign exchange risk management, with separate policies for project and manufacturing business and IT&TS business. With respect to project and manufacturing portfolio, the currency risks are evaluated from the tendering stage and are assessed for pass-through arrangements in contracts, coverage by way of natural hedge and the balance appropriately hedged. The Company also proactively monitors depeg risk in the GCC.

The financial risks involving commodity prices are managed through price variation clauses embedded in the contracts, hedges in financial markets and pass-through price arrangements. In the case of contracts with price variation clauses, the Company runs a basis risk in terms of reimbursement tied to various price indices versus actual commodity prices. During financial year 2021-22, commodity prices had remained elevated, which is expected to continue in the financial year 2022-23, driven by supply constraints which have been further accentuated by geopolitical events.

For disclosure of commodity exposures as required under clause 9(n) of Part C of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in the format specified vide SEBI Circular dated 15th November, 2018 is given below:

Financial Risk Management is governed by the Risk Management framework and policy approved by the Audit Committee and authorised by the Board. Financial risks in each business portfolio are measured and managed by Corporate Treasury aided by the said framework.

Liquidity and Interest Rate Risks

The Company judiciously deploys its surplus funds in short-term investments in line with the Board approved policy. It constantly monitors the liquidity levels, economic and capital market conditions and maintains access to the lowest possible cost of sourcing liquidity through banking lines, trade finance and capital markets. The Company managed its higher than usual treasury investments to generate investment return to neutralise the higher interest cost due to borrowings raised in the previous financial year. The Company dynamically manages interest rate risks through a mix of fund-raising, investment products and derivatives across maturity profiles and currencies within a robust risk management framework.

With the post COVID-19 recovery, the attention is now focussed on the size of G4 central bank balance sheets and a rethink of the accommodative monetary policy. The Federal Reserve started hiking interest rates with a 25 bps increase in their March 2022 meeting. The RBI, also in order to combat the inflationary trends, has recently increased the repo rate leading to a hardening interest rate regime.

Financial Resources & Capital Allocation

The capital allocation philosophy of the Company is geared to support business initiatives for the medium to long term growth of the Company, while retaining enough liquidity to support any short-term exigencies faced by the Group.

FY 2021-22 started with another phase of uncertainty in terms of liquidity with renewed lockdowns and disruption of work at sites as well as in client offices. However, with the Company having raised significant amount of long-term liquidity in FY 2020-21, there was adequate liquidity reserve on the balance sheet.

The Company provided support to Group companies like L&T Metro Rail Hyderabad Ltd. while it was recovering from impact of COVID-19’s second and third waves. The Company also supported the capital expenditure required to execute some of the large projects awarded in the previous financial year. Going forward, apart from regular capital expenditure, the Company plans to invest in new businesses of Green Energy & Data Centers and continue to focus on growing its IT&TS services business.

Since business conditions have improved post the initial disruption, the Company ended the year with a reduction in its debt levels at 20,298 crore vis-à-vis 24,474 crore in FY 2020-21. Low standalone gearing levels (Gross Debt to Equity ratio at 0.30) and an adequate cash balance of ~ 25,000 crore equip the Company to deal with normal business uncertainties.

The Company plans to maintain around the current level of liquidity reserve on the Balance Sheet to deal with continuing uncertainties in economic conditions.

While the Company has adequate banking facilities to cater to the business requirements, the Large Exposure Framework guidelines of RBI implemented from April 1, 2019, may constrain the availability of bank limits for the Group. At the same time, the Government’s initiative to reduce the performance bank guarantee requirement in projects from 10% to 3% has positively impacted the resources availability for the businesses.

Internal Controls & Safeguards

One of the important pillars of corporate governance is a robust internal controls framework that assists the corporation to achieve predictable and desired outcomes. It helps in aligning controls with the dynamics of constant challenges and changes in risk profile, arising due to varying internal and external factors. The internal controls framework established by the Company is commensurate with the size of operations and complexity of its businesses. All internal controls are well aligned with the evolving business needs, objectives, and overall strategic direction. The Company ensures integrity in conducting its business, safeguarding of its assets, timely preparation of reliable financial information, accuracy and completeness in maintaining accounting records, and prevention and detection of frauds and errors through a set of detailed policies and procedures.

The Board of Directors and Management at all levels exhibit the right tone at the top through their actions, behaviour, and directives. The ‘Code of Conduct’ emphasises the corporate culture and values of the Company which serves as a beacon for the employees and inculcates the importance of integrity and ethical values. Suppliers must conform to a separate ‘Code of Conduct’ as a part of the registration process to ensure that they align to the Company’s commitment to seek sustainable growth by integrating Environment, Social and Governance (ESG) principles with its businesses. The ‘Code of Conduct’ and the ‘Whistle-blower / Vigil Mechanism’ policies are available to both employees and business partners, to enable them to raise genuine concerns about any actual or suspected ethical / legal violations or misconduct or fraud, with adequate safeguards against victimisation, fear of punishment or unfair treatment.

The Company has adopted the globally accepted framework issued by the Committee of Sponsoring Organisations (COSO) of the Treadway Commission for Internal Controls. The Internal Financial Controls are instituted at the entity and process levels and are aligned with the requirements of the Companies Act, 2013. The internal control teams at corporate and business levels serve as the second line of defence and assist the Management in setting up of sound internal controls and establishing, operating, and upgrading the internal controls system. The Corporate team shares best practices across the organisation, reviews and assesses the processes, formulates and updates the policies, guidance notes and advisories.
The Corporate Audit Services Department carries out independent internal audits covering core business operations, corporate departments, and support functions. The annual audit plan of Corporate Audit Services is reviewed by the Audit Committee of the Board to ensure the adequacy of the coverage. The significant audit observations are presented to the Audit Committee every quarter along with update on the implementation of the recommended remedial measures and the agreed actions by the Management.

The operating effectiveness of Internal Financial Controls are carried out by Corporate Audit Services team and Internal Controls for Financial Reporting by Statutory Auditors and no reportable material weaknesses either in their design or operations were observed. The evaluation included documentation review, enquiries, testing, and other procedures considered to be appropriate in the circumstances.

IT at L&T operates on a federated structure with Corporate IT as the apex IT organisation and CIO council that is represented by all business CIOs. The IT spends at business levels are governed by the specific needs of that particular business.

While the IT and digital landscapes continue to expand within L&T, more and more business stakeholders are becoming cognizant of the value that IT delivers to the business vis-à-vis the investments being put in. Continual measurement of IT value delivery is the new order in the business.

While the investments continue in strategic areas of IT, there is a fundamental shift in the way business is done post the COVID-19 pandemic. Remote working and online collaboration are the new normal of doing business. As the new normal settles in, it is even more imperative that one secures these new modes of communication and collaboration.

Over the past year, significant, yet strategic investments have been done in the areas of cyber security to ensure that uniform sets of policies, processes and technologies are implemented across the organisation to tackle the ever evolving threat landscape. ’Security by design‘ principles are applied in all areas of IT to ensure that all applications are secure right from the development stage.

Multiple generational changes in IT Infrastructure in strategic areas have been done to ensure that IT is able to respond to the new needs of the business for the next several years. All these investments are done with an eye to reduce information security risk at all times.

At L&T we are constantly enabling businesses with new, innovative platforms for ERP, Vendor Invoice Management, Data Analytics, etc., that enable the evolution of a real time enterprise. L&T also continues to work with public cloud vendors selectively to move workloads wherever found economically viable.

IT at L&T is in a sweet spot as IT and digital transformation permeates across L&T using various tools and technologies. As this happens, IT is working very closely with the businesses and stands ready to deliver to business relevant and state-ofthe-art solutions that will enable L&T to stay competitive and secure in the future.

Regular awareness and training programmes are being conducted around IT and Information Security to ensure that all employees understand the criticality of IT and use it judiciously for the betterment of the organisation.

With a people-centric philosophy and practice, combined with dynamic top management, the Company was able to ensure business continuity, keep the workforce safe, healthy, motivated and engaged and contribute to the society during the unprecedented times brought about by the COVID-19 pandemic. Continuous communication from the top management and the HR team helped the employees deliver their best amidst the pandemic. Financial assistance and additional insurance was provided to employees and their family members affected by COVID-19 along with educational, financial and career support to families of deceased employees. The Company also went out on a war footing to build medical grade Oxygen Generation Units and donated 40 of such large-scale Oxygen Generating units to various hospitals across the country.

The pandemic did not deter the Company from continuing with industry leading HR initiatives and some of them are summarised below.

The digitalisation journey that started with an advanced ERP solution and online Performance Management System was further integrated with a Career Development & Succession planning module, which helped in identifying emerging leaders and build a strong talent pipeline. It helped to identify.

critical roles and high potential employees, define career paths, assess role-readiness, create targeted mentoring programmes, match mentors and mentees, and enable mentor / mentee collaboration. An AI-enabled BOT was integrated to facilitate quick engagement surveys across the organisation. The platform has been branded HEERA. This provides a methodical approach of gathering employees’ feedback / views periodically. Basis such insights, appropriate and timely action is expected to help further improve employees’ experience and engagement. HiFive, an online rewards and recognition platform was integrated to promote a culture of appreciation and recognition of employees at the workplace. L&T Radio has been launched to create a high-impact employee communication and engagement environment for all L&T-ites, through a series of podcast covering leadership messages, employer branding, success stories, life learnings, health and wellness, HR policies, and more. In the post COVID-19 scenario of ’War for Talent‘, the attraction and retention of talent acts as the biggest

differentiator for the success of an organisation. Major emphasis was given on campus branding which included initiatives like the ’L&T Campus Engage‘ programme, that facilitates the connection with the engineering and management students across various colleges by offering industrial visits, sponsoring fests, organising national events, tech talks. GRACE (Get Ready for an Awesome Career in Engineering) was launched as a pre-joining engagement initiative, which included gamified content with leaderboards, webinars, technical talks and newsletters, presentations on marquee L&T projects, virtual industry visits and engagement through social media platforms.
L&T’s Performance Management System, aptly named FAIR (Framework for Linking Appraisals with Incentives and Rewards), ensures that top-class talent gets visibility and furthering meritocracy. The Leadership Development Centres, pivotal to the Company’s core philosophy of grooming internal talent, ensures that the right leadership talent is identified through an intense and objective selection process. Talent Assessment is being successfully done through the Development Centres which encompass a structured and objective 2–3-day process to identify the strengths and developmental needs of employees in terms of the required competencies.

A structured succession planning approach is undertaken to meet business objectives. An entire portfolio of critical roles is created by aligning the impact drivers, where succession matters the most. A Career Development and Succession Planning Module is integrated with the Performance Management System to facilitate the process in a more efficient manner.

The Company’s signature Seven-Step Leadership Development Programme is an established best practice in talent development. It prepares leaders at all levels. This flagship programme provides young employees with high potential access to a curated learning experience delivered by reputed thought leaders from Indian and international business education institutes. The emerging leaders who move up the Seven-Step Leadership Programme are mentored by seniors ensuring a robustness in the continuity of the leadership thought process and value systems.

The organisation gives a lot of emphasis on learning and development. It runs as many as 18 dedicated training institutes / academies including Leadership Development Academy, Lonavala, IPM – Institute of Project Management, Chennai & Vadodara, CTEA – Corporate Technology & Engineering Academy, Mysuru & Madh, Safety Innovation School, Hazira, Surat and 8 CSTIs - Construction Skills Training Institute across the country. IPM has now established the Knowledge@Work platform tailored to provide project execution related knowledge assets in a digital form. It has also initiated Pragati - the Project Leadership Development Program (PLDP) of Larsen & Toubro, which is aimed at enabling the comprehensive development of project leaders who can handle mega projects and mega portfolios through a structured competency-based development.

The Company has a matured Safety Education Programme that is designed to build and strengthen a culture of safety at workplace. Ensuring safety for its employees and workmen, the Company has partnered with the National Examination Board in Occupational Safety & Health (NEBOSH) and The Institution of Occupational Safety & Health (IOSH) to develop internal training capabilities in EHS and is an accredited course provider for its employees on diverse aspects of industrial and project safety.

With the emphasis on diversity and inclusion, L&T has embarked on a mission to make it a key business imperative. Employees at L&T cut across the barriers of race, gender, nationality, caste and age, reinforcing the Company’s image as an inclusive organisation. For the last couple of years, very focused initiatives have been undertaken to improve the gender ratio in the organisation on all the 3 aspects – attraction, development, and retention of women employees. Also, re-entry of women into the workforce post maternity and child-rearing is being supported. The unique platform ‘Renew’ which is linked to the talent acquisition portal is designed specifically for the same. The ‘Winspire’ initiative celebrates the journey of women leaders and provides them a platform to share their inspiring stories of overcoming challenges, through a series of interviews and panel discussions. GROW (Get Ready to Own & Win) aims at providing opportunities to women employees to explore leadership potential and accelerate personal growth through group and individual coaching. ‘Winspire Propel’ and ‘Winspire Rise’ initiatives were launched pan L&T for developing mid-career women leaders in Tier 2 and for early career women in Tier 1. There are a host of initiatives planned under the newly formulated D&I Charter based on 4 broad themes of Induct, Engage, Develop leadership pipeline and Enable a supporting ecosystem, to further strengthen the inclusive culture of L&T and make it even more diverse.

All the above practices have been recognised by prestigious and premier national and international bodies through numerous accolades and some of the awards won by the Company are:

• International Gold Award in the 6th Annual Stevie Awards for Great Employers
• ATD Excellence in Practice Award 2022 in Leadership / Management Development
• ATD BEST 2022 for Talent Development

The Company also has an institutionalised mechanism for dealing with complaints of sexual harassment through a formal committee constituted in line with the Company’s policy on ‘The Protection of Women’s Rights’ at workplace under relevant statutory guidelines. This policy has been widely disseminated across the Company and all complaints are addressed in a time-bound manner.

For further details on HR, refer Human Capital (page no.168 of the Integrated Annual Report 2021-22)

AWARDS

During the year, the CSR Journal has ranked Larsen & Toubro Limited #18 among Top-100 companies in India for CSR and Sustainability. Multiple projects across multiple businesses received awards from RoSPA (The Royal Society for the Prevention of Accidents) and British Safety Council for Environment, Health and Safety. Further, businesses have also won many awards and accolades, some noteworthy awards are mentioned below:

Buildings & Factories

• American Concrete Institute awarded Narendra Modi Cricket Stadium Motera with Overall Excellence award

• NPCI Datacenter Chennai & Hyderabad received 'TIER – IV' Design Certificate from 'UPTIME INSTITUTE”

• 'Statue of Unity' Project won the 'Outstanding Structure' IA StructE National Award

Heavy Civil Infrastructure

• Business bagged the International Green Apple Environment Award 2021, UK in Habitat and Biodiversity Conservation in Mumbai Coastal Road Packages 1 and 4

Power Transmission & Distribution

• PT&D Oman won the Dossier Award for the Best EPC Contractor of the Year

Hydrocarbon

• Business adjudged as the ‘Top EPC Contractor in the Middle East’ by Oil & Gas Middle East magazine
• Winner Award for Best Practices in Occupational Health and Safety 2021 from Confederation of Indian Industries (CII)

• ASSP - GCC Excellence Awards 2021 for NSGEP & TL 5 Project, KOC Kuwait

• CII EHS award 2021 under 'Construction Category' and 'EHS Workforce Engagement' special category award for HPCL FCHCU & HPCL CDU VDU projects

Power

• The 400 MW Bibiyana South Gas-based Combined Cycle Power Plant in Bangladesh has been conferred the Award of Merit by the prestigious US-based publication - Engineering News-Record (ENR)

Defence Engineering

• Won Apex Gold Medal award for defence work centre at Hazira by International Research Institute for Manufacturing

L&T Infotech

• LTI has been recognised as the Global Innovation Partner of the Year by Snowflake, the Data Cloud Company

• Recognised as a Great Place to Work-Certified™ Company in the USA and as Top Employer in the UK for a second consecutive year
• Received Gold recognition from EcoVadis for ESG practices including environment, labor and human rights, ethics and sustainable procurement

• LTI in ITS Top 10 list in Everest Group's PEAK Matrix® IT Service Provider of the Year 2022 and Ranked 1 in Top ITS Challengers list in Everest Group's PEAK Matrix® IT Service Provider of the Year 2022

• LTI Syncordis has been recognised as Temenos Service Partner of the Year

Mindtree

• Ranked second for client satisfaction in the 2021 UK IT Sourcing Study, conducted by Whitelane Research in collaboration with PA Consulting, with an overall satisfaction score of 80%, well above the industry average of 72%

• Awarded Silver rating by EcoVadis in this year’s sustainability assessment, placing Mindtree among the top 25% of the more than 75,000 companies it assessed

• Won three Brandon Hall Group Human Capital Management Excellence Awards for 2021 for innovative leadership development, HR data analytics, and employee benefits, wellness and well-being programs

• Certified by Great Place to Work® Institute as a Great Place to Work® in India and recognised as one among India’s Best Workplaces™ for Women for 2021 (Top 50 – Large Companies)

• Won the Silver award in the Most Innovative Company of the Year category at the Best in Biz Awards 2021 in North America

L&T Technology Services

• NASSCOM honoured L&T Technology Services with the Engineering and Innovation Excellence Awards 2021 in the ‘Engineered-In-India Product of the Year’ category for its Robotic Endo-Trainer Kit

• Confederation of Indian Industry (CII) awarded LTTS with the prestigious Top 25 Innovative Company Award at the 2021 Industrial Innovation Award

• LTTS’ Chest-rAITM solution recognised in the Innovation in Overall Customer Experience category by ASSOCHAM 2nd Innovators’ Excellence Awards 2021

• Zinnov rated LTTS as a global ER&D Leader and leader across its core verticals such as Automotive, Aerospace, Medical Devices, Industrial, Semicon & Telecom

• LTTS has been recognised as a Leader in Digital Engineering in ISG’s Manufacturing Industry Services 2021 Study in the Transportation, Hi-Tech and Industrial segments, along with its Life Science Digital Services Study recognising LTTS as a Leader in Europe & USA in the MedTech and Digital Transformation Services areas

Hyderbad Metro

• Telangana State Global Linker - 4th Edition of the Telangana State Industry Award 2021 for best Sustainability Practices

Nabha Power

• Best Thermal Power Generator - Commissioned after 2010’ by IPPAI

Realty

• A. M. Naik Tower awarded the Luxury Project of the Year – Commercial and Most Environmentally Friendly Commercial Office Space at the Asian Leadership Awards 2021

•Raintree Boulevard, Bengaluru recognised as the Residential Project of the Year at the Realty Plus - South India Awards

Valves

• Silver Medal in the National awards for Manufacturing competitiveness 2021 organised by International Research Institute for Manufacturing

Construction Equipment Business

• CMM business received best excavator brand 2021 award for PC 210-10M0 excavator and Innovative New Equipment award for L&T 990HFi vibratory compactor from Construction week equipment and infra conference & awards 2021

Smart World & Communication

• India Digital Awards – 2021 for Best Supply Chain Solution for the inhouse end to end Supply chain solution (SWIFT, Smart Sign off & i-smart Inventory)

• India Digital Awards – 2021 for Best Mobile Application was awarded to Jhansi Smart City for the application developed for Government bodies

MDA Annexure