LNDPL FY 2012-13

L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
DIRECTORS REPORT
The Directors have pleasure in presenting their Report and Accounts for the year ended March 31, 2013.
1.
FINANCIAL RESULTS
Particulars
2.
Profit Before Depreciation & Tax (PBDT)
Less: Depreciation
2012-13
2011-12
R in Lakh
R in Lakh
2,842.11
897.24
431.96
376.66
Profit / (Loss) before tax (PBT)
Less: Provision for taxes
Profit / (Loss) after tax (PAT)
1,969,82
662.98
Add: Balance brought forward from previous year
70,954.49
70,291.51
72,924.31
70,954.49
921.08
0.00
72,003.23
70,954.49
Balance available for disposal which the directors appropriate as follows:
Debenture Redemption reserve
Balance to be carried forward
2,410.15
520.59
440.33
(142.39)
PERFORMANCE OF THE COMPANY

The Directors are happy to inform that the Company has reported a total income of R 10,693.98 lakhs and post-tax profits of R 1,969.82 lakhs
for the year. During the year, Financial Closure was achieved for L&T Deccan Tollways Limited (a SPV promoted by your Company) thereby
tying up Debt of R 890.75 Crores. Despite the prevailing difficult economic scenario and lower appetite of banks for infrastructure projects,
two subsidiaries incorporated for executing two large road projects (NHAI) in the state of Maharashtra were able to tie up debt aggregating
to R 3,972.75 Crores in December 2012. However, Appointed Date for all the three Projects could not be achieved during the Financial Year
pending completion of certain Conditions Precedents.
The following road projects commenced tolling during the year:
1.
L&T Halol-Shamlaji Tollway Limited
2.
L&T Ahmedabad Maliya Tollway Limited
3.
PNG Tollway Limited - partial tolling from October 2012
The Directors are also pleased to inform that the aggregate toll collection during the year across the road projects for the first time crossed
R1,000 Crores in February 2013.
Concession period of Narmada Infrastructure Construction Enterprise Limited {Narmada Project} ended on 20th December 2012 and the
project facility was handed over back to the Authority in terms of the Concession Agreement.
The Dhamra Port Company Limited {Dhamra Port Project},in which your Company has 50% stake showed an improvement in the capacity
utilization of its existing berths during the second half of the financial year. The total cargo handled during the year is 11.1 Million tons. The
Dhamra Port Project also successfully re-financed its project loans to bring down financing costs significantly and thereby improving its debt
service capacity.The project is poised for cash break during the financial year 2013-14.
Appointed Date for L&T Metro Rail (Hyderabad) Limited {Hyderabad Metro Project} was declared on July 5, 2012, paving way for commencement
of construction. Construction is in full swing and almost all major procurement orders have been placed.
During the year, your Company produced 20.89 million KWH thereby registering a growth of approximately 21.3% over the previous financial
year. During the year, your Company has also successfully registered the wind energy project as a Clean Development Mechanism Project
with United Nations Framework Convention on Climate Change, Germany.
During the year, your Company issued Non-Convertible Debentures amounting to R 18,000 lakhs. This is amongst the first bond issuance
backed by cash flows of a toll road project.
3.
DIVIDEND
In view of the further funding requirements for some of the Projects of the Company, the Directors do not recommend any dividend for the
year 2012-13.
4.
CAPITAL EXPENDITURE
The gross fixed assets of the Company as on March 31st, 2013 is R 8,177.99 lakhs and after charging depreciation to the extent of R 1,358.70
lakhs, the net fixed assets value is R 6,819.29 lakhs. The Company has added fixed assets amounting to R 508.07 lakhs during the financial
year.
5.
DEPOSITS
The Company has not accepted any deposits from the public.
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6.
7.
AUDITORS REPORT
The Auditors Report to the Shareholders does not contain any qualifications.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
A.
Conservation of Energy
The operations of your Company are not energy intensive as Company is not engaged in manufacturing activity and your Company is
not under the list of industries which should furnish information in form A (Rule 2).
B.
Technology Absorption
No technology has been developed and / or imported by way of foreign collaboration.
C.
Foreign Exchange Earnings and Outgo

During the year, the Company had the following transactions in foreign currency:
Expenditure in Foreign Currency
R
Nature of Transaction
Professional fees
8.
77,38,756
Training fees
2,03,259
Travelling expenses
8,58,407
SUBSIDIARIES
During the year the following Subsidiary Companies had made allotment of Equity Shares @ R10/- each (#)on preferential allotment basis to
the Company:
Name of the Company
No. of shares
L&T BPP Tollway Limited
11,48,60,000
L&T Chennai - Tada Tollway Limited
4,19,99,900
L&T Deccan Tollways Limited
2,35,25,000
L&T East-West Tollway Limited
1,04,75,000
L&T Great Eastern Highway Limited

L&T Infrastructure Development Projects Lanka (Private) Limited (# R10/- each Sri Lankan rupee)
L&T Metro Rail (Hyderabad) Limited
86,95,000
4,98,165
9,20,70,000
The statement pursuant to Section 212 of the Companies Act, 1956 containing details of Subsidiaries of the Company, forms part of the Annual
Report.
9.
PARTICULARS OF EMPLOYEES
There are no employees covered by the provisions of the Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars
of Employees) Rules, 1975.
10. DIRECTORS RESPONSIBILITY STATEMENT

The Board of Directors of the Company confirms:
1.
that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material
departure;
2.
that the selected accounting policies were applied consistently and the directors made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2013.
3.
that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of
the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
4.
that the annual accounts have been prepared on a going concern basis; and
5.
that proper systems are in place to ensure compliance of all laws applicable to the Company.
11. DIRECTORS:
Mr. Thomas Mathew resigned as Director of the Company on 22.11.2012. The Directors expressed their sincere appreciation for the valuable
contribution made by Mr. Thomas Mathew towards the progress of the Company.
Mr. Sushobhan Sarker was appointed as Director of the Company at the Meeting held on 25.2.2013 in the Casual Vacancy caused due to the
resignation of Mr. Thomas Mathew.
Mr. Sushobhan Sarker and Mr. Sudhakar Rao, Directors of the Company retire at the ensuing Annual General Meeting of the Company and
being eligible offer themselves for re-appointment.
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12. AUDIT COMMITTEE
The Members of the Audit Committee are:
Mr. Sudhakar Rao
Chairman
Mr. Y. M. Deosthalee
Member and
Mr. R. Shankar Raman Member

The Committee met and held discussions with the auditors on internal control systems and internal audit report.
The role, terms of reference, the authority and power of Chairman are in conformity with the requirements of the Companies Act, 1956.
The terms of reference of the Audit Committee includes the following matters:
1.
Review of Financial Statements
2.
Review of Compliance with Accounting Standards
3.
Review of Internal Control Systems
4.
Discussion with Internal and External Auditors on Financial Statements & Internal Controls,
5.
Review of Companys financial and risk management policies and such other matters, which the Board may assign from time to time
and for this purpose, the Audit Committee shall have full access to information contained in the records of the Company and external
professional advice, if necessary.
13. AUDITORS
The Auditors, M/s Sharp & Tannan, Chartered Accountants, being statutory auditors of the Company hold office until the conclusion of the
ensuing Annual General Meeting and are recommended for reappointment.
Certificate from Auditors has been received to the effect that their appointment, if made, would be within the limits prescribed under Section
224(1B) of the Companies Act, 1956.
14. COMPLIANCE WITH VOLUNTARY CORPORATE GOVERNANCE GUIDELINES, 2009
The Company has familiarized itself with the requirement of the Corporate Governance Voluntary Guidelines 2009 issued by the Ministry of
Corporate Affairs and it is in the process of implementing many of the suggestions. Our compliance with the said guidelines is given belowA.
Separation of Offices of Chairman & Chief Executive

The roles and offices of Chairman and Chief Executive are separated. Mr. Y. M. Deosthalee is elected as the Chairman of the Board
Meeting and Mr. K. Venkatesh is appointed as the Chief Executive of the Company and also appointed as the Managing Director under
the Companies Act, 1956.
B.
Remuneration of Directors
The Directors are not paid any remuneration except for Independent Directors who are paid sitting fees for attending the Audit Committee
Meetings and Board meetings.
C.
Independent Directors
Currently, Mr. Sushobhan Sarker and Mr. Sudhakar Rao are the Independent Directors on the Board of the Company.
D.
Number of Companies in which an Individual may become a Director

The Company has apprised its board members about the restriction on number of other directorships and the same is being complied
with.
E.
Responsibilities of the Board

Presentations to the Board in areas such as financial results, budgets, business prospects etc. give the Directors, an opportunity to
interact with senior managers and other functional heads. Directors are also updated about their role, responsibilities and liabilities.
The Company ensures necessary training to the Directors relating to its business through formal/ informal interactions. Systems, procedures
and resources are available to ensure that every Director is supplied, in a timely manner, with precise and concise information in a form
and of a quality appropriate to effectively enable/ discharge his duties. The Directors are given time to study the data and contribute
effectively to Board discussions. The Non-Executive Directors through their interactions and deliberations give suggestions for improving
overall effectiveness of the Board and its Committees. Their inputs are also utilized to determine the critical skills required for prospective
candidates for election to the Board. The system of risk assessment and compliance with statutory requirements are in place.
F.
Statutory Auditors
The Company has obtained a certificate from the auditors certifying its independence and arms length relationship with the Company.
The Company does not advocate rotation of Auditors as envisaged in these guidelines in view of the domain knowledge acquired by the
Auditors over a period of time.
G.
Internal Auditors
An In-House Internal Audit Department provides internal audit services to the Company.
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H.
Internal Control
The Board ensures the effectiveness of the Companys system of internal controls including financial, operational and compliance controls
and risk management systems.
I.
Secretarial Audit
The Secretarial Audit, at regular intervals, is conducted by the Corporate Secretarial department of Larsen & Toubro Limited, which has
competent professionals to carry out the said audit.
15. ACKNOWLEDGEMENTS:
The Directors acknowledge the invaluable support extended to the Company by the financial institutions, bankers, employees of the Company,
staff and management of the parent Company.
For and on behalf of the Board of Directors
Place : Mumbai
Date : May 2, 2013
S-1354
K. VENKATESH
Director
Y. M. DEOSTHALEE
Director
INDEPENDENT AUDITORS REPORT

TO THE MEMBERS OF L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED (the Company),
which comprise the Balance Sheet as at March 31,2013 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended,
and a summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance
and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies
Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and
presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards
on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures
selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due
to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Companys preparation and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required
by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;
b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2003 (the Order), as amended, issued by the Central Government of India in terms
of sub-section (4A) of Section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said
Order.
2.
As required by Section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes
of our audit;
b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of
those books;
c) the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in subsection (3C) of Section 211 of the Companies Act, 1956;and
e) on the basis of written representations received from the Directors as on March 31, 2013 and taken on record by the Board of Directors,
none of the directors are disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
SHARP & TANNAN
Chartered Accountants
(Firms Registration No. 003792S)
Place : Chennai
Date : May 3, 2013
L. VAIDYANATHAN
Partner
Membership No. 16368
S-1355
ANNEXURE TO THE AUDITOR S REPORT

With reference to the Annexure referred to in paragraph 1 under the heading Report on other legal and regulatory requirements of the Independent
Auditors Report to the members of L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED on the financial statements for the year ended
March 31, 2013, we report that:
(i)
(a)
The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on such
verification.
(c)
The Company has not disposed substantial part of its fixed assets during the year and hence does not affect the going concern..
(ii)
The Company does not carry any inventory in its books and hence, reporting under clauses 4(ii) (a), (b) and (c) of the Order does not arise.
(iii)
(a)
According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured, to companies,
firms and other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Hence reporting under clauses
4(iii) (b), (c) and (d) of the Order does not arise.
(e)
According to the information and explanations given to us, the Company has not taken any loans, secured or unsecured, from companies,
firms and other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Hence, reporting under
clauses 4(iii) (f) and (g) of the Order does not arise.
(iv)
In our opinion, and according to the information and explanations given to us, there is an adequate internal control system commensurate
with the size of the Company and nature of its business for purchase of fixed assets and sale of goods and services. In our opinion, and
according to the information and explanations given to us, there is no continuing failure to correct major weaknesses in the internal control
system.
(v)
In our opinion, and according to the information and explanations given to us, there are no contracts/ arrangements that need to be entered
into the register maintained under Section 301 of the Companies Act, 1956 and hence reporting under clause 4 (v) of the Order does not
arise.
(vi)
The Company has not accepted any deposit from the public within the meaning of Sections 58A, 58AA or any other relevant provisions of
the Companies Act, 1956 and the rules framed there under. Hence reporting under clause 4(vi) of the Order does not arise.
(vii)
In our opinion, the Company has an adequate internal audit system which is commensurate with the size and nature of its business.
(viii)
We have broadly reviewed the books of account and records maintained by the Company pursuant to the rules prescribed by the Central
Government for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima
facie the prescribed accounts and records have been made and maintained. The contents of these accounts and records have not been
examined by us.
(ix)
(a)
According to the information and explanations given to us and on the basis of our examination of the books of account, the Company
is generally regular in depositing undisputed statutory dues including Income-tax, Provident fund and other statutory dues during the
year with appropriate authorities. According to the information and explanation given to us, there were no undisputed amount payable
on account of Income tax, Provident Fund and any other statutory dues as at March 31, 2013, for a year of more than six months from
the date they become payable.
(b) According to the information and explanations given to us, and the records of the Company examined by us, the particulars of income
tax as at March 31, 2013 which has not been deposited on account of dispute pending is as under :
(x)
Name of the statute
Nature of dispute dues
Amount in R
Period to which the

amount relates
Forum where disputes

are pending
Income tax Act , 1961
Disallowance under
Section 14A of the Act
84,93,920
AY 2009-10
Commissioner of
Income tax (Appeals)
The Company has no accumulated losses as at March 31, 2013 and it has not incurred cash losses in the financial year ended on that date
or in the immediately preceding financial year.
(xi)
The Company has not defaulted in repayment of dues to financial institution or bank or debenture holders, during the year.
(xii)
According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii)
In our opinion, the Company is not a chit fund/ nidhi/ mutual benefit fund/society and hence reporting on clause 4(xiii) of the Order does not
arise.
(xiv)
According to the information and explanation given to us, the Company is not a dealer or trader in shares, securities, debentures and other
investments. However the surplus funds have been invested in mutual funds. Proper records have been maintained for the transactions and
contracts for the investment in mutual funds and are updated on a timely basis. The investments have been held by the Company in its own
name.
(xv)
In our opinion and according to the information and explanations given to us, the terms and conditions of guarantees given by the Company
for loans taken by the subsidiary companies from banks or financial institutions are not prima facie prejudicial to the interests of the Company.
S-1356

(xvi)
In our opinion and according to the information and explanations given to us, on an overall basis the term loans have been applied for the
purpose for which they were obtained.
(xvii) According to the information and explanations given to us, on an overall examination of the Balance Sheet of the Company, we report that
no funds raised on short term basis have been used for long term investments.
(xviii) The Company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained
under Section 301 of the Companies Act, 1956.
(xix)
According to the information and explanations given to us and the records examined by us, security or charges has been created in respect
of debentures issued.
(xx)
The Company has not raised any money by way of public issue during the year.
(xxi)
During the course of our examination of the books and the records of the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and explanations given to us, we have neither come across any instances of
material fraud on or by the Company, noticed or reported during the year, nor have we been informed of such cases by the management.
SHARP & TANNAN
(Firms Registration No. 003792S)
Place : Chennai
Date : May 3, 2013
L. VAIDYANATHAN
Partner
Membership No. 16368
S-1357
BALANCE SHEET AS AT MARCH 31, 2013

Note No.
EQUITY AND LIABILITIES
Shareholders funds
Share capital
Reserves and surplus
A
B
As at 31.03.2013
R
As at 31.03.2012
R
3,210,490,960
27,030,065,010
3,210,490,960
26,843,394,579
30,240,555,970
Non-current liabilities
Long-term borrowings
Deferred tax liabilities (Net)
Other long-term liabilities
Long-term provisions
C(I)
Q(3)
C(II)
C(III)
1,750,000,000
57,394,160
143,000,000
30,053,885,539
61,591,477
143,000,000
780,853
1,950,394,160
Current liabilities
Short-term borrowings
Current maturities of long-term borrowings
Trade payables
Other current liabilities
Short-term provisions
D(I)
D(II)
D(III)
D(IV)
D(V)
3,300,100,000
50,000,000
17,753,631
305,913,779
30,772,204
TOTAL
ASSETS
Non-current assets
Fixed assets
Tangible assets
Intangible assets
E(I)
E(II)
F
G
H(I)
H(II)
H(III)
H(IV)
H(V)
CONTINGENT LIABILITIES
COMMITMENTS (CAPITAL AND OTHERS)
OTHER NOTES FORMING PART OF THE ACCOUNTS
SIGNIFICANT ACCOUNTING POLICIES
3,704,539,614
934,263,824
35,895,489,744
31,193,521,693
670,607,422
4,268,168
681,928,665
25,763,908,552
6,148,720,727
197,875,000
34,409,115
107,708,225
2,723,209,267
237,730,193
TOTAL
205,372,330
754,500,000
38,772,859
120,334,598
20,656,367
678,981,954
2,946,711
Non-current investments
Long-term loans and advances
Current assets
Current investments
Trade receivables
Cash and bank balances
Short-term loans and advances
Other current assets
674,875,590
20,395,576,692
5,194,700,786
134,705,040
181,906,303
1,734,076,098
2,877,446,809
234,375
3,300,931,800
4,928,368,625
35,895,489,744
31,193,521,693
I
J
Q
R
For and on behalf of the Board
As per our report attached

SHARP & TANNAN
Firms Registration No. 003792S
L. VAIDYANATHAN
Partner
Membership No.16368
Place : Chennai
Date : May 3, 2013
S-1358
R. CHANDRASEKARAN
Secretary
K. VENKATESH
Chief Executive &
Managing Director
Place : Mumbai
Date : May 2, 2013
R. SHANKAR RAMAN
Director
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2013
Note No.
2012-13
R
2011-12
R
REVENUE
Revenue from operations
618,054,093
958,092,256
Other income
451,343,812
76,250,990
1,069,397,905
1,034,343,246
Total revenue
EXPENSES
Operating expenses
85,999,098
296,591,933
Employee benefits expense
275,860,270
249,564,106
Finance costs
252,746,546
249,988,959
43,195,919
37,665,986
Depreciation and amortisation expense
170,580,858
148,473,782
TOTAL EXPENSES
Administration and other expenses
828,382,691
982,284,766
Profit before tax
241,015,214
52,058,480
Tax expense
Current tax
Less: Excess provision of earlier years
Deferred tax
Q(3)
48,230,000
7,947,705
(16,496,366)
48,230,000
(8,548,661)
(4,197,317)
(5,690,535)
Profit after tax carried to Balance Sheet

Earnings per equity share:
44,032,683
(14,239,196)
196,982,531
66,297,676
Q(4)
Basic and diluted

Face value per equity share
OTHER NOTES FORMING PART OF THE ACCOUNTS
0.61
0.24
10.00
10.00

SHARP & TANNAN
L. VAIDYANATHAN
Partner
Membership No.16368
Place : Chennai
Date : May 3, 2013
R. CHANDRASEKARAN
Secretary
K. VENKATESH
Chief Executive &
Managing Director
R. SHANKAR RAMAN
Director
Place : Mumbai
Date : May 2, 2013
S-1359
CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2013
A.
B.
C.
Cash flow from Operating Activities

Profit before taxes
Adjustments for :
Depreciation and amortisation
Dividend income
Interest expense
Interest income
Preoperative expenses written off
(Profit)/loss on sale of fixed assets
(Profit)/loss on sale of current investments
Exchange (gain)/loss on investments
2012-13
R
2011-12
R
241,015,214
52,058,480
43,195,919
252,746,546
(376,694,309)
(31,716)
(73,870,933)
19,975
37,665,986
(12,335,348)
249,988,959
(28,189,547)
18,356,821
(29,090)
(34,067,981)
(1,209,024)
Operating Profit before working capital changes

Adjustments For :
(Increase) / Decrease in trade receivables
(Increase) / Decrease in loans and advances
Increase / (Decrease) in liabilities and provisions
86,380,696
282,239,256
147,497,188
42,164,552
(3,306,885)
(776,176)
(62,278,689)
8,116,995
Cash generated from/(used in) operations

Direct taxes paid (net of refund)
272,735,551
(50,346,487)
227,301,386
(101,976,418)
Net Cash generated from / (used in) Operating Activities (A)
222,389,064
125,324,968
Cash Flow from Investing activities :

Purchase of fixed assets
Sale proceeds from fixed assets
Investment in subsidiaries and associates
Advance towards equity commitment
Long-term loans to subsidiaries and associates
Divestment of stake in subsidiaries and associates
Exchange gain/(loss) on investments
Purchase and sale of current investments (net)
Intercorporate deposits repaid by holding Company and subsidiary
Intercorporate deposits placed with holding Company and subsidiaries
Dividend received from associate
Dividend received from current investments
Interest received
(29,014,481)
590,200
(4,998,332,860)
(82,500,000)
(2,969,902,000)
(19,975)
60,700,973
2,865,000,000
(920,000,000)
55,788,553
(46,544,764)
29,099
(5,841,451,449)
(2,143,065,739)
750,000,000
1,209,024
(27,762,059)
1,000,000,000
(1,950,500,110)
4,915,000
7,420,348
28,189,547
Net Cash generated from/ (used in) Investing Activities (B)
(6,017,689,590)
(8,217,561,103)
1,800,000,000
(10,312,100)
1,706,776,607
(754,500,000)
1,475,100,000
(48,131,854)
13,799,645,200
700,370,027
(4,950,000,000)
(243,148,358)
Cash Flow from Financing Activities

Proceeds from issue of share capital including securities premium
Proceeds from issue of debentures
Debenture issue expenses
Issue of Commercial Papers
Redemption of Commercial Papers
Intercorporate deposits received from subsidiaries
Intercorporate deposits repaid to holding Company and subsidiaries
Interest paid
Net Cash generated from/ (used in) Financing Activities (C)
Net increase / (decrease) in cash and cash equivalents (A+B+C)
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
NOTES :
1.
2.
3.
4.
4,168,932,653
9,306,866,869
(1,626,367,873)
1,734,076,098
1,214,630,734
519,445,364
107,708,225
1,734,076,098
Cash flow statement has been prepared under the indirect method as set out in the Accounting Standard 3: Cash Flow Statements as specified in
the Companies (Accounting Standards) Rules, 2006.
Cash and cash equivalents represents bank balances and deposits disclosed under current assets [note H(III)]
Purchase of fixed assets includes movement of capital advances during the year.
Previous years figures have been regrouped/reclassified wherever necessary.
SHARP & TANNAN

L. VAIDYANATHAN
Partner
Membership No.16368
Place : Chennai
Date : May 3, 2013
S-1360
R. CHANDRASEKARAN
Secretary
K. VENKATESH
Chief Executive &
Managing Director
Place : Mumbai
Date : May 2, 2013
R. SHANKAR RAMAN
Director
NOTES ACCOMPANYING FINANCIAL STATEMENTS

A
SHARE CAPITAL
A (I) Authorised, issued, subscribed and paid-up:
As at 31.03.2013
As at 31.03.2012
No. of Shares
No. of Shares
350,000,000
3,500,000,000
350,000,000
3,500,000,000
321,049,096
3,210,490,960
321,049,096
3,210,490,960
321,049,096
3,210,490,960
321,049,096
3,210,490,960
Authorised:
Equity shares of R 10 each
Issued:
Equity shares of R 10 each
Subscribed and fully paid up:
Equity shares of R each
A (II) Reconciliation of the shares outstanding at the beginning and at the end of the year:
2012-13
2011-12
No. of Shares
No. of Shares
321,049,096
3,210,490,960
249,300,870
2,493,008,700
71,748,226
717,482,260
321,049,096
3,210,490,960
321,049,096
3,210,490,960
Equity shares of R each fully paid up

At the beginning of the year
Issued during the year as fully paid up
Outstanding at the end of the year
A (III) Terms / rights / restriction attached to equity shares
The Company has only one class of equity shares having a par value of R 10/- per share. Each holder of equity shares is entitled to one vote
per share.
The Company has not issued any securities with the right/option to convert the same into equity shares at a later date
The Company has not reserved any shares for issue under options and contracts/commitments for the sale of shares/disinvestment.
The shares issued carry equal rights to dividend declared by the Company and no restrictions are attached to any specific shareholder.
A (IV) Shares held by holding Company/ ultimate holding Company and/or their subsidiaries/associates:
As at 31.03.2013
As at 31.03.2012
No. of Shares
Shareholding %
No. of Shares
Shareholding %
312,859,096
97.45
312,859,096
97.45
97.45
312,859,096
97.45
Larsen & Toubro Limited, the holding Company (including

shares held along with its nominees)
Equity shares of R 10 each fully paid up
A (V) Details of shareholders holding more than 5% equity shares in the Company:
Larsen & Toubro Limited (including shares held along with its
nominees)
Equity shares of R 10 each fully paid up
312,859,096
A (VI) Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back
during the period of five years immediately preceding the reporting date: NIL
A (VII) Calls unpaid: NIL; Forfeited shares: NIL.
S-1361
NOTES ACCOMPANYING FINANCIAL STATEMENTS (Contd.)

As at 31.03.2013
R
B
As at 31.03.2012
R
RESERVES AND SURPLUS

Securities premium account
As per last Balance Sheet
19,747,946,012
6,665,783,072
Additions during the year
13,082,162,940
19,747,946,012
19,747,946,012
Less: Debenture issue expenses
10,312,100
19,737,633,912
19,747,946,012
Debenture redemption reserve

Add: Transferred from surplus Statement of Profit and Loss
92,108,135
92,108,135
Surplus Statement of Profit and Loss

Profit for the year
Less: Transfer to debenture redemption reserve
7,095,448,567
7,029,150,891
196,982,531
66,297,676
7,292,431,098
7,095,448,567
92,108,135
TOTAL
7,200,322,963
7,095,448,567
27,030,065,010
26,843,394,579
1,750,000,000
1,750,000,000
C(I) LONG TERM BORROWINGS:

Secured:
Redeemable non-convertible fixed rate debentures
[refer note C(I)(i)]
TOTAL
Note C(I)(i):
10.06% p.a. interest bearing 1,800 nos. of debentures of face value R 10,00,000 each redeemable at par as shown below.
Series
Amount
(R)
Current
maturities (R)
Non-current
maturities (R)
Redemption
Date
Series "A" of 2012-13
50,000,000
Series "B" of 2012-13
100,000,000
50,000,000
29-Apr-13
100,000,000
Series "C" of 2012-13
28-Apr-14
150,000,000
150,000,000
27-Apr-15
Series "D" of 2012-13
150,000,000
150,000,000
27-Apr-16
Series "E" of 2012-13
150,000,000
150,000,000
27-Apr-17
Series "F" of 2012-13
200,000,000
200,000,000
27-Apr-18
Series "G" of 2012-13
200,000,000
200,000,000
29-Apr-19
Series "H" of 2012-13
250,000,000
250,000,000
27-Apr-20
Series "I" of 2012-13
250,000,000
250,000,000
27-Apr-21
Series "J" of 2012-13
300,000,000
300,000,000
27-Apr-22
1,800,000,000
50,000,000
1,750,000,000
TOTAL
Security:
The debentures referred above are secured by way of pledge of 2500 nos. of rated secured redeemable non-convertible debentures issued
by L&T Panipat Elevated Corridor Limited (subsidiary) of R 10,00,000 each, a designated bank account and an immovable property situated
in Maharashtra as given in note E(I)(ii).
S-1362

As at 31.03.2013
R
C
As at 31.03.2012
R
(II) OTHER LONG-TERM LIABILITIES:

Advance received against sale of investments
[refer note C(II)(i)]
TOTAL
143,000,000
143,000,000
143,000,000
143,000,000
Note C(II)(i):
Advance received against sale of investments represents advance of R 14,30,00,000/- received from M/s. Sical Logistics Limited (SLL) against
sale of 1,43,00,000 equity shares of R 10/- each in M/s Sical Iron Ore Terminals Limited (SIOTL) at cost to SLL vide Agreement for Share Sale
and Purchase dated December 17, 2008. The sale is subject to the condition that it can be completed only after three years from the date of
commencement of commercial operation by SIOTL as per clause 18.2.2 (i) (d) of the License agreement dated September 23, 2006 between
SIOTL and M/s Ennore Port Limited. As of March 31, 2013 SIOTL is yet to commence commercial operation.
(III) LONG-TERM PROVISIONS:

Provision for employee benefits
Provision for interest rate guaranteed on trust-managed
provident fund
TOTAL
780,853
780,853
1,475,100,000
(I) SHORT-TERM BORROWINGS:

Unsecured:
Inter corporate borrowings (repayable on demand)
From related parties
Subsidiaries
Commercial papers [refer note D(I)(i)]
Issued to related parties
Subsidiaries
1,312,500,000
754,500,000
512,500,000
Issued to others
TOTAL
1,825,000,000
754,500,000
3,300,100,000
754,500,000
Note D(I)(i):
During the year, the following commercial papers has been issued.
(i)
To subsidiaries,
(a)
980 units having face value of R 5,00,000 each with a tenor of 364 days has been issued at a discount of 9.00% p.a. The same is
redeemable at par on September 26, 2013.
(b) 1,645 units having face value of R 5,00,000 each with a tenor of 364 days has been issued at a discount of 8.75% p.a. The same is
redeemable at par on February 13, 2014.
(ii) To others,
(a)
1,025 units having face value of R 5,00,000 each with a tenor of 87 days has been issued at a discount of 10.05% p.a. The same is
redeemable at par on June 06, 2013.
S-1363

As at 31.03.2013
R
D
As at 31.03.2012
R
(II) CURRENT MATURITIES OF LONG-TERM BORROWINGS:

Secured
Redeemable non-convertible fixed rate debentures
[refer note C(I)(i)]
TOTAL
50,000,000
50,000,000
(III) TRADE PAYABLES:

Due to micro and small enterprises [refer note D(III)(i)]
Holding Company
3,876,900
14,802,410
Fellow subsidiary
1,481,946
Due to related parties
5,358,846
14,802,410
Due to others
12,394,785
23,970,449
TOTAL
17,753,631
38,772,859
Note D(III)(i):
There has been no transaction during the year (previous year: R Nil) with micro and small enterprises covered under the Micro, Small and
Medium Enterprises Development (MSMED) Act, 2006. Hence reporting details of principal and interest paid / outstanding does not arise.
(IV) OTHER CURRENT LIABILITIES:

Interest accrued but not due on borrowings
173,004,505
Due to related parties

Holding Company
Subsidiary
Fellow subsidiary
9,799,321
28,282
2,084,669
Advance received against sale of investments

[refer note D(IV)(i)]
28,282
11,883,990
67,875,000
67,875,000
Other payables
Statutory liabilities
10,667,229
12,378,570
Others
54,338,763
28,197,038
TOTAL
65,005,992
40,575,608
305,913,779
120,334,598
Note D(IV)(i)
Advance received against sale of investments represents advance received from M/s. JRE Tank Terminals Private Limited (JRETTPL) under an
agreement dated 24th August 2007 towards sale of 67,87,500 equity share of R 10/- each at cost in M/s. Ennore Tank Terminals Private Limited
(ETTPL) to be transferred on completion of three calendar years from the date of commencement of commercial operation. The said project
has commenced commercial operations on January 15, 2009. The Company has initiated the share transfer process and it is expected to be
completed in 2013-14 once the approval of Ennore Port Limited is obtained by JRETTPL.
S-1364

As at 31.03.2013
R
D
As at 31.03.2012
R
(V) SHORT-TERM PROVISIONS

Provision for employee benefits
Gratuity
Compensated absences
4,015,081
4,322,749
26,585,081
16,251,777
Provision for wealth tax [refer note D(V)(i)]

TOTAL
30,600,162
20,574,526
172,042
81,841
30,772,204
20,656,367
Note D(V)(i):
Provision for Wealth Tax has been made as per the provisions of Wealth Tax Act, 1957.
E
FIXED ASSETS
E (I) Tangible Assets
(Figures in R)
GROSS
PARTICULARS
Land
Freehold
Leasehold [refer note E(I)(i)]
Buildings
Owned [refer note E(I)(ii)]
Leased out
Computers
Owned
Office Equipments
Owned
Plant & Equipment
Owned
Leased out
Electrical Installations
Owned
Vehicles
Owned
Furniture & Fixture
Owned
TOTAL
Previous year
As at
01.04.2012
Additions
DEPRECIATION
Deductions
As at
31.03.2013
Up to
31.03.2012
For the year
NET CARRYING VALUE
Deductions
Up to
31.03.2013
As at
31.03.2013
10,995,000
152,550,000
10,995,000
152,550,000
5,906,816
1,540,909
7,447,725
10,995,000 10,995,000
145,102,275 146,643,184
1,329,550
20,760,064
1,329,550
20,760,064
169,754
225,593
21,672
338,389
191,426
563,982
1,138,124
20,196,082
1,159,796
20,534,471
22,473,035
8,843,639
954,727
30,361,947
8,264,506
7,242,164
775,794
14,730,876
15,631,071
14,208,529
4,741,502
4,492,203
149,780
9,083,925
3,121,474
1,719,713
102,405
4,738,782
4,345,143
1,620,028
512,653,216
954,571
22,116,610
513,607,787
22,116,610
52,215,880
24,571,482
1,475,178
76,787,362
1,475,178
1,638,571
1,638,571
1,200,556
55,898
1,256,454
382,117
438,015
12,647,432
11,764,546
24,411,978
1,463,396
2,702,687
4,166,083
20,245,895
11,184,036
16,930,776
756,719,146
714,544,169
999,732
49,171,301
42,800,617
443,183
1,547,690
625,640
17,487,325
804,342,757
756,719,146
13,543,749
86,111,724
51,194,544
570,193
40,238,285
35,542,811
111,007 14,002,935
989,206 125,360,803
625,631 86,111,724
3,484,390
678,981,954
3,387,027
436,820,425 460,437,336
20,641,432
670,607,422
E (II) Intangible Assets
(Figures in R)
GROSS
PARTICULARS
Specialised Software
TOTAL
Previous year
As at
31.03.2012
As at
01.04.2012
11,820,144
11,820,144
8,133,864
Additions
1,636,177
1,636,177
3,686,280
DEPRECIATION
Deductions
As at
31.03.2013
13,456,321
13,456,321
11,820,144
Up to
31.03.2012
7,551,976
7,551,976
3,846,201
For the year

2,957,634
2,957,634
3,705,775
NET CARRYING VALUE
Deductions
Up to
31.03.2013
10,509,610
10,509,610
7,551,976
As at
31.03.2013
2,946,711
2,946,711
As at
31.03.2012
4,268,168
4,268,168
Notes:
E(I)(i)
E(I)(ii)
E(I)(iii)
Lease hold land represents 50.85 acres at Nagpur taken on ninety nine years lease with effect from June 01, 2008 as per the agreement
dated June 20, 2008 with Maharashtra Airport Development Company Ltd for development of information technology infrastructure
facilities.
Cost of owned building represents ownership of an accommodation by holding 5 shares of face value R 50/- each in a co-operative
society.
The Company has reviewed the useful life of fixed assets during the year and revised the useful life of desktop computers and servers.
Consequently, depreciation for the year is higher by R 17,29,056 and profit before tax for the year is lower to that extent.
S-1365

As at 31.03.2013
R
F
As at 31.03.2012
R
NON-CURRENT INVESTMENTS
(at cost unless otherwise stated)
Long-term Investments
Trade investments
(i)
Investments in unquoted equity instruments of

(a) Subsidiary companies
19,227,897,332
16,309,565,472
3,239,999,600
3,239,999,600
(c) Associate companies
703,001,620
703,001,620
(d) Other companies
143,010,000
143,010,000
(b) Joint venture
23,313,908,552
20,395,576,692
2,450,000,000
TOTAL
25,763,908,552
20,395,576,692
Aggregate amount of unquoted investments
25,763,908,552
20,395,576,692
(ii)
Investments in unquoted debentures of

(a) Subsidiary Company
F (i) DETAILS OF NON CURRENT INVESTMENTS

Sr.
No.
Particulars
Face value
R per share
Number of shares
As at
01.04.2012
Purchased / Sold during

the year
subscribed during
the year
As at
31.03.2013
As at
31.03.2013
As at
31.03.2012
(R)
(R)
(R)
(R)
(R)
(R)
2,500,580
45
45
Trade investments
(i)
(a)
Unquoted equity instruments:

Investment in subsidiary companies:
Fully paid equity shares:
International Seaports (India) Private Limited
10
2,500,580
10
148,999,900
148,999,900
1,489,999,000
1,489,999,000
10
82,075,000
114,860,000
196,935,000
1,969,350,000
820,750,000
L&T Chennai - Tada Tollway Limited
10
41,999,900
41,999,900
419,999,000
10
150,000
23,525,000
23,675,000
236,750,000
1,500,000
L&T Devihalli Hassan Tollways Limited
10
89,999,900
89,999,900
899,999,000
899,999,000
L&T East-West Tollway Limited
10
10,475,000
10,475,000
104,750,000
10
8,695,000
8,695,000
86,950,000
L&T Halol Shamlaji Tollway Limited
10
130,499,900
130,499,900
1,304,999,000
1,304,999,000
L&T Infrastructure Development Projects

Lanka (Private) Limited
10*
146,040,562
498,165
146,538,727
627,388,233
625,305,373
L&T Interstate Road Corridor Limited
10
57,160,000
57,160,000
571,600,000
571,600,000
L&T Krishnagiri Thopur Toll Road Limited
10
78,750,000
78,750,000
787,500,000
787,500,000
L&T Krishnagiri Walajahpet Tollways Limited
10
89,997,400
89,997,400
899,974,000
899,974,000
10
432,629,600
92,070,000
524,699,600
5,246,996,000
4,326,296,000
L&T Panipat Elevated Corridor Limited
10
84,300,000
843,000,000
843,000,000
S-1366
84,300,000

Sr.
No.
Particulars
Face value
R per share
Number of shares
As at
01.04.2012
Purchased / Sold during

the year
subscribed during
the year
As at
31.03.2013
(R)
(R)
(R)
(R)
As at
31.03.2013
As at
31.03.2012
(R)
(R)
Trade investments
L&T Port Kachchigarh Limited
10
4,160,000
4,160,000
41,600,000
41,600,000
L&T Rajkot Vadinar Tollway Limited
10
109,999,900
109,999,900
1,099,999,000
1,099,999,000
L&T Samakhiali Gandhidham Tollway Limited
10
80,508,133
805,081,330
805,081,330
L&T Transco Private Limited
10
10,000
10,000
100,000
100,000
L&T Transportation Infrastructure Limited
10
30,536,000
30,536,000
531,366,014
531,366,014
L&T Vadodara Bharuch Tollway Limited
10
43,500,000
43,500,000
435,000,000
435,000,000
L&T Western Andhra Tollways Limited
10
56,500,000
56,500,000
565,000,000
565,000,000
L&T Western India Tollbridge Limited
10
13,950,007
13,950,007
139,500,070
139,500,070
Narmada Infrastructure Construction

Enterprise Limited
10
6,701,500
6,701,500
120,996,640
120,996,640
80,508,133
19,227,897,332 16,309,565,472
(b)
Investment in joint venture:

The Dhamra Port Company Limited
(c)
10
323,999,960
323,999,960
3,239,999,600
3,239,999,600
3,239,999,600
3,239,999,600
Investments in associate companies:

Fully paid equity shares :
(d)
International Seaports Haldia (Private)

Limited
10
9,830,000
9,830,000
98,300,000
98,300,000
PNG Tollway Limited
10
60,470,162
60,470,162
604,701,620
604,701,620
703,001,620
703,001,620
Investment in other companies:

Second Vivekananda Bridge Tollway
Company Private Limited
10
1,000
1,000
10,000
10,000
SICAL Iron Ore Terminals Limited
10
14,300,000
14,300,000
143,000,000
143,000,000
143,010,000
143,010,000
Investment in Unquoted equity instruments - Total

(ii)
(a)
23,313,908,552 20,395,576,692
Investments in debentures:
Issued by subsidiary:
2,450,000,000
Investments in Debentures - Total
2,450,000,000
Total Non Current Investments
25,763,908,552 20,395,576,692

- 10.56% secured redeemable nonconvertible debentures (unquoted)
1,000,000
2,450
2,450
* Srilankan R
S-1367

Note F(ii):
The Company had pledged its investment in the equity shares of the following companies, to the lenders of term loan of the respective companies
Sl.
No
Name of the Company
As at 31.03.2013
As at 31.03.2012
(a) Subsidiary companies

1.
429,929,970
2.
401,624,970
401,624,970
3.
L&T Western Andhra Tollway Limited
288,149,970
288,149,970
4.
221,849,960
221,849,960
5.
275,997,510
275,997,510
6.
L&T Krishnagiri Walahjapet Tollway Limited
458,986,710
458,986,710
7.
2,362,929,960
1,736,853,960
8.
410,591,450
122,400,000
9.
440,999,490
4,861,130,020
3,935,793,050
1,652,400,000
308,397,810
10,000
10,000
5,169,537,830
5,588,203,050
(b) Joint Venture

(c) Associate Company
PNG Tollway Limited
(d) Other Company
Second Vivekananda Bridge Tollway Company
Private Limited
Note F(iii):
Disclosures pursuant to Accounting Standard (AS 13) Accounting for Investments
The Company has given, inter alia, the following undertakings in respect of its investments:
(a)
Jointly with Larsen & Toubro Limited (holding Company), to the term lenders of L&T Transportation Infrastructure Limited (LTTIL) not to
reduce their joint shareholding in LTTIL below 51% until the financial assistance received from the term lenders is repaid in full by LTTIL.
(b) Jointly with Tata Steel Limited to the term lenders of The Dhamra Port Company Limited (DPCL) not to reduce the joint shareholding in
DPCL below 26% during the concession period.
(c)
To the term lenders of the following companies, not to reduce its shareholding below 26% till final settlement to the term lenders.
L&T Western Andhra Tollway Limited
(d) To the term lenders of L&T Vadodara Bharuch Tollway Limited not to reduce its shareholding below 51% upto a period of 3 years after
Commercial Operation Date (COD) and below 26% till final settlement to the term lenders.
(e)
Jointly with Larsen & Toubro Limited (holding Company) to the term lenders of L&T Metro Rail (Hyderabad) Limited (LTMRHL) to pledge
51% of the paid-up and voting equity share capital of LTMRHL.
(f)
Jointly with Larsen & Toubro Limited (holding Company), to the term lenders of L&T Krishnagiri Walajahpet Tollway Limited (LTKWTL)
not to reduce their joint shareholding in LTKWTL below 51% until the financial assistance received from the term lenders is repaid in full
by LTKWTL.
(g) Jointly with Larsen & Toubro Limited (holding Company) and L&T Transco Private Limited (subsidiary Company), to the term lenders of
L&T Samakhiali Gandhidham Tollway Limited (LTSGTL) not to reduce their joint shareholding in LTSGTL below 51% until the financial
assistance received from the term lenders is repaid in full by LTSGTL.
S-1368

(h)
To the term lenders of the following companies, not to divest control without the prior approval of the lenders and Gujarat State Road
Development Corporation Limited.
(i)
To the term lenders of L&T Devihalli Hassan Tollway Limited (LTDHTL) not to reduce the shareholding in LTDHTL below 51% until the
financial assistance received from the term lenders is repaid in full by LTDHTL.
(j)
To the term lenders of L&T East-West Tollway Limited (LTEWTL) not to reduce the shareholding below 51% and to retain management
control in LTEWTL until the financial assistance received from the term lenders is repaid in full by LTEWTL.
(k)
To the term lenders of L&T Great Eastern Highway Limited (LTGEHL) not to reduce the shareholding below 51% and to retain management
control in LTGEHL until the financial assistance received from the term lenders is repaid in full by LTGEHL.
Note F(iv):
The Company is of the view that there is no diminution of other than temporary nature in the value of its long term investments as of March
31, 2013, based on
a.
estimated future cash flows of the investee project companies and
b.
definitive agreements for sale that have already been entered into for certain of its investments,
LONG TERM LOANS AND ADVANCES

As at 31.03.2013
R
Capital advances
As at 31.03.2012
R
R
21,792,997
Loans and advances to related parties

Subsidiary companies:
Unsecured loans (including interest accrued thereon)
[refer note G(i)]
Advance towards equity commitment
Advance paid for purchase of investments
4,969,597,571
4,303,478,000
82,500,000
207,167,050
627,166,050
5,259,264,621
4,930,644,050
889,456,106
242,263,739
6,148,720,727
5,194,700,786
Associate Company:
Unsecured loans (including interest accrued thereon)
[refer note G(ii)]
TOTAL
Note G(i): Unsecured loans to subsidiary companies represents
(a)
Interest-free, Mezzanine debt of R 35,89,00,000 (previous year R 35,65,25,000/-) given to its subsidiary, L&T Krishnagiri Walajahpet Tollway
Limited. The repayment of this debt will be made only after secured obligations are discharged by the subsidiary to its lenders as per
clause 2 of Schedule 2 of the Common Loan Agreement dated November 03, 2010.
(b) Interest-free Mezzanine debt of R 130,50,00,000 (previous year R 102,76,51,000) given to its subsidiary, L&T Halol - Shamlaji Tollway
Limited. The repayment of this debt will be made only after secured obligations are discharged by the subsidiary to its lenders, as per
Part B of Schedule III of the Common Loan Agreement dated August 28, 2009.
(c)
Interest-free Mezzanine debt of R 100,00,00,000 (previous year R 50,41,51,000) given to its subsidiary, L&T Ahmedabad - Maliya Tollway
Limited. The repayment of this debt will be made only after secured obligations are discharged by the subsidiary to its lenders, as per
Schedule IX of the Common Loan Agreement dated October 09, 2009.
(d) Interest-free Mezzanine debt of R 110,00,00,000 (previous year R 62,66,51,000) given to its subsidiary, L&T Rajkot - Vadinar Tollway Limited.
The repayment of this debt will be made only after secured obligations are discharged by the subsidiary to its lenders, as per Part B of
Schedule III of the Common Loan Agreement dated August 23, 2009.
(e)
Interest-free Mezzanine debt of R 5,50,00,000 (previous year R nil) given to its subsidiary, L&T Samakhiali Gandhidham Tollway Limited.
The repayment of this debt will be made only after secured obligations are discharged by the subsidiary to its lenders, Schedule II of the
Common Loan Agreement dated July 03, 2010.
S-1369

(f)
Cash support granted to the following subsidiaries at RBI bank rate (presently at 8.50 % p.a.)
Name of the Subsidiary
As at 31.03.2013 As at 31.03.2012
R
R
286,000,000
350,000,000
281,700,000
48,500,000
225,100,000
1,142,800,000
48,500,000
TOTAL
Interest of R 78,97,571 (previous year R Nil) on the above cash support is payable after obtaining approval of the lenders of respective subsidiaries.
Note G(ii):
Unsecured loans to Associate Company represents mezzanine debt of R 81,16,80,000 (previous year R 24,00,00,000) given to its associate,
PNG Tollway Limited. The repayment of this debt will be made only after secured obligations are discharged by the associate to its lenders,
as per Part B of Schedule III of the Common Loan Agreement dated August 23, 2009. Interest is payable at SBI bank rate (presently at 11.95
% p.a.) plus 5 basis points after obtaining approval of lenders. Accordingly interest of R 7,77,76,106 (previous year R 22,63,739) has been
accrued as at March 31, 2013.
As at 31.03.2013
R
H
As at 31.03.2012
R
(I) CURRENT INVESTMENTS

Investment in unquoted equity instruments
Ennore Tank Terminals Private Limited
67,875,000
67,875,000
5,000,000
80,000,000
61,830,040
50,000,000
67,87,500 equity shares of R 10 each

(previous year: 67,87,500 equity shares of R 10 each)
Investment in unquoted Bonds
6.25% Rural Electrification Corporation Limited - Capital
gains bonds - Series VIII
Nil units of R 10,000 each
(previous year: 500 units of R 10,000 each)
Investment in quoted money market mutual funds
Current portion of long-term investments
Investment in Debentures
L&T Panipat Elevated Corridor Limited - 10.56% secured
non convertible debentures (50 nos. of R 10,00,000
each) (previous year: Nil)
197,875,000
134,705,040
197,875,000
134,705,040
Aggregate amount of quoted investments
80,000,000
61,830,040
Market value of quoted investments
80,083,878
62,452,961
117,875,000
72,875,000
TOTAL
Aggregate amount of unquoted investments

H
(II) TRADE RECEIVABLES

Unsecured considered good
Debts outstanding for a period of more than 6 months
Other debts
TOTAL
S-1370
60,254,233
34,409,115
121,652,070
34,409,115
181,906,303
34,409,115
181,906,303

As at 31.03.2013
R
H
As at 31.03.2012
R
(III) CASH AND BANK BALANCES

Cash and cash equivalents
Balance with banks on current accounts
58,102,229
53,619,630
Bank deposits with maturity less than 3 months

(including interest accrued thereon)
44,015,671
1,675,303,449
102,117,900
1,728,923,079
5,590,325
5,153,019
107,708,225
1,734,076,098
1,785,500,110
Other bank balances

Bank deposits with maturity more than 3 months but less
than 12 months (including interest accrued thereon)
TOTAL
(IV) SHORT-TERM LOANS AND ADVANCES

Unsecured, considered good
Loans and advances to related parties
Holding Company
Inter-corporate deposits (including interest accrued)
Subsidiary companies:
Inter-corporate deposits (including interest accrued)
Unsecured loans [refer note H(IV)(i)]
Other advances
165,000,000
2,158,800,000
418,800,000
190,616,024
189,500,336
2,349,416,024
773,300,336
4,812
Fellow subsidiary companies:

Other advances
Other short term loans and advances
Advance tax (net of current year provision)
2,116,487
94,028,713
Advance tax (net of previous year provisions)
205,400,078
111,977,642
Unamortised discount on commercial papers
86,613,206
47,289,372
Security deposits
Other advances
TOTAL
5,577,256
7,107,501
74,086,216
58,238,323
373,793,243
318,641,551
2,723,209,267
2,877,446,809
Note H(IV)(i): Unsecured loans to subsidiaries includes

(a) Interest free short-term funding of R 41,88,00,000 (previous year R 41,88,00,000) provided to the L&T Panipat Elevated Corridor Limited.
(b) Subordinated debt of R 174,00,00,000 to its subsidiary, L&T Vadodara Bharuch Tollway Limited (LTVBTL). Pursuant to the loan agreement
dated December 13, 2006 with the term lenders to the project, the repayment/redemption of this debt would be made only after the
secured obligations are discharged by L&T VBTL to its lenders. Interest not exceeding 9 % p.a is recoverable from the subsidiary on this
subordinated debt after expiry of twelve months from the Commercial Operation Date (COD) of the project, provided the subsidiary is
able to maintain Senior Debt Service Coverage Ratio (SDSCR) of 1.22. The project achieved COD on June 3, 2009, however LTVBTL is
yet to achieve the stipulated SDSCR as at March 31, 2013 and hence no interest has been accrued in this regard.
During the year, LTVBTL has initiated steps to refinance its debt and as per the terms and conditions of the refinancing arrangement, this
subordinated debt would be repaid by LTVBTL within the next 12 months. Accordingly it has been grouped under short-term loans and
advances as at March 31, 2013.
S-1371

As at 31.03.2013 As at 31.03.2012
R
R
H
(V) OTHER CURRENT ASSETS

Interest accrued on investments
237,730,193
234,375
TOTAL
237,730,193
234,375
CONTINGENT LIABILITIES:
(i)
(ii)
Contingent liability in respect of guarantees issued on behalf of subsidiaries R 93,50,07,962 (previous year: R 133,82,69,025)
The Company is contingently liable to the extent of its investments pledged [refer note F(ii)] for loans taken by:
Subsidiary companies
4,861,130,020
3,935,793,050
1,652,400,000
Joint Venture
Associate Company
308,397,810
10,000
10,000
5,169,537,830
5,588,203,050
Other Company
TOTAL
COMMITMENTS:
(i)
Estimated amount of committed funding by way of equity / loans to subsidiary and associate companies R 49,28,64,04,000 (previous
year R 41,41,05,53,090)
(ii)
Estimated amount of contracts remaining to be executed on capital account R Nil (previous year R 23,29,536)
(iii) The Company has given undertakings to the term lenders of the following subsidiaries to meet the cost overrun to the extent of 5% of
the project cost
(a) L&T Krishnagiri Thopur Toll Road Limited
(b) L&T Western Andhra Tollway Limited
(c) L&T Rajkot Vadinar Tollway Limited
(d) L&T Ahmedabad Maliya Tollway Limited
(e) L&T Devihalli Hassan Tollway Limited
(f) L&T BPP Tollway Limited
(g) L&T Halol Shamlaji Tollway Limited
(h) L&T Deccan Tollway Limited
(i) L&T East-West Tollway Limited
(j) L&T Great Eastern Highway Limited
(iv) The Company has given an undertaking jointly with Larsen & Toubro Limited (holding Company) to the term lenders of L&T Metro Rail
(Hyderabad) Limited (LTMRHL) to meet the cost overrun to the extent of 5% of the project cost.
(v)
The Company has given an undertaking jointly with Larsen & Toubro Limited (holding Company) to the term lenders of L&T Krishnagiri
Walajahpet Tollway Limited (LTKWTL) to meet the cost overrun to the extent of 5% of the project cost.
(vi) The Company has given an undertaking jointly with Larsen & Toubro Limited (holding Company) and L&T Transco Private Limited
(subsidiary Company), to the term lenders of L&T Samakhiali Gandhidham Tollway Limited to meet the cost overrun to the extent of 5%
of the project cost.
(vii) The Company has given, inter alia, the following commitments in respect of its investments:
(a)
Jointly with Larsen & Toubro Limited (holding Company), to the term lenders of L&T Transportation Infrastructure Limited (LTTIL) to
jointly meet the shortfall in the working capital requirements of LTTIL until the financial assistance received from the term lenders is
repaid in full by LTTIL.
(b) To the term lenders of L&T Vadodara Bharuch Tollway Limited (LTVBTL) to provide financial support to LTVBTL to meet shortfall, if
any, in meeting the debt repayment after receipt of Termination payment from NHAI, in the event of a termination of the Concession
Agreement pursuant to occurrence of the Concessionaire Event of Default or any Force Majeure Event as stated in the said Concession
Agreement.
(c)
S-1372
Jointly with Larsen & Toubro Limited (holding Company) to the term lenders of L&T Metro Rail (Hyderabad) Limited (LTMRHL):
balance of the Sponsors Contribution towards Project Equity Capital (except Government of Andhra Pradesh Grant) and to
maintain the stipulated Debt to Equity Ratio from time to time.
to provide funds to LTMRHL in case the Government of Andhra Pradesh Grant is not received in time.
to meet the shortfall if any, in maintaining the Debt Service Coverage Reserve at 1.0 time to the maximum extent of R 503 crores
as envisaged under the base case financial model.
(d) To the term lenders of L&T Rajkot Vadinar Tollway Limited to meet the shortfall in maintaining the Debt Service Coverage Reserve
at 1.2 times from the project completion date till March 31, 2015, to the maximum extent of R 25 crores.
(e)
To the term lenders of L&T Ahmedabad Maliya Tollway Limited for meeting the shortfall (if any) subject to a maximum of R 30 crores,
in maintaining the Debt Service Coverage Reserve at 1.2 times till three years from the date of Commercial Operations Date (COD).
(f)
To the term lenders of L&T Devihalli Hassan Tollway Limited to provide one time sponsor contribution of R 10 crores in the form of
lien marked fixed deposit for a period of 7 years from the date of COD.
(g) To the term lenders of L&T BPP Tollway Limited to meet shortfall as provided in the base case revenue projections for the first two
years post COD.
(h)
To the term lenders of L&T Deccan Tollway Limited to meet shortfall as provided in the base case revenue projections during the
initial years post COD to ensure DSCR of 1.2 times. and to provide Bank Guarantee to the extent required for Major Maintenance
Reserve (MMR) outflow during the years 2021-22 to 2024-25 for maintaining DSCR of 1.2 times.
(i)
Jointly with Ashoka Buildcon Limited, to the term lenders of PNG Tollway Limited (PNGTL) to meet the shortfall proportionate to
share holding in payment of interest in respect of loans in accordance with the terms of the Common Loan Agreement during the
period between partial COD and till the commencement of full tolling for the entire project highway.
(j)
To the term lenders of L&T Krishnagiri Walajahpet Tollway Limited (LTKWTL), to provide to the lenders without recourse to the project
assets in the event of shortfall in the debt due to the extent of the difference between the amortisation schedule under the common
loan agreement dated November 03, 2010 entered into among, inter alia, LTKWTL and the lenders as adjusted for the shift in the
appointed date, and the revised amortisation schedule under the amendment agreement to the common loan agreement dated
October 12, 2012 entered into among, inter alia, LTKWTL and the lenders.
(k)
To the term lenders of L&T East West Tollway Limited (LTEWTL):

(i) to bring in adequate support (by way of fund or non-fund means) as per the base case financials, quarterly in advance, to
maintain annual DSCR of 1.2 times.
(ii)
to arrange to infuse interest free funds in LTEWTL without recourse to assets of the Borrower for servicing the sub-ordinate
debt obligations of the borrowed by LTEWTL.
(iii) to arrange to fund and maintain reserve equivalent to one month of debt servicing obligations for the sub-ordinate facility in
the escrow account of the LTEWTL.
(l)
To the Compulsorily Convertible Loan (CCL) lenders of L&T East West Tollway Limited (LTEWTL)
(i) to contribute/arrange funds into LTEWTL to meet interest payments under the CCL facility, and to repay the loans under the
CCL facility in full on or before the scheduled completion of the project.
(ii)
Invest/arrange sufficient funds
to meet any shortfall in cash/reserves in the Borrower and to enable timely servicing of the Facility (including redemption
of Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS);
to meet any payment obligation arising on the Borrower under the CCL/OCCRPS Facility.
(iii) to subscribe to the equity shares of LTEWTL, to ensure that the minimum paid-up equity capital of LTEWTL is sufficient, such
that post conversion of loans under the CCL facility into OCCRPS, the OCCRPS do not exceed 30% of the paid-up capital of
LTEWTL and the same is in compliance with Section 19(2) of the Banking Regulation Act,1949.
(iv) to provide adequate support (by way of fund or non fund means) to L&T EWTL to enable LTEWTL to fund and maintain debt
service reserve account for the CCL Facility
(m) To the term lenders of L&T Great Eastern Highway Limited (LTGEHL):
i)
to bring in adequate support (by way of fund or non-fund means) as per the base case financials, quarterly in advance, to
maintain annual DSCR of 1.2 times.
(ii)
to arrange to infuse interest free funds in LTGEHL without recourse to assets of the Borrower for servicing the sub-ordinate
debt obligations of the borrowed by LTGEHL.
(iii) to arrange to fund and maintain reserve equivalent to one month of debt servicing obligations for the sub-ordinate facility in
the escrow account of the Borrower
(n)
To the Compulsorily Convertible Loan (CCL) lenders of L&T Great Eastern Highway Limited (LTGEHL)
(i) to contribute/arrange funds into LTGEHL to meet interest payments under the CCL facility, and to repay the loans under the
CCL facility in full on or before the scheduled completion of the project.
(ii)
Invest/arrange sufficient funds
to meet any shortfall in cash/reserves in the Borrower and to enable timely servicing of the Facility (including redemption
of OCCRPS);
to meet any payment obligation arising on the Borrower under the CCL/OCCRPS Facility.
S-1373

(iii) to subscribe to the equity shares of LTGEHL, to ensure that the minimum paid-up equity capital of LTGEHL is sufficient, such
that post conversion of loans under the CCL facility into OCCRPS, the OCCRPS do not exceed 30% of the paid-up capital of
LTGEHL and the same is in compliance with Section 19(2) of the Banking Regulation Act,1949.
(iv) to provide adequate support (by way of fund or non fund means) to LTGEHL to enable LTGEHL to fund and maintain debt
service reserve account for the CCL Facility
(viii) The Company has given an undertaking to provide financial support to the following subsidiary companies as estimated below. Further
financial support would be provided on a need basis.
As at 31.03.2013 As at 31.03.2012
R
R
International Seaports India (Private Limited)
2012-13
R
K
16,400,000
2,500,000
8,900,000
10,000,000
19,600,000
20,000,000
2011-12
R
REVENUE FROM OPERATIONS:

Project facilitation and advisory service fees
Income from wind power generation
338,718,959
784,119,809
92,715,371
60,933,784
Other operating revenues

Lease rental income from Plant and Machinery
Facility management services
Business support services
3,678,653
12,102,813
9,554,192
170,838,297
103,484,471
TOTAL
186,619,763
113,038,663
618,054,093
958,092,256
OTHER INCOME:
Interest income:
From holding Company
On inter corporate deposits
From subsidiary companies
On debentures
On other unsecured loans
From fellow subsidiary companies
32,030,877
6,111,233
240,131,508
13,881,917
959,110
8,788,262
8,073,973
From associate companies

On unsecured loan
From bank deposits
From others
77,410,211
2,515,266
4,138,820
8,509,797
312,714
2,020,168
376,694,309
Dividend income on
Long-term investments
Current investments
4,915,000
7,420,348
Exchange gain (net)

Profit on sale of current investments
Miscellaneous income
TOTAL
S-1374
28,189,547
12,335,348
1,209,024
73,870,933
34,067,981
778,570
449,090
451,343,812
76,250,990

2012-13
R
M
2011-12
R
OPERATING EXPENSES:
Professional and consultancy charges
60,410,002
264,528,811
Tender document expenses
8,234,925
20,728,174
Repairs and maintenance to machinery
9,957,461
4,303,735
Insurance
7,396,710
7,031,213
TOTAL
85,999,098
296,591,933
85,999,098
296,591,933
226,413,480
178,432,798
12,748,667
30,942,533
EMPLOYEE BENEFIT EXPENSE:

Salaries and wages
Cost of services
Contribution to and provision for:
Provident fund
Gratuity
Superannuation
8,863,650
5,215,354
6,606,134
12,993,106
14,927,791
1,841,236
103,101
Staff welfare expenses

TOTAL
8,420,658
28,913,346
30,057,684
7,784,777
10,131,091
275,860,270
249,564,106
FINANCE COST:
Interest expenses
Interest on redeemable non-convertible fixed rate debentures
Amortised discount on commercial paper
TOTAL
5,665,836
243,148,358
168,181,151
78,899,559
6,840,601
252,746,546
249,988,959
252,746,546
249,988,959
S-1375

2012-13
R
P
2011-12
R
ADMINISTRATION AND OTHER EXPENSES:

Other professional charges
Insurance
Rent [refer note P(i)]
Rates & taxes
42,220,048
19,353,213
5,865,535
3,542,825
20,798,051
18,205,228
1,072,058
706,649
Repairs & maintenance

Buildings
Others
1,096,847
19,769
16,283,219
22,021,714
17,380,066
22,041,483
Printing & stationery
2,542,423
1,497,786
Power & electricity charges
1,914,021
1,479,390
Communication & postage
12,440,249
5,172,745
1,853,307
5,607,685
50,605,791
40,775,658
19,975
Bank and bank guarantee charges

Travelling & conveyance
Exchange loss (net)
Preoperative expenses written off
Miscellaneous expenses [refer note P(ii)]
TOTAL
18,356,821
13,869,334
11,734,299
170,580,858
148,473,782
Note P(i):
The Company has taken residential premises and office premises under cancellable operating leases. These lease agreements are normally
renewed on expiry. Lease rental expenses in respect of operating leases for the year is R 2,07,98,051 (previous year R 1,82,05,228)
Note P(ii):
Miscellaneous expenses include Auditors remuneration (excluding service tax)
PARTICULARS
2012-13
R
2011-12
R
Audit fees
510,000
425,000
Taxation matters
145,000
75,000
20,000
40,750
Certification fees
705,800
313,800
Limited review and other services
533,600
69,184
1,983,584
854,550
Company law matters
Reimbursement of expenses
TOTAL
S-1376

Q(1) Particulars in respect of loans and advances in the nature of loans as required by the listing agreement:
Name of the Company
(a) Loans and advances in the nature of loans given to holding Company:
Larsen and Toubro Limited
(b) Loans and advances in the nature of loans given to subsidiaries:

Narmada Infrastructure Construction Enterprise Limited
(c) Loans and advances in the nature of loans given to associate:

PNG Tollway Limited
(d) Loans and advances in the nature of loans where repayment

schedule is not specified/is beyond 7 years:
PNG Tollway Limited
(e) Loans and advances in the nature of loans where interest is

not charged or charged below bank rate:
(f) Equity investments in subsidiaries given in Q(1)(b) above:

Balance as at
Maximum outstanding during
31.03.2013
31.03.2012
2012-13
2011-12
1,780,000,000
1,780,000,000
1,780,000,000
1,780,000,000
418,800,000
1,740,000,000
366,525,000
1,286,000,000
1,655,000,000
225,100,000
1,381,700,000
418,800,000
1,740,000,000
366,525,000
504,151,000
1,027,651,000
165,000,000
626,651,000
438,800,000
1,740,000,000
5,000,000
366,525,000
160,000,000
1,286,000,000
1,655,000,000
225,100,000
1,381,700,000
538,500,000
1,740,000,000
366,525,000
504,151,000
1,027,651,000
215,000,000
626,651,000
7,073,125,000
4,848,778,000
811,680,000
240,000,000
811,680,000
240,000,000
811,680,000
240,000,000
418,800,000
1,740,000,000
1,000,000,000
1,305,000,000
225,100,000
1,100,000,000
811,680,000
418,800,000
1,740,000,000
504,151,000
1,027,651,000
626,651,000
240,000,000
438,800,000
1,740,000,000
1,000,000,000
1,305,000,000
225,100,000
1,100,000,000
811,680,000
538,500,000
1,740,000,000
504,151,000
1,027,651,000
626,651,000
240,000,000
6,600,580,000
4,557,253,000
418,800,000
1,740,000,000
366,525,000
1,000,000,000
1,305,000,000
1,100,000,000
418,800,000
1,740,000,000
366,525,000
504,151,000
1,027,651,000
626,651,000
438,800,000
1,740,000,000
366,525,000
1,000,000,000
1,305,000,000
1,100,000,000
538,500,000
1,740,000,000
366,525,000
504,151,000
1,027,651,000
626,651,000
5,930,325,000
4,683,778,000
843,000,000
435,000,000
899,999,000
899,974,000
5,246,996,000
1,489,999,000
1,304,999,000
120,996,640
805,081,330
1,099,999,000
843,000,000
435,000,000
899,999,000
899,974,000
4,326,296,000
1,489,999,000
1,304,999,000
120,996,640
805,081,330
1,099,999,000
13,146,043,970
12,225,343,970
S-1377

Q(2) The Company is engaged in the business of generation of wind power. Accordingly, information as applicable to wind power operations
is given below.
Annual capacity and generation of wind power
Unit of
measurement
2012-13
2011-12
Installed capacity
MW
8.7
8.7
Production (A)
KWH
20,896,190
17,231,050
Power consumed for starting WTG from grid (B)
KWH
129,928
1,048,360
Wheeling charges and banking charges as per wheeling agreement with TNEB (C)
KWH
1,947,316
1,627,610
Invoicing on L&T (D)
KWH
15,880,381
10,608,035
Invoicing on TNEB (A-B-C-D)
KWH
2,938,565
3,947,045
The Company has five wind turbine generators (WTG) in Tamil Nadu with an aggregate capacity of 8.7MW.
The Company had entered into a Power Supply Agreement dated March 18, 2010 with Larsen & Toubro Limited (L&T), the holding Company,
under which the Company would sell the power generated to L&T at its establishments located in Tamil Nadu and registered with Tamil Nadu
Electricity Board (TNEB), as a captive consumer and would invoice L&T at rates agreed in the said agreement for the units consumed at the
end of each month.
The Company had also entered into Wheeling agreements with TNEB under which the surplus units not consumed by L&T would be banked
and invoiced to TNEB at the rates agreed in the said wheeling agreements.
Q(3) Deferred Tax:
Major components of deferred tax liabilities and deferred tax assets:
Particulars
As at 31.03.2013 As at 31.03.2012
R
R
Deferred tax liabilities

Difference between carrying amounts of fixed assets in the books and WDV for income tax purposes.
67,795,155
68,520,230
Total deferred tax liabilities
67,795,155
68,520,230
Leave encashment
9,036,269
5,272,889
Gratuity
1,364,726
1,402,516
Less: Deferred tax assets
Provident Fund
Total deferred tax assets
253,348
10,400,995
6,928,753
Net deferred tax liability / (asset)
57,394,160
61,591,477
Net incremental provision for deferred tax liability / (asset)
(4,197,317)
(5,690,535)
Q(4) Basic and Diluted Earnings per Share (EPS) computed in accordance with Accounting Standard (AS) 20 Earnings per Share:
Particulars
2012-13
2011-12
Basic and diluted

Profit after tax available to equity shareholders (R)
196,982,531
66,297,676
Weighted average number of shares (WANES)
321,049,096
271,167,889
0.61
0.24
10.00
10.00
Basic and diluted EPS (R)

Face value per equity share (R)
S-1378
A/B

Q(5) Disclosure pertaining to AS-15(revised) on Employee benefits:
Gratuity plan
As at
March 31, 2013
R
a)
Trust-managed provident fund plan
As at
March 31, 2012
R
As at
March 31, 2013
R
As at
March 31, 2012
R
20,566,957
16,163,005
75,166,084
35,353,044
780,853
20,566,957
16,163,005
75,166,084
36,133,897
16,551,876
11,840,256
73,382,390
34,653,395
4,015,081
4,322,749
1,783,694
1,480,502
4,015,081
4,322,749
1,783,694
1,480,502
4,015,081
4,322,749
1,783,694
1,480,502
The amounts recognised in Balance Sheet are as follows:

A)
Present value of defined benefit obligation

- Wholly funded
- Wholly unfunded
Less : Fair value of plan assets
Amount to be recognised as liability or (asset)
B)
Amounts reflected in the Balance Sheet

Liabilities
Assets
Net Liability / (asset)
Net liability under trust managed provident fund plan represents amount payable to the trust for the month of March 2013.
b)
The amounts recognised in the Statement of Profit and loss are as follows:
1 Current service cost
1,448,636
2,387,839
15,631,314
5,772,671
2 Interest on Defined benefit obligation
1,373,855
218,952
5,766,714
3,074,924
3 Expected return on plan assets ##
(477,137)
(5,766,714)
(3,074,924)
(255,865)
10,815,210
780,853
5 Past service cost
6 Actuarial gain/(loss) not recognised in books
2,648,728
(6,338,730)
(7,209,640)
Total (1 to 8)
5,215,354
6,606,134
8,421,674
6,553,524
I Amount included in "employee benefit expenses"
5,215,354
6,606,134
8,421,674
6,553,524
5,215,354
6,606,134
8,421,674
6,553,524
481,233
5,766,714
4,173,737
4 Actuarial losses/(gains)
7 Benefits received
8 Adjustment for earlier years
II Amount included as part of "finance costs"

Total (I + II)
Actual return on plan assets
Amount included in "employee benefit expenses" for trust managed provident fund represents the total amount payable as employer
contribution to Trust managed account and is exclusive of the amount payable to Recognised Provident Fund towards Employee Pension
Scheme and other administration charges.
c)
The changes in the present value of defined benefit obligation representing reconciliation of opening and closing balances
thereof are as follows:
Opening balance of the present value of defined benefit obligation
16,163,005
2,736,908
36,133,897
Add: Current service cost
1,448,636
2,387,839
15,631,314
5,772,671
Add: Interest cost
1,373,855
218,952
5,766,714
3,074,924
i) Employer
ii) Employee
20,946,518
9,790,792
Add: Actuarial losses/(gains)
(255,865)
10,819,306
780,853
Add: Benefits received
2,648,728
811,402
(3,227,110)
(226,866)
Add: Past service cost
Add/(less): Adjustment for earlier years
(85,249)
804,250
20,566,957
16,163,005
75,166,084
36,133,897
16,137,273
Add: Contribution by plan participants
Less: Benefits paid
Closing balance of the present value of defined benefit obligation
S-1379

Gratuity plan
As at
March 31, 2013
R
d)
Opening balance of fair value of plan assets
Add/(less): Actuarial losses/(gains)

Add: Contribution by employer
Add: Contribution by plan participants
Less: Benefits paid
Add: Adjustment for earlier years
Closing balance of fair value of plan assets
As at
March 31, 2012
R
11,840,256
1,364,641
34,653,395
15,786,771
477,137
5,766,714
3,074,924
4,096
1,343,217
5,426,775
9,994,382
15,631,314
5,498,334
20,646,700
9,177,015
(811,402)
(3,227,110)
(226,866)
96,247
(88,623)
16,551,876
11,840,256
73,382,390
34,653,395
The major components of plan assets as a percentage of total plan assets are as follows:
Government of India securities
24%
24%
State government securities
13%
12%
Special deposit schemes
14%
17%
Public sector unit bonds
42%
40%
Corporate bonds
7%
7%
100%
100%
100%
100%
100%
100%
Insurer managed funds
f)
As at
March 31, 2013
R
The changes in the fair value of plan assets representing reconciliation of opening and closing balances thereof are as follows:
Add: Expected return on plan assets
e)
Trust-managed provident fund plan
As at
March 31, 2012
R
Principal actuarial assumptions at the Balance Sheet date:

Particulars
1
As at 31.03.2013 As at 31.03.2012
Discount rate:
a)
Gratuity plan
8.50%
8.50%
b)
Trust managed provident fund plan
8.50%
8.50%
c)
8.00%
8.00%
Expected return on plan assets:

a)
Gratuity plan ##
0.00%
7.50%
b)
Trust managed provident fund plan
7.90%
7.90%
Salary growth rate
6.00%
6.00%
Attrition rate
5.00%
5.00%
## Expected return on plan assets has not been considered for the year ended March 31, 2013 as the same was not credited by LIC to
the Gratuity fund account.
S-1380

g)
Provision for compensated absences is made on actuarial basis as summarized below

Sl. No Particulars
A
Year ended 31.03.2013
Summary of employee data

Notional benefit obligations on current salary (R)
7,228,367
5,631,010
Projected actuarial value of benefit obligation (R)
26,585,081
16,251,777
Principle rules to compute benefit obligations

Salary reckoned for calculating benefit obligations
Benefit formula for all exits
Year ended 31.03.2012
Basic pay
Basic pay
B1x Leave Balance / 30
B1x Leave Balance / 30
Mean financial assumptions

Discount rate per unit per annum
8.50%
8.50%
Salary escalation rate per unit per annum
6.00%
6.00%
LIC 94-96 rates
LIC 94-96 rates
Mean demographic assumptions

Mortality
Withdrawal
Disability
10%
10%
No explicit assumption
No explicit assumption
Q(6) During the year, the Company has filed an application with the Reserve Bank of India for grant of Certificate of Registration as a Systemically
Important Core Investment Company (CIC-ND-SI) in terms of Notification No.DNBS (PD) 219/CGM (VS)-2011 dated January 05, 2011.
Q(7) SEGMENTAL REPORTING
Information about business segments - Under the primary segment there are two reportable segments namely, infrastructure development
and wind power
Particulars
Infrastructure development
2012-13
R
Wind power
2011-12
R
2012-13
R
Total
2011-12
R
2012-13
R
2011-12
R
Revenue
525,338,722
903,282,496
92,715,371
60,933,784
618,054,093
964,216,280
Segment result
174,654,601
362,336,576
57,254,508
31,547,899
231,909,109
393,884,475
Unallocable corporate income
74,649,503
41,937,419
Operating profit
306,558,612
435,821,894
Unallocable expenses
(170,418,006)
(148,473,782)
Unallocable depreciation
(19,073,155)
(13,490,220)
Interest income
376,694,309
28,189,547
Interest expense
(252,746,546)
(249,988,959)
Profit before tax
241,015,214
52,058,480
Provision for current tax
(48,230,000)
8,548,661
Provision for deferred tax
4,197,317
5,690,535
Profit after tax
196,982,531
66,297,676
24,362,800,363 21,582,245,906
462,146,384
Other Information
Segment assets
549,862,795 24,824,946,747 22,132,108,701
Unallocable assets
11,070,542,997
Total Assets
259,228,793
271,003,238
259,228,793
271,003,238
5,395,704,981
868,632,916
Segment liabilities
Unallocable liabilities
Total Liabilities
9,061,412,992
35,895,489,744 31,193,521,693
5,654,933,774
1,139,636,154
29,014,481
45,514,764
1,030,000
29,014,481
46,544,764
Depreciation included in
Segment expense
24,122,764
24,175,766
24,122,764
24,175,766
Non-cash expenses other

than depreciation included in
segment expense
18,356,821
18,356,821
Capital Expenditure
S-1381

Segment identification, reportable segments and definition of each reportable segment:
i)
Primary/secondary segment reporting format:

(a)
The risk-return profile of the Companys business is determined predominantly by the nature of its services. Accordingly, the business
segments constitute the primary segments for disclosure of segment information.
(b) The Companys operations are only in India and hence reporting under geographical segment do not arise. All the assets of the
Company are also situated only in India.
ii)
Segment identification:
Business segments have been identified on the basis of the nature of services, the risk-return profile of individual businesses, the
organisational structure and the internal reporting system of the Company.
iii)
Reportable segments:
Reportable segments have been identified as per the criteria specified in Accounting Standard (AS) 17 Segment Reporting issued by
the Institute of Chartered Accountants of India.
iv)
Segment composition:
(a)
Infrastructure development segment development comprises development of road and port projects under public private partnership.
(b) Wind power Segment comprises power generated from windmills.

Q(8) EXPENDITURE IN FOREIGN CURRENCY
Professional fees
2012-13
2011-12
7,738,756
5,377,163
Training fees
203,259
Travelling Expenses
858,407
4,550,288
Q(9) EARNINGS IN FOREIGN CURRENCY - R Nil (previous year R Nil)

Q(10) DISCLOSURE OF RELATED PARTIES/ RELATED PARTY TRANSACTIONS
(i)
List of related parties:

Holding Company
Subsidiary companies
Larsen & Toubro Limited

1.
2.
3.
4.
5.
6.
7.
8.
L&T Ahmedabad-Maliya Tollway Limited
9.
10. L&T Rajkot-Vadinar Tollway Limited

11. L&T Chennai-Tada Tollway Limited
12. L&T Samakhiali Gandhidham Tollway Limited
13. L&T Krishnagiri Walahjapet Tollway Limited
14. L&T Devihalli Hassan Tollway Limited
15. L&T BPP Tollway Limited
16. L&T Deccan Tollways Limited
17. L&T Western India Tollbridge Limited
18. L&T Metro Rail (Hyderabad) Limited
19. L&T Transco Private Limited
S-1382

20. L&T Port Kachchigarh Limited
21. International Seaports (India) Private Limited
22. L&T Infrastructure Development Projects Lanka (Private) Limited
23. L&T East West Tollway Limited
24. L&T Great Eastern Highway Limited
Incorporated jointly controlled entity
Associates
Fellow Subsidiaries
International Seaports Haldia (Private) Limited

1.
L&T Urban Infrastructure Limited
2.
L&T Infocity Limited
3.
CSJ Infrastructure Private Limited
4.
L&T Vision Ventures Limited
5.
L&T Bangalore Airport Hotel Limited
6.
L&T Tech Park Limited
7.
L&T South City Projects Limited
8.
L&T Siruseri Property Developers Limited
9.
L&T Commercial Projects Private Limited

(formerly L&T Arun Excello Commercial Projects Private Limited)
10. L&T Chennai Projects Private Limited (formerly L&T Arun Excello IT SEZ Private Limited)
11. Hyderabad International Trade Expositions Limited
12. L&T Hitech City Limited
13. L&T Infrastructure Finance Company Limited
14. Larsen & Toubro Infotech Limited
15. PNG Tollway Limited (also an associate)
16. L&T Shipbuilding Limited
17. Chennai Vision Developers Private Limited
18. L&T Realty Limited
19. L&T Power Development Limited
20. L&T Seawoods Private Limited
(ii) Details of transactions with related parties:
2012-13
Nature of transaction/relationship/major parties
2011-12
Amount
Amounts for
major parties"
R
R
Amount
R
Amounts for
major parties
R
1. Purchase of goods and services incl. taxes

Holding Company, Larsen & Toubro Limited
46,145,294
34,057,354
Subsidiaries & fellow subsidiaries, including:
3,599,456
105,009,331
L&T Infrastructure Finance Company Limited
101,281,872
49,744,750
139,066,685
273,090,556
551,577,267
390,217,370
2. Sale of Goods and Services rendered incl. taxes

490,076,915
49,000,000
37,791,738
PNG Tollway Limited
81,522,685
104,103,464
L&T Rajkot-Vadinar Tollway Limited
122,583,580
663,307,926
1,041,654,182
S-1383

2012-13
2011-12
Amount
Amounts for
major parties"
R
R
Amount
R
Amounts for
major parties
R
3. Purchase of assets
2,119,342
868,910
22,760,354
69,820
799,088
20,760,064
Larsen &Toubro Infotech Limited
2,000,290
868,910
24,879,696
4. Sale of assets
Subsidiaries & fellow subsidiaries,
593,179
435,450
108,537
49,192

593,179
5. Subscription to equity shares (incl. equity advance)
2,580,852,715
4,635,797,910
1,148,600,000
820,749,970
920,700,000
920,700,000
235,250,000
L&T East West Tollway Limited
151,449,940
405,840,000
PNG Tollway Limited

519,849,000
L&T Devihalli Hassan Tollway Limited
567,900,000
549,849,000
804,900,000
2,580,852,715
4,635,797,910
7,014,918
5,211,675
7,014,918
5,211,675
6. Rent paid incl.taxes

7. Rent received incl. taxes

5,334,166

PNG Tollway Limited
420,000
741,000
420,000
4,593,166
5,334,166
420,000
8. Interest expense
132,887,671
5,663,734
110,240,961
3,144,759
2,518,975
L&T Krishnagiri Walajahpet Tollway Limited
5,663,734
S-1384
89,979,454
18,152,055
243,128,632

2012-13
2011-12
Amount
Amounts for
major parties"
R
R
Amount
R
Amounts for
major parties
R
9. Interest income
32,030,877
6,111,233
340,211,898
11,548,349

PNG Tollway Limited
240,131,508
77,410,211
2,515,266
8,073,973
372,242,775
17,659,582
200,704,507
52,425,577
145,655
1,442,934
200,850,162
53,868,511
25,196,624
23,810,726
Subsidiaries & fellow subsidiaries, including
3,506,195
10. Reimbursement of expenses charged from

Subsidiaries & fellow subsidiaries
11. Reimbursement of expenses charged to

13,052,910
1,856,989
3,600,981
2,030,361
28,702,819
36,863,636
1,780,000,000
3,894,902,000
12. ICD / Promoters Loan / Mezzanine Debt granted

2,404,302,000
781,849,000
504,151,000
627,349,000
770,000,000
762,375,000
706,549,000
675,151,000
280,100,000
PNG Tollway Limited
571,680,000
240,000,000
215,000,000

3,894,902,000
4,184,302,000
13. ICD / Promoters Loan / Mezzanine Debt received

2,110,100,000

300,000,000
1,250,000,000
860,100,000
282,500,000
17,500,000
2,110,100,000
300,000,000
14. Advances paid

10,795,235
116,101,127
48,801,867
302,013,385
L&T Devihalli Hassan Tollway Limited
23,000,000
20,000,000
281,759,431
59,597,102
418,114,512
S-1385

2012-13
2011-12
Amount
Amounts for
major parties"
R
R
Amount
R
Amounts for
major parties
R
15. Advances received

13,831,265
220,258,065
1,217,283
L&T Chennai-Tada Tollway Limited
1,369,742
3,786,959
1,243,802
1,620,794
220,077,065
1,372,863
623,886

13,831,265
220,258,065
16. Dividend received

Associate
International Seaports Haldia (Private) Limited
4,915,000
4,915,000
4,915,000
17. Subscription to debentures

Subsidiary
2,500,000,000
2,500,000,000
2,500,000,000
18. Advance paid for purchase of shares

Subsidiary
826,209,000
826,209,000
826,209,000
689,650,070
19. Purchase of investments

Subsidiary
199,042,910
199,042,910
888,692,980
20. Sale of investments

Fellow subsidiary
L&T Realty Private Limited
750,000,000
750,000,000
750,000,000
21. Subscription of commercial papers by

Subsidiary
1,312,500,000
399,500,000
253,500,000
479,500,000
180,000,000
1,312,500,000
Major parties denote entities who account for 5% or more of the aggregate for that category of transaction during respective year.
S-1386

(iii) Amount due to and due from related parties (Net) :
2012-13
Particulars
2011-12
Due to
Due from
Due to
Due from
3,876,901
427,179,371
i. Holding Company
Larsen & Toubro Limited
1,767,487,581
ii. Subsidiaries
165,389,688
1,051,087,520
205,893
3,156,944,742
419,168,880
1,407,450,410
1,348,789,550
L&T Infrastructure Development Projects Lanka (Private) Limited
9,544,599
9,544,599
1,290,790,466
504,151,000
1,658,002,440
1,027,651,000
1,377,136
180,000
253,079,023
58,097,525
544,500,000
199,500,000
3,145,873
2,091,457
280,595,264
206,391
International Seaports (India) Private Limited
204,052
144,280
362,556,298
357,105,335
179,072,655
102,656,732
177,721,500
804,886,050
37,200,366
L&T East - West Tollway Limited
47,972,932
1,387,458,185
774,813,699
28,282
435,576
372,759
L&T Chennai Projects Private Limited (formerly known as L&T

Arun Excello IT SEZ Private Limited)
134,167
PNG Tollway Limited
889,919,956
242,263,739
L&T Bangalore Airport Hotels Limited
24,481

L&T Chennai Tada Tollway Limited
iii. Fellow subsidiaries
L&T Shipbuilding Limited
5,048,032
Larsen & Toubro Infotech Limited
1,481,946
2,084,669
1,772,442
L&T Realty Limited
61,503
(iv) No amount due to or due from related parties has been written back or written off during the year (Previous year : Nil)
Q(11)
The Company has reviewed the future cash flows on the basis of value in use of its assets and is satisfied that the recoverable amount
is more than the amount carried in the books. Accordingly, no provision for impairment loss is required to be made in the accounts.
S-1387

Q(12)
(i)
Disclosure in respect of Joint Ventures:

Details of Joint Ventures (based on audited financial statements of the joint venture):
Name of the
Joint Venture
Description of Interest
Proportion of
Ownership
interest
The Dhamra Port

Company Limited
(DPCL)
Incorporated Jointly Controlled Entity. (Develop the

existing minor port at Dhamra into a modern, deepwater, all weather port).
50%
Country of
Incorporation
Residence
India
India
(ii) Financial Interest in Jointly Controlled Entity (based on audited financial statements of the joint venture)
Company's share of
As at 31.03.2013
Name of the Joint Venture
DPCL
Share of Net Assets
2012-13
Assets
Liabilities
Income
Expenses
Tax
17,898,550,000
18,664,700,000
2,529,750,000
4,229,500,000
Nil
(17,920,400,000)
(16,986,800,000)
(989,000,000)
(3,279,450,000)
(Nil)
(-) 76,61,50,000
(933,600,000)
Profit/Loss (-) after tax
(-) 169,97,50,000
((-) 229,04,50,000)
Note: Figures in italics and brackets relate to previous year.

(iii) Share in Contingent Liabilities of the said Joint Venture for which the Company is contingently liable as at March 31, 2013: R 1,52,50,000
(previous year: R Nil );
(iv) Capital commitments incurred in relation to interest in Joint Ventures as at March 31, 2013 R 8,55,00,000 (Previous year R 24,17,50,000).
(iv) Other commitments incurred in relation to interest in Joint Ventures as at March 31, 2013 R 3,08,00,000 (Previous year R 6,15,50,000)
Q(13) Figures for the previous year have been regrouped/reclassified wherever necessary.
R

1.
Basis of accounting
The Company maintains its accounts on accrual basis following the historical cost convention in accordance with Generally Accepted
Accounting Principles (GAAP), in compliance with the provisions of the Companies Act, 1956 and the Accounting Standards as specified
in the Companies (Accounting Standards) Rules, 2006, prescribed by the Central Government. However, certain claims, which are not
ascertainable / acknowledged by customers, are not taken into account.
The preparation of financial statements in conformity with GAAP requires that the management of the Company makes estimates and
assumptions that affect the reported amounts of income and expenses of the year, the reported balances of assets and liabilities and the
disclosures relating to contingent liabilities as of the date of the financial statements. Examples of such estimates include the useful lives
of tangible and intangible fixed assets, allowance for doubtful debts/advances, future obligations in respect of retirement benefit plans
etc. Difference, if any, between the actual results and estimates is recognized in the period in which the results are known.
2.
Presentation of financial statements

The Balance Sheet and the Statement of Profit and Loss are prepared and presented in the format prescribed in the Schedule VI to the
Companies Act, 1956 (the Act). The Cash Flow Statement has been prepared and presented as per the requirements of Accounting
Standard (AS) 3 Cash Flow Statements. The disclosure requirements with respect to items in the Balance Sheet and Statement of Profit
and Loss, as prescribed in the Schedule VI to the Act, are presented by way of notes forming part of accounts along with the other notes
required to be disclosed under the notified Accounting Standards and the Listing Agreement.
Amounts in the financial statements are presented in Indian Rupees rounded off to the nearest Rupee. Per share data are presented in
Indian Rupees to two decimals places.
3.
S-1388
Revenue recognition
(i) Project facilitation and advisory fees are accounted using proportionate completion method based on the agreement / arrangement
with customers.

(ii)
Revenue from windmill operations is recognized based on contractual agreements with the holding Company and the state electricity
board.
(iii) Other operating revenues are accounted on time proportion basis based on the agreement / arrangement with customers
(iv) Dividend income is accounted when the right to receive the same is established.
(v)
Interest income is accrued at applicable interest rate on time proportion basis.
(vi) Other items of income are accounted for as and when the right to receive arises.
4.
Employee benefits
The following are the accounting policies of the Company with regard to Employee Benefits:
(i)
Short term employee benefits

All employee benefits payable wholly within twelve months of rendering the services are classified as short term employee benefits.
Benefits such as salaries, wages, short term compensated absences etc. and the expected cost of bonus, exgratia are recognized
in the period in which the employee renders the related service.
(ii) Post employment benefits

(a) Defined contribution plans:
The Companys superannuation scheme and State Governed Provident Fund linked with Employee Pension Scheme are Defined
Contribution Plans. The contribution paid/ payable under the scheme is recognized during the period in which the employee
renders the related service.
State Governed Provident Fund linked with Employee Pension Scheme is Defined Contribution Plans. The contribution paid/
payable under the scheme is recognized during the period in which the employee renders the related service.
(b) Defined benefit plans:
The employees gratuity fund schemes and provident fund scheme managed by the trust of the holding Company are the
Companys defined benefit plans. The present value of the obligation under such Defined Benefit Plans is determined based
on actuarial valuation using Projected Unit Credit Method, which recognizes each period of service as giving rise to additional
unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
The Companys obligation towards gratuity is a defined benefit plan. The present value of the obligation under such Defined
Benefit Plans is determined based on actuarial valuation using Projected Unit Credit Method, which recognizes each period of
service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final
obligation.
The obligation is measured at the present value of the estimated future cash flows. The discount rate used for determining the
present value of the obligation under defined benefit plans, is based on the market yield on government securities of a maturity
period equivalent to the weighted average maturity profile of the related obligations at the Balance Sheet date. Actuarial gains
and losses are recognized immediately in the Statement of profit and loss.
(iii) Long term employee benefits:
The obligation for long term employee benefits such as long term compensated absences is recognized in the same manner as in
the case of defined benefit plans as mentioned in (ii)(b) above.
5.
Tangible fixed assets

Fixed assets are stated at original cost less accumulated depreciation and cumulative impairment.
Pre-operative expenses on projects are capitalized upon commencement of commercial operation.
6.
Depreciation
Depreciation on assets have been provided on straight-line basis at the rates specified in the schedule XIV of the Companies Act, 1956.
Depreciation on additions/ deductions is calculated pro-rata from/ to the month of additions/ deductions.
The following asset categories are depreciated at higher rates in line with their estimated useful life.
Category of Asset
(i)
(ii)
Depreciation Rate (% p.a)
Computers
Laptops, desktops and servers
25.00
Desktops and laptops given to employees under the Companys Scheme
33.33
Tablets
33.33
Furniture and fixtures
(iii) Motor cars
10.00
14.28
(iv) Gantry cranes
6.67
(v)
25.00
Office equipments
S-1389

Land acquired under long term lease is classified under tangible assets and is depreciated over the period of lease.
Depreciation charge for impaired assets is adjusted in future periods in such a manner that the revised carrying amount of the asset is
allocated over its remaining useful life.
7.
Intangible assets and amortisation

Intangible Asset is recognized when it is probable that future economic benefits that are attributable to the asset will flow to the enterprise
and the cost of the asset can be measured reliably.
Specialized software is amortized over a period of three years on straight line basis from the month in which the addition is made.
Administrative and other general overhead expenses that are directly attributable to acquisition of intangible assets are allocated and
capitalized as part of cost of the Intangible assets.
Amortisation on impaired assets is adjusted in future periods in such a manner that the revised carrying amount of the asset is allocated
over its remaining useful life.
8.
Investments
Trade investments comprise investments in subsidiary companies, joint ventures, associate companies and in the entities in which the
Company has strategic business interest.
Investments, which are readily realizable and are intended to be held for not more than one year from the date of acquisition, are classified
as current investments. All other investments are classified as long term investments.
Long-term investments including trade investments are carried at cost, after providing for any diminution in value, if such diminution is
of other than temporary in nature.
Current investments are stated at lower of cost or market value. The determination of carrying amount of such investments is done on a
weighted average cost of each individual investment.
9.
Impairment of assets
As at each Balance Sheet date, the carrying amount of asset is tested for impairment so as to determine :
(i)
the provision for impairment loss, if any; and
(ii)
the reversal of impairment loss recognised in previous periods, if any,
Impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount
10. Foreign Currency Transactions
(i) The reporting currency of the Company is the Indian Rupee.
(ii)
Foreign currency transactions are recorded on initial recognition in the reporting currency, using the exchange rate at the date of the
transaction. At each Balance Sheet date, foreign currency monetary items are reported using the closing rate. Non-monetary items
carried at historical cost denominated in a foreign currency, are reported using the exchange rate on the date of the transaction.
(iii) Exchange differences that arise on settlement of monetary items or on reporting of monetary items at each Balance Sheet date at
the closing rate are recognized as income or expense in the period in which they arise.
11. Cash and bank balances
Cash and bank balances comprises cash on hand and demand deposits with banks.
Cash equivalents are short term, highly liquid investments that are readily convertible into known amounts of cash and which are subject
to an insignificant risk of changes in value.
12. Borrowing costs
Borrowing costs include interest, commitment charges, amortization of ancillary costs, amortization of discounts / premium related to
borrowings.
Borrowing costs that are attributable to the acquisition, construction or production of a qualifying asset are capitalized/inventoried as part
of cost of such asset till such time the asset is ready for its intended use or sale. A qualifying asset is an asset that necessarily requires a
substantial period of time to get ready for its intended use or sale. All other borrowing costs are recognised as an expense in the period
in which they are incurred.
13. Taxes on income
Tax on income for the current year is determined on the basis of taxable income and tax credits computed in accordance with the provisions
of the Income-tax Act, 1961, and based on the expected outcome of assessments / appeals.
Deferred tax is recognized on timing differences between the accounting income and the taxable income for the year and quantified using
the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.
S-1390

Deferred tax assets relating to unabsorbed depreciation/business losses/losses under the head capital gains are recognized and carried
forward to the extent there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets
can be realized.
Other deferred tax assets are recognized and carried forward to the extent that there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be realised.
14. Accounting for interests in joint ventures
Interests in Joint Ventures are accounted as follows:
Incorporated Jointly Controlled Entities:
(i)
Income on investments in incorporated Jointly Controlled Entities is recognized when the right to receive the same is established.
(ii)
Investments in such Joint Ventures are carried at cost after providing for any diminution in value other than temporary in nature.
15. Segment accounting

Segment accounting policies are in line with the accounting policies of the Company. In addition the following specific accounting policies
have been followed for segment reporting.
(i)
Segment revenue includes sales directly identifiable with/allocable to the segment.
(ii)
Expenses that are directly identifiable with/allocable to the segments are considered for determining the segment result. Expenses
which relate to the Company as a whole and not allocable to segments are included under unallocable corporate expenditure.
(iii) Income which relate to the Company as a whole and not allocable to segments is included in unallocable corporate income.
(iv) Segments assets and liabilities include those directly identifiable with respective segments. Unallocable corporate assets and
liabilities represent the assets and liabilities that relate to the Company as a whole and not allocable to any segment.
16. Leases
(i) Assets acquired on leases where a significant portion of risks and rewards of ownership are retained by the lessor are classified as
operating leases. Lease rentals are charged to Statement of profit & loss on accrual basis.
(ii)
Assets leased out under operating leases are capitalized. Rental income is recognized over the lease term.
17. Provisions, Contingent liabilities and contingent assets

Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if
(i)
the Company has a present obligation as a result of a past event.
(ii)
a probable outflow of resources is expected to settle the obligation and
(iii) the amount of the obligation can be reliably estimated.

Reimbursement expected in respect of expenditure required to settle a provision is recognized only when it is virtually certain that the
reimbursement will be received.
Contingent Liability is disclosed in the case of
(i)
a present obligation arising from a past event, when it is not probable that an outflow of resources will be required to settle the
obligation.
(ii)
a present obligation when no reliable estimate is possible and
(iii) a possible obligation arising from past events where the probability of outflow of resources is not remote.
Contingent Assets are neither recognized, nor disclosed.
Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.
18. Commitments
Commitments are future liabilities for contractual expenditure. Commitments are classified and disclosed as :
(i)
Estimated amount of contracts remaining to be executed on capital account and not provided for
(ii)
Uncalled liability on shares and other investments partly paid
(iii) Funding related commitment to subsidiary, associate and joint venture companies and
(iv) Other non-cancellable commitments, if any, to the extent they are considered material and relevant in the opinion of management.
Other commitments related to sales/procurements made in the normal course of business are not disclosed to avoid excessive details.
19. Operating cycle for current/non-current classification:
Operating cycle for the business activities of the Company is taken as twelve months for classification of its assets and liabilities into
current/non-current.
S-1391

20. Cash Flow Statement
Cash flow statement is prepared segregating the cash flows from operating, investing and financing activities.
Cash flow from
(i)
transactions of a non-cash nature
(ii)
any deferrals or accruals of past or future operating cash receipts or payments and
(iii) items of income or expense associated with investing or financing cash flows.
Cash and cash equivalents (including bank balances) are reflected as such in the Cash Flow Statement. Those cash and cash equivalents
which are not available for general use as on the date of Balance Sheet are also included under this category with a specific disclosure.
SHARP & TANNAN

L. VAIDYANATHAN
Partner
Membership No.16368
Place : Chennai
Date : May 3, 2013
S-1392
R. CHANDRASEKARAN
Secretary
K. VENKATESH
Chief Executive &
Managing Director
Place : Mumbai
Date : May 2, 2013
R. SHANKAR RAMAN
Director
STATEMENT PURSUANT TO SECTION 212 OF THE COMPANIES ACT, 1956,

RELATING TO SUBSIDIARY COMPANIES
Name of the subsidiary
L&T
Transportation
Infrastructure
Limited
Financial year of the subsidiary Company ended on
L&T Interstate L&T Krishnagiri

Road Corridor
Thopur Toll
Limited
Road Limited
L&T Panipat
Elevated
Corridor
Limited
L&T Vadodara
Bharuch
Tollway Limited
L&T Western
Andhra
Tollways
Limited
31-03-2013
31-03-2013
31-03-2013
31-03-2013
31-03-2013
31-03-2013
30,536,000
57,160,000
78,750,000
84,300,000
43,500,000
56,500,000
Number of Shares in the subsidiary Company held by

L&T Infrastructure Development Projects Limited at
the above date
- Equity shares
- Preference shares
The net aggregate of profits, less losses, of the
subsidiary Company so far as it concerns the members
of L&T Infrastructure Development Projects Limited
(R in thousands)
(i)
(ii)
Dealt with in the accounts of L&T Infrastructure

Development Projects Limited amounted to
(a)
for the subsidiarys financial year ended

March 31,2013
(b)
for previous financial years of the

subsidiary since it became subsidiary of
Limited
36,642

March 31, 2013
96,455
87,082
(37,516)
(371,931)
(404,744)
(112,002)

Limited
339,833
224,451
(718,944)
(1,644,003)
(2,112,194)
(565,295)
NA
NA
NA
NA
NA
NA
Not dealt with in the accounts of L&T Infrastructure

Development Projects Limited amounted to:
(a)
(b)
Changes in the interest of L&T Infrastructure

Development Projects Limited between the end of the
subsidiarys financial year and March 31, 2013
Number of shares acquired
Material changes between the end of the subsidiarys
financial year and March 31, 2013
(i)
Fixed assets (net additions)
NA
NA
NA
NA
NA
NA
(ii)
Investments (Fixed deposit with scheduled bank)
NA
NA
NA
NA
NA
NA
(iii)
Moneys lent by the subsidiary
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
(iv) Moneys borrowed by the subsidiary Company

other than for meeting current liabilities
Note : ** subsidiaries which are yet to commence commercial operations.
S-1393
STATEMENT PURSUANT TO SECTION 212 (Contd.)

L&T Krishnagiri
Walajahpet
Tollway Limited
L&T Devihalli
Hassan Tollway
Limited**
L&T
AhmedabadMaliya Tollway
Limited
L&T Halol
Shamlaji
Tollway Limited
L&T Transco
Private Limited
L&T Chennai
Tada Tollway
Limited
31-03-2013
31-03-2013
31-03-2013
31-03-2013
31-03-2013
31-03-2013
89,997,400
89,999,900
148,999,900
130,499,900
10,000
41,999,900

March 31,2013

Limited

March 31, 2013
7,579
15,614
(842,845)
(1,251,310)
(2,068)

Limited
21,667
(4,797)
(7,942)
(6,701)
(175,390)
(1,864)
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA

the above date
- Equity shares
- Preference shares
(R in thousands)
(i)

(a)
(b)
(ii)

(a)
(b)

(i)
(ii)
NA
NA
NA
NA
NA
NA
(iii)
NA
NA
NA
NA
NA
NA

NA
NA
NA
NA
NA
NA

NA
NA
NA
NA
NA
NA
S-1394

L&T
Samakhalli
Gandhidham
Tollway Pvt
Limited
L&T Port
Kachchigarh
Limited**
L&T Metro Rail

(Hyderabad)
Limited**
L&T
Infrastructure
Development
Projects
(Lanka) Private
Limited**
International
Seaports
(India) Private
Limited
L&T BPP
Tollway
Limited**
31-03-2013
31-03-2013
31-03-2013
31-03-2013
31-03-2013
31-03-2013
80,508,133
4,160,000
524,699,600
146,538,727
2,500,580
196,935,000

March 31,2013

Limited

the above date
- Equity shares
- Preference shares
(R in thousands)
(i)

(a)
(b)
(ii)

(a)

March 31, 2013
(3,050)
12,735
(90)
(2,120)
(b)

Limited
(358)
(41,911)
(10,126)
(39,275)
(14,125)
NA
NA
NA
NA
NA
NA

(i)
NA
NA
NA
NA
NA
NA
(ii)
NA
NA
NA
NA
NA
NA
(iii)
NA
NA
NA
NA
NA
NA

NA
NA
NA
NA
NA
NA

NA
NA
NA
NA
NA
NA
S-1395

L&T Deccan
Tollways
Limited**
L&T Rajkot
Vadinar
Tollway Limited
L&T Western
India Tollbridge
Limited
Narmada
Infrastructure
Construction
Enterprise
Limited
L&T EastWest
Tollway Limited
**
L&T Great
Eastern
Highway
Limited **
31032013
31032013
31032013
31032013
31032013
31032013
23,675,000
109,999,900
13,950,007
6,701,500
10,475,000
8,695,000

the above date
- Equity shares
- Preference shares
(R in thousands)
(i)
(ii)

(a)

March 31,2013
(b)

Limited

March 31, 2013
(9,690)
(1,134,570)
(172)
42,932

Limited
(401)
(159,598)
138,827
159,425
NA
NA
NA
NA
NA
NA

(a)
(b)

(i)
NA
NA
NA
NA
NA
NA
(ii)
NA
NA
NA
NA
NA
NA
(iii)
NA
NA
NA
NA
NA
NA

NA
NA
NA
NA
NA
NA

NA
NA
NA
NA
NA
NA

R. CHANDRASEKARAN
Secretary
K. VENKATESH
Chief Executive &
Managing Director
Place : Mumbai
Date : May 2, 2013
S-1396
R. SHANKAR RAMAN
Director

LNDPL FY 2012-13

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L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED

Profit Before Depreciation & Tax (PBDT)

Profit / (Loss) before tax (PBT)

Less: Provision for taxes

Profit / (Loss) after tax (PAT)

Add: Balance brought forward from previous year

Balance available for disposal which the directors appropriate as follows:

Debenture Redemption reserve

Balance to be carried forward

PERFORMANCE OF THE COMPANY

L&T Halol-Shamlaji Tollway Limited

L&T Ahmedabad Maliya Tollway Limited

PNG Tollway Limited - partial tolling from October 2012

L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED

Foreign Exchange Earnings and Outgo

L&T BPP Tollway Limited

L&T Chennai - Tada Tollway Limited

L&T Deccan Tollways Limited

L&T East-West Tollway Limited

L&T Great Eastern Highway Limited

10. DIRECTORS RESPONSIBILITY STATEMENT

L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED

Mr. R. Shankar Raman Member

Review of Financial Statements

Review of Compliance with Accounting Standards

Review of Internal Control Systems

Separation of Offices of Chairman & Chief Executive

Number of Companies in which an Individual may become a Director

Responsibilities of the Board

L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED

L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED

INDEPENDENT AUDITORS REPORT

As required by Section 227(3) of the Act, we report that:

L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED

ANNEXURE TO THE AUDITOR S REPORT

Name of the statute

Nature of dispute dues

Period to which the

Forum where disputes

Income tax Act , 1961

L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED

L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED

BALANCE SHEET AS AT MARCH 31, 2013

For and on behalf of the Board

As per our report attached

L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED

Employee benefits expense

Depreciation and amortisation expense

Administration and other expenses

Profit before tax

Profit after tax carried to Balance Sheet

Basic and diluted

SIGNIFICANT ACCOUNTING POLICIES

For and on behalf of the Board

As per our report attached

L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED

Cash flow from Operating Activities

Operating Profit before working capital changes

Cash generated from/(used in) operations

Net Cash generated from / (used in) Operating Activities (A)

Cash Flow from Investing activities :

Net Cash generated from/ (used in) Investing Activities (B)

Cash Flow from Financing Activities