L&T Technology Services Ltd Management Discussions

<dhhead>Management </dhhead>

Discussion and Analysis

1. Business Profile

Overview

L&T Technology Services (LTTS) is a global leader in Engineering Research and Development (ER&D) services.

Operating in 25 countries, with an annual revenue run rate of USD 1.4 Billion, the Company designs, develops, and delivers transformative products and services for its diverse global clientele. From Mobility and Sustainability to Tech, LTTS partners with some of the world’s biggest brands across industries.

The Company bridges the gap between engineering and technology to create innovative solutions, turning bold ideas into real-world solutions from smart, connected devices to next-gen factories that operate more efficiently and sustainably. LTTS’ deep domain expertise, combined with a passion for innovation, enables it to deliver results that set new standards for excellence.

Engineer at Heart, a mindset at the core of the identity of LTTSites, defines the Company’s journey. Our engineers, technologists, and innovators are spread across 23 global design centers and 108 innovation labs work tirelessly toward solving the world’s toughest industry challenges, making LTTS a trusted partner to companies across domains. This is achieved through Purposeful. Agile. Innovation. driving a clear sense of purpose across the Company’s service offerings, including Digital Engineering and Consulting, Product Engineering, Manufacturing Engineering, Plant Engineering, and Software and Platforms.

Mobility

LTTS is driving the next frontiers of innovation across the global mobility landscape. Leveraging cutting-edge technical knowledge, unmatched engineering expertise, and world-class talent, in combination with extensive domain experience, LTTS cross-pollinates ideas and solutions for meeting the evolving market needs of global clients across its Mobility segment. The Company develops and delivers innovative products and solutions, tackles complex engineering challenges, redefines consumer experiences, and helps improve passenger safety across its focus sub-segments of Automotive, Aerospace Engineering, Rail Transportation, and Trucks and Off-highway Vehicles.

Building on its robust legacy of engineering excellence, LTTS’ full spectrum of 360-degree services help address diverse needs across key domains including, design, development, sourcing, and manufacturing. The Company is actively leveraging breakthrough technologies, including AI and Gen AI, and spearheading next-gen solutions like e-Powertrains and Software-Defined Vehicles (SDVs) as a part of its commitment towards unlocking new value paradigms across the evolving global mobility landscape. This focus also is reflected in the groundbreaking work being undertaken by the LTTS teams across Vehicle Engineering, Software-Defined Mobility, and Electrification and

Hybrid Technologies.

Sustainability

LTTS helps its clients accelerate the adoption of smart and sustainable processes and solutions that ensure regulatory compliance while generating unmatched value streams. The Company, with its focus on Discrete Manufacturing and Industrial Products, and Process Manufacturing, leverages decades worth of unmatched ER&D excellence, IT-OT synergies, and cross-domain insights and skillsets in its global operations. Combined with an ability for rapid adoption, this enables the creation of cutting-edge, scalable, and sustainable solutions that have a positive impact on businesses, communities, and the environment.

With a focus on enabling next-gen net zero operations based on a triple bottom line framework, LTTS drives the adoption of sustainable business practices across delivering Project Engineering (Brownfield and Greenfield), Sustainable Manufacturing, Plant Modernization and Automation, Digital Technologies, Product Engineering, Energy Transition, Manufacturing Modernization, and Alt+Shift to Platform Solutions.

Tech

Amidst the rising demand for complex software products across a rapidly expanding, high-performance, connected device eco-system, growing regulatory compliance requirements, and accelerated cybersecurity threats, LTTS helps global companies focus on creating differentiated experiences. Leveraging its unmatched AI expertise (with 190 patents filed in AI and Gen AI), a demonstrated history of engineering excellence, and deep cross-vertical capabilities to deliver tangible outcomes, the Company enables accelerated product launches and reliable life cycle management journeys for its clients across Hi-Tech, MedTech, Public Infrastructure and Smart Cities, and Software and Platforms. In addition, the acquisition of Intelliswift has broadened the Company’s offerings and capabilities in Software and Platforms.

LTTS empowers breakthroughs across the Tech segment with its cutting-edge solutions tailored to every stage of the product lifecycle, harnessing the power of AI to optimize processes and drive intelligent outcomes across end-to-end turnkey solutions and innovative offerings. The Company’s focus areas include Digital Health and QARA, Silicon Engineering, Device and Platform Engineering, and System Integration.

. Business Environment

The BCG-NASSCOM ER&D report expects the global ER&D industry to grow at almost 9% CAGR between 2023 and 2030, signaling enhanced spend intensity across industries. This momentum is being led by a projected 12-13% growth in software and allied offerings including Software-Defined Everything (SDx), 10-11% rise in demand for telecommunications, and 9-10% expansion in the semiconductor domain. Subsequently, we are witnessing accelerated investments journeys across key areas, including Automotive, Industrial Products, and Hi-Tech.

With the continued growth in demand for digital transformation initiatives, combined with a growing focus on sustainability and innovation, market leaders like LTTS are well poised to capitalize on the emerging opportunities. The robustness of the business environment is further characterized by the almost 22% CAGR expected for India-based off-shoring.

The automotive sector, for instance, is undergoing a significant shift with a predicted surge in electric vehicle (EV) sales, anticipated to make up 25-30% of the global automotive market by 2030. LTTS is strongly positioned here through its expertise in developing next-gen EV platforms, autonomous driving solutions, and smart manufacturing systems. Additionally, industries like aerospace and industrials are focusing on digital twin technologies, IoT implementation, and automation to streamline operations, areas where the Company has established deep competencies and capabilities.

Companies are realigning their supply chains with a clear focus on leveraging advanced engineering solutions. This includes initiatives like predictive maintenance, real-time asset performance management, and leveraging sensor-driven analytics and Industrial AI, underpinned by LTTS’ multi-domain strengths and expertise. Such technological advancements are driving efficiency and reducing environmental impact, directly supporting our growth in the Sustainability segment.

However, macroeconomic challenges such as cost pressures, sustained geopolitical instability, and growing localized regulations on data sharing and technology exports may continue to pose a challenge.

LTTS also faces intense competition as global ER&D spend patterns are fractured and distributed across multiple geographies.

However, the Companys commitment to a sustainability-focused, technology-led approach and sustained investments in AI/ML-driven innovation align perfectly with its clients’ increasing demand for green solutions and digital reinvention. By leveraging its end-to-end engineering capabilities and a strong track record of innovation, LTTS is in a better position than before to capture increasing market share in FY 2025 amidst the dynamics of the evolving global ER&D landscape.

3. Major Achievements

LTTS crossed the H10,000 Crore milestone in annual revenue and surpassed 1,500 patent filings. The acquisition of Intelliswift has facilitated access to service-led sectors. Additionally, the Company has been accorded Great Place to Work in the U.S. for the second consecutive year and in Japan for the first time ever.

Driven by its ‘Go Deeper to Scale’ strategy, LTTS made strategic investments in the first half of the year, enabling the Company to win several large deals throughout the year, including a marquee USD 80 Million net new engagement in the Sustainability segment. Further, the list of achievements includes three USD 50 to 80 Million, five USD 30 to 50 Million and ten USD 15 to 25 Million deal wins across segments.

Key Deal Wins Mobility

• Multi-year engagement with a Tier 1 European automotive customer to restructure their delivery models and ensure streamlined program ownership.

• Enabling control systems, software development and V&V for a leading U.S. construction and engineering equipment manufacturer.

• Providing engineering design services and supporting the automotive customer’s Product

Development team.

Sustainability

• Establishing a dedicated Center of Excellence (CoE) in India to act as a global innovation hub with a focus on the client’s digital transformation and comprehensive product lifecycle management (PLM) journey.

• A multi-year, multi-million-dollar program with one of the world’s largest energy companies to provide a comprehensive range of EPCM services, including Integrated Digital Engineering and Data Governance for Capital Projects.

• Providing software engineering, embedded design, and design services leveraging global delivery models for a leading oilfield services firm.

Tech

• Selected by a global healthcare technology leader to deploy an engineering team for post-market surveillance covering CAPA, remediation, complaint handling and QMS projects, besides being named as Global Designate Supplier for engineering and R&D programs across all business units worldwide.

• Strategic partner for a global network provider to deliver product integration services for the North American market.

• Providing global carrier testing services and verifications processes for one of the world’s leading technology majors.

4. Competitive Positioning

In the past fiscal year, LTTS continued to leverage its ‘Go Deeper to Scale’ strategy for an unmatched competitive edge in the ER&D services domain. The

Companys robust financial performance and strategic initiatives earned high praise from leading analysts and industry bodies.

The Everest Group featured LTTS among the Top 3 Global pure-play Engineering Services in Everest Group’s Engineering Services Top 50 rankings and rated as the Company as being leaders in the Connected Product Engineering Services PEAK MatrixR Assessment 2024 in Embedded Engineering. LTTS was recognized as market leaders in the 2024 HFS Horizons Report for IoT Service Providers, excelling in comprehensive strategies, global reach, technology partnerships, and transformative solutions. Zinnov rated LTTS as a Leader in Digital Engineering and ER&D Services 2024 for Overall ER&D, Digital Engineering Services, Medical Devices, Industry 4.0 and Industrial.

Initial investments in H1 to rewire the Company’s large deal engine paid off. LTTS secured a marquee USD

80 Million TCV deal and, in Q4, saw robust additions to the large deal pipeline, including new-age product development and business transformation deals. The Company also registered multiple wins across the USD 50+, 40+, and 30+ Million segments.

As of Q4 FY25, LTTS boasted an impressive portfolio of over 1,500 patents filed, with 190 patents in AI and Gen AI alone. The Company launched the NVIDIA

AI Experience Zone at its Bengaluru design hub to elevate AI capabilities for clients in Mobility and Tech, underscoring a continued commitment to innovation and collaborative development. Internal R&D programs are underway on Agentic AI, an autonomous system aimed at enabling automation, autonomous operations, and enhancing decision-making across domains.

5. Significant Initiatives

The key initiatives by LTTS during the year include:

• TECHgiumR, India’s largest innovation platform for engineering students, now in its 8th edition, with more than 39,000 students participating from over 560 engineering institutes across the country.

• A state-of-the-art Centre of Excellence to bolster engineering support for Airbus’ aircraft structural simulation activities across its diverse business units in Europe, spanning France, Germany, the UK, and Spain.

• Partnership with NMICPS TiHAN Foundation, IIT Hyderabad, for fostering industry-academia advancements in the domains of Advanced Driver

Assistance Systems (ADAS) and Cellular Vehicle-to-Everything (CV2X) communication.

• Investor and Analyst Day 2024 at the Bengaluru campus, bringing together prominent investors and financial analysts from leading brokerages and investment firms in India, highlighting LTTS’ advanced solutions across its three core business segments: Mobility, Sustainability, and Tech.

• MoU with PST, a wholly owned subsidiary of Union Pacific Railroad, to enhance the safety and efficiency of railroads in India and adjacent markets through world-class simulation technology.

• Joint digital twin CoE with Altair to accelerate digital transformation and deliver cutting-edge capabilities for clients worldwide, enabling premier solutions for enhanced innovation and efficiency.

• State-of-the-art NVIDIA Experience Zone at the Bengaluru design hub, powered by the NVIDIA AI platform, to serve clients in the Mobility and

Tech segments.

• India’s first integrated state-level Cyber Command and Control Center at Mahape, in collaboration with the Maharashtra State Cyber Department, as a decisive step towards creating a secure and robust digital environment.

• Strengthening the decade-long partnership with Siemens across the existing Centre of Excellence and a new Digital Manufacturing Academy.

6. Industry Recognitions

During the year, LTTS continued to be recognized for its impact across several forums and industry bodies, and by analysts. This included being:

• Acknowledged as the Most Innovative Company of the Year 2024-25 by ET Now.

• Rated as leaders in the Connected Product Engineering Services PEAK MatrixR Assessment 2024 in Embedded Engineering by Everest Group.

• Awarded with the 2024 Caterpillar Supplier Excellence Award, honoring LTTS’ commitment to delivering high-quality products and services that support sustainable growth.

• Recognized with the ‘Partner-level Supplier’ status in John Deere’s Achieving Excellence Program for the fourth time, the highest recognition for quality and service.

• Featured among the Top 3 Global pure-play Engineering Services in Everest Group’s Engineering Services Top 50 ranking.

• Rated as Market Leaders in the 2024 HFS Horizons Report for IoT Service Providers, excelling in comprehensive strategies, global reach, technology partnerships, and transformative solutions.

• Rated as a "Leader" in Digital Engineering and ER&D

Services 2024 for Overall ER&D, Digital Engineering Services, Medical Devices, Industry 4.0 and Industrial by Zinnov.

• Honored as the Government System Integration Partner of the Year FY24 at the Palo Alto Networks India & SAARC Partner Summit FY24.

• Awarded the 2025 BIG Innovation Award in Transportation for AnnotAI by the US-based Business Intelligence Group.

• Recognized by Etihad Rail at the Global Rail Innovation Awards for its Innovative Way to Detect Visible Rail

Defects in Real-Time.

• Recognized as a Leader by Everest Group in both the Industry 4.0 Services PEAK MatrixR Assessment 2024 and the Sustainable Engineering Services PEAK MatrixR Assessment 2025.

• Rated as a Leader in the ISG Provider Lens Study for Digital Engineering Services 2025.

7. Environment, Health, and Safety

LTTS allocates resources and implements best practices to protect the environment, prevent pollution, enhance biodiversity, and ensure safe and healthy working conditions for employees, workers, and stakeholders. The Company focuses on reducing hazardous materials, optimizing resource consumption and conservation, striving for carbon-neutral emissions through energy conservation and renewable energy sources, achieving water neutrality through water conservation and wastewater recycling, and minimizing waste generation while maximizing reuse and recycling efforts.

As a responsible and empathetic organization, LTTS offers a comprehensive suite of benefits, including:

• Adequate health insurance coverage

• Sponsored annual health check-ups

• Employee Wellness Assistance Program (EWAP)

• Wellness through Yoga

• Diet and nutrition counseling

• Monthly health and mental well-being webinars

Moreover, we prioritize hazard identification and risk assessment (HIRA) to meet health, safety, and compliance standards.

This process involves regular inspections, internal audits, and management reviews. Mock drills are conducted to evaluate emergency preparedness and the efficiency of procedures.

8. Enterprise Risk Management

Risk Governance - Policy and Framework

Enterprise Risk Management (ERM) in LTTS is a structured process, administered through a Risk Management Policy and Framework, for managing, reporting and monitoring existing and emerging enterprise level risks. The Company’s risk management approach is strategically placed to function independently in line with best-in-class corporate governance principles and statutory requirements in alignment with globally accepted risk management frameworks.

LTTS’ risk management program is aligned with the business strategy and embedded in normal course of business across the company under the guidance of the Risk Management Committee (RMC) of the Board. The program enables proactive identification and mitigation of enterprise risks, supporting informed decision-making, sustainable growth, and value creation. The Chief Risk Officer oversees risk management program and is supported by the ERM team.

Business Enabler

Risk management serves as a decision enabler by fostering a consistent approach to risk-based decision-making. Due to its diligent efforts and strategic approach, risk management is considered as a strategic partner that enhances business value. Its proactive approach helps in improved decision making by pre-assessing potential outcomes and associated key risks.

Risk Categorization

In LTTS, risk categorization is a systematic grouping of risks under common risk categories, offering a structured and holistic risk perspective. This process enhances risk identification, uncovers common underlying causes, ensures consistency in mitigation strategies, and facilitates focused discussions with risk owners.

Risk Survey

Risk perception surveys are conducted to identify and prioritize risks across different categories. This approach enhances the overall risk culture in LTTS, promotes adoption of uniform risk taxonomy, and helps identification of risk perception patterns.

Risk Assessment

In LTTS, risk management program is designed to provide reasonable assurance that business risks are adequately assessed, and the corresponding risk mitigation plans are in place. For the effective functioning of the risk management program, risk assessments are conducted at various levels, including enterprise, business unit, customer account, and project levels. Key risks are presented to the senior management including the CEO, the CFO, and the relevant Board Committees such as Audit Committee and Risk Management Committee.

Risk Appetite

LTTS’ Risk Appetite Statement provides a structured framework that define the thresholds, scale and range of risks that the company is willing to accept for achieving its strategic goals and objectives. Integrated into the broader risk management framework, risk appetite statement supports informed decision-making by systematically identifying, evaluating, addressing, monitoring, and communicating risks within the defined risk appetite boundaries.

The risk appetite thresholds are articulated using both, the quantitative and qualitative benchmarks. These thresholds help define the acceptable level of risk by using quantifiable data, alongside qualitative factors like organizational values, stakeholder expectations, reputation, etc.

9. Outlook

LTTS continues to leverage its proven expertise in engineering and digital innovation for driving a robust growth trajectory in the coming year. With a foundation of 17.5% YoY revenue growth as of Q4 FY25 and ongoing investments in high-potential areas including Agentic AI, LTTS is well-positioned to lead the global ER&D market. The Company’s focus on its key growth segments of Mobility, Sustainability, and Tech, powered by its ‘Go Deeper to Scale’ strategy, is expected to boost this journey, across the momentum generated by the accelerated emergence of breakthrough technologies.

Similarly, the ongoing adjustments in tariff-based supply chain dynamics present significant opportunities for LTTS to deliver enhanced value to its global clientele. With the acceleration of AI adoption in the software-defined everything (SDx) and digital domains, both core strengths of LTTS, these adjustments will serve as a key differentiator in securing large, high-impact deals.

LTTS’ acquisition of Intelliswift underscores its commitment to expanding software and digital engineering capabilities. The move not only strengthens its foothold in Hyperscalers segments, but also marks its entry into service-led sectors such as Retail, FinTech, and Healthcare. The integration of this acquisition has already shown results, with the creation of a new Software & Platforms sub segment.

Innovation continues to be the hallmark of LTTS’ strategy, with a portfolio of over 1,500 patents, including cutting-edge advancements in AI and generative AI applications and 190 patent filings. The NVIDIA AI Experience Zone at its Bengaluru design hub further solidifies the Company’s leadership in the AI space, enabling bespoke solutions for Mobility and Technology sectors.

The Company’s expansion strategy is evident in its global operations, with an expanding workforce of over 24,000 employees and new business wins in fast-evolving regions. Notable large deal bookings, including multiple multi-million-dollar engagements across diverse verticals, signal a robust demand outlook.

Reiterating its commitment to client-centric innovation and engineering excellence, LTTS continues to foster technology-driven transformation across industries worldwide and aspires for a medium term revenue goal of USD 2 Billion.

10. Internal Control Systems and Their Adequacy

LTTS has a strong internal control framework that aligns with the Company’s size, scale, and operational complexity. The organization has established comprehensive policies and procedures, automated systems, authorization protocols, access controls, segregation of duties, and physical security measures. These elements ensure compliance with the relevant statutes, protect assets from unauthorized use, and enhance overall corporate governance.

LTTS utilizes an Enterprise Resource Planning (ERP) system that provides dependable financial and operational data for accounting, consolidation, and management information purposes. The company consistently strives to align its processes and controls with global best practices.

The Company has established internal financial controls in accordance with the Companies Act, 2013. These controls are reviewed for design and operational effectiveness by an internal control team, with further validation from an independent consultant hired by the Company. Additionally, the statutory auditors conducted an independent audit of the internal financial controls over financial reporting as of March

31, 2025, and concluded that these controls were functioning effectively.

The Company has an Audit Committee within the Board of Directors, with details provided in the corporate governance report. This committee reviews audit reports submitted by the Independent Internal auditors on a quarterly basis.

11. Significant Factors Affecting Our Results of Operations

LTTS’ growth path is in sync with global ER&D spending patterns. Our ability to seize new opportunities in technology services offshoring and deliver solutions that cater to the ER&D requirements of customers worldwide continues to set us apart.

The Company’s operational success is driven by optimizing the utilization rates of its billable workforce, securing sustainable billing rates, and effectively managing talent. At LTTS, our talent management approach includes streamlined recruitment processes, focused skill development programs, and the ongoing identification and retention of top-tier professionals.

Addressing foreign exchange fluctuation challenges is crucial for our business, as a significant portion of our revenue is derived from transactions in currencies like USD and EURO. Balancing onsite and offshore project execution is also essential, with offshore work generally yielding higher profit margins compared to onsite engagements.

On the regulatory and compliance front, LTTS’ reputation is founded on its commitment to safeguarding client confidentiality and intellectual property rights, as any breach could lead to significant legal consequences. Equally important is our adherence to local laws in the jurisdictions where LTTS operates, particularly regarding immigration and data protection.

These elements collectively underscore the multifaceted nature of LTTS’ operational, financial, and legal considerations, each individually and collectively critical to the Company’s sustained growth and continued operational excellence.

12. Financial Performance

This part of the Management Discussion and Analysis refers to the consolidated financial statements of

LTTS and its subsidiaries, referred to as the "Group."

The financial statements and related notes to the consolidated accounts of LTTS for the year ended March 31, 2025 prepared in accordance with the Indian Accounting Standard (referred to as "Ind AS"), prescribed under Section 133 of the Companies Act, 2013, and read with the Companies (Indian Accounting Standard) rules as amended from time to time.

Refer to the Standalone and Consolidated financial statements in Annual Report for detailed schedules and notes.

The Company & its subsidiary, L&T Technology Services LLC has acquired 100% stake effective January 3, 2025 in (i) Intelliswift Software (India) Private Limited (by the Company) ; and (ii) Intelliswift Software Inc.

(Consolidated) (by L&T Technology Services LLC). This acquisition will enhance LTTS’s portfolio in Software Product Development, Platform Engineering, Digital Integration, and Data and AI.

A. Financial Performance Highlights

Revenue Trend

Revenue from operations for the year ended March 31, 2025 increased 10.6% YoY to 106,701 Million from 96,473 Million for the year ended March 31, 2024, while CAGR growth over the past 5 years is 13.7%.

Revenue trend for last 5 financial years:

Operating profit trend

Operating profit (in Million) for the year ended March

31, 2025 decreased 3.7% YoY to 15,872 Million from 16,474 Million for the year ended March 31, 2024, while CAGR growth over the past 5 years is 11.3%.

Operating profit (in Million) and operating margin % trend for last 5 financial years*:

*Absolute numbers represent operating profit (in Million). % numbers represent operating margin.

Earnings per share trend

Earnings per share (basic) for the year ended March 31, 2025 decreased 3.0% YoY to 119.70 in from 123.34 for the year ended March 31, 2024, while CAGR growth over the past 5 years is 8.8%.

Earnings per share trend for last 5 financial years:

(/Share)

Free cash flow trend

Free cash flow for the year ended March 31, 2025 increased 10.3% YoY to 13,793 Million from 12,509 Million for the year ended March 31, 2024. CAGR growth over the past 5 years is 23.1%.

Free cash flow and its % to net income trend for last 5 financial years*:

Particulars	As at	As at
	March	March
	31, 2025	31, 2024
Authorised:
5,285,300,000 equity shares	10,571	10,571
of H2 each
(Previous year 5,285,300,000
equity shares of H2 each)
Issued, subscribed, and
fully paid up
105,879,693 equity shares	212	212
of H2 each
(Previous year: 105,753,842
equity shares of H2 each)
Total	212	212

The authorized share capital of the Company as at March 31, 2025 was 10,571 Million divided into 5,285 Million equity shares of 2 each. The issued, subscribed and paid-up capital as at March 31, 2025 was 212 Million divided into 105.9 Million equity shares of 2 each. (As at March 31, 2024: 212 Million divided into 105.8 Million equity shares of 2 each.).

There were no changes in the authorized share capital during the year.

2. Other Equity (excl. non-controlling interest)

The other equity of the company as at March 31, 2025 stood at 60,588 Million as against 53,059 Million as at March 31, 2024. Breakup of other equity is as below:

Particulars	As at	As at
	March	March
	31, 2025	31, 2024
Retained Earnings	52,112	44,737
Securities Premium	12,291	11,872
Hedging Reserve	596	815
Employee share options	917	961
outstanding
(Net of deferred
compensation)
Foreign Currency	548	451
Translation reserve
Other items of other	(293)	(194)
comprehensive income
Capital Reserve	(5,583)	(5,583)
Total	60,588	53,059

Retained Earnings

The retained earnings of the company as at March 31, 2025 stood at 52,112 Million as against44,737 Million as at March 31, 2024. Movement in retained earnings was primarily on account of profit earned during the year offset by dividends declared.

Securities Premium

The securities premium balance as at March 31, 2025 stood at 12,291 Million as against 11,872 Million as at March 31, 2024. Increase in securities premium is mainly on account of exercise of ESOPs.

Hedging Reserve

Hedging reserve relates to financial derivatives used for risk management strategy of the company.

The balance in hedge reserve (net of tax effect) as at

March 31, 2025 is credit balance of 596 Million as against 815 Million as at March 31, 2024.

Foreign currency translation reserve

The foreign exchange differences arise from the translation of financial statements of foreign operations with functional currency other than Indian rupees.

The foreign currency translation reserve balance as at March 31, 2025 stood at 548 Million as against 451 Million as at March 31, 2024.

Employee share options outstanding (Net of deferred compensation)

The amount of stock option outstanding as at March 31, 2025 stood at 917 Million as against 961 Million as on March 31, 2024. It represents cumulative expense to be recognized until the employee share options are vested/expired upon which such amount is transferred to profit and loss.