Shares of this large-cap company jumped around 2 percent in Wednesday’s trading session after securing domestic and international projects. The shares have delivered more than 70 percent returns to its shareholders in one year.
With a market capitalization of Rs. 5,10,077 crores, the shares of Larsen & Toubro Ltd started Wednesday’s trading session on a higher note at Rs. 3,683 compared to its previous close of Rs. 3,670.10.
During the trading session, the shares hit a high of Rs. 3,727.20, gaining around 2 percent and are currently trading at Rs. 3,712 apiece.
Such a bullish movement in the share price was observed after the company in an exchange filing announced that they had the Buildings and Factories vertical had won multiple orders in the domestic and international markets.
While L&T did not disclose the exact value of the order win, it counts an order as ‘large’ when it is valued order range is between Rs. 2,500 crores to 5,000 crores.
The business also secured a contract to construct the Al Namaa General Hospital from the Ministry of Health, Sultanate of Oman. The scope of work includes the construction of a 165-bed hospital building including basement and ancillary buildings like substations, STP, etc. The project is to be executed in 30 months involving civil structures, finishes, MEP services, medical equipment, and external development, including landscaping.
Moreover, in the domestic market, L&T Construction secured an order for “Construction of Maa Kamakhya Temple Access Corridor, Assam” on a Design and Build Turnkey Basis from the Assam PWD. The scope of work includes a Multi Utility Building, Pilgrim Management Block, Chinnamasta Block, Siddheshwar Block and Access Corridor for the temple. The other scope of work involves finishes and allied MEP services along with external development within the site premises.
Furthermore, the company also received an order from a subsidiary of a leading Paint Manufacturing company to construct a polymer manufacturing plant in Gujarat. The scope involves Civil, Structural and Architectural works including External Development Works.
To conclude, the Business got an order for a Solar Glass Manufacturing Plant in Gujarat. The scope involves Civil, Structural and Architectural works. The company is involved in EPC projects, hi-tech manufacturing, and services across various sectors in over 50 countries.
Coming onto the company’s financial statement, the revenue increased by 8 percent from Rs. 51,024 crores during the September quarter to Rs. 55,128 crores in the December quarter. On a contrasting note, the net profits decreased by 7 percent from Rs. 3,846 crores to Rs. 3,593 crores during the same timeframe.
As of December 2023, the company has an order book of Rs. 4,698 billion. In which, 68 percent of the orders were received from the Infrastructure sector and the remaining 32 percent of the orders were received from Energy, Hi-Tech Manufacturing and others.
Written By Vaibhav Patil
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