The shares of one of the Bluechip stocks that specializes in engineering, procurement, and construction (EPC) services, upon being announced as a preferred EPC contractor for the world’s first 24/7 solar PV and battery storage Gigascale project
Price action
With a market capitalization of Rs. 4,75,485 crores on Monday, the shares of Larsen & Turbo Limited trading at Rs. 3,433 fell by 1.5 percent, making a low of Rs. 3,401.15 per share compared to its previous closing price of Rs. 3,458.20 per share.
What Happened
Larsen and Turbo Ltd specialised in EPC services has been announced as a preferred EPC contractor for the North Site of the World’s First 24/7 Solar PV and Battery Storage Gigascale Project which will be built in Abu Dhabi.
Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy leader, in collaboration with EWEC (Emirates Water and Electricity Company), announced at Abu Dhabi Sustainability Week (ADSW) that it is developing the Gigascale project, capable of delivering up to 1 gigawatt (GW) of baseload power 24 hours a day, seven days a week.
The project aims to deliver upto 1 gigawatt (GW) of continuous power, combining a 5.2GW solar photovoltaic plant with a 19GWh battery storage system, making it the largest globally. The project will be divided into two sites, north and south, amounting to 2.6GW and 9.5GWh PV capacity each.
Management Commentary
Mr. T. Madhava Das, full-time director & Sr Executive Vice President (Utilities) – at Larsen & Toubro, said: “We are happy that our trusted partnership with Masdar has culminated in such a coveted opportunity to advance the deployment of clean energy projects in the region. With our all-round capabilities in dispatchable renewable generation, power T&D, and digital solutions we are deeply committed to delivering this ultra-mega project that fuels futuristic ambitions”.
About the company
Larsen & Toubro (L&T) is a leading Indian multinational engaged in engineering, procurement, and construction (EPC) projects, as well as hi-tech manufacturing and services. With a strong presence across multiple industries, L&T has established itself as a global leader in infrastructure, energy, defense, and technology sectors
Financials
The company’s total revenue rose by 20.13 percent from Rs. 52,157 crore to Rs. 62,655 crore in Q2FY24-25. Meanwhile, Net profit rose from Rs. 3,222.63 crore to Rs 3,395.29 crore during the same period.
Written by Sridhar J
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