Share prices of this large-cap stock primarily engaged in providing engineering, procurement and construction (EPC) solutions moved up by 2.7 percent on NSE at Rs. 3,623.25 on Thursday, compared to its previous closing price of Rs. 3,538.55, after bagging a major order from a Middle East client.
With a market cap of Rs. 4.96 lakh crore, at 02:09 p.m. the shares of Larsen & Toubro Ltd. were trading in the green at Rs. 3,609, up by nearly 2%.
It has given over 23.5 percent of returns in the past six months and nearly 68.3 percent in the last one year. So far, the company has given around 2.38 percent of returns in 2024.
According to the recent filings on the stock exchanges, L&T Energy Hydrocarbon (LTEH), the hydrocarbon vertical of Larsen & Toubro (L&T) has recently secured a ‘major’ onshore gas pipeline project from a client in the Middle East.
The scope of work includes engineering, procurement, and construction (EPC) work of two new 56-inch Pipelines, as well as associated scraper receivers & launchers and Main Line Isolation Valve (MLIV) stations that run parallel to the existing pipeline corridor.
According to the project classification of L&T, the major orders range between Rs. 5,000 crore to Rs. 10,000 crore, and the order received by the company is the largest cross-country pipeline EPC project awarded to date.
With over three decades of experience, LTEH provides integrated design-to-build solutions across the hydrocarbon sector to domestic and international clients.
In terms of financials, the revenue from operations of the company grew by nearly 8.04 percent QoQ from Rs. 51,024 crore in Q2 FY23-24 to Rs. 55,128 crore in Q3 FY23-24.
However, the net profit of the company decreased by around 6.5 percent QoQ, from Rs. 3,846 crore in Q2 FY23-24 to Rs. 3,593 crore in Q3 FY23-24.
As of December 2023, FIIs hold 25.5 percent of the shares, whereas DIIs hold 37.34 percent of the shares in the company, aggregating to 62.84 percent of the institutional holdings.
L&T is a $23 billion Indian multinational engaged in engineering, procurement and construction (EPC) projects, hi-tech manufacturing and services, operating in over 50 countries worldwide.
Written by Shivani Singh
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