L&T gains on securing significant contracts

Larsen and Toubro (L&T) rose 1.01% to Rs 2,109 after L&T Construction has received significant orders for its power transmission and distribution business in India and overseas.

As per L&T's classification, the value of the contracts lies between Rs 1,000 crore and Rs 2,500 crore.

The renewable arm of the business has received an EPC order to establish 90 megawatt (MW) Floating Solar PV Plant at the Omkareshwar dam reservoir, a large water body without much change in the water level throughout the year, in the Khandwa district of Madhya Pradesh.

Further, in western Uttar Pradesh, the business will undertake works for the development of distribution infrastructure under the revamped reforms-linked distribution scheme. The scope of this loss reduction package includes asset mapping using Geospatial Information System (GIS).

In the overseas market, the business has received an order for establishing 400 kilovolt (kV) & 225kV transmission lines in North Africa. It has also won an order for building a 132kV substation in the coastal town of Bintulu in Sarawak, Malaysia.

Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide.

The EPC major's consolidated net profit rose 22.5% to Rs 2,228.97 crore on 23% rise in net sales to Rs 42,762.61 crore in Q2 FY23 over Q2 FY22.

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