L&T Hydrocarbon arm wins 'significant' contract

Larsen & Toubro on Thursday informed that the company's Hydrocarbon business secured two offshore projects from overseas client.

The company classified it as a 'significant' contract, meaning that the order value is between Rs 1,000 crore and Rs 2,500 crore

The scope of work comprises Engineering, Procurement, Construction, Installation and Commissioning for the expansion of a marine terminal and replacement of electrical switchgear and protection equipment at existing facilities.

L&T said it is executing several domestic and international offshore projects. The company is also committed to building its regional presence in geographies that it operates by growing local skills and talent, improving procurement from local vendors, engaging commercially with local contractors on the foundation of a sustainable workload.

L&T is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. The company's consolidated net profit fell 16.70% to Rs 2,054.74 crore on 11.14% increase in net sales to Rs 39,562.92 crore in Q3 FY22 over Q3 FY21.

Shares of L&T were trading 0.63% higher at Rs 1901.

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