L&T spurts after construction arm bags 'significant' orders

Larsen & Toubro (L&T) advanced 2.48% to Rs 1,864.35 after the EPC major announced that the power transmission & distribution business of L&T Construction has bagged 'significant' orders in India and abroad.

As per L&T's classification, the value of the significant project is Rs 1,000 crore to Rs 2,500 crore.

The business has secured an order to establish a 765kV transmission line in Gujarat. The 'available power transfer capacity' from the inter-state transmission system will increase thanks to this network expansion, the company said.

An order has been received to upgrade the distribution system in a state in North-East India. The scope of this project includes the strengthening of medium and low voltage distribution networks, the EPC company said in the press release.

The business has also won repeat orders to build new 132kV substations in the United Arab Emirates.

Further, an order has been secured to establish a 380kV overhead line in Saudi Arabia that will help strengthen the evacuation infrastructure and improve the reliability of the grid in the Western region of the Kingdom, the firm stated.

The company further added, as the distribution system is being strengthened in the Dhaka and Narayanganj agglomerations of Bangladesh, the business has bagged orders to establish two new 132kV and 33kV substations in these regions.

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 surged 44.9% to Rs 1,702.07 crore on 22.2% jump in net sales to Rs 35,853.20 crore in Q1 FY23 over Q1 FY22.

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