L&T edges higher after hydrocarbon vertical bags 'significant' order from ONGC

Larsen & Toubro (L&T) advanced 2.62% to Rs 3620 after the company's L&T Energy Hydrocarbon (LTEH) vertical secured a 'significant' order from the Oil & Natural Gas Corporation (ONGC) for the eighth phase of pipeline replacement project.

The order involves engineering, procurement, construction, installation & commissioning (EPCIC) of 129-km subsea pipelines and associated modification works across Indias west coast offshore fields of the ONGC.

LTEH offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers.

Subramanian Sarma, whole-time director & president Energy, L&T, said: "This order reflects ONGCs continued confidence in L&T, and this emanates from our track record of successfully delivering complex offshore projects. This order further demonstrates L&T's unwavering commitment to Indias energy requirement."

As per L&Ts classification, the value of the said order lies between Rs 1,000 crore and Rs 2,500 crore.

Larsen & Toubro (L&T) is an Indian multinational engaged in EPC Projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. A strong, customer focused approach and the constant quest for top class quality has enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

The EPC major's consolidated net profit rose 10.27% to Rs 4,396.12 crore on 14.99% increase in revenue from operations to Rs 67,078.68 crore in Q4 FY24 over Q4 FY23.

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