Larsen & Toubro (L&T) on Friday said its defence arm secured a significant contract from the Indian Ministry of Defence (MoD) for supplying four regiments of Pinaka Weapon Systems.
The contract involves supply of Pinaka launchers, battery command posts and associated Engineering Support Package (ESP) for four regiments. The Pinaka launch system has been indigenously developed by L&T as part of Pinaka development program of Defence Research & Development Organization (DRDO, ARDE) and functions as a high tech, all weather, long range, area fire artillery weapon system.L&T has already executed similar orders from Ministry of Defence and supplied two regiments of Pinaka systems earlier. With these orders, L&T has served cumulative six out of ten regiments of Pinaka systems with the Indian Army. L&T Defence is also engaged with DRDO for future developments on this artillery system.
As per the L&T's classification, the valuation of the 'significant' order stands between Rs 1,000 crore and Rs 2,500 crore. The announcement was made during market hours today, 4 September 2020.
On a consolidated level, L&T reported a 67.3% decline in net profit to Rs 645.07 crore in Q1 June 2020 from Rs 1,972.52 crore in the same period last year. Net sales stood at Rs 21,259.97 in Q1 FY21, declining 28.3% from Rs 29,635.95 crore in Q1 FY20.
Shares of Larsen & Toubro fell 1.04% to Rs 951.05 on BSE. L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.
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