L&T rises on bagging 'large' order from ONGC

Larsen & Toubro (L&T) gained 1.71% to Rs 3,691.45 after the company announced that its Hydrocarbon vertical, L&T Energy has secured a large offshore order from Oil & Natural Gas Corporation (ONGC).

As per L&Ts classification, the value of the large' contract lies between Rs 2,500 crore and Rs 5,000 crore.

In a regulatory filing, the EPC major said that the Hydrocarbon vertical (L&T Energy) of L&T has secured an order from the ONGC for Daman upside development project-wellhead platforms & pipelines (DUDP-WP), off Indias west coast.

The scope of work includes engineering, procurement, construction, installation, and commissioning of four wellhead platforms, 140-km Pipeline and associated topside modifications at Tapti Daman block at a western offshore location.

 

Subramanian Sarma, whole-time director & president (Energy), L&T said, This order demonstrates ONGCs confidence in L&T forged through execution of multiple complex offshore projects and also reinforces L&Ts commitment to contribute towards Indias energy security.

Organised under Offshore, Onshore EPC, Modular Fabrication, Advanced Value Engineering & Technology (AdVENT) and Offshore Wind Farm Business Groups, L&T Energy Hydrocarbon (LTEH) offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers.

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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