‘Solar plant, substation construction’, Larsen & Toubro bags large orders in India and Middle East markets

Larsen & Toubro on Wednesday bagged large orders in Indian and Middle East markets by its power transmission and distribution business, the company said in a filing to BSE.

The business had got an order to set up a 75 MW floating solar photovoltaic plant on the dam. This plant is part of the ultra mega renewable energy power park, being developed on Damodar Valley corporation reservoirs in Jharkhand and West Bengal. 

In Saudi Arabia, the company has bagged an order for turnkey construction of a substation. “The business has also won substation and voltage conversion orders from hydrocarbon companies in Kuwait and Saudi Arabia. In an ongoing 220 KV Power Supply Project in the UAE, an additional order has been secured.”

As per the company’s classification, orders ranging between 2,500 crore and 5,000 crore fall in the category of large orders.

This came after Larsen & Toubro declared their Q3 FY24 results on 30 January, 2024. The topline increased by 18.84% & the profit increased by 15.45% YoY. As compared to the previous quarter, the revenue grew by 8.04% and the profit decreased by 8.54%.

The Selling, general & administrative expenses declined by 1.7% q-o-q & increased by 6.46% Y-o-Y. The operating income was up by 2.46% q-o-q & increased by 10.37% Y-o-Y. The EPS is 21.42 for Q3 FY24 which increased by 22.64% Y-o-Y.

As of 01 Feb, 2024, out of 29 analysts covering the company, 2 analysts have given a Sell rating, 13 analysts have given a Buy rating, and 14 analysts have given a Strong Buy rating.

Larsen & Toubro is a USD 23 billion multinational company engaged in engineering, procurement, and construction (EPC) projects, hi-tech manufacturing, and services.

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Published: 07 Feb 2024, 12:13 PM IST

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