The stock of Larsen & Toubro has gained 11% over the past three months compared with the 7% gain in the S&P BSE Capital goods index. The outperformance of India’s largest infrastructure company is likely to sustain given the strong order flow and execution in the September quarter.
L&T reported a 46.5% year-on-year (YoY) growth in consolidated net profit for the quarter ended June 2023 to Rs 2,493 crore. Consolidated revenue increased a sharp 34% to Rs 47,882.37 crore. The net profit and sales were way higher than the ET Now poll of Rs 2,138 crore and Rs 41,023 crore, respectively.
Larsen & Toubro (L&T) construction arm reportedly bagged significant category order from Oilfields Supply Company Saudi. This deal that the company puts in significant category could be up to Rs 2,500 crore order, as per new agency PTI. The order allocated to L&T construction arm is for design and build an oil and gas supply base.
See Zee Business Live TV Streaming Below:
The company did not provide value of the contracts but said the orders fall under significant category which ranges between Rs 1,000 crore and Rs 2,500 crore as per its classification of contracts. The buildings and factories business of Larsen & Toubro Construction has secured a significant contract from Oilfields Supply Company Saudi owned by the Dubai based Oilfields Supply Center Ltd to design and build one of the World s largest oil and gas supply bases at King Salman Energy Park, Dammam, Kingdom of Saudi Arabia L&T said in a regulatory filing.