Larsen & Toubro Achieves Notable Contracts for “Solar Plant, Substation Construction” in the Middle East and India.
Multiple orders have been won by Larsen & Toubro’s Power Transmission & Distribution (PT&D) business in India and the Middle East. As per the project classification of the company, the orders have a value ranging from Rs 2,500 crore to Rs 5,000 crore.
An order to build a 75 MW floating solar PV plant on the Panchet Dam has been awarded to the company. This plant forms part of the Ultra Mega Renewable Energy Power Park, which is being built on the reservoirs owned by the Damodar Valley Corporation in West Bengal and Jharkhand.
Significant contracts in India and the Middle East have been awarded to Larsen & Toubro’s power transmission and distribution division. One such contract is for a 75 MW floating solar photovoltaic facility located in Jharkhand and West Bengal.
According to Larsen & Toubro, its division for power transmission and distribution has landed big contracts in India and the Middle East.
The company was given an order to install a 75 MW floating solar PV plant on the dam. This facility is a part of the ultra-mega renewable energy power park that the Damodar Valley Corporation is building in West Bengal and Jharkhand on its reservoirs.
An order has been received for the turnkey construction of a 380kV substation in Saudi Arabia. Additionally, the company has received orders for voltage conversion and substations from hydrocarbon companies in Saudi Arabia and Kuwait. An additional order has been secured for an ongoing 220kV power supply project in the United Arab Emirates.
The company has received an order for a turnkey substation in Saudi Arabia. Hydrocarbon companies in Kuwait and Saudi Arabia have also ordered substations and voltage conversions. A 220 KV power supply project that is currently underway in the United Arab Emirates has an additional order placed for it.
According to the company’s classification, large orders fall into the range of ₹2,500 crore to ₹5,000 crore.
This took place after the release of Larsen & Toubro’s Q3 FY24 results on January 30, 2024. YoY, the profit increased by 15.45% and the top line by 18.84%. There was an 8.54% decrease in profit and an 8.04% increase in revenue over the previous quarter.
Costs related to selling, general, and administration increased by 6.46% on an annual basis and decreased by 1.7% on a quarterly basis. Operating income increased by 2.46% on a quarterly basis and by 10.37% on an annual basis. The EPS for Q3 FY24 increased to ₹21.42, a YoY increase of 22.64%.
As of February 1st, 2024, out of the 29 analysts who have covered the company, two have recommended that it be sold, thirteen have given it a buy rating, and fourteen have given it a strong buy rating.
With a valuation of USD 23 billion, Larsen & Toubro is a multinational company that works on engineering, procurement, and construction (EPC) projects, high-tech manufacturing, and services.
Additionally, Kuwaiti and Saudi Arabian hydrocarbon companies have placed orders with the company for substations and voltage conversion. An additional order has been received for the United Arab Emirates 220 KV Power Supply Project, which is currently underway.
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