The shares of Larsen Toubro witnessed an upsurge of 3 percent, standing at INR 3,634 per share on the BSE in intraday trade on Tuesday. As per the reports, the construction major has bagged mega work orders which is said to be worth INR 30,000 crore or USD 4 billion from Saudi Aramco.
Along with other services for two significant gas expansion programs, Saudi Aramco has awarded contracts totaling USD 25 billion for Engineering, Procurement, and Construction (EPC) works. And it is reported that the Indian infrastructure company’s unit L&T Energy and Hydrocarbon won package 1 and 3 for Jafurah second expansion project. Saudi Aramco, which was formally known as the Saudi Arabian Oil Group, is the state-owned national oil company of Saudi Arabia. It specializes in petroleum and natural gas operations.
On Monday, the company had bagged another offshore order from the Oil & Natural Gas Corporation (ONGC) for the eighth consecutive phase of Pipeline Replacement Project (PRPVIII Group B) off India's west coast. This was stated by the company in an exchange filing. Furthermore, the sumtotal of work order ranges from INR 1,000 crore to INR 2,500.
“The order involves Engineering, Procurement, Construction, Installation & Commissioning (EPCIC) of 129-km subsea pipelines and associated modification works across India’s west coast offshore fields of the ONGC,” the company highlighted it in a statement. For the fourth quarter of fiscal year 2023-24 (Q4FY24), L&T reported a consolidated net profit of Rs 4,396.12 crore for Q4FY23-24. This marked a 10.3 percent YoY upsurge from Rs 3,986.78 crore.
Sequentially, net profit increased by 49 percent from INR 2,947.36 crore. Additionally, the company also saw a 15 percent YoY increase wrt its revenue from operations; reaching INR 67,078.68 crore, an increase from INR 58,335.15 crore last year. Consequently, the revenue saw a rise of 21.6 percent from INR 55,127.82 crore in Q3.
In addition, the large cap company has a total market cap of Rs 4.96 trillion and is currently trading at a price to earnings which is multiple of 52.12 times with an earning per share of Rs 67.68.
