L&T scales record high on winning major contract in Saudi Arabia

L&T’s order book stood at Rs 4,50,700 crore in the first half of FY24, up 22 percent on year from the previous fiscal.

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Shares of Larsen & Toubro climbed nearly 2 percent to hit a record high of Rs 3,548.90 on December 27 after the company bagged a major order for the Amaala project in the Red Sea region of Saudi Arabia.

The order, under the engineering, procurement and construction (EPC) type is for establishing various systems related to renewable energy generation and utilities.

Larsen & Toubro classifies orders in the range of Rs 5,000 to 10,000 crore as major orders.

At 10.53am, shares of L&T were trading nearly 1 percent higher at Rs 3,522.80 on the NSE. Shares of the construction company have soared nearly 70 percent so far in 2023.

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L&T’s order book stood at Rs 4,50,700 crore in the first half of FY24, up 22 percent on-year from the previous fiscal. Though the company recorded a decline in domestic orders in Q2, it was offset by a substantial increase in offshore contracts.

Jefferies also picked L&T among its favourites within the industrial sector. The brokerage feels that L&T holds a favourable position in both the Middle East and domestic markets.

Jefferies also expects sustained growth for L&T over the next four quarters, despite its lower year-on-year margins due to project mix and higher international sales.

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