L&T shares jump 2.5% on wining ‘mega order’ for hydrocarbon business

Shares of Larsen & Toubro Ltd gained nearly 2.5 percent on Wednesday after the company said in a notice to exchanges that it got a mega order for its hydrocarbon business.

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Shares of Larsen & Toubro Ltd edged up nearly 2.5 percent on Wednesday after the company said in a notice to exchanges that it has bagged a mega order for its hydrocarbon business.

The stock hit a high of Rs 2,215.80 on the BSE, up 2.5 percent from its previous close. At 10.44am, it was trading at Rs 2,221.95 on the BSE, up 2.4 percent from its previous close. In the last one year, it jumped nearly 18 percent.

Larsen & Toubro’s Hydrocarbon Business (L&T Energy Hydrocarbon – LTEH) has won several offshore packages from a prestigious client in the Middle East. The scope of work includes engineering, procurement, construction, and installation of various new offshore facilities, as well as their integration with existing installations.

Mega orders are worth more than Rs 7,000 crore, according to classification given by L&T in its release. As of December 2022, order inflow for hydrocarbon segment stood at Rs 20,440 crore, down 13 percent from a year ago. The hydrocarbon division reported a revenue of Rs 14,100 crore, up just 1 percent from the last year, while the EBITDA margin improved to 9.7 percent from 8.3 percent last year.

“LTEH Offshore has consistently demonstrated timely project delivery deploying end-to-end capabilities, including design, fabrication, and installation of large process platforms, living quarters, subsea systems, piping and other T&I works. Securing these repeat orders indicates customer satisfaction and is a testimony to customer’s faith in the team’s dedicated efforts towards developing and nurturing these capabilities.” said Subramanian Sarma, Whole-Time Director and Senior Executive Vice-President.

LTEH provides comprehensive design-to-build solutions for the hydrocarbon sector worldwide. Over three decades of expertise has allowed it to set global benchmarks in project management, corporate governance, quality assurance, health and safety, environmental sustainability, and operational excellence.