L&T wins orders but stock trades lower ahead of Q1 earnings, buyback proposal

The company will announce its June quarter earnings on July 25.

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Hours before its scheduled announcement of earnings for the first quarter of FY24, Larsen & Toubro (L&T) traded marginally lower in early trade on July 25, despite the power transmission and distribution business bagging orders in India and abroad.

At 10:13am, Larsen & Toubro was quoting at Rs 2,580.50, down Rs 24.85, or 0.95 percent, on the BSE.

On the domestic front, the T&D business has won an order to implement SCADA/DMS and related IT infrastructure for urban area power distribution systems in central Gujarat.

The scope also involves information storage and retrieval, front-end processing, outage management, network management, dispatcher training simulation, local data monitoring etc. with the requisite security systems.

Another order has been secured to build a 400kV double circuit transmission line in Jharkhand. The 133 KM line is associated with the evacuation of power from a generating station.

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In the Middle East, the business has received an order for construction of a ±525kV high voltage direct current (HVDC) transmission segment. This link is part of a large capacity, Voltage Source Converter (VSC) based HVDC system that connects Neom Industrial City and Yanbu city in western Saudi Arabia.

In the Sarawak region of Malaysia, the business has bagged an order, in a consortium, to establish a 275kV substation.

The company will announce its June quarter earnings later on July 25. The company board will also discuss a proposal for equity share buyback and a special dividend on equity shares for the financial year 2023-24 at its meeting today.