L&T Construction wins major contract for five-tower residential project in Thane

22 Feb 2024 , 03:41 AM

Metropolitan Region (MMR) was received by the company’s buildings and factories vertical from a real estate developer on Thursday, February 22.

L&T considers orders between ₹1,000 Crore and ₹2,500 Crore to be ‘significant’.

According to a stock exchange filing from the company, the scope of work comprises building the ground, basement, and five podiums as well as the core and shell works for five towers, totaling 62 stories, and an affiliated parking area.

The company believes there are good potential in the residential building industry, according to MV Satish, senior executive vice-president (buildings) and whole-time director of L&T. ‘We have executed some unique structures over the past few years and recently have been introducing new technologies and advanced methods to fast-track construction that is becoming increasingly green and sustainable and, at the same time, reflecting the spirit of Atmanirbhar Bharat,’ he stated.

Another ‘significant’ onshore and offshore order was won by L&T’s hydrocarbon vertical last week from a Middle Eastern client.

The engineering and infrastructure conglomerate’s revenue for the December quarter exceeded Street projections, but its lower-than-expected margin resulted in a shortfall in net profit. Robust order inflows during the third quarter helped to support its success. On a consolidated basis, it reported sales, EBITDA, and PAT growth of 19%, 14%, and 15% YoY.

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