L&T gets new wellhead platform construction order from ONGC

14 Jun 2024 , 10:44 AM

Larsen & Toubro (L&T), an engineering and construction firm, announced Thursday that it has received a ‘major order’ from the state-owned Oil and Natural Gas Corporation. L&T has classified the order as ‘big’, indicating that its worth varies between ₹2,500 Crore and ₹5,000 Crore.

The company stated that the scope of work includes engineering, procurement, construction, installation, and commissioning of four wellhead platforms, a 140-kilometer pipeline, and associated topside improvements at the Tapti Daman block in a Western offshore location.

L&T stated in a filing with the bourses, “The company’s Hydrocarbon unit (L&T Energy) has bagged an order from the Oil & Natural Gas Corporation (ONGC) for the Daman Upside Development Project-Wellhead Platforms & Pipelines (DUDP-WP), off India’s west coast.”

Larsen & Toubro (L&T) reported a 10.3% increase in net profit to ₹4,396 Crore for the January-March quarter of fiscal 2023-24 (Q4FY24), up from ₹3,987 Crore the previous year.

In March, L&T Construction’s buildings and factories vertical secured orders of ₹2,500 Crore to ₹5,000 Crore in both domestic and international markets.

In fiscal year 2025, L&T aims to obtain 10% more orders against fiscal year 2024. It also anticipates its topline to expand by 15% over the previous year. However, the company expects margins to be 8.25% for fiscal year 2025. Analysts estimated the year’s growth rate to be between 9% and 9.5%.

At around 10.12 AM, Larsen & Toubro was trading 0.23% lower at ₹3,695.15 per piece, against the previous close of ₹3,703.65 on NSE. The counter touched an intraday high and low of ₹3,720, and ₹3,675, respectively.

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