L&T announces multiple order wins for heavy engineering arm in Q3FY23; stock climbs ~2%

9 Jan 2023 , 03:17 PM

Larsen & Toubro informed that its Heavy Engineering division received multiple significant orders in the third quarter of FY23.

In the international market, L&T Heavy Engineering received orders for one of the largest Reactors and Screw Plug Heat Exchangers for a Mexican refinery. These orders demonstrate the customer’s confidence in L&T Heavy Engineering’s dependability and commitment.

The company also received orders for critical reactors and vessels for blue ammonia projects in the United States and Uzbekistan. A European client also placed strategic orders for process plant equipment with the company. All the orders were received despite stiff international competition due to consistent performance, stated the company in its media release.

On the domestic front, L&T Heavy Engineering received orders from IOCL’s Panipat Refinery P25 Expansion Project to manufacture critical Residue Upgrading Reactors and to design and manufacture High-pressure Screw Plug Heat Exchangers with complex Cr-Mo-V steel material.

These orders for high-tech equipment demonstrate L&T’s continued commitment to the Government of India’s ‘Make in India’/’Atmanirbhar Bharat’ initiative, said the company.

Furthermore, L&T Heavy Engineering’s Modification, Revamp, and Upgrade (MRU) business segment received an EPC contract to renovate an area plant.

The goal of the revamp is to improve the reliability and safety of a very old (>50-year-old) plant, increase its capacity, and improve its energy efficiency to meet the GoI’s stipulated standards.

In addition, the company received a repeat order for the fabrication and installation of steam superheater coils from a reputable fertilizer manufacturer.

At around 3.12 PM, Larsen & Toubro was trading at Rs2,123.65 per piece, up by 1.78% against the previous close of Rs2,086.55 on NSE. So far, the counter hit an intraday high and low of Rs2,127.30 and Rs2,100.75 respectively.

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