Larsen & Toubro Ltd Share Price – NSE  /  BSE

Infrastructure Developers & Operators, Mid Cap

As per Larsen & Toubro's (L&T) classification, the value of the mega project lies between Rs 10,000 crore to Rs 15,000 crore.

The scope of work comprises engineering, procurement, construction and installation of a new large offshore platform and brown field work of integration with existing facilities.

Hydrocarbon business is executing several domestic and international offshore projects and is committed to expanding its regional presence across adjacent and business conducive geographies.

Organised under offshore, onshore EPC, modular fabrication, advanced value engineering & technology (AdVENT) and offshore wind farm business groups, LTEH offers integrated design to build solutions across the hydrocarbon sector to domestic and international customers. With over three decades of rich experience, LTEH has been setting global benchmarks in all aspects of project management, corporate governance, quality, health safety environment (HSE) and operational excellence.

Subrahmanyan Sarma, whole time director and senior executive vice president (energy), L&T said, “This mega order from a new customer reaffirms global acknowledgment of our capabilities and marks a key milestone for our offshore business. Our focus continues to be on enhancing competencies and leveraging opportunities arising from our core markets.”

Meanwhile, the company has received a total penalty of Rs 238.95 crore from General Tax Authority of Qatar for variation in the income as declared by the company.

The General Tax Authority, Qatar has imposed tax penalty of 4,86,80,120 QAR (approximately Rs 111.31 crore) for tax period 1 April 2016 to 31 March 2017 and 5,58,22,856 QAR (around Rs 127.64 crore) for tax period 1 April 2017 to 31 March 2018.

Larsen & Toubro (L&T) is an Indian multinational engaged in EPC Projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. A strong, customer focused approach and the constant quest for top class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

The engineering & construction major's consolidated net profit jumped 44.58% to Rs 3,222.63 crore on 19.32% rise in revenue to Rs 51,024.04 crore in the quarter ended 30 September 2023 over the quarter ended 30 September 2022.

The scrip shed 0.39% to Rs 3,097.70 on the BSE.

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The Hydrocarbon business (L&T Energy Hydrocarbon - LTEH) of Larsen & Toubro (L&T) has received a Letter of Intent for mega Offshore order from a prestigious client in the Middle East. According to the company's project classification, the value of the order ranges between Rs 10000 crore to Rs 15000 crore.

The scope of work comprises engineering, procurement, construction and installation of a new large offshore platform and brownfield work of integration with existing facilities.

Commenting on the award, Subramanian Sarma, Whole-time Director and Senior Executive Vice President (Energy), L&T said, “This mega order from a new customer reaffirms global acknowledgment of our capabilities and marks a key milestone for our offshore business. Our focus continues to be on enhancing competencies and leveraging opportunities arising from our core markets.”

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“The General Tax Authority, Qatar vide its Tax Assessment Notification dated September 6, 2023 has imposed a penalty of 4,86,80,120 QAR (approximately Rs 111.31 crore) for tax period 01/04/2016 to 31/03/2017 and 5,58,22,856 QAR (around Rs 127.64 crore) for tax period 01/04/2017 to 31/03/2018 under article (14) of income tax law number (24) for year 2018 (Qatar),” the company stated in regulatory filing.

The company said that the penalty levied is arbitrary and unjustified. Hence it has filed an appeal. Based on its assessment and prevailing law, it is reasonably confident of a favourable outcome at the appellate level.

Hence, no material adverse impact is envisaged on the financial, operations or other activities of the company.

Larsen & Toubro (L&T) is an Indian multinational engaged in EPC Projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. A strong, customer–focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

The engineering & construction major's consolidated net profit jumped 44.58% to Rs 3,222.63 crore on 19.32% rise in revenue to Rs 51,024.04 crore in the quarter ended 30 September 2023 over the quarter ended 30 September 2022.

The scrip rose 1.99% to settle at Rs 3,109.95 on Friday, 17 November 2023.

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Water & Effluent Treatment Business of L&T Construction has secured repeat orders from the Water Resources Department, Government of Odisha to execute Cluster XXII & Cluster XXV Mega Lift Irrigation Projects. According to the company's project classification, the value of the orders ranges between Rs 1000 crore to Rs 2500 crore.

The aggregate scope of works includes execution of 19 Lift Irrigation Schemes comprising intake points spread across the Manjore reservoir, Brahmani River, Rengali Left Main canal, Rengali Right Main Canal & lndravati Reservoir to irrigate a culturable command area of 28,944 hectares in the districts of Angul, Dhenkanal & Nabarangpur on a turnkey basis. The scope additionally includes establishing a distribution network, power system connectivity, and operation and maintenance of the entire commissioned infrastructure for fifteen years.

The Business has also secured an add-on order from the Water Resources Department, Government of Madhya Pradesh to execute Pressurized Piped Lift Irrigation Projects on a turnkey basis to irrigate about 34,942 Ha of culturable command area in the Dewas District of Madhya Pradesh.

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