Engineering and construction giant Larsen & Toubro Ltd (L&T) on Wednesday said its Hydrocarbon Business, L&T Energy Hydrocarbon (LTEH), recently secured a letter of intent for a mega onshore project from a client in the Middle East. A project worth ₹7,000 crore or more is classified as a mega project by L&T.
The scope of work involves engineering, procurement and construction of gas compression plants consisting of gas inlet facilities, gas compression system, produced water handling, propane refrigeration system, condensate transfer and utilities for gas compression facilities in new onshore units and its integration with existing gas compression plants, the construction major says in a stock exchange filing.
Commenting on the order win, L&T chairman and managing director SN Subrahmanyan says, "One doesn't get to win such an order every day. This is something unique for L&T and a matter of pride for India – for we are a true Indian multinational. This also shows our capabilities to perform and deliver on time and the enormous trust that our client has in us to manage such complex projects."
To cater to the power supply requirements of the Gas Compression Plants, three 230 kV Extra High voltage substations will be set up by the Power Transmission & Distribution arm of L&T Construction.
"Earning such a large order from a reputed customer is a reflection of our consistent commitment to excellence, quality, and customer satisfaction. We are deeply honored by customer faith and will continue to deliver execution par excellence," says Subramanian Sarma, whole-time director and senior executive vice president (Energy), L&T.
L&T Energy Hydrocarbon offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers.
This comes close on the heels of another mega order bagged by L&T's Heavy Civil Infrastructure business from the Mumbai Metropolitan Region Development Authority (MMRDA). As part of the deal, L&T's construction unit will design and build an underground road tunnel project between Orange Gate, Eastern Free Way and Marine Drive Coastal Road in Mumbai. The major scope of work for the project comprises design and construction of twin road tunnels, using Tunnel Boring Machines (TBMs), connecting these tunnels to the existing elevated Eastern Freeway at Orange Gate near its southern terminal through transition ramps and to the Marine drive at Mumbai. The project is expected to be completed within 54 months.
In August, the construction giant's power transmission and distribution business secured a large order in the Middle East. A project worth ₹2,500 crore to ₹5,000 crore is classified as a large project by L&T.
L&T clocked a 46.5% year-on-year (YoY) growth in consolidated net profit at ₹2,493 crore for the quarter ended June from ₹1,702 crore in the corresponding quarter of the previous year. Revenue stood at ₹47,882 crore for Q1 FY24, recording a year-on-year growth of 34%, primarily aided by the execution of a healthy opening order book in its projects and manufacturing portfolio. International revenues during the quarter were at ₹19,022 crore, constituting 40% of the total revenue.
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