Larsen & Toubro (L&T), on Tuesday, announced that it has secured multiple offshore packaged from an overseas client. In an exchange filing, the company said that it has won major contracts in the range of Rs 5,000- Rs 7,000 crore for its hydrocarbon business. “The scope of work comprises engineering, procurement, construction & installation of offshore structures and upgradation of existing facilities,” it said.
L&T Energy Hydrocarbon caters to the entire hydrocarbon value chain covering oil & gas processing, petroleum refining, chemicals & petrochemicals, and fertilizer sectors. The company said that it is executing several domestic and international offshore projects and is committed to building its regional presence in geographies that it operates in. The company plans to do this by “nurturing local skills and talent, improving procurement from local vendors and engaging commercially with local contractors on the foundation of a sustainable workload”.
According to the company statement, mega project implies an order worth more than Rs 7,000 crore, major project means order in the range of Rs 5,000- Rs 7,000 crore, large project is worth between Rs 2,500 and Rs 5,000 crore and the significant project means order worth Rs 1,000- Rs 2,500 crore.
L&T is a multinational company organised under Offshore, Onshore, Construction Services, Modular Fabrication and Advanced Value Engineering & Technology (AdVENT) verticals. It offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers. Following the announcement today, shares of Larsen & Toubro rose more than 2 per cent to Rs 2,221.
Earlier in January, L&T posted a 24 per cent rise in consolidated net profit at Rs 2,553 crore for the third quarter ended December 31. This was courtesy the improved execution of infrastructure projects and growth in IT portfolio. It had posted a net profit of Rs 2,055 crore for the same period of the last financial year. The net profit for the reporting quarter included a gain of Rs 97 crore following the divestment of its mutual fund business.