L&T Wins Ultra-Mega Offshore Order From West Asia Client, 10th Order Win In A Month
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L&T's LTEH Offshore unit has bagged an ultra-mega order from a West Asia client, marking its 10th order win in a month, with combined order value ranging from Rs 92,500 crore to Rs 1.25 lakh crore.
Larsen & Toubro (L&T) on Monday, August 17, said its L&T Energy Hydrocarbon (LTEH) Offshore unit has secured an “ultra-mega” order from a client in the West Asia region, taking the engineering and construction major’s disclosed order wins over the past month to 10, CNBC-TV18 reported.
L&T classifies orders valued above Rs 15,000 crore as “ultra-mega”. Since July 20, the company has announced 10 orders across different categories, comprising one large order and three each in the major, mega and ultra-mega categories. Based on the lower and upper limits of L&T’s order-value classifications, the combined value of these wins ranges from Rs 92,500 crore to Rs 1.25 lakh crore.
The latest contract involves the development of multiple offshore facilities in the Middle East. LTEH Offshore will execute the project across engineering, procurement, construction, installation and commissioning (EPCIC), while a significant portion of the fabrication work will be undertaken at L&T’s integrated manufacturing and fabrication facilities, the company said in a regulatory filing.
L&T described the project as one of the significant offshore developments currently underway in the Middle East, pointing to the scale of investment in the region to meet future energy requirements.
T Madhava Das, Whole-time Director, Senior Executive Vice-President and Head of the Energy Hydrocarbon Division at L&T, said the size and complexity of the project would require deep engineering expertise, integrated project execution capabilities and close coordination across multiple workstreams.
The order also adds to LTEH Offshore’s track record in executing complex offshore developments. The unit has worked on fixed platforms, subsea pipelines and structures, brownfield upgrades and modifications, deep-water subsea structures and pipelines, as well as decommissioning programmes across global markets.
Parthasarathi Chatterjee, Senior Vice-President and Head of LTEH Offshore, said the combination of multiple offshore facilities, subsea infrastructure and substantial fabrication requirements reflects the scale and complexity of projects the business is positioned to execute.
L&T Q1 Results And Outlook
The latest order win comes after L&T reported a mixed performance for the June quarter. While earnings before interest, taxes, depreciation and amortisation (EBITDA) came in below analysts’ expectations, the company's order inflow delivered a positive surprise.
Despite the mixed quarterly performance, L&T management has retained its guidance for the current financial year, keeping its outlook unchanged. Analyst expectations on the stock remain mixed.
Shares of Larsen & Toubro were trading largely unchanged at around Rs 4,057 on Monday, August 17. The stock remains down around 2% so far this year.
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Rochelle Britto is a business journalist with 8+ years of experience in financial journalism. She covers equity markets, corporate earnings, IPOs, commodities and the economy.
As a reporter with leading business publications, she has tracked financial markets and covered sectors including banking and financial services, retail, consumer goods, advertising and e-commerce.
Outside work, she enjoys travelling, discovering local cultures and spending time in nature.
