L&T wins significant offshore order up to ₹2,500 crore from ONGC

The L&T Energy Hydrocarbon arm of Larsen and Toubro (L&T) has won an order in the range of ₹1,000 crore to ₹2,500 crore from state-run Oil & Natural Gas Corporation (ONGC) for the eighth phase of the Pipeline Replacement Project off India's west coast, the company said in a regulatory filing on Monday, July 1.

Shares of L&T were trading 0.6% lower at ₹3,526.7 on the NSE. It slid 0.6% to ₹3,526.6 on the BSE.

Year to date, the stock has declined 0.35%. However, the scrip has gained 45.6% in the past one year.

The order entails engineering, procurement, construction, installation, and commissioning services for 129-km subsea pipelines and related modification work across ONGC's west coast offshore fields.

Subramanian Sarma, President – Energy, L&T, said, "This order reflects ONGC's continued confidence in L&T, and this emanates from our track record of successfully delivering complex offshore projects. This order further demonstrates L&T's unwavering commitment to India's energy requirement".

Last week, the infrastructure major won orders worth between ₹1,000 crore and ₹2,500 crore to build a grid-connected solar plant and a battery storage system in Bihar.

The company had reported a consolidated net profit of ₹4,396.12 crore in the quarter ending March 31, 2024, reflecting a 10.3% year-on-year increase.

Revenue from operations rose 15% to ₹67,078 crore in Q4 FY24, compared to ₹58,335.1 crore in the same period last year.