L&T gains on bagging significant orders in Q3 FY23

Larsen and Toubro (L&T) rose 1.14% to Rs 2,110.05 after the company's heavy engineering arm has won multiple significant orders in Q3 of FY23.

As per L&T's classification, the value of the multiple order lies between Rs 1,000 to Rs 2,500 crore

In the overseas market, L&T Heavy Engineering secured orders for one of the heaviest reactors and screw plug heat exchangers for a refinery in Mexico. These orders reflect the customer's faith on L&T Heavy Engineering's reliability and commitment. The business also secured orders from USA and Uzbekistan for supply of critical reactors and vessels for blue ammonia projects. The business also bagged strategic orders for process plant equipment from a European client. All the orders were won against stiff international competition on the back of reliable performance.

On the domestic front, L&T Heavy Engineering secured orders to manufacture critical residue upgrading reactors and to design & manufacture high-pressure screw plug heat exchangers with complex Cr-Mo-V steel material for Indian Oil Corporation (IOCL's) Panipat Refinery P25 Expansion Project. These orders for manufacturing high technology equipment demonstrate L&T's continued focus towards 'Make in India'/ 'Atmanirbhar Bharat' initiative of the Government of India (GoI).

Further, L&T Heavy Engineering's modification, revamp and upgrade (MRU) business segment won an order to revamp a rea plant on an EPC basis. The objective of the revamp is to improve reliability and safety of a 50 years old plant and increase this plant's capacity, enhance its energy efficiency to meet the GoI's stipulated norms.

Additionally, the business secured a repeat order from a reputed fertilizer manufacturer for fabrication and installation of steam superheater coils.

Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide.

The EPC major's consolidated net profit rose 22.5% to Rs 2,228.97 crore on 23% rise in net sales to Rs 42,762.61 crore in Q2 FY23 over Q2 FY22.

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