Page 8 - Larsen & Toubro

L&T consortium bags offshore jacket installation project from Saudi Aramco

Larsen & Toubro on Thursday said a consortium of its arm LTHE, and EMAS AMC PTE Ltd has been awarded a project by Saudi Aramco for offshore jackets. The project is for installing 28 offshore jackets in Zuluf, Marjan, Sfaniya and Ribyan offshore fields of Saudi Arabia, as per a BSE filing by L&T. "Consortium of L&T Hydrocarbon Engineering Ltd (LTHE) and EMAS AMC PTE Ltd (a subsea7 company) has been awarded a project by Saudi Aramco," it said. LTHE is a subsidiary of L&T and is based in Mumbai. The award demonstrates Saudi Aramco's trust on LTHE's capability to deliver to a challenging schedule with excellent safety and quality performance, it said. LTHE's fabrication facilities in the Middle East and India are fully equipped to execute these challenging projects, the company added. subsea7 is a Luxembourg-based offshore projects delivering company.

Rs 9,500-crore DIAL project to increase airport's capacity goes to L&T

The operator expects that after the expansion, Terminal 1 will have an overall handling capacity of 85 million passengers per year

Construction, engineering companies line up for water-related projects

Clearances, both environmental and land, may be a challenge

L&T Q1 net profit rises 21% to Rs 1,472.58 crore, maintains guidance

Top officials at L&T feel that private investment is unlikely to make a comeback for 12-18 months

'Mindtree is independent': L&T tells shareholders after shares plunge

Mindtree shares have lost close to a quarter of their value in the last two trading sessions at stock exchanges

Remuneration for L&T's top three officials up 45-100% in FY19: Report

Remuneration for the company's CEO and MD S N Subrahmanyan rose 52.36 per cent.

L&T power business bags Rs 7,000-cr order from SJVN Thermal in Bihar

Infrastructure major Larsen & Tourbo (L&T) Monday said its power business has won a mega order from SJVN Thermal Pvt Ltd to set up an ultra-supercritical power plant in Buxar district, Bihar. The engineering and construction company, did not provide the exact value of the contract, but specified that as per its classification, the mega project is over Rs 7,000 crore. "The scope of work for L&T includes design, engineering, manufacture, procurement, supply, construction, erection, testing and commissioning of Buxar Thermal Power Project (2x660 MW). SJVN Thermal Pvt Ltd is a wholly-owned subsidiary of SJVN Ltd, a joint venture of the Government of India and the Government of Himachal Pradesh and a Mini Ratna public sector undertaking. Prime Minister Narendra Modi laid the foundation stone of the plant in March this year. Shares of the company were trading at Rs 1,545.40 apiece, up 0.35 per cent from their previous close, on BSE.

L&T promoters to offload 4.03 million LTTS shares on June 4 and 6

Larsen & Toubro Technology Services (LTTS) Monday said its promoter L&T plans to sell 40.34 lakh shares on June 4 and 6. LTTS in a BSE filing said that L&T will sell up to 40,34,399 equity shares of face value of Rs 2 each that represent 3.88 per cent of the total paid up equity share capital. The floor price of the offer shall be Rs 1,650 per equity share of the company. The shares will be sold on June 4 (for non-retail investors) and June 6 (for retail and non-retail investors who choose to carry forward their unallotted bids), it said. At the end of March 2019, L&T held 78.88 per cent shares in LTTS. Shares of LTTS closed at Rs 1723.75 apiece Monday, down 2.18 per cent from the previous close on the BSE.

L&T m-cap to touch Rs 3 trn, revenue at Rs 2 trn in 5 years: Chairman Naik

Larsen & Toubro's standalone market capitalisation will touch Rs 3 lakh crore and revenue will reach Rs 2 lakh crore in five years as strategic initiatives like L&T NxT have helped in making giant strides, Group Chairman A M Naik said. The recently launched L&T-NxT initiative is a technology platform that focusses on artificial intelligence, internet of things (IoT), virtual reality, augmented reality, geospatial solutions as well as cybersecurity. The USD 20 billion diversified L&T Group has a market cap of about Rs 2.5 lakh crore at present. "Five years from now, I expect L&T standalone market cap to be in the range of Rs 3 lakh crore from the present about Rs 2 lakh crore... L&T's revenue will then touch Rs 2 lakh crore from the present about Rs 1.4 lakh crore," Naik told PTI in an exclusive interview. According to him, when he took over as L&T CEO, the combined market cap was around Rs 2,000 crore and it has now surged to Rs 2.5 lakh crore. He joined ...

L&T net up 8% at Rs 3,418 cr in Q4; dividend of Rs 18 a share announced

The company's revenues increased 10 per cent to Rs 44,934 crore in Q4FY19 year-on-year.

L&T to hire 1,500 people, will focus on women employees' career growth

Infrastructure giant Larsen & Toubro (L&T) plans to hire 1,500 people this year, the same as in previous years, a top company official said. "The company's manpower strength stood at 42,924 as on March 31, 2018 as compared to 41,466 as at March 31, 2017. On an average, we hire close to 1,500 people across functions every year and we see no discontinuity in this practice unless business dynamics change drastically," Yogi Sriram, Senior Vice President - Corporate HR, Larsen & Toubro, told PTI. Sriram added that L&T's employee attrition rate of around 5 per cent was among the lowest in the industry. L&T recently made a hostile takeover bid for mid-sized IT services firm Mindtree. However, the company's founders have resisted the unsolicited acquisition bid, citing differences in corporate culture and other factors. Elaborating on L&T's HR practices, Sriram said: "We are putting a greater emphasis on ensuring wider participation of women and frame policies to ...

As L&T eyes Mindtree, Street wary about company's capital allocation plans

Analysts at Jefferies say while the Mindtree acquisition concerns will pass, questionable capital allocation can lead to a sustained de-rating of L&T stock

L&T launches strategic unit L&T-Nxt to focus on AI, Internet of Things

The announcement comes at a time when L&T is trying to expand its technology footprint through a sweet and sour takeover of Mindtree

Govt to sell almost all SUUTI stake in L&T to meet divestment target

This will be the second sale of SUUTI stake this fiscal year after a 3% sale of Axis Bank last month

L&T shelves plan to sell 14-acre factory land in Bengaluru, say sources

Sources said the firm was going back to its earlier plan to develop the land on its own through its arm L&T Realty

With domestic slowdown, global order wins are helping L&T stay on track

According to CLSA analysts, this order means L&T will beat its 2018-19 order book growth forecast, at a time when domestic order flow is declining

L&T stock stands unscathed after Sebi rejects Rs 9,000-cr share buyback

After the buyback, the company's consolidated debt would have been more than twice that of the paid-up capital and free reserves, higher than Sebi's mandated level

Sebi denies permission for Larsen & Toubro's Rs 9,000-cr share buyback plan

Engineering major Larsen & Toubro (L&T) Saturday said market regulator Sebi has denied permission for its Rs 9,000 crore share buyback offer. In a regulatory filing to stock exchanges, L&T said the Securities and Exchange Board of India (Sebi) has asked it not to proceed with the buyback. "Since the ratio of the aggregate of secured and unsecured debts owed by the company after buy-back (assuming full acceptance) would be more than twice the paid-up capital and free reserves of the company based on consolidated financial statements", the buyback offer is not in compliance with the Companies Act and Sebi norms, the regulator said in a letter to the company. L&T had proposed to buy back up to 6.1 crore shares from shareholders at a price of Rs 1,475 per equity share, aggregating to Rs 9,000 crore. The offer was open to those holding equity shares as on October 15. A buyback reduces the number of shares available in the open market.

LTI net profit increases 32.8% to Rs 375.5 cr in December quarter

Larsen & Toubro Infotech (LTI) Friday said consolidated net profit has increased 32.8 per cent to Rs 375.5 crore for the quarter ended December 2018 compared to the year-ago period. The company had registered a net profit of Rs 282.8 crore in the October-December 2017 quarter, LTI said in a statement. Its revenue grew 31.3 per cent to Rs 2,472.9 crore in the quarter, against Rs 1,883.8 crore in the third quarter of FY18, it added. On a sequential basis, the net profit declined 6.2 per cent (from Rs 400.3 crore), while revenue was higher by 6.1 per cent (from Rs 2,331.2 crore in September 2018 quarter). In dollar terms, LTI's revenue was at USD 346.9 million, growing 18.2 per cent year-on-year. "We are pleased to deliver another strong quarter with 5.6 per cent quarter-on-quarter growth in USD revenues. Our broad-based revenue growth, superior margin delivery and steady cash generation in Q3 is a testimony of our focused execution and client centricity," LTI Managing Director and .

Turning around?

The recently concluded June 2009 quarter results have brought some cheer to the markets and were ahead of expectations on a few counts. As against the estimated decline of 7-15 per cent in earnings for the BSE Sensex companies, its aggregate reported profit after tax (PAT) was down 4.2 per cent.