L&T Construction Wins Orders Worth Rs2,597cr

India road networkThe construction arm of Larsen & Toubro (L&T) has won orders worth Rs2,597cr across business segments, the company said in a BSE, as per news reports.

L&T’s transportation infrastructure business secured the biggest order worth Rs 1,047 crore. The order, received from the National Highways Authority of India (NHAI), is for the construction of the 8.7km-long Dwarka Expressway (Package – IV) in Haryana on engineering, procurement, and construction (EPC) mode.

The company’s water & effluent treatment business has secured an order worth Rs 949 crore, which comprises two EPC orders from Bangalore Water Supply & Sewerage Board. The scope of the first order includes laying of sewer pipelines, construction of precast manholes, and providing house service connections to three zones. Another order has been secured from Krishna Bhagya Jala Nigam Limited for the execution of ‘Bhima Lift Irrigation Project on turnkey basis.’

Moreover, the buildings & factories business has secured an order worth Rs601 crore. The business has bagged an order from HSCC India Ltd to construct a hospital and academic campus for the All India Institute of Medical Sciences (AIIMS) at Guntur, Andhra Pradesh.

L&T’s order book rose 4.7% yoy to Rs2.71 lakh cr at the end of Q3FY18. The company’s infrastructure order book grew 3% yoy to Rs1.99 lakh cr at the end of Q3FY18. L&T is well-placed to benefit from the uptick in the investment cycle. Capital expenditure is expected to pick-up in India led by resolution of bad debt, pick-up in capacity utilization, and recovery in demand.

Larsen & Toubro Ltd is currently trading at Rs1,301.10 down Rs182.55, or 12.3%, from its previous closing of Rs1,483.65 on the BSE.

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