Today (13 October 2022), the EPC’s major announcement is that the heavy engineering arm has won several significant contracts in the second quarter of FY23. Also, the contracts were secured from prestigious clients that demonstrate L&T’s hi-tech manufacturing capabilities. The significant value of the project is Rs 1,000 crore to Rs 2,500 crore, as per L&T.
- Xi Jinping Says China ‘Not Afraid’ as US-China Trade War Escalates
- PM Modi Launches 44 Projects Worth Rs 3,880 Crore in Varanasi on 50th Visit
- India’s Industrial Growth Slows to 2.9% in February on Weak Manufacturing
- Google Lays Off Hundreds in Android & Pixel Teams: Report
- What is Hero or Zero Options Trading: Strategy & Risk in Hero or Zero Trade
As per the Singapore client, L&T Heavy Engineering is the key order for the supply of Reactors for renewable diesel production. Further, this project will strengthen the green project portfolio. Also, the business is secured and receives repeated orders for the supply of four identical Coke Drums for a refinery in Mexico. Under the Petrochemical segment, two large critical Tubular reactors from petrochemical major for their project in China. The company said all the orders were won against stiff international competition on the back of performance. In EPC’s major project, Larsen & Toubro is India’s multinational hi-tech manufacturing and services company. This project covers 50 countries all over the World.
On a consolidated basis, the net profit of EPC major hits a high at 44.9 per cent to Rs 1,702.07 crore on a 22.2 per cent jump in net sales to Rs 35,853.20 crore in the first quarter of FY23 over the first quarter of FY22. On the other hand, L&T were down at 1.91 per cent to Rs 1,875 on BSE.
