Shares of Larsen and Toubro Ltd. rose by nearly 3% to touch a day’s high of Rs 3,784.90 on 29 July after the company announced its power transmission and distribution business secured multiple orders ranging from Rs 2,500 crore to Rs 5,000 crore for building grid elements essential for the clean energy transition.

The firm defines orders between Rs 2,500 crore and Rs 5,000 crore as ‘large.’ The company secured these large orders both in India and abroad. In India, L&T will handle two 765 kV double-circuit transmission line packages for power evacuation from Rajasthan to Madhya Pradesh.

In Saudi Arabia, the company secured orders to build a 380 kV substation and 380 kV overhead line segments. In the UAE, the group has booked orders for the construction of a 220 kV substation and another three at 132 kV. These new stations will allow these utilities to serve the increased demand for electricity brought on by tremendous growth in Dubai and Abu Dhabi.

Last week, the company reported a net profit of nearly Rs 2,786 crore for the June quarter of FY 2024–25, which is higher than last year but below estimates. On a year-over-year comparison, the net profit went up 12% from Rs 2,493 crore in the same quarter a year ago.

The company reaffirmed the guidance given for the current fiscal year, expecting 10% growth in order inflows and a 15% increase in revenue. L&T also anticipates a core margin of 8.25% for FY 2025.

At 1:25 PM, the shares of L&T were trading 2.67% higher at Rs 3,771.50 on BSE.

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