L&T Share Price Update: 15 June 2024
🚀 Larsen & Toubro Limited, a construction giant, has secured a major offshore order from ONGC for the development of offshore platforms and pipelines on the western coast of India. The order is valued between ₹2,500 crores to ₹5,000 crores.
💰 Amidst this news, investors saw a dip in L&T’s shares on the fourth day of the week. The stock price surged by over 2% to reach ₹3,715 during trading. By 3rd June 2024, the share price had reached ₹3,948, marking a 52-week high.
🏗️ The order includes engineering, procurement, construction, installation, and commissioning of four wellhead platforms, along with improvements related to a 140 km pipeline and the Tapti Dam block in the western offshore.
📈 L&T has already secured several orders ranging from ₹2,500 crores to ₹5,000 crores in domestic and international markets by the end of March this year.
📊 The company’s full-time director and chairman, Subrahmanyan Sarma, expressed confidence in receiving a 10% increase in orders in the financial year 2025 compared to 2024. They also anticipate a 15% growth in revenue compared to the previous year.
💪 This order showcases L&T’s commitment to contributing to India’s energy security and highlights their strong partnership with ONGC.
💰 In the January-March quarter of 2023-24, L&T reported a 10.2% increase in net profit, reaching ₹4,396.12 crores. This is a significant growth from the previous year’s ₹3,986.78 crores in the same quarter. The revenue for the quarter ending in March 2024 stood at ₹68,120.42 crores, compared to ₹59,076.06 crores in the same quarter last year.
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