L&T Lands Major Navi Mumbai Infrastructure Project

On August 21, 2024, L&T’s Transportation Infrastructure division has been awarded a significant project under the Navi Mumbai Airport Influence Notified Area (NAINA) in Maharashtra. The project, granted by City and Industrial Development Corporation Limited (CIDCO), involves comprehensive infrastructure development for several Town Planning Schemes.

The project includes the development of 60m and 45m wide roads, the construction of major and minor structures, and associated electrical works. It features four main roads stretching 13.28 km, with 9 major structures, including 3 notable steel bridges over the Kalundre River and the Mumbai-Pune Expressway. There will also be 12 minor bridges, 27 underpasses, and various utility and electrical works.

Financial Highlights

L&T Technology Services Ltd announced a slight 0.8% increase in net profit, reaching ₹313.6 crore for the first quarter ending June 30, 2024. The company’s revenue was ₹2,461.9 crore, down 3.0% from the previous quarter but up 7.0% compared to the same quarter last year.

Revenue was $295.2 million in U.S. dollars, a 3.3% decrease from the previous quarter but a 5.4% increase from the previous year. Adjusting for currency fluctuations, revenue fell by 3.1% quarter-on-quarter but rose by 6.1% year-on-year. The company reported Earnings Before Interest and Taxes (EBIT) of ₹383.6 crore, with an EBIT margin of 15.6%.

About Larsen & Toubro Ltd

Larsen & Toubro Ltd is a large Indian company worth $27 billion, involved in engineering, procurement, and construction projects, high-tech manufacturing, and various services. L&T has built a strong reputation in many regions for focusing on customer needs and maintaining high-quality standards. This commitment has helped the company lead its key business areas for over 80 years. During the quarter, L&T Technology Services secured several new contracts, including 2 worth $30 million each, 2 worth $15 million each, and 3 with a total contract value of $10 million.

On August 21, 2024, the share price of Larsen & Toubro Ltd opened at ₹3,590.00, touching the day’s high of ₹3,615.30 as of 11:49 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.