L&T Construction lands a large deal for transport infrastructure

On Tuesday, shares of Larsen & Toubro (L&T) surged over 0.7% to trade at an intraday high of Rs 3,044 apiece on BSE.

The company informed the exchange that L&T Construction’s Transportation Infrastructure division has been awarded the esteemed Dahisar Bhayander Bridge project in Mumbai by the Municipal Corporation of Greater Mumbai (MCGM). This project involves the construction of a 4.5 Km long bridge connecting Dahisar and Bhayander, with the primary objective of significantly reducing the travel time between these two locations, which currently exceeds 45 minutes.

The bridge will comprise two separate carriageways, a multi-level interchange at Dahisar and Bhayander to facilitate smooth entry and exit, and two substantial navigational spans across the creek. It’s worth noting that L&T is concurrently involved in executing two segments of the prestigious Mumbai Coastal Road projects for MCGM. The value of the project is expected to be around Rs 2500 to Rs 5000 crore.

Larsen & Toubro is a USD 23 billion Indian multinational engaged in EPC projects, hi-tech manufacturing and services and operates in over 50 countries worldwide. A strong, customer–focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

During the first quarter of the fiscal year 2024, the company recorded impressive financial results, including a substantial 34% year-on-year growth in consolidated revenues, which amounted to Rs 47,882 crore. Notably, international revenues accounted for 40% of the total revenue. Furthermore, the total consolidated Profit After Tax (PAT) for the quarter surged to Rs 2,493 crore, reflecting a noteworthy 46% increase when compared to the corresponding period in the previous year.

The stock has experienced substantial buying interest, surging by over 230% in the last three years. Year-to-date, the stock has also demonstrated strong performance, with an impressive gain of more than 45%.

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