- 29 Nov 2022
- ICICIdirect Research
LARSEN & TOUBRO BAGS TWO PRESTIGIOUS ORDERS
LT - 3568 Change: -32.40 (-0.90 %)News:
Larsen & Toubro bags two prestigious orders (ranging from Rs 1000-2500 crore) under its hydrocarbon business. The Business has received India's first contract for decommissioning of offshore facilities from British Gas Exploration and Production India (BGEPL, part of Shell Plc group of companies). The contract scope of work involves engineering, preparation, removal, and transportation of five (5) offshore wellhead platforms and associated facilities at the Tapti field, off India's west coast, which is being operated by the Joint Venture of BGEPL, ONGC, and RIL. L&T has also secured an order from ONGC for balance works of Pipeline Replacement Project-VI Project (PRP-VI). The scope involves laying of ~42 km subsea pipelines and associated subsea works across India's west coast offshore fields of ONGC.
View:
The inflow momentum looks set to continue with a strong Rs 6.3 trillion-prospects pipeline with better conversion ratio, L&T retained its 12-15% order inflow growth guidance for FY23E
Impact:
Positive