L&T’s construction arm bags order worth Rs 705 crorebusiness Updated: Mar 27, 2017 11:08 IST
Mumbai-headquartered engineering giant Larsen & Toubro (L&T), which makes bridges to buildings, and machinery for mining and other engineering work, said on Monday that construction arm has bagged an order worth Rs 705 crore.
The company informed the Bombay Stock Exchange (BSE) in a filing: “The Water and effluent treatment business of the construction arm of L&T has won an order worth Rs 705 crore.”
The project, awarded by Tanzaia’s Minstry of Water and Irrigation, will be executed by L&T in a joint venture with Shriram EPC.
The announcement comes at a time when the construction business is slowly reviving itself and coming out of a three years crisis.
Profit of the company in the December-ending quarter went up by 38.86% to Rs 972.47 crore. Revenue from operations grew 1.4% to Rs26,286.98 crore. “We have done very well on cost management and profitability position of the company but not been coping up adequately with the headwinds that are blowing in terms of execution. Also the environment for order wins has been pretty challenging,” said R. Shankar Raman, chief financial officer, L&T.
On Tuesday, while this article was published, shares of L&T were trading 0.28% lower at Rs 1,547 on the bourses.
(with inputs from Livemint)