L&T’s heavy engineering arm wins ‘significant orders’ in Q2

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New Delhi: Larsen & Toubro (L&T) said on Thursday that its heavy engineering arm won major contracts for its various business segments in the second quarter of the current financial year. The company classifies orders with a value 1,000 crore to 2,500 crore as important.

The company said some of those contracts were won from high-profile clients and demonstrated L&T’s high-tech manufacturing capabilities.

In the global market, L&T Heavy Engineering has secured a key order for the supply of reactors for the production of renewable diesel from a prestigious customer in Singapore. This project will further strengthen the company’s green product portfolio.

The company also secured a repeat order for the supply of four identical coke drums for a refinery in Mexico. In the petrochemical segment, the company won two large critical tubular reactors from a global petrochemical major for its project in China. All the orders were won against fierce international competition thanks to reliable performance, the company said.

Domestically, L&T Heavy Engineering won several strategic orders for IOCL’s Panipat P25 project. It is a one-of-a-kind reactor (critical Cr-Mo-V integrated and welded on site) and high pressure heat exchangers to be manufactured by any Indian heavy engineering equipment manufacturer .

The contract also includes fabrication of the Finning Cr-Mo-V LC reactor for the tailings hydrocracking unit using Axens technology and the Loop reactor using LlyondellBasell technology, the company said.

These pieces of heavy engineering equipment are also the first of their kind to be made by an Indian manufacturer, which means a big boost for the Atmanirbhar Bharat mission, he said.

Larsen & Toubro is an Indian multinational engaged in EPC projects, manufacturing and services. It operates in more than 50 countries around the world.

The consolidated net profit of the major EPC jumped 44.9% to 1,702.07 crores on a 22.2% increase in net sales to 35,853.20 crores in Q1 FY23 compared to Q1 FY22.

Shares of Larsen & Toubro were trading down 1.78% at 1,877 on BSE.

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