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L&T Energy Expands Offshore Footprint with ONGC’s Daman Upside Development Project

21 June 20243 mins read by Angel One
L&T Energy secures ONGC orders for the Daman Upside Development Project, reinforcing expertise in offshore solutions globally.
L&T Energy Expands Offshore Footprint with ONGC’s Daman Upside Development Project
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On June 13, 2024, Larsen & Toubro’s Hydrocarbon division secured a contract from Oil & Natural Gas Corporation (ONGC) for the Daman Upside Development Project-Wellhead Platforms & Pipelines. This project, located off India’s west coast in the Tapti Daman block, involves building four Wellhead Platforms, a 140-km Pipeline, and necessary Topside modifications.

Commenting on this, Mr Subramanian Sarma, Whole-time Director & President (Energy), L&T, said: “This order demonstrates ONGC’s confidence in L&T forged through execution of multiple complex offshore projects and also reinforces L&T’s commitment to contribute towards India’s energy security”.

Larsen & Toubro Hydrocarbon Engineering (LTEH) operates across Offshore, Onshore EPC, Modular Fabrication, Advanced Value Engineering & Technology (AdVENT), and Offshore Wind Farm Business Groups. LTEH provides end-to-end design-to-build solutions for the hydrocarbon sector to both domestic and international clients. With over 30 years of expertise, LTEH is renowned globally for its achievements in project management, corporate governance, quality, health safety environment (HSE) standards, and operational performance.

Financial Highlights Of L&T

In the latest quarter, L&T recorded a consolidated net profit of ₹4,396 crore, marking a 10.3% increase from the previous year. The company’s revenue for the period also saw a 15% year-on-year rise, reaching ₹67,079 crore. For the fiscal year ending March 2024, L&T reported a profit of around ₹13,059 crore, up by 25% compared to the previous year, with an order intake totalling approximately ₹3.02 trillion.

For the fiscal year 2025, L&T’s management forecasts a 15% increase in revenue and a 10% rise in order intake compared to the previous year, expecting core margins to hold steady at 8.25%.

About Larsen & Toubro

Larsen & Toubro is a prominent Indian multinational corporation with a revenue of USD 27 billion. It is involved in EPC Projects, High-Tech Manufacturing, and Services across various global locations. Known for its robust customer-centric approach and relentless pursuit of excellence, L&T has maintained leadership in its key business sectors for over 80 years.

On June 13, 2024, the share price of Larsen & Toubro Ltd opened at ₹3,665.50, touching the day’s high at ₹3,715.90, as of 1:32 PM 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.

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