Larsen & Toubro's hydrocarbon business received a letter of intent for an offshore order in the range of ₹10,000 and ₹15,000 crore.

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L&T did not mention the client but said they were based in the Middle East. The project work will include procurement, engineering, construction and installation of a new large offshore platform and brownfield work of integration with the existing facility, the company said in a stock exchange filing.

"This mega order from a new customer reaffirms global acknowledgement of our capabilities and marks a key milestone for our offshore business. Our focus continues to be on enhancing competencies and leveraging opportunities arising from our core markets," said Subramanian Sarma, whole-time director and senior executive vice-president (energy), L&T.

As per the company, an order in the ₹10,000 crore to ₹15,000 crore range is classified as a 'mega' order.

Earlier this month, L&T said it had secured 'significant' orders for its water and effluent treatment (WET) business. The company has secured repeat orders from the Odisha government's water resources department to execute Cluster XXII and Cluster XXV Mega Lift Irrigation Projects.

On October 31, it secured another letter of intent for an 'ultra-mega' onshore project from a Middle East client. This came in the backdrop of another 'ultra-mega' project that the company won in the Middle East for a gas compression plant on October 11.

The infrastructure and engineering conglomerate is confident of outperforming its FY24 guidance on order inflow and revenue growth.

The management in its earnings call mentioned that the revenue growth guidance between 12% and 15% as well as the order inflow guidance between 10% and 12% is likely to be "outperformed" in the current financial year.

L&T's shares are trading 0.7% lower at Rs 3,088.05 apiece on Monday, November 20.

(Edited by : Amrita)

First Published:Nov 20, 2023 11:14 AM IST