Larsen & Toubro on Thursday, February 22, said L&T Constribuction's buildings and factories vertical has bagged a 'significant' order from a real estate developer to construct multi-storeyed residential towers in Thane in the Mumbai Metropolitan Region (MMR).
L&T classifies orders in the range of ₹1,000 crore to ₹2,500 crore as 'significant'.
The scope of work includes construction of the core and shell works for five towers, which will have 62 floors, and allied parking area, comprising basements, ground and five podiums, the company said in a stock exchange filing.
MV Satish, the whole-time director and senior executive vice-president (buildings), L&T, said the company sees good opportunities in the residential buildings sector. "We have executed some unique structures over the past few years and recently have been introducing new technologies and advanced methods to fast-track construction that is becoming increasingly green and sustainable and, at the same time, reflecting the spirit of Atmanirbhar Bharat," he said.
Last week too, L&T's hyrdocarbon vertical bagged a 'significant' onshore and offshore order from a Middle East client.
For the December quarter, the engineering and infrastructure conglomerate's revenue beat Street estimates but its lower-than-expected margin led to a miss in net profit. Its performance in the third quarter was supported by robust order inflows. it reported a 19%, 14%, and 15% year-on-year (YoY) growth in revenue, EBITDA, and PAT on a consolidated basis.
L&T shares were trading 0.26% higher at ₹3,306 apiece at 12.30 pm on Thursday, February 22.
