L&T gets local orders worth Rs1,640 crore

L&T gets local orders worth Rs1,640 crore

Mumbai: India’s biggest engineering company, Larsen and Toubro Ltd (L&T), has won Rs1,640 crore of contracts for local oil refining and water projects, benefiting from orders aimed at bolstering the nation’s infrastructure.

The single largest order is worth Rs700 crore and involves setting up two hydrogen-generation units for a Hindustan Petroleum Corp. Ltd refinery, Mumbai-based L&T said on Monday in a statement. The engineering company also won contracts from the water boards of New Delhi and Andhra Pradesh, totalling Rs937 crore.

L&T is focusing on orders where customers have already secured funds to guard against defaults amid the global credit crisis, chief financial officer Y.M. Deosthalee said last month. The firm expects orders to grow by 35% this fiscal year, chairman A.M. Naik told reporters on Monday in New Delhi, where he was attending the World Economic Forum’s India Economic Summit.

L&T shares fell 0.11% to close at Rs790.65 on the Bombay Stock Exchange on Monday.

The stock has fallen 63% this year, compared with a 55% drop in Sensex.