In recent developments, Larsen & Toubro has confirmed that it has received mega projects from the Middle East to develop two gigawatt-scale solar PV plants. The project classification of these mega projects is between Rs 10,000 crore and Rs 15,000 crore.
In the exchange filings, the company mentioned that “The plants will have a cumulative capacity of 3.5 GW. The scope of the orders also includes grid interconnections encompassing pooling substations and overhead transmission lines. Detailed engineering and initial construction work are expected to commence shortly.”
Further, SN Subrahmanyan, Chairman & Managing Director of L&T, mentioned, “The Middle East is far ahead in creating sustainable energy infrastructure and in providing a smart lifestyle. These orders are welcome additions to our green portfolio, as we build the company of the future with next-generation technologies.”
L&T said it secured a solar-cum-storage plant order in India the previous month. Now, with these fresh mega orders from the Middle East, the company’s renewables portfolio is poised to reach 22 GWp (Gigawatt Peak) cumulative capacity. This portfolio will be comprised of solar and wind generation projects, including projects already commissioned and those in the making.
Also read, Adani’s Ambitious $100 Billion Green Energy Vision
Larsen & Toubro (L&T) is a billion-dollar multinational conglomerate known for its expertise in engineering, construction, manufacturing, technology, and financial services. Founded in 1938, L&T delivers high-quality projects and solutions globally, spanning sectors like infrastructure, defence, hydrocarbon, and power.
Looking at the optimistic future of the company, Brokerage Prabhudas Lilladher (PL) mentioned they will be bullish on the L&T shares. They further stated, “We believe the renewables business of L&T will continue to gain traction amid the energy transition trends underscored by the order won last month for solar-cum-storage order in India, followed by this mega order in the Middle East.” They further mentioned, “The stock is currently trading at a PE of 27.3x/21.4x on the earnings of FY25/26E. We have a Buy rating with a target price of Rs 4,047.”
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