Larsen & Toubro Wins New Order, Geojit Recommends Buy; Shares Gain 110% in 2-Yrs

Large cap construction sector company Larsen & Toubro Ltd shares jumped today after the company informed its Buildings & Factories (B&F) business vertical won an order to construct a state-of-the-art automobile manufacturing plant for a prestigious company. The plant is to be constructed near Bengaluru by adhering to IGBC norms. The scope entails comprehensive design, execution of civil, structural, architectural and MEPF services. Current market price of Larsen & Toubro share on BSE is Rs 3810.55 per share. L&T shares offered returns of 137% in last 3-years. The company's market capitalisation stood at Rs 5,23,947.74 crore. Brokerage firm Geojit has recommended buy call with target price of Rs 4179. Check details below:

Larsen & Toubro Bags New Order: As per the latest BSE filing of Larsen & Toubro issued as on July 31, 2024, "The Buildings & Factories vertical of L&T has immense expertise and wide-ranging experience to undertake all types of EPC projects for a variety of sectors. Over the years, it has acquired the capability to execute complex industrial projects on a design-and-build basis and has emerged as a total solutions provider in the factory construction segment."

Earlier on June 13, the Hydrocarbon vertical (L&T Energy) of Larsen & Toubro (L&T) has secured an order from the Oil & Natural Gas Corporation (ONGC) for Daman Upside Development Project-Wellhead Platforms & Pipelines (DUDP-WP), off India's west coast.

Larsen & Toubro Share Performance: The 52-week high price of L&T share on BSE is Rs 3,948.60 per share (as on 03/06/2024) and 52-week low price is Rs 2586.75 per share (as on 03/08/2023), respectively. L&T shares offered return of over 8% in last 1-week, gained 42% in last 1-year, and soared 111% in last 2-years. In last 5-years, L&T shares soared 175%.

Larsen & Toubro Dividend: According to the Exchange filing of L&T issued as on May 8, 2024, "Board of Directors has recommended a Final Dividend of Rs.28/- per share of the face value Rs. 2/- each (in addition to the special dividend of Rs. 6 per share paid in August 2023) for the financial year ended March 31, 2024 (previous year final dividend Rs. 24/- per share). The Company will arrange to pay the proposed Final Dividend after approval of the shareholders in the ensuing Annual General Meeting." The company set June 20 as the record date for final dividend.

Larsen & Toubro Q4 Results: L&T recorded a rally of 15% in consolidated net sales to Rs 67,079 crore as against Rs 58, 335 crore declared in the corresponding quarter of last year. L&T announced its profit after tax (PAT) announced at Rs 4396 crore, up 10% as against Rs 3,621 crore in the corresponding quarter of last year. The company's FY 2024 consolidated net sales jumped 21% to Rs 2.21 lakh from Rs 1.83 lakh crore in the similar quarter of last year. For FY2024, L&T declared profit after tax came at Rs 13,059 crore, up 25% as against Rs 10,471 crore in FY 2023.

Also, L&T received orders worth Rs 3.02 lakh crore at group level for the year ended March 2024, up 31%. Global orders announced at Rs 1.63 lakh crore during the year and consisted 54% of the total order inflow with higher ordering momentum registered in GCC countries. Meanwhile, order inflow for the quarter ended March 2024 declared at Rs 72,150 crore, down 5% as against the corresponding quarter of the previous year. Domestic order inflow soared by 17% YoY.

About: Larsen & Toubro is a USD 23 billion Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services. It operates in over 50 countries worldwide. A strong, customer-focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

Disclaimer:

The stock has been picked from the brokerage report of Geojit. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.