L&T Construction bags significant orders for metallurgical & material handling business

L&T informed that the metallurgical & material handling (MMH) business of its construction arm has secured EPC orders of coal processing plants in the domestic market. The order win also includes a prestigious engineering & procurement project for a metallurgical plant overseas. The announcement was made on Friday in the second half of the trading session.  

The company has also secured new orders from various customers and an add-on order from its existing customer. As per L&T's classification, the valuation of the significant contract lies between Rs 1,000 and Rs 2,500 crore. 

Reacting to this, the stock of L&T today rose 0.94 per cent and made an intraday high of Rs 1,299.65 per share. 

The company reported a net profit of Rs 5,876.54 crore in Q2FY21, an increase of 115.23 per cent. It had reported a profit of Rs 2,730.39 crore in Q2FY20. The company reported net sales of Rs 31,034.74 crore for Q2FY21, a decrease of 12.15 per cent as against the net sales of Rs 35,328.45 crore for Q2FY20. 

According to BSE data, the stock traded at a P/E multiple of 17.02 and a price-to-book ratio of 3.09. The stock has a 52-week high and a 52-week low of Rs 1,383.85 per share and Rs 661.05 per share, respectively. 

The share price of the company closed at Rs 1296.75, up by 0.71 per cent on BSE.