Rs 5,10,100 crore order book: LIC-backed civil construction company onboards its first major customer at the state-of-the-art hyperscale data centre located in Sriperumbudur
The stock is up over 20 per cent from its 52-week low and gave multibagger returns of 205 per cent in the last 5 years.
Larsen & Toubro's data centre business, L&T-Cloudfiniti, has secured a significant milestone by onboarding its first major client. The client, a prominent cloud service provider, has committed to a 10-year lease for 6 MW of IT load capacity at Cloudfiniti's advanced hyperscale data centre in Sriperumbudur, near Chennai. This substantial capacity allocation, encompassing an entire floor of high-density racks and substantial bandwidth, underscores the client's confidence in Cloudfiniti's cutting-edge infrastructure, strategic location, and high-tech capabilities.
About L&T-Cloudfiniti: L&T-Cloudfiniti is a newly incubated new-age business subsidiary of Larsen & Toubro. It offers end-to-end solutions in data centres, multi-cloud services, network & data security, and application integration with single-point responsibility. As of today, Cloudfiniti has two live data centres – one at Sriperumbudur near Chennai and another at Navi Mumbai.
“This deal marks the beginning of many such collaborations and acts as a testament to our commitment to delivering world-class colocation and cloud services to businesses across the spectrum. In the days to come, we are confident of redefining India’s data centre landscape with our fast scalable and reliable solutions,” said Seema Ambastha, Chief Executive – L&T-Cloudfiniti.
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About the Company
Larsen & Toubro (L&T) is a massive Indian conglomerate with its fingers in many pies. Their core business is engineering, procurement and construction (EPC) solutions across various sectors like infrastructure, power, hydrocarbon (oil & gas) and defence. They also manufacture custom-designed machinery for these industries and even have a real estate arm. L&T is a major player in IT services through subsidiaries like L&T Infotech and Mindtree and provides financial services like rural and housing finance through L&T Finance Holdings. They even handle development projects involving infrastructure, toll management and power generation.
The company has a market cap of Rs 5 lakh crore and has been maintaining a healthy dividend payout of 34.6 per cent. Life Insurance Corporation of India (LIC) owns a 12.31 per cent stake in the company as of September 2024. The company has a robust order book valued at Rs 5,10,100 crore as of September 30, 2024. The stock is up over 20 per cent from its 52-week low and gave multibagger returns of 205 per cent in the last 5 years. Investors must keep this Large-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.