The construction arm of Larsen & Toubro (L&T) has secured a 'large' order for its heavy civil infrastructure business from Rail Vikas Nigam (RVNL) for Package 4 of the New Broad-Gauge Line between Rishikesh and Karanprayag in Uttarakhand.
As per L&T's classification, the valuation of the 'large' contract lies between Rs 2,500 crore to Rs 5,000 crore. The scope of the project includes construction of tunnels, formation, construction shaft, and other ancillary works from chainage 47+360 to 63+117 km between Rishikesh and Karanprayag. The announcement was made during market hours today, 18 January 2021.
S.V. Desai, the whole time director & senior executive vice president (civil infrastructure), said: "Establishing a rail link between Rishikesh and Karanprayag will not only facilitate easy access to Uttarakhand's pilgrimage sites, but also enable development of backward areas, connect new trade centres, and serve the resident population. The railway line traverses rugged Himalayan terrains, with the alignment oriented across and sometimes sub parallel to major thrust zones in the Himalayas with complex geological conditions."
L&T is already constructing Package II of this prestigious project involving 24 kms of tunnelling by the NATM, minor bridges and formation works.
On a consolidated basis, the company's net profit surged 115.20% to Rs 5876.54 crore on 12.2% decline in net sales to Rs 31,034.74 crore in Q2 September 2020 over Q2 September 2019. L&T will announce Q3 FY21 result on 25 January 2021.
Shares of L&T fell 1.08% to Rs 1,340 amid broader selloff. L&T is an Indian multinational engaged in engineering, procurement and construction projects, manufacturing, defence and services with over $21 billion in revenue.
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