L&T Construction Bags Order For Amaala Project In Saudi Arabia, Shares Hit 52-Week High

Construction arm of Larsen & Toubro on Wednesday said that it has been chosen as the turnkey Engineering, Procurement and Construction contractor to establish various systems related to renewable energy generation and utilities, for the AMAALA project in the Red Sea region, Saudi Arabia. L&T shares gained 1.21% intraday and offered return of 180% in last 3-years. Larsen & Toubro shares witnessed a rally of 69% year-to-date.

AMAALA is an ultra-luxury destination set in the Prince Mohammed bin Salman Natural Reserve along Saudi Arabia's northwestern coast. Spanning an area of 4155 square kilometers, the project features pristine landscape and diverse natural ecosystems, coupled with unique and intriguing heritage and local culture. Once completed, this destination will have 25 hotels and 900 luxury residential villas, apartments and estate homes alongside high-end retail establishments, fine dining, wellness and recreational facilities.

The consortium of UAE's clean energy powerhouse, Masdar, and French Electricity utility EDF has signed the concession agreement for the fully integrated utility project with the developers of AMAALA. Larsen & Toubro has entered into an EPC agreement with the Sponsors viz. EDF and Masdar.

In line with the ambition of going beyond sustainability and have a regenerative impact on environment, the project awarded to L&T will have an optimized off-grid renewable energy system comprising of ~250MWp Solar PV plant and >700MWh Battery Energy Storage System. The scope for power systems also involves biofuel based internal combustion engines, three Gas Insulated Substations, high voltage transmission lines and medium voltage distribution networks.

Larsen & Toubro Ltd Share Performance & Return: Last trading price of Larsen & Toubro share on BSE is Rs 3533.60 per share with intraday gain of 1.27%. The stock's 52-week high price is Rs 3548.00 per share and 52-week low price is Rs 2058.10 per share, respectively. The company has a market capitalisation of Rs 4,96,443.62 crore. L&T shares gained 16% in last 1-month, soared 19% in last 3-months, zoomed 48% in last 6-months, and offered return of 69% year-to-date. In last 1-year, L&T shares gained 66% and surged 89% in last 2-years.

Commenting on the development Mr. T. Madhava Das, Whole-Time Director & Sr. Executive Vice President (Utilities), Larsen & Toubro said, "The award of this prestigious contract stands testimony to the synergistic strength of diverse offerings of L&T Construction in providing innovative solutions to customers keen on sustainable, clean and reliable electricity and water systems."

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.