Financial Daily from THE HINDU group of publications
Tuesday, Dec 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 30, 2003 |
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Corporate
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Announcements Industry & Economy - Power L&T wins Rs 700-cr power plant order from GMR group Our Bureau
Mumbai , Dec. 29 LARSEN & Toubro has secured a Rs 700-crore contract for putting up a 388.5 MW power plant near Rajamundry in Andhra Pradesh, said a news release from the company. The gas turbine plant will be set up for Vemagiri Power Generation Ltd, part of the GMR group. The power plant will incorporate the largest gas turbine in India as well as the country's biggest heat recovery steam generator, said the release. The turbine will be procured from General Electric Company, US. The steam generator will be fabricated at L&T works complex in Hazira in Gujarat, and the steam turbine produced from Alstom of Germany. The basic and detailed engineering services will be provided by L&T-Sargent & Lundy Ltd. This contract in its books further brightens the business picture for the engineering and construction (E&C) division of L&T, which will have the overall responsibility for completing the project in 24 months. The E&C division recorded a 64 per cent increase in order bookings during the second quarter, year-on-year, including export order bookings increase of 103 per cent. The order backlog position of this division as of September 30, 2003, was Rs 15,697 crore, 32 per cent higher than at September 30, 2002. Revenues from this division are expected to be higher by at least 20 per cent, and operating margins too, higher, the company had said, at the time of announcement of its Q2 results this year. This division also led growth in revenues for the company during the second quarter of the current year, showing the largest increase in net sales of all divisions, at Rs 1,726 crore (Rs 1199.39 crore). The E & C division's profit before interest and tax was at Rs 76.47 crore, up from Rs 55.79 crore.
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