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Information Technology
Larsen & Toubro (L&T), India's engineering and construction giant, has achieved a historic milestone by securing its largest-ever order from QatarEnergy for the North Field Production Sustainability Offshore Compression Project (NFPS COMP 4). This ultra-mega contract, valued at over $4 billion, not only strengthens L&T's global energy portfolio but also underscores Qatar's commitment to enhancing its energy security.
The NFPS COMP 4 project involves the engineering, procurement, fabrication, installation, and commissioning of two offshore compression complexes. These complexes will be equipped with large offshore platforms that include compression facilities, power generation units, living quarters, flare platforms, interconnected bridges, and other associated structures. The facilities will be located approximately 80 kilometers off the northeast coast of Qatar, highlighting the project's significance in the offshore hydrocarbon sector.
This contract is a landmark achievement for L&T, marking a significant expansion of its operations in the global energy sector. The order showcases L&T's capabilities in executing large-scale offshore projects and reinforces its position as a leading player in the international market. According to S N Subrahmanyan, Chairman and Managing Director of L&T, securing this ultra-mega contract is a testament to L&T's strong technical capabilities and its ability to deliver complex projects.
As of December 2024, L&T's outstanding order book stood at a record high of Rs 5.64 trillion. The quarterly orders for the period ending December 2024 reached Rs 1.16 trillion, another all-time high. This latest win is expected to further boost L&T's growth trajectory, as about 60% of its orders during the first nine months of FY25 came from international markets, with West Asia being a key hub.
In addition to the QatarEnergy contract, L&T's power and transmission vertical recently bagged large orders both domestically and internationally:
L&T categorizes orders between Rs 2,500 crore and Rs 5,000 crore as "large." This classification demonstrates the company's aggressive pursuit of significant projects across various sectors.
In September 2023, L&T won two packages related to Saudi Aramco's Jafurah unconventional gas production project, valued at a combined $3.9 billion. This marked its largest order at the time, further solidifying its presence in West Asia's energy landscape.
L&T's senior executives have maintained guidance of a 10% growth in order inflow for the full year FY25. The company's ability to secure large international contracts demonstrates its resilience and adaptability in a rapidly changing global market.
The QatarEnergy contract is a watershed moment for L&T, affirming its status as a major player in the global engineering and construction industry. As L&T continues to expand its footprint in the international energy sector, its financials are poised to reflect the strength of its growing global portfolio.
