Larsen and Toubro wins order worth up to ₹10,000 crore for Riyadh Metro extension

Larsen and Toubro (L&T) Ltd. on Wednesday, January 28, said its heavy civil infrastructure business vertical has secured a 'major' contract from the Royal Commission of Riyadh City in Saudi Arabia for works related to the extension of the Riyadh Metro.

L&T classifies orders in the ₹5,000 crore to ₹10,000 crore range as 'major'.

The order is a part of an ultra-mega project won by a consortium of Webuild SpA, L&T, Nesma & Partners Contracting, Aistom and IDOM, the company said in an exchange filing. The company has not disclosed its share in the consortium.

The order is related to the extension of the Red Line of the Riyadh Metro Network. The scope of work includes design and turnkey construction of 8.4km-long metro line, comprising both elevated and underground sections, and five stations, L&T said.

On another note, L&T is expected to report a strong set of earnings for the December quarter on Wednesday, January 28, led by healthy execution momentum and improving margins, even as order announcements during the quarter remained relatively subdued.

L&T shares were trading 0.9% up at ₹3,820.7 apiece around 9.50 am. The stock has gained 11.95% in the past year.

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