Engineering and construction firm Larsen and Toubro has received a USD 740 million (approx Rs 4,510) order from Qatar Railways Company for the design and construction of the Gold Line of the Doha metro project.
Engineering and construction firm Larsen and Toubro has received a USD 740 million (approx Rs 4,510) order from Qatar Railways Company for the design and construction of the Gold Line of the Doha metro project.
L&T was among the five firms that forged a joint venture to bid for the project. The total order awarded to the JV is valued at USD 3.3 billion, but the share of L&T Construction's Heavy Civil Infrastructure business is valued at USD 740 million, L&T said in a statement.
Also Read: Doha win makes us a leading metro systems contractor: L&T
Two firms from Turkey and one each from Greece and Qatar had formed the joint venture.
"This order, close on the heels of Riyadh Metro order, has been won in the face of stiff global competition and reflects the growing confidence of clients in L&T's capability to handle mega projects in the Middle East," said S N Subrahmanyan, L&T's Senior Executive VP (Infrastructure and Construction).
The Doha metro project is scheduled to be completed in 54 months. The contract includes the design and construction of twin tunnels for a length of 11 km and 9 underground metro stations including architectural finishes and mechanical, electrical and plumbing works," L&T said.
The project is among the main infrastructure projects of national interest as per the Qatar National Vision 2030.
"We are very seriously pursuing our programme of internationalisation and such orders go a long way in opening the doors to new geographies and opportunities," Subrahmanyan said.
Larsen stock price
On April 25, 2014, Larsen and Toubro closed at Rs 1350.80, down Rs 26.5, or 1.92 percent. The 52-week high of the share was Rs 1387.85 and the 52-week low was Rs 678.10.
The company's trailing 12-month (TTM) EPS was at Rs 51.37 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 26.3. The latest book value of the company is Rs 272.53 per share. At current value, the price-to-book value of the company is 4.96.
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