π L&T wins big orders, signaling Middle East bounce back π
Indian engineering giant Larsen & Toubro Ltd. has secured 13 orders since early July, with seven of them originating from the Middle East. This regional surge follows the disruption caused by the US-Iran war, showing a revival in infrastructure spending there. Bloomberg estimates the average order value for this quarter ending Sept. 30 to be about 1.11 trillion rupees. The Middle East already accounts for about a third of L&T's 2.86 trillion rupees revenue for the year ended March 31. The company now needs to convert these order wins into solid profits despite operational risks.