L&T bags solar PV plant order worth up to ₹2,500 cr in Bihar

Engineering and construction major Larsen & Toubro (L&T) has announced that it has secured a domestic order to construct a Solar PV Plant alongside a Battery Energy Storage System (BESS), according to the company's statement. In L&T's terms, the order's value falls between ₹1,000 crore and ₹2,500 crore.

Despite winning the order, shares of L&T dipped marginally by 0.19% to ₹3,526.25 apiece on BSE today.

The BESS, with a 254 MWh capacity, is designed to store solar energy during low-demand periods and release it during peak demand, thus aiding in grid stability. It also provides black start capability, ensuring quick re-energisation post-outage, it states.

This project involves building a grid-connected 185 MW solar PV plant with a BESS having multitudes of MWh (Megawatt hour) capacities. Located at Kajra in the Lakshisarai district, this solar plant will be crucial in Bihar's renewable energy plans, aiding in sustainable energy solutions to combat climate change and meet rising energy demands, it adds.

A Ravindran, senior vice president & head of renewable strategic business group at PT&D, said, "This is a welcome addition to our renewable EPC portfolio of 18 GWp (Gigawatt Peak) cumulative capacity, comprising solar and wind generation projects already commissioned and in the making. On the battery energy storage system front, we handle more than 1.5 GWh of storage capacity. This rich experience has made us the EPC partner of choice for developers globally."

T Madhava Das, whole-time director & senior executive vice president (Utilities) at Larsen & Toubro, says, "Our expertise in providing renewable energy solutions encompasses a vast array of technologies involved in ground-mounted and floating solar generation, grid scale and distributed energy storage systems, efficient transmission and distribution networks and allied digital energy solutions."

L&T saw a 10.2% increase in its consolidated net profit, reaching ₹4,396.12 crore in the March quarter, primarily driven by higher income.

The company's consolidated income surged to ₹68,120.42 crore in the latest fourth quarter, marking a rise from ₹59,076.06 crore recorded a year ago, as stated in a filing. Comparatively, in the same period last year, L&T had reported a consolidated net profit of ₹3,986.78 crore.

In their official statement, L&T highlighted that for the quarter ending March 2024, the profit after tax (PAT) reached ₹4,396 crore, reflecting a 10% YoY growth. The company's board proposed a final dividend of ₹28 per equity share, subject to shareholders approval. During the fiscal year ending March 31, 2024, L&T secured orders worth ₹3,02,812 crore at the group level, indicating a 31% growth.