On Tuesday, L&T said that its construction arm has bagged a "mega" order, valued between ₹10,000 crore and ₹15,000 crore for constructing a high-speed electrification system for the Mumbai-Ahmedabad bullet train project. This significant domestic contract is expected to bolster L&T's order book and revenue stream.
While this bodes well, L&T's operations in West Asia, especially in light of the Red Sea crisis, could raise concerns over margins and execution. The impact, though, is likely to be minimal.
L&T's Middle East (West Asia) exposure by revenue (FY23) are largely to Saudi Arabia, the United Arab Emirates and Qatar, analyst Priyankar Biswas of BNP Paribas notes. The company does not have any material exposure to either Israel or Yemen, which means there is no exposure to direct conflict zones.
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