Kalpataru Projects International Ltd. on Monday, September 28, said it has won a “major’ engineering, procurement and construction (EPC) order in its oil and gas business. The stock, opened higher, but has given up those gains to trade with losses.
The company informed the exchanges that it has received a letter of award (LoA) for the Engineering, Procurement, and Construction of a gas pipeline project in the UAE.
Orders, with an estimated value of over ₹4,000 crore, are classified as “major” orders by Kalpataru Projects International.Kalpataru Projects’ MD and CEO Manish Mohnot said the order reinforces the company’s proven capabilities and robust track record in the global and oil and gas sector. “This win stands as a powerful testament to our technical expertise, operational excellence and capability to scale global operations,” Mohnot added.On another note, last week, the company said it won new orders and notifications of awards worth ₹2,025 crore for projects in power transmission and distribution business, in the oil and gas business and in the buildings and factories business.
Kalpataru Projects reported its June quarter earnings last month. Its net profit was up 45% at 310 crore from ₹214 crore last year, while its revenue increased 4% to 6,4018 crore from ₹6,171.2 crore.The company’s earnings before interest taxes depreciation and amortization (EBITDA) increased 7% to ₹562 crore in the June quarter from ₹525 crore and its margin expanded to 8.77% from 8.51% in the yaear-ago period.
Shares of Kalpataru projects are trading 0.6% lower on Monday at ₹1,382.5. The stock is still up 15% so far this year.
Source: cnbctv18.com