Engineers India on Tuesday said that it has bagged an order from Oil and Natural Gas Corporation Limited (ONGC) for revamping of SV stations, gas terminal and Kribhco terminal at Hazira plant on EPC reimbursable basis. “Oil and Natural Gas Corporation Limited (ONGC) has awarded the project for revamping of SV Stations, Gas Terminal & Kribhco Terminal of ONGC, Hazira Plant on EPC reimbursable [Open Book Estimate (OBE)] basis to Engineers India Limited,” it said in a regulatory filing.
It further added that the total estimated order value is approximately Rs 837.34 crore. The project completion schedule is about 45 months, it added.
Earlier in May, EIL had posted a 25.7 per cent rise in its standalone net profit to Rs 158.72 crore for the quarter ending March 2023 as against Rs 126.29 crore in the year-ago quarter. The revenue from operations was up 7.5 per cent at Rs 866.15 crore in Q4 FY23. The full year revenue from operations had increased by 14.4 per cent to Rs 3,283.76 crore and net profit fell slightly to Rs 342.15 crore in FY23. The company had said that it had secured business worth around Rs 4,700 crore during the financial year 2022-23 as against the order value of around Rs 1,650 crore in FY22.
EIL board is expected to hold its meeting on August 2 to consider and approve its fiscal first quarter results for the financial year 2023-24.
