The shares of India’s leading Engineering Consultancy & EPC firm fell by 3.7 percent on Tuesday’s trade, after hitting a 52 week high of Rs 160.70 earlier in the session.
Engineers India Ltd, a leader in refineries and petrochemicals consultancy, has secured a Rs 837.34 crore contract from ONGC for the revamping of gas terminals.
As per company’s exchange filing,Engineers India received an order from Oil and Natural Gas Corporation Limited (ONGC) for the revamping of SV Stations, Gas Terminal Domestic, and Kribhco Terminal of ONGC, Hazira Plant on an EPC reimbursable [Open Book Estimate (OBE)] basis.The total projected order value is around 837.34 Crore, with a project completion time of approximately 45 months.
At 1:20 p.m.,Engineers India Ltd shares were trading at Rs 155.95 a share on the National Stock Exchange, down Rs 2.70 or 1.70 percent and the company has a market capitalization of Rs 8,756 crores.
The company’s share price has raised from Rs 67.45 to current levels,yielding multibagger returns of 130 percent. As a result, if an investor bought 1 lakh shares of a company in the previous year, their holdings are now worth 2.30 lakhs!
Engineers India has yet to declare its Q1FY24 results and the company’s board of directors will meet on August 2, 2023 to address financial results for the first quarter ended June 30, 2023.
Company’s revenue climbed by 14 percent year on year, rising from Rs 2,912 crore in FY 21-22 to Rs 3,330 crore in FY 22-23. During the same time period, net profit grew from Rs 342 crore to Rs 344 crore.
As per current shareholding pattern,the promoters own 51.32 percent of the company, while domestic institutional investors own 18.46 percent and retail investors own 22.51 percent stake.
Engineers India Ltd (EIL) is administered by the Ministry of Petroleum and Natural Gas. The firm offers engineering consulting and EPC services primarily to the oil and gas and petrochemical sectors.
Written by Omkar Chitnis
