The shares of the water and environment management solution provider gained up to 4 percent after the company received a contract from Material Construction, UAE worth Rs 250.65 crore.
With a market capitalization of Rs 7,714.66 crore, the shares of Ion Exchange (India) Ltd closed at Rs 526.00 per share, increasing around 1.57 percent as compared to the previous closing price of Rs 517.85 apiece.
According to the exchange filing, Ion Exchange (India) Ltd has received a contract from Material Construction, UAE for engineering, manufacturing, delivery to site, supervision of erection, commissioning, and start-up of a desalinated water unit for a project in North Africa. The contract value is Rs 250.65 crores excluding VAT and other taxes. The project must be finished within seven months following Engineering’s approval.
Looking at the company’s financials, Ion Exchange (India) Ltd’s sales increased by 8% from Rs 512 crore in Q3FY23 to Rs 554 crore in Q3FY24. During the same time frame, net profit decreased by 2% from Rs 48 crore to Rs 47 crore.
As of the December quarter of 2023-24, Ace Investor Mukul Mahavir Agrawal owned 15,00,000 equity shares, representing a 1.02% interest in the firm.
In addition to its presence in key Indian cities, the firm has a global footprint, with 36+ sales and service locations and 100+ channel partners. Exports include Africa, Japan, the Middle East, Russia, Southeast Asia, Europe, the United Kingdom, the United States, Canada, and adjacent nations.
In FY23, the Engineering section generated 60% of the company’s sales, followed by the Chemicals segment (30%), and consumer products (10%). The company’s major clients include NTPC, NPC, Reliance, IOCL, JSW, CPCL, L&T, Nippon Steel, Nayara Energy, IRCTC, BHEL, and Tata Group.
Ion Exchange (India) provides a comprehensive range of solutions across the water cycle, including pre-treatment, process water treatment, wastewater treatment, recycling, zero liquid discharge, sewage treatment, packaged drinking water, and seawater desalination.
Written by:- Abhishek Singh
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