Infra stocks engaged in manufacturing, engineering, and construction surged nearly 7 percent after securing orders worth Rs.114.3 crore for operation and maintenance services.
Price Variation
In Friday’s trading session, the shares of Power Mech Projects Limited surged by 6.66 percent to an intra-day high of Rs.6,039.8 per share from its previous close of Rs.5,662.2 apiece.
What Happened
Power Mech Projects Limited received an order worth Rs.114.3 crores for the operation and maintenance of the Mutiara Thermal Power Plant. The contract is for one year starting from October 1, 2024.
The power plant is a 1,200 MW (MegaWatt) coal-based thermal power plant owned by Coastal Energen Private Limited, located in Tuticorin District, Tamilnadu.
Business Sectors
The company operates across several sectors, including Industrial Construction, Mining, Infrastructure Construction, Manufacturing & Heavy Fabrication, and Industrial Services. It handles projects in power, nuclear, refinery, petrochemicals, and oil & gas, with unit capacities ranging from 150 MW to 800 MW.
Capacity Enhancement
The MDO (Mine Development and Operation) capacity expansion plan aims to achieve 15 million tons per annum (MTPA) over the next decade, backed by a significant Rs.111 lakh crore investment under the National Infrastructure Pipeline (NIP).
The company is also undertaking notable capacity increases in other sectors. It plans to reach a unit capacity of 71,537 MW for O&M (Operation and Maintenance) and AMC (Annual Maintenance Contract) and manage over 28.98 lakh metric tons in erection works.
Reputed Clientele
In the international market, Power Mech Projects Limited features a prestigious client roster that includes General Electric, Siemens, Mitsubishi, Hyundai, Dubai Electricity and Water Authority, Dangote, and others.
Domestically, the company serves prominent clients such as Reliance, NTPC, BHEL, Adani, L&T, RVNL, ONGC, Tata Power, and many more.
International Presence
Power Mech Projects Limited has established a robust international presence with key power projects such as the 400 MW Dangote Oil Refinery & Petrochemicals Project in Nigeria, 2X660 MW at Rampal Maitree in Bangladesh, and 1,800 MW Alba PS5 CCPP in Bahrain.
Additionally, the company has expanded into new markets, including Morocco, Jordan, Iran, UAE, and Saudi Arabia.
Financials
For the quarter ending June 2024, the company reported revenue from operations of Rs. 1,007 crore, reflecting a significant 16.4 percent increase compared to the same quarter in the previous year. Profit After Tax (PAT) rose by 21.5 percent, reaching Rs. 62 crore.
Company Profile
Power Mech Projects Limited operates as an integrated power infrastructure services company, offering comprehensive services that include the erection, testing, and commissioning of boilers, turbines, and generators, as well as civil works and operation and maintenance services.
Written by – Siddesh S Raskar
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