The shares of the cryogenic equipment manufacturer gained up to 5 percent after the company entered into a mutual support agreement with ATGL to strengthen the LNG ecosystem in the country.
With a market capitalization of Rs 8,440.10 crore, the shares of Inox India Ltd were trading at Rs 929.90 per share, increasing around 2.23 percent as compared to the previous closing price of Rs 909.60 apiece.
According to the corporate filing, Inox India Ltd and ATGL have inked a mutual support agreement to strengthen the country’s LNG ecosystem, as well as a preferred partnership to offer LNG equipment and services.
Furthermore, This relationship will assist ATGL in transitioning long-haul heavy trucks and buses from HSD/diesel to LNG, resulting in over 30 percent decrease in CO2 and GHG emissions.
Moreover, The mutual support agreement defines both parties’ duties and responsibilities in establishing LNG infrastructure, such as small-scale plants and stations, converting large trucks to LNG, and creating best practices for health, safety, fuel efficiency, and high-quality services.
Having a look at the company’s financials, the company’s revenue increased 16 percent from Rs. 487 crores in Q3FY23 to Rs 565 crores in Q3FY24. Further, During the same period, Net Profit increased by 24 percent from Rs 83 crore to Rs 103 crore.
The company’s customer base is diverse, spanning industries and continents. As of FY23, the company had given equipment and systems to over 1,201 domestic clients and 228 overseas customers.
The firm is focused on the small-scale LNG industry. They have provided more than 60% of the LNG tanks, both fixed and trailer-mounted mobile. LNG tanks in India with a valid PESO license as of May 4, 2022.
Inox India Limited provides solutions for designing, developing, manufacturing, and installing cryogenic equipment and systems. The firm specializes in delivering cryogenic equipment, namely tanks.
Written by:- Abhishek Singh
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