Indian Hume Pipe Company Ltd shares rallied more than 15% on Wednesday after the firm announced receiving an order worth ₹495 crore in Maharashtra.
In a filing to the stock exchanges, the company said that it received a Letter of Intent (LoI) worth ₹495.04 crore from Tapi Irrigation Development Corporation Jalgaon of the Jalgaon Irrigation Project Circle in
Maharashtra. The company informed that the order value excludes royalty,
insurance,
GST, land acquisition costs, and crop compensation.
The contract has been awarded to the Indian Hume Pipe Company for the Engineering, Procurement and Construction (EPC) of civil, mechanical and electrical works for the Pressurised Piped Distribution Network of Varkhede Londhe Irrigation Project.
This work also includes the entire system's operation and maintenance (O&M) for five years. The company has stated that the project is set to be completed within 24 months.
The company’s net profit increased by 20% on a year-on-year (YoY) basis to ₹15.14 crore in the quarter ended December 31, 2023, compared to ₹12.65 crore in the same period last year. Its net sales grew 21% to ₹318.53 crore from ₹404.74 crore in the year-ago quarter.
Indian Hume Pipe Company Ltd is a leading manufacturer of hume pipes and allied products. The company caters to infrastructure projects across sectors like water supply, irrigation, drainage, power generation and rail transport.
(Edited by : Ajay Vaishnav)
