Ion Exchange (India) Ltd shares jumped more than 3% on Tuesday after the company announced receiving an order worth ₹120 crore from Saudi Arabia.
In a filing to the stock exchanges, the company said that it has received an order worth approximately ₹120 crore for setting up a water treatment plant in Saudi Arabia.
One of the biggest mining companies in Saudi Arabia, Maaden, has awarded an international contract to Ion Exchange for establishing a water treatment plant, which will also include a demineralisation plant.
The project will be executed within one year from the date of the Letter of Acceptance (LoA), the company informed the bourses.
After the announcement shares of Ion Exchange (India) gained as much as 3.59% to an intraday high of ₹465.25 apiece on BSE.
Ion Exchange’s net profit rose slightly by 3.8% on a year-on-year (YoY) basis to ₹49.19 crore in the quarter ended December 31, 2023, compared to ₹47.37 crore reported in the same period last year, while its net sales climbed 3.2% to ₹512.03 crore in third quarter of FY24 versus ₹496.07 crore in the corresponding period of the previous fiscal year.
The company’s earnings before interest, taxes, depreciation, and amortisation or EBITDA of ₹78.27 crore in Q3FY24 increased by 6.65% YoY in comparison to ₹73.39 crore in the year-ago period.
Shares of Ion Exchange India closed 2.4% higher at ₹460 apiece on BSE.
(Edited by : Ajay Vaishnav)
