Marine Electricals' FY22 begins with strong inflow, order book crosses Rs500cr

The company's total order book to date stood at Rs508.97cr compared to revenues of Rs251.3cr for FY21.

Jul 13, 2021 12:07 IST India Infoline News Service

Marine Electricals (India) has announced that the company has been receiving good orders in the Marine as well as an industrial segment. Order Book size reaches Rs500cr.

Vinay Uchil, Chairman & Executive Director commented, “We are very happy with the improvement in performance. Our quality of product and services and our long build relationship in Marine and industrial segment is gaining us good order inflow. We are sure we will keep this momentum upbeat even in future.”

As of March 31, 2021, the company's order book stood at Rs441cr of which the Marine segment contributed Rs288.6cr while the balance Rs152.7cr was from the Industrial segment. The company started FY22 with a strong order inflow.

The company's total order book to date stood at Rs508.97cr compared to revenues of Rs251.3cr for FY21.

In its regulatory filing on NSE, Marine Electricals highlighted that the Indian shipyards have seen strong traction in the last few years in terms of order intake and with the renewed thrust of the Government, order inflows for shipyards expected to be quite strong for construction of new vessels in next few years. As an approved vendor and Tier-I supplier within the Marine electrical ecosystem, this augurs well for MEL as it provides strong visibility of orders with the progress of ship constructions at shipyards. With the current order book and a robust outlook for potential orders, MEL is well placed to drive strong revenue and profitability growth on the back of the Marine segment.

"We are witnessing increasing momentum in inquiries. Make in India will push large corporates and MNCs to put up large facilities in India and we see this as an exciting opportunity for our electric business," Marine Electricals added.

At around 12.07 pm, Marine was trading at Rs57.30 per piece down by 0.7% on NSE.

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