Man Industries gets new orders of ₹490 Crore

29 May 2024 , 03:32 PM

Man Industries (India) Ltd has bagged new orders worth ₹490 Crore on Wednesday from both domestic and international clients.

These orders involve supplying various types of pipes, as per the company’s filing with the Bombay Stock Exchange (BSE). The company’s total unexecuted order book now stands at around ₹2,600 Crore with the addition of these new orders. These orders are expected to be fulfilled within the next 6 to 8 months.

Man Industries specializes in producing submerged arc welded carbon steel pipes with large diameters, making it a key player in the global line pipe market.

In the most recent quarterly report released on Tuesday, the company’s profit decreased by 19.1% compared to the same quarter in the previous fiscal year.

However, operating revenue saw a significant increase of 35.6% year-over-year, reaching ₹810.68 Crore. The company also saw impressive growth in earnings before interest, taxes, depreciation, and amortization (EBITDA), which rose by 43.1% annually to ₹58.4 Crore.

At the time of writing, the stocks were trading at ₹347.00 which is a 0.67% gain than the previous close. The stock has gained 165% in the last one year, and 24% since the beginning of the year.

In its financial results filing, the company highlighted the successful testing of hydrogen transportation pipes, setting an industry standard. This testing was conducted by a prominent international testing firm. With plans for new hydrogen transportation lines, the company aims to leverage this advantage to further enhance its order book.

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