Power Mech Projects Secures ₹226.66 Crore O&M Order for ATPS

26 Sep 2024 , 09:29 PM

Power Mech Projects Ltd. has secured a substantial order valued at ₹226.66 Crore, announced in an exchange filing on September 26.

The contract involves Operations and Maintenance (O&M) for the Gujarat Mineral Development Corporation’s Akrimota Thermal Power Station (ATPS), which has a capacity of 250 MW (2X125).

The scope of the order includes operating, maintaining, and repairing the power plant and its equipment, transitioning to a 220KV switchyard, and other related tasks. This contract is scheduled to commence on December 16, 2024, and will span three years.

Recently, Power Mech also received an order worth ₹865 Crore from Talwandi Sabo Power Ltd., a subsidiary of Vedanta, for the maintenance of a 3×660 MW supercritical thermal power plant in Punjab.

The company has announced its first-ever bonus share issue, granting one bonus share for each existing share held by shareholders. September 28, 2024, has been set as the record date for this bonus share issuance.

Power Mech Projects went public in 2015 at an issue price of ₹640 per share, with its stock appreciating over nine times since then, marking a 785% increase over the past five years. For the quarter from April to June, the company reported a net profit increase of 21% year-on-year, along with a revenue growth of 16%.