Engineers India rallies after signing MoU with Numaligarh Refinery

1 Apr 2022 , 11:39 AM

Under the MoU, Engineers India and Numaligarh Refinery will jointly develop and license indigenous technologies. The MoU was signed on 31 March 2022.

Numaligarh Refinery is an operating petroleum refining & marketing company with an product range covering most of the refinery streams.

EIL is an engineering consultancy and technology licensing company in the fields of hydrocarbons, petrochemicals, fertilizers, metallurgy, ports & terminals and other sectors of industry, having a DSIR recognized R&D centre.

As of 31 December 2021, the Government of India held 51.32% stake in the company.

On a consolidated basis, EIL reported net profit declined 53.8% to Rs 40.67crore in Q3 FY22 as against net profit of Rs 88.07 crore in Q3 FY21. Net sales fell 18.1% to Rs 692.11 crore in Q3 FY22 over Q3 FY21.

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