Power Mech Projects hits record high on bagging Rs 6,163.20 cr order from Adani Group

18 Aug 2022 , 10:38 AM

The company secured 5 FGD projects from Adani Group for installation of 15 FGD retrofits to coal based units located at Mundra, Tiroda, Kawai and Udupi, on a complete engineering, procurement and construction (EPC) basis. The firm said that the projects will be executable over a period of 30 months for their plants ranging between 330 megawatt (MW) to 660 MW. Adani Group is considered highly valued customer to PMPL with an association of over 15 years; rendering services for the group in multiple portfolios including Power, Infra, Pipelines, Material Handling etc, the company stated. The company said that these FGD units will effectively curb Sulphur-dioxide emissions with 92% recoveries and will play a vital part in helping Indias ambitious goal of reducing emission-intensity as announced at the United Nations Climate Change Conference, COP26. Post commissioning of these projects opportunities are envisaged for undertaking operation & maintenance (O&M) of the units, thus enhancing the space for service profile of the company and bringing in value addition. PMPL has tied up with well proven technology partners for professional support for service and supply in installing these FGDs, the firm added. The major thrust on FGD EPC business is part of forward integration strategy supported by Power Mechs core competence for over two decades in power plant installation with a generating capacity of over 67,000 MW and the O&M of power plants with over 68,000 MW of installed base in the country, the company stated in the press release. Commenting on the award of the projects, Sajja Kishore Babu, chairman and managing director said, PMPLs strategic brilliance in foraying into FGD business is born out of its core strength and competence in power sector for over two decades touching every segment and forward integration of providing O&M services to power plants. After almost a decade of (2003 – 2013) growth burst of Power Sector activities and subsequent slowed-down growth decade, the installation of FGDs will trigger another spell of high-growth in the next couple of years.? He further added, ?These major orders will invariably strengthen the already robust order-book and enable the company to further diversify its scope, in line with its strategy to balance optimum mix between power and non-power segments. With the projected revenues flowing in from FGD system projects, we expect to enjoy sustainable fiscal margins In the future and also ensure augmenting O&M footprint in the near future.? Power Mech Projects operates as an engineering and construction company, which provides erection, testing and commissioning (ETC), civil and operation and maintenance services for power projects. The companys consolidated net profit surged 25.6% to Rs 39.49 crore on 19.9% jump in net sales to Rs 746.61 crore in Q1 FY23 over Q1 FY22. The counter hit a record high of Rs 1,240 today, extending its winning run for the third trading session. Shares of Power Mech Projects jumped 9.18% in three trading sessions. Powered by Capital Market – Live News