Power Mech Projects wins order worth Rs2,120 crore under Jal Jeevan Mission; Stock surges 2%

14 Mar 2022 , 03:22 PM

Power Mech Projects Limited stocks rallied in the market today as the company announced winning orders worth Rs2,120 crore under Jal Jeevan Mission (JJM) program.

The company has won the new orders under Phase-III projects in 2120 villages of Pratapgarh, Fatehpur and Meerut districts in Uttar Pradesh. Major components of the project are about 2100 tube wells, 2100 water tanks, and 13,000 km of pipeline network for supply of drinking water to about 50 lakh population.

Commenting on the order win, S. Kishore Babu, Chairman & Managing Director, Power Mech Projects Limited, said, “Jal Jeevan Mission is one of the most ambitious programs of the present Government and we are proud to be among the implementation partners.

As a growth-focused company, our established credibility as an executions partner for Government and corporates alike has paved the way for larger orders and prospects – both within the Country and abroad. We continue to focus on high-speed execution without impairing the project quality and in turn, build a robust order book for sustained value creation.”

The latest order win comes a year after the company was awarded JJM projects in 898 villages of Bulandshahar, Meerut and Etah districts of Uttar Pradesh by State Water Sanitary Mission, for an initial value of Rs. 898 crore under Phase-II of JJM. The major components of the project are about 800 tube wells, 800 water tanks, and 6,000 km of pipeline network for supply of drinking water to about 20 lakh population.

This project continues to be executed at a brisk pace and is scheduled to complete within FY 2022-23. The order amount, won under a joint venture with BRCCPL, has increased to Rs1800 crore following a detailed survey. Similarly, post the project survey and OPR preparation works are initiated under Phase-III, the value of new orders may too undergo an appreciation (in a similar fashion as Phase -II).

Power Mech Projects was trading at Rs897 apiece up by Rs17.7 or 2.01% on the BSE.