Engineers India Ltd (EIL) expects HPCL-Mittal's joint venture Bathinda refinery to start processing crude from next month.
The EIL Chairman and Managing Director, Mr A.K. Purwaha, said, “The refinery will receive crude by August 10 and then processing will start by the middle or third week. Progressively, other units will also be commissioned by November.”
The 9 mtpa Bathinda refinery is being built by HPCL-Mittal Energy Ltd. EIL is the project consultant. HPCL-Mittal Energy Ltd is a joint venture of Hindustan Petroleum Corporation Ltd and L.N. Mittal group.
The joint venture board is expected to meet next month to take stock of the Rs 18,919-crore project – Guru Gobind Singh Refinery. The joint venture is also in the process of firming up crude supplies.
Results
Mr Purwaha was speaking to reporters after the company's board considered the June quarter numbers. EIL reported a 29 per cent jump in its net profit during the first quarter of the current fiscal. The net profit stood at Rs 148.075 crore (Rs 114.56 crore).
The company's net sales rose 41 per cent at Rs 853.60. The first quarter of the current fiscal saw the company's revenue from LSTK business segment rise by 70 per cent over the year ago period. Profit from operations of this segment increased by 113 per cent over the corresponding quarter last fiscal.
EIL shares at the BSE closed at Rs. 287 apiece on Wednesday.