Companies

Engineers India Q4 profits rise

Our Bureau New Delhi | Updated on May 27, 2011

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Engineers India Ltd announced on Thursday a 32.5 per cent increase in its profits to Rs 166 crore for the quarter ending March 31, 2010.

Net sales for the public-sector company in the three-month period rose 48 per cent to Rs 946 crore.

For the full year 2010-11, the net profit was up 20 per cent to Rs 522.52 crore, even as the net sales rose 42 per cent to Rs 2,823.28 crore.

“This year we have improved our margins by two per cent. We also secured our largest order ever. Order inflows this year touched Rs 4,054 crore, taking up the order book to more than Rs 7,500 crore. All sectors have performed well,” said Mr A. K. Purwaha, Chairman and Managing Director.

He added that the company is handling over 50 projects at the moment, of which 10 are large-scale. This includes 4-5 projects for Mangalore Refinery and Petrochemicals, Indian Oil's Paradip Refinery project and the Hindustan Petroleum's Guru Gobind Singh Refinery in Bathinda.

In 2010-11, 40 per cent of the company's revenues came from consultancy, while the rest came from lump-sum turnkey projects.

Asked about an outlook for the current fiscal, Mr Purwaha said, “We have a strong order-book position this year and expect to receive even more orders. We hope to maintain the current growth trend.”

The company is also looking at more overseas projects, with a focus on West Asia, Venezuela and Africa. It is executing a few orders in regions like Algeria and Abu Dhabi. “Today 10 per cent of our consultancy work is from overseas. We will also look to increase EPC (engineering, procurement and construction) contracts from overseas,” he said.

The company's shares on the Bombay Stock Exchange rose 0.61 per cent to Rs 262.15 on Thursday.

Published on May 27, 2011

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