Boosted by a burgeoning order book, Engineers India Ltd (EIL) has posted a 10.25 per cent increase in its net profit for the quarter ended December 31, 2010. Net profit for the quarter stood at Rs 122.45 crore, as against Rs 111.06 crore in the corresponding quarter last year.

The company's net income stood at Rs 677 crore — a growth of almost 37 per cent over the Rs 494 crore in the corresponding quarter last year.

As of December 31, 2010, the company's order book stood at Rs 8,100 crore. EIL bagged orders worth Rs 3,800 crore ($800 million) during the first nine months, and the company is now targeting a $1-billion order book for the fiscal.

A significant addition to the order book could be orders from Venezuela. The company is likely to get an order for a hydrocarbon project from Venezuela very soon, according to the Chairman and Managing Director, Mr A.. K.. Purwaha. “We are in talks and likely to start work soon on a hydrocarbon project in Venezuela...It is an onshore field development project. The talks are in advanced stage and we are hoping to get the order very soon,” he said, on Friday. EIL is also eyeing other projects in overseas market such as Latin America, Ghana, Sudan and Algeria.

In India, EIL is working on a crude storage building project in Vishakhapatnam, which is likely to be completed in 2011. The company is also handling two more oil storage unit projects at Mangalore and Padur, to be completed by the middle of 2012. Other significant projects include the execution of the 9-million tonne Bhatinda refinery project for the joint venture of Hindustan Petroleum Corp and Mittal Energy, and the 6-million tonne Bina refinery for a unit of Bharat Petroleum Corp (BPCL).

 

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