State-run Engineers India (EIL), on Monday, said it has recorded substantial growth in business during FY23 by securing orders worth more than ₹4,500 crore, compared to orders of ₹1,700 crore in FY22.
Besides other areas, a significant jump is witnessed in the business secured from international assignments to around ₹600 crore from less than ₹50 crore in FY22, the company said in a statement. EIL is a PSU under the charge of the Ministry of Petroleum & Natural Gas (MoPNG).
While maintaining its leadership position in the hydrocarbon sector, EIL has also secured substantial business in the infrastructure sector and also marked significant entry into new segments of green hydrogen, waste-to-fuel, niche chemicals and Defence, it added.
During the last financial year, EIL signed MoUs/ MoAs as well as strategic alliances for business growth with leading oil sector companies and technology providers. While EIL consolidated its presence in Nigeria and Middle East, it secured projects in new geographies such as Guyana.
In March 2023, on the occasion of its 59th foundation day, the project consultancy major unveiled its new business strategy.
EIL is looking to diversify in new areas such as nuclear energy and aims to tap overseas markets like the Middle East to drive its next phase of growth.
EIL’s Chairman and Managing Director Vartika Shukla said that with a healthy order book of about ₹9,000 crore, the company has conceptualised its growth plan with a five-pronged strategy of strategic collaboration, diversification in new areas, innovation and technology, expanding geographies and operational excellence.
The engineering consultancy and EPC firm has already included biofuels and green hydrogen to the list of industries where it provides consultancy right from design and feasibility studies to engineering, procurement, construction and maintenance.