MAN Industries gets orders worth Rs 525 crore

Orders are from both domestic players as well as those from middle east

MAN Industries, which operates in the pipe manufacturing space, announced on Wednesday that it had received orders worth Rs 525 crore from the oil and gas sector.

The orders were from both domestic players as well as those from the middle east, said an exchange notification.

“With these new orders received by the Company the Company’s outstanding order book stands at approximately Rs 1,025 crores. The orders are to be executed over a period of next 6 to 9 months,” said the notification.

The company has bid for orders worth over Rs 5,000 crores. These are at various stages of evaluation and are for oil, gas and water projects both in India and abroad, said the note.

The company is part of the Man Group promoted by the Mansukhani family. The group was promoted in in the 1970s with Man Industries (India) Ltd, the flagship company, incorporated in 1988, according to the company website. The group is involved in a number of businesses including the manufacturing of pipes, infrastructure, realty and trading.

The stock was down 4.75%, at Rs 63.1 at the time of writing. It had a revenue of Rs 1,461.82 crore in the financial year ending March 2013. It had a net profit of Rs 100.74 crore with a net profit margin of 6.89%.