Engineers India gains on bagging consultancy services contract from BORL

Engineers India rose 1.15% to Rs 66.05 after the company said it secured consultancy services from Bharat Oman Refineries (BORL) for electrolyser-based green hydrogen plant at Bina Refinery.

BORL has selected EIL for providing consultancy services for electrolyser-based green hydrogen plant at Bina Refinery.

"It shall be one of the largest Green Hydrogen Plant in the country with a capacity of approx. 8.5 TPD (20 MW)," EIL said in a statement.

Bina Refinery is an oil refinery located in the Bina-Etawa district of Madhya Pradesh, India. It is owned and operated by BORL, a wholly owned subsidiary of Bharat Petroleum Corporation.

EIL is a Government Of India enterprise involved in providing design, engineering, procurement, construction and integrated project management services focusing on oil , gas and petrochemicals industries in India and internationally.

On a consolidated basis, EIL reported net profit declined 53.8% to Rs 40.67crore in Q3 December 2021 as against net profit of Rs 88.07 crore in Q3 December 2020. Net sales fell 18.1% to Rs 692.11 crore in Q3 December 2021 over Q3 December 2020.

Shares of Engineers India were up 1.15% at Rs 66.05 on BSE.

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