Engineers India gained 3.4% to Rs 68.30 on BSE after the company bagged Rs 448-crore order from GAIL (India) for the execution of PDH/PP project at Usar, Maharashtra.
Engineers India after market hours on Wednesday announced the company will execute this project as EPCM Consultancy Services for 500 KTA PDH-PP project. The project involves setting up of PDH and PP plant at Usar and pipeline from Usar to Uran and storage facilities at Uran. The project is to be completed within 48 months.
Engineers India reported a 60.6% decline in consolidated net profit to Rs 49.50 crore in Q1 June 2020 from Rs 125.73 crore in Q1 June 2019. Consolidated revenue from operations stood at Rs 474.50 crore in Q1 June 2020, falling 36% from Rs 742.6 crore in Q1 June 2019.
Engineers India provides design, engineering, procurement, construction, and integrated project management services primarily for oil and gas and petrochemical industries. The Government of India owned 51.50% stake in company as on 30 June 2020.
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