New order in Philippines boosts VA Tech Wabag

VA Tech Wabag rose 2.63% to Rs 446.75 at 11:11 IST on BSE after a joint venture of the company bagged an order worth Rs 344 crore in Philippines.

The new order was announced before market hours today, 19 July 2013.

Meanwhile, the S&P BSE Sensex was up 58.62 points or 0.29% at 20,187.03.

On BSE, 2,655 shares were traded in the counter as against average daily volume of 7,300 shares in the past one quarter.

The stock hit a high of Rs 452.90 and a low of Rs 438 so far during the day. The stock had hit a 52-week high of Rs 589 on 11 January 2013. The stock had hit a 52-week low of Rs 423.05 on 13 June 2013.

The stock had underperformed the market over the past one month till 18 July 2013, sliding 4.45% compared with the Sensex's 4.71% rise. The scrip had also underperformed the market in the past one quarter, declining 11.54% as against Sensex's 5.85% rise.

The small-cap company has equity capital of Rs 5.31 crore. Face value per share is Rs 2.

VA Tech Wabag in partnership with JV ANGELES Construction Corporation, Philippines secured an order worth Rs 344 crore from Manila Water Company, Philippines. VA Tech Wabag is the lead partner and the project is funded by World Bank.

Commenting on the new order, Mr. Coleridge Shelley, Country Head, WABAG Philippines said, "This order is of huge importance to us since this is the largest STP order from Philippines. I am delighted to announce that with this order intake and the earlier order for water treatment plant at Putatan for Rs 125 crore, WABAG is now a leading player in water and waste market in Philippines".

VA Tech Wabag's consolidated net profit remained almost unchanged on year on year basis at Rs 60.37 crore in Q4 March 2013. Net sales rose 0.8% to Rs 676.62 crore in Q4 March 2013 over Q4 March 2012.

The WABAG Group acts as a systems specialist and full service provider with a focus on the planning, installation and operation of drinking and waste water plants for local government and industry in the growth markets of Asia, North Africa, Middle East, the Central and Eastern Europe states.

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