Power Mech Projects sizzles on bagging orders worth Rs 1,034 cr

Power Mech Projects (PMPL) rallied 5.71% to Rs 1,948 after the civil construction company announced that it has received letter of award (LoA) for three separate orders aggregating to Rs 1,034.13 crore.

PMPL bagged a service order worth Rs 608 crore from Adani Group. The order entails execution of retrofitting of flue gas desulphurisation (FGD) system for Adani Group's thermal power plants located at Mahan (Madhya Pradesh), Raigarh (Chhattisgarh) , Raipur (Chhattisgarh) ranging between 600 megawatt (MW) to 685 MW.

Another order is worth Rs 306.60 crore for setting up of Wagon Repair Workshop at Kazipet, Telangana, on EPC mode. This project is awarded to Power Mech- Taikisha JV, a joint venture of the company and Taikisha Engineering India (with 65.83 and 34.17 sharing).

Further, the firm secured an order worth Rs 119.53 crore for providing technical expert, rotary technicians & operation and maintenance services for CPP and related utility including Central control room for 8 x 34.5 MW at Dangote Petroleum Refinery and Petrochemicals project, Lagos, Nigeria. The contract period of this work is 24 months.

Power Mech Projects operates as an engineering and construction company, which provides erection, testing and commissioning (ETC), civil and operation and maintenance services for power projects.

The company's consolidated net profit surged 61.8% to Rs 43.81 crore on 43% jump in net sales to Rs 771.37 crore in Q2 FY23 over Q2 FY22.

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