Indian Hume Pipe rises on bagging new orders for Rs 242 cr

Indian Hume Pipe added 1.15% to Rs 276.85 after the company received six letter of acceptance (LoA) worth Rs 241.99 crore from Bangalore Water Supply and Sewerage Board.

The scope of first order includes providing water supply facilities for new areas coming under BBMP jurisdiction for Rs 39.18 crore. The subsequent order entails providing and laying sewerage line for the value of Rs 35.16 crore.

The further four orders constitutes providing & laying pipelines for Rs 167.65 crore. All the six orders are to be completed in 24 months.

Indian Hume Pipe Company is engaged in the business of manufacturing, laying and jointing of pipelines. The company has also been undertaking infrastructure development programmes by way of execution on turnkey basis the combined water supply projects. The company also manufactures and supplies concrete railway sleepers to Indian Railways.

The companys standalone net profit jumped 19.7% to Rs 15.14 crore in Q3 FY24 as compared with Rs 12.65 crore in Q3 FY23. Revenue from operation fell 21.3% YoY to Rs 318.53 crore during the period under review.

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