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Skipper soars on bagging orders worth Rs 300 crore

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Skipper surged 13.89% to Rs 76.25 after the company secured orders worth Rs 300 crore for transmission and telecom towers from Power Grid Corporation of India (PGCIL) and from various export markets.

The company's engineering business has secured transmission tower export orders of Rs 185 crore for several T&D projects across Latin America, Middle East, West Asia and South Asia markets and telecom towers from Latin America and Africa.

It has secured new order of Rs 115 crore of transmission towers from Power Grid Corporation of India (PGCIL) projects.

Skipper has recorded order inflows in excess of Rs 1,300 crore, registering a staggering growth of approximately 160% over the last year same period.

The company has a strong bidding pipeline of Rs 5,000 crore plus and expects a substantial rise in the volume of international orders in the current fiscal. Management expects the International business share in order book to rise to 75% in next 2 years.

"We have received fresh new orders worth Rs300 crore in our engineering products division, which included over 60% exports. Our team had a significant breakthrough with 2-3 utilities in West Asian Market, with multi-year supply agreements.

Our share of international business is positioned to grow by 50% in the engineering segment for current year (FY'22) and to 75 % in next 2 years. In addition, the company normally has regular monthly orders of approximately Rs 30- 35 crore from telecom towers on account of strong traction in the domestic markets, the company's management said in a statement.

Skipper has three business segments, viz. engineering, polymer and infrastructure. The engineering segment is into manufacturing of transmission tower, telecom towers, poles, distribution poles, angles, fasteners and railway structures. The polymer segment manufactures various kinds of UPVC pipes, CPVC pipes, SWR pipes. In the EPC segment, the company executes projects related to power transmission.

The company's consolidated net profit declined 74.42% to Rs 3.21 crore despite a 18.75% increase in net sales to Rs 479.29 crore in Q2 FY22 over Q2 FY21.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, December 02 2021. 14:50 IST