Azad Engineering announced that it has signed strategic supply agreement (SSA) with Baker Hughes Oilfield Operations LLC, USA to supply medium-high complex precision machined components for oil field services.
The firm stated that the contract would translate to substantial business value for the next 5 years and is also extendable up to three additional 1 year terms.Azad Engineering is a key manufacturer of qualified product lines supplying to global original equipment manufacturers (OEMs) in the energy, aerospace and defence, and oil and gas industries. The products the company manufactures are highly engineered, complex, mission and life critical high precision forged and machined components.
The company reported a consolidated net profit of Rs 16.81 crore in Q3 FY24, steeply higher from Rs 3.85 crore in Q3 FY23. Revenue from operations surged 49.21% to Rs 89.23 crore in Q3 FY24.
The scrip fell 1.51% to end at Rs 1,282.40 on the BSE.
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