State-run engineering consultancy and EPC company, Engineers India Ltd has secured new business worth Rs 4,681 crore so far this fiscal year taking its order book to Rs 11,350 crore, as of August 31, the company’s Chairman and Managing Director Vartika Shukla said on Wednesday. The major expansion in the order book is attributed to increased orders from the upstream and infrastructure segments, she said.
The company now plans to expand its business in the green energy segment with focus on offshore wind, green hydrogen, and biofuels. It expects the business share from the renewable energy segment to increase sharply over the next few years from the current 2.5-3%.
“The company is providing its services in the implementation of one of largest capacities biorefinery projects in India for Assam Biorefinery Private Limited (ABRPL), which is nearing completion,” Shukla said. “EIL has revived its offshore unit as it sees great opportunities in offshore wind. The company has solid in-house offshore capabilities, which it can offer to clients, some of whom have been mandated with setting up offshore projects.”
It is also eyeing opportunities for integrating renewable power in the refinery process units.
EIL is taking forward its initiatives to set up bio-ATF (aviation turbine fuel) plants in India in collaboration with CSIR-IIP and has already developed a basic engineering and design Package (BEDP) for MRPL.
Apart from domestic expansion plans, EIL is now looking to expand its global footprint and expects to complete the construction of its 1.5 million tonnes crude oil refinery in Mongolia by March 2026.
The refinery, being the single largest line of credit project being funded by India across the world, has a project cost of $1.7 billion and will help the eastern Asian nation use its domestically produced crude to make transport and cooking fuel for domestic use.
The CMD said that the company had advanced its global footprint and now intends to cater to a number of projects around the UAE. “We are hoping for a lot of assignments, small or big, from Abu Dhabi National Oil Company (ADNOC).
“EIL has also strengthened its Abu Dhabi office resulting in an increase in business inflow from Rs 93 crore in 2022-23 to Rs 146 crore in FY 2023-24, an increase of 57% on a year-on-year basis. Till 31st August, the order inflow from Abu Dhabi office has already touched Rs 141 crore and the company is anticipating a healthy order inflow in future as well,” Shukla said.
In FY24, the company’s turnover amounted to Rs 3,232 crore in which the consultancy and engineering segment contributed Rs 1,454 crore, while the turnkey segment delivered Rs 1,778 crore. The company’s profit after tax increased to Rs 357 crore from Rs 342 crore.
From: financialexpress
Financial News
