The company expects to execute the order between January 2023 and June 2023.

Parvat Srinivas Reddy, managing director & promoter, MTAR Technologies, said "Clean Energy sector is poised to grow at an accelerated pace amidst the global carbon emission reduction targets. The green hydrogen market in India is expected to be USD 8 billion by 2030 and USD 340 billion by 2050.

NITI Aayog has suggested a production-linked incentive scheme for electrolyzer and fuel cells. MTAR is well-positioned to capture the lucrative market potential available in clean energy sector"

MTAR Technologies is a niche manufacturing service provider in precision engineering and critical assembly of key components and products for various customer segments such as Civil Nuclear Energy, Space, Defence and Aerospace, Clean Energy and others.

On a consolidated basis, MTAR Tech's net profit rose 9.9% to Rs 19.80 crore on a 42.5% increase in net sales to Rs 98.58 crore in Q4 FY22 over Q4 FY21.