Hot Pursuit     13-Jun-23
Engineers India rises on receiving project from ONGC worth Rs 472 crore
Engineers India advanced 2.23% to Rs 112.35 after the company said that it has bagged a contract from Oil and Natural Gas Corporation (ONGC), the value of which is Rs 472 crore.

The project involves replacement of 3 CSU off-gas compressors and 6 regeneration gas compressors, installation of CBD vessel at Uran Plant, Maharastra, under EPC reimbursable basis (open book estimate (OBE) mode). The project has to be completed within a period of 40 months.

Engineers India (EIL) is an engineering consultancy and technology licensing company in the fields of hydrocarbons, petrochemicals, fertilizers, metallurgy, ports & terminals, and other sectors of industry, having a DSIR-recognized R&D center. As of 31 March 2023, the Government of India held a 51.32% stake in the company.

The company's consolidated net profit surged 140.3% to Rs 190.18 crore in Q4 FY23 as compared with Rs 79.13 crore in Q4 FY22. Net sales rose 7.6% year on year to Rs 880.10 crore in Q4 FY23.

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