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The first contract received from Raichur Power Corporation entails operation and maintenance of 2X800 MW coal based Yeramarus Thermal Power Plant (YTPS) at Chikkasugur, Raichur in Karnataka. The consideration of the order stands at Rs 158.67 crore and is to be executed for a period of 36 months.
The subsequent order is awarded to the consortium of Power Mech and Purvottar Mining & Trading as mine developer cum operator for sand mining in Narmadapuram -2, Raisen and Narasingpur areas, respectively. Special purpose vehicles (SPVs) would be formed for execution of these contracts.
This contract bagged from Madhya Pradesh State Mining Corporation is worth Rs 565.23 crore and is to be for a period of 3 years.
Power Mech Projects s an engineering and construction company providing integrated service in erection, testing and commissioning (ETC) of boilers, turbines and generators and balance of plant (BOP), civil works and operation and maintenance (O&M).
The company's consolidated net profit jumped 29.1% to Rs 50.99 crore on 15.9% increase in net sales to Rs 865.13 crore in Q1 FY24 over Q1 FY23.
The scrip rose 0.24% to currently trade at Rs 3,966.35 on the BSE.
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