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Man Industries secures new orders worth Rs 4.9 billion

2024-05-31

Man Industries (India) announced that it had secured new orders worth Rs 40.90 million from both domestic and international clients. These orders involve the supply of various types of pipes. With the addition of these new orders, the company's total unexecuted order book now stands at around Rs 26 billion, and these orders are expected to be fulfilled within the next 6 to 8 months.

Man Industries, which specializes in producing large-diameter submerged arc welded carbon steel pipes, is a key player in the global line pipe market.

In its most recent quarterly report released, the company reported a 19.1% decrease in profit compared to the same quarter in the previous fiscal year. However, operating revenue saw a significant year-over-year increase of 35.6%, reaching Rs 8.10 billion. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) also grew impressively by 43.1% annually, reaching ?58.4 Crore.

At the time of reporting, the company's stocks were trading at Rs 347.00, reflecting a 0.67% gain from the previous close. The stock had gained 165% in the last year and 24% since the beginning of the year.

In its financial results filing, the company highlighted the successful testing of hydrogen transportation pipes, setting an industry standard. This testing was conducted by a prominent international testing firm. With plans for new hydrogen transportation lines, the company aims to leverage this advantage to further enhance its order book.