Indian Hume Pipe Company surged 15.87% to Rs 274.20 after the company's joint venture received a work order worth Rs 1,137.77 crore from the Public Health and Municipal Engineering Department, Government of Telangana.
The contract involves executing water supply projects & sewerage projects under AMRUT 2.0 in the state of Telangana. The project has to be executed within a period of 24 months.
The joint venture entity is a partnership between AMR India (AMRIL), Shoda Constructions (SCPL) and Indian Hume Pipe Company (IHP).
The share of the work in the project that has to be executed by IHP is 20% i.e. Rs 227.55 crore.
Indian Hume Pipe manufactures hume pipes, hume steel pipes, pre-stressed concrete pipes, bar wrapped steel cylinder pipes, steel penstock pipes, RCC poles, septic tanks, RCC lampposts and manhole covers. It also undertakes contracts for erection and commissioning of water supply and sewage schemes for various state governments and municipal corporations , fabrication and erection of penstocks for various power projects, and executes work pertaining to lift irrigation schemes.
The companys standalone net profit jumped 19.7% to Rs 15.14 crore in Q3 FY24 as compared with Rs 12.65 crore in Q3 FY23. Revenue from operation fell 21.3% YoY to Rs 318.53 crore during the period under review.
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