Praj Industries shares fly 11% as Co expects to triple revenues by 2030

Praj Industries stock in focus: Shares of Praj Industries were in demand on Friday, November 22, 2024 as the scrip rallied 11.23 per cent to hit an intraday high of Rs 751.85 per share. 

 

The rise in the Praj Industries scrip came after the company said that it is expecting to triple its revenues by 2030, during a press conference. Moreover, Praj Industries is eying opportunities in multiple sectors including sustainable aviation fuel (SAF), biopolymers and the energy transition & climate actions (ETCA).

 

Dr Pramod Chaudhari said, “The energy transition & climate actions (ETCA) sector which has a global potential and contains segments like blue and green hydrogen, green ammonia and west to energy solutions is expected to drive the growth. Globally, the energy majors are likely to invest close to Rs 25 lakh crore in the clean energy sector by 2030, whereas the traditional oil and gas market will continue to attract new investments to the tune of Rs 21 lakh crore in the next 10 years' time on the global front.”

 

“This will lead to the significant demand for modularisation solutions for setting up plants in the above-mentioned sectors. To cater to this demand, Praj has developed strong engineering capabilities in modularisation and has set up a dedicated advanced manufacturing facility at Mangalore in Karnataka with an investment of about Rs 400 crore. Spread across 123 acres of land, this plant can deliver revenues in the range of Rs 2,000-2,500 crore annually at the optimum level,” Chaudhari added

 

According to Ghanshyam Deshpande, president of technology and engineering at Praj Industries, the CORSIA agreement for the use of Sustainable Aviation Fuel (SAF) has opened a door to the new opportunities for the company as India has set the target of blending 1 per cent by 2027 and 2 per cent by 2028. Whereas, the EU and USA has kept the SAF blending target of 6 per cent and 10 per cent respectively. 

 

“India’s first commercial passenger flight powered by indigenously produced SAF from sugarcane molasses successfully flew from Pune to New Delhi. Air Asia, Praj Industries and Indian Oil Limited (IOL) came together for this successful attempt,” Deshpande added. 

 

Meanwhile, Atul Mulay, president of Bioenergy at Praj Industries said, “The current revenues of Praj are close to Rs 3,400 crore annually, and we have a goal to reach Rs 10,000 crore by the year 2030. Currently, the share of exports is around 29 per cent; going forward, we are looking at increasing it to 50 per cent by 2030.”

 

Praj Industries is an industrial biotechnology company with a legacy spanning four decades. Committed to advancing environmental sustainability, energy solutions, and the agri-process sector, Praj has built an impressive global presence with over 1,000 customer references in more than 100 countries across all continents.

 

At the core of its contributions to the global bioeconomy are its flagship platforms, BioMobility and Bio-Prism. The BioMobility platform delivers cutting-edge technology solutions for renewable transportation fuels, promoting sustainable decarbonization through a circular bioeconomy. Meanwhile, the Bio-Prism portfolio encompasses innovative technologies for producing renewable chemicals and materials, driving sustainability and reimagining nature's potential. These advancements are powered by Praj Matrix, the company’s state-of-the-art R&D facility, which serves as the foundation of its clean energy initiatives. 

 

Praj's diversified offerings include Bio-energy solutions, critical process equipment and modularisation, breweries, zero liquid discharge systems, and high-purity water systems, reinforcing its position as a leader in sustainable industrial biotechnology.

 

The market capitalisation of Praj Industries is Rs 13,455.12 crore, according to BSE. The company falls under the BSE 500 category. 

 

At 2:53 PM, Praj Industries shares were trading 10.28 per cent higher at Rs 7345.40 per share. In comparison, BSE Sensex was trading 2.48 per cent higher at 79,067.17 levels.