Everest Kanto Cylinder said that the board its wholly owned subsidiary EKC International FZE has given its in-principle approval for setting up of a CNG cylinder production facility in Egypt.
This facility would be set-up in the form of a joint venture with a local Egyptian partner with majority holding being with EKC FZE.
Everest Kanto Cylinder (EKCL) is engaged in the manufacturing of high pressure seamless cylinders for industrial gases and CNG applications, large diameter high pressure seamless vessels, large seamless cylinders, jumbo cylinders and jumbo skids for the storage and bulk transportation of CNG and various other industrial and specialty gases like Nitrogen, Helium, Argon, etc. The products manufactured by EKCL find application in domestic and international markets.
The company's consolidated net profit rose 19.36% to Rs 60.17 crore in the quarter ended December 2021 as against Rs 50.41 crore during the previous quarter ended December 2020. Sales rose 87.80% to Rs 463.89 crore in Q3 FY22 over Q3 FY21.
The scrip was currently trading 2.41% lower at Rs 186.35 on the BSE.
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