Power Mech Projects advanced 2.50% to Rs 901.30 after the company received a letter of award (LoA) worth Rs 2,120 crore.
Power Mech Projects announced bagging orders worth Rs 2,120 crore under Jal Jeevan Mission (JJM) program. The company has won the new orders under Phase-III projects in 2,120 villages of Pratapgarh, Fatehpur and Meerut districts in Uttar Pradesh. Major components of the project are about 2,100 tube wells, 2,100 water tanks, and 13,000 km of pipeline network for supply of drinking water to about 50 lakh population.
In 2020, the Govt of India had initiated Jal Jeevan Mission, to provide safe and adequate drinking water through individual Functional House Tap connections (FHTC) to every rural household in rural India by 2024. The goal of JJM is to provide functional household tap connection to every household with a service level at the rate of 55 liters per capita per day (Ipcd) The total estimated cost of JJM is Rs 3.60 lakh crore. The fund sharing pattern between Centre and State is 50:50. The 15th Finance Commission Grants have assured funding of Rs 15,204 crore for JJM in Uttar Pradesh. The Govt. of India had made a budget allocation of Rs. 60,000 crore in FY2022-23 for Jal Jeevan Mission.
The net profit of Power Mech Projects soared 950.48% to Rs 32.88 crore in the quarter ended December 2021 as against Rs 3.13 crore during the previous quarter ended December 2020. Net sales jumped 27.03% to Rs 645.91 crore in the quarter ended December 2021 as against Rs 508.49 crore during the previous quarter ended December 2020.
Power Mech Projects operates as an engineering and construction company, which provides erection, testing and commissioning (ETC), civil and operation and maintenance services for power projects.
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