Engineers India net rises 26% in Q4

State-owned project consultancy company Engineers India Ltd on Friday reported a 25.6 per cent rise in its March quarter net profit as margins increased on projects nearing completion.

Net profit of Rs 158.72 crore in January-March compared to Rs 126.28 crore earnings in the same period last year.

EIL chairman and managing director Vartika Shukla said margins rose as projects achieved completion.

For the full fiscal 2022-23 (April 2022 to March 2023), its net profit was flat at Rs 342.2 crore.

The company, which provides engineering consultancy and EPC for oil gas, fertilizer, infrastructure and other sectors, had an order book of Rs 9,079 crore as of March 31, 2023, Shukla said.

During FY 2022-23, EIL secured business worth around Rs 4,700 crore against the order value of around Rs 1,650 crore in FY 2021-22.

In the current financial year that started in April 2023, the company has already secured business worth around Rs 650 crore, with more than 30 per cent coming from the international market, she said.

''The overall order book status of the company, however, as of March 31, 2023, stood at Rs 9,079 crore, including go ahead of around Rs 1,600 crore out of which 9 per cent of the order value is contributed by the private sector projects,'' she noted.

She said EIL was providing consultancy for USD 20 billion worth of projects that range from the Vizag refinery expansion of HPCL to the building of a new greenfield refinery at Barmer in Rajasthan, the expansion of the Panipat refinery of IOC and the Chennai refinery expansion project.

''EIL has been transforming and expanding its business operations to emerge as a global industrial powerhouse through its robust engineering and technology portfolio,'' she said, adding EIL recently helped commission the mega Dangote oil refinery project in Nigeria, having a total capital outlay of almost USD 20 billion.

Expanding its reach, EIL has recently bagged another project worth around Rs 160 crore for a greenfield urea and ammonia complex in Africa. ''We have also progressed well with our ongoing engagement in Mongolia and Guyana. Strengthening our Abu Dhabi office has started fetching results as EIL bagged several projects from our esteemed clients in this part of the world,'' she said.

It has also marked its footprints in the areas pertinent to the energy transition, such as energy efficiency improvement, biofuels and green hydrogen. ''EIL also secured projects in the area of energy-efficient infrastructure. Some of them include consultancy services for Jewar Airport, Noida, and AP Airport Development Corporation etc,'' she added. ''We are anticipating more such projects in this sector in the near future.'' EIL is already implementing infrastructure projects related to data centres, Leh Airport, Fintech University & Technological Park, horticulture marketing and restoration of heritage buildings.

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