May 24: MAN Industries (India) Limited (NSE: MANINDS, BSE:513269) one of the leading Large Diameter Pipe manufacturing company, has reported more than 150% increase in the net profit from Rs 10.72 cr to Rs 27.57 cr in the fourth quarter of. 2017-18 as compared to the same period in 2016-17. The total income also has gone up from Rs. 312.12 cr. to Rs 497.79 cr during the same period registering a growth of more 60%.
Total income of the Company on standalone basis during the year has gone up from Rs.1134.63 cr to Rs. 1630.9_3 cr registering an increase of more than 50%. Net profit during the year has gone up from Rs. 32.25 cr to Rs. 63.36 cr. up almost 100%.
During the year company has successfully commissioned state of the art Concrete Wet Coating (CWC) Plant and also executed a prestigious export order for CWC Pipes. Company expects that ewe Pipes Will have a very strong demand outlook for future due to more investment in offshore Gas Pipeline Projects.
Commenting on the robust financial performance of the Company, Mr. R. C. Mansukhani, Chairman said “During the year the company has posted vastly improved performance on the back of strong order book position in domestic as well as export business Increase in Oil prices will translate in revival of capex cycle in Oil and Gas industry which Will further improve the performance of the company in the years to come. He further added that improved capacity utilization in the large diameter pipe industry after a very long time will also translate 111 beller margins going forward.
The company continues to have a robust book of outstanding bids for more than Rs. 10000 cr. at various stages of evaluation for several Oil. Gas and Water projects in India and abroad. The company therefore expects good order inflow in near future.
The unexecuted order book as on date is approximately Rs. 1800 cr. to be executed over a period of next 8 to 10 month