MAN Industries says that there is a robust book of bids totalling more than INR 17,000 crore in various stages of evaluation for various oil, gas, and water projects in both the domestic and global markets.

MAN Industries (India) Ltd., the flagship company of MAN Group and one of the leading large diameter pipe manufacturing companies, has announced its financial results for the quarter that ended June 30, 2022, i.e. Q1 FY23.

In the first quarter of the current FY, the Mumbai-based firm registered a standalone total income of INR 507.9 crore in Q1FY23, compared to INR 410.30 crore in Q1FY22. Thus, the total income grew by 23.80 percent y-o-y. On a consolidated basis, total income jumped 27.5 percent y-o-y to INR 523 crore.

The EBITDA for the quarter stood at INR 35.20 crore while it was INR 45 crore in the corresponding quarter of the previous fiscal year. Further, the company reported the standalone PAT at INR 10.50 crore in Q1FY23, as against INR 19.30 crore in Q1FY22. The consolidated PAT for the quarter under review was INR 9.80 crore.

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The unexecuted order book or backlog of orders currently stands at approximately INR 1,000 crore, which is expected to be executed in the next five-six months. As per the company’s interaction with the media, there is a robust book of bids totalling more than INR 17,000 crore in various stages of evaluation for various oil, gas, and water projects in both the domestic and global markets.