Indian multinational company Surya Roshni recently shared that it has received orders worth INR 123.95 crore from Indian Oil and INR 23.35 crore from GAIL respectively.
In an exchange filing, the company shared that it received the order from Indian Oil for the supply of API-5L coated pipes and bare pipes in the state of Tamil Nadu. Indian Oil’s supply order is required to be fulfilled in nine months. The order received from GAIL is for the supply of powder-coated GI pipes for GAIL’s City Gas Distribution project. This order would be executed over a period of 18 months.
The company’s December quarter results showed doubled net profit from last year, leaping from last year’s INR 40 crore to INR 90 crore this year. Although the company’s profits doubled from last year, the company’s revenue retained the same value at INR 2,021 crore. The company’s steel pipes and strips business showed great operating performance with EBITDA per MT rising 76 percent from last year to INR 6,733. Surya Roshni Ltd is one of the leading exporters of ERW pipes, and the largest producer of ERW GI pipes. It is one of the largest lighting companies in India.