The state-owned Indian engineering, procurement and building (EPC) firm Engineers India Ltd (EIL) has registered a virtually two-fold enhance in worldwide orders to witness an unparalleled buoyancy within the section inside the first two months of the present monetary yr.
For the previous a number of years, the contribution of worldwide enterprise to the revenues of the New Delhi-headquartered EIL has ranged between 12-14 per cent. Nevertheless, since April the corporate has reported an as much as 30 per cent enhance there.
“In FY24, the overall orders are about Rs 652.8 crore, out of which Rs 209 crore is from worldwide enterprise,” the primary lady chairman & managing director of the 58-year-old firm, Vartika Shukla, instructed reporters throughout an interplay Friday.
Beneath Shukla’s management, EIL has been pursuing an aggressive enlargement technique in geographies the place it both already has a powerful presence or these providing potential for its future development. The corporate which added Guyana in South America as a brand new area in FY23, is especially focusing on Abu Dhabi and Africa for its outward push for this yr.
Referring to the rising orders from the Center East (Abu Dhabi area), Shukla stated this was due largely to an upside in investments directed at enhancing the manufacturing of oil & gasoline earlier than the transition to new and renewable sources of vitality peaked globally.
“It is rather essential that we money in on these alternatives wherever they’re obtainable. And such alternatives are largely obtainable within the Center East. We’re very well-positioned due to the lengthy relationship with our purchasers there,” averred Shukla.
She stated EIL’s high quality of companies and the aggressive pricing it supplied gave it a pure benefit over different international EPC companies.
“It’s simpler to interrupt in there and the volumes are giant. We now have virtually tripled our manpower within the Center East, which reveals the arrogance that our purchasers have in us. Therefore, we’re consolidating our presence within the area,” she added.
The majority of orders acquired by EIL within the present fiscal is a mixture of infrastructure and oil & gasoline. It lately bagged a undertaking value round Rs 160 crore for a greenfield urea and ammonia advanced in Africa in addition to bagged a contract valued at Rs 31.50 crore for minor engineering works for offshore amenities from Abu Dhabi Nationwide Oil Group of Firms (ADNOC).