MAN Industries, a major exporter of LSAW and HSAW pipes, has bagged a major export order worth Rs 1,700 crore for coated line pipes for a gas pipeline project from an international client, a company filing said on September 3, sending the shares higher by over 7 percent.
The order is expected to be executed within the next 6-12 months, and offers 'higher realizations and strong margins', the company informed.
The order has propped up MAN Industries' total unexecuted orderbook to an all-time high of Rs 4,700 crore, with exports making up nearly 80 percent of the share. The management said it is 'actively bidding' for projects worth around Rs 15,000 crore.
" We are confident of sustaining this momentum through the year and remain on track to deliver the guided 20% topline growth for this fiscal, while continuing to serve both domestic and international markets with distinction," Nikhil Mansukhani, Managing Director of MAN Industries said.
The management informed that the expansion projects in Saudi Arabia and Jammu are progressing well, and will strengthen the company's global footprint, help diversify and expand domestic capacity.
MAN Industries is one of the largest makers and exporters of large diameter carbon steel line pipes in India, and has capabilities in LSAW (Longitudinal Submerged Arc Welded), HSAW (Helical Submerged Arc Welded), and ERW (Electric Resistance Welded) pipe technologies, as well as advanced pipe coating.
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