Pipe maker MAN Industries (India) Ltd on Tuesday reported more than doubling of its consolidated net profit to Rs 27.28 crore for the quarter ended September 30.
The company had posted a net profit of Rs 10.06 crore during the same quarter a year ago, MAN Industries said in a BSE filing.
Total income grew to Rs 595.13 crore during July-September 2020-21 from Rs 319.06 crore in the year-ago period.
Total expenses stood at Rs 560.04 crore during the quarter under review as against Rs 304.74 crore a year ago.
"The robust performance is despite the uncertainties created by the pandemic. Opportunities in the oil and gas sector remain positive on the back of stabilizing oil prices and revival of projects in domestic as well as export markets,” MAN Industries Chairman R C Mansukhani said in a post-earning statement.
"Government focus on water infrastructure projects remains the key driving force in the sector,” Mansukhani added.
MAN Industries is the flagship company of Man Group and is one of the largest players in LSAW (longitudinal submerged arc welding) pipes, spirally welded pipes and coating systems.
The company recently won a Rs 370-crore pipe supply order from IHB Pvt Ltd, a joint venture of Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd, for its 2,805-km Kandla-Gorakhpur LPG pipeline project.
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