Indian Hume Pipe Company up 5% on Rs 639.16 crore order win

Indian Hume Pipes Company shares jumped 8 percent on August 18 after the company announced that it had received a letter of award (LoA) from the Government of Odisha for the execution and maintenance of a rural piped water supply project worth Rs 639.16 crore.

In an exchange filing, the company said that it had received the order to execute an extensive rural water supply scheme from the Department of Rural Water Supply and Sanitation. As a part of the order win, the company is expected to implement the water supply scheme in six blocks of Puri District in Odisha within two years. After its completion, the company also said that it is expected to operate and maintain the project for five years.

At the closing on August 18, Indian Hume Pipe stock was quoting at Rs 285.90, up Rs 14.20, or 5.23 percent.

In its Q1FY24 results, the company reported a 3.6 percent year-on-year (YoY) decline in its revenue from operations at Rs 347 crore. Profit after taxes (PAT) for the June quarter was 142 percent to Rs 8.51 crore. Meanwhile, the operating profit margins expanded by 31 basis points to 8.40 percent.