Man Industries surges 9% as company bags export order of Rs 1,300 crore

Shares of Man Industries (India) Ltd gained as much as nine percent in trade on Thursday after the company announced that it has won a new export order of approximately Rs 1,300 crore. With the new export order, Man Industries said that its total order book now stands at approximately Rs 2,000 crores which would be executed in the nect six to eight months.

Man Industries stock hit an intraday high of Rs 92.80 apiece on BSE on Thursday. It later trimmed some gains to trade at Rs 91 per share, up 6.88 percent, at 12:50 pm.

On February 13, the company had bagged another set of orders worth Rs 500 crores.

“This order reflects a robust business environment and showcases the trust of the customers they have in the company’s technological and executional capabilities,” the company said in a stock exchange notification.

The company reported a rise of 19 percent in its third quarter net profit on a year on year basis, while EBITDA margin was recorded with a decline of 40 bps compared to the same quarter last year.

"The growth in revenue this quarter was mainly driven by timely execution of projects which gives us the confidence of achieving our yearly targets. The order book of the company continues to remain strong. We have participated in large bids for new businesses in domestic and overseas markets and we expect to receive incremental orders in the coming months. With softening of raw material prices, we expect better realizations as well," said Man Industries’ Chairman, RC Mansukhani after Q3 earnings report.