Man Industries Bags ₹505 Crore Order from International Company

Man Industries, a large-diameter pipe manufacturer, secured new orders worth ₹505 crore, boosting its unexecuted order book to ₹2,100 crore.

Man Industries (India) Ltd on Tuesday announced that it has received fresh orders worth ₹505 crore from international buyers. The order includes delivery and commissioning of various pipelines over the next 6-8 months, the company disclosed in a filing with the Bombay Stock Exchange (BSE).

"This order reflects the robust business environment and showcases the trust customers have in the company’s technological and executional capabilities," stated Man Industries (India) Limited in the exchange filing.

This new order brings the company's total unexecuted order book to approximately ₹2,100 crore, which is expected to be completed within the next six to eight months.

Man Industries (India) Ltd has reported a decline in both revenue and net profits in its latest quarterly results. On a quarterly growth basis, the company has seen an 18.46% decrease in revenue over the past three months. Besides, the net profit for Q3 FY2023-2024 has declined by 17.74% compared to the same period last year, totalling ₹30.60 crore.

Established in 1988, Man Industries (India) Ltd is a leading global manufacturer in the line pipe industry, specializing in the production of large-diameter carbon steel submerged arc welded (SAW) pipes. It serves a wide range of industries including oil, gas, and water transmission.

The company's shares closed at ₹370 on the NSE on May 21, experiencing a dip of 0.74%. However, in the 1 past year, the shares have surged by approximately 191%.