Ion Exchange share price flies 10% on Rs 161-cr order win; details here
Source: Business Standard
Ion Exchange shares zoom: Shares of Ion Exchange jumped as much as 9.61 per cent to hit an intraday high of Rs 709.30 per share on Thursday, September 19, 2024.
The uptick in Ion Exchange share price came after the company announced that it has secured an order worth Rs 161.19 crore from Adani Power.
In an exchange filing, Adani Power said, “We wish to inform you that the Company has been awarded Contracts from Adani Power Limited for Comprehensive & Complete Total Water & Environment Management Solution valued at approximately Rs 161.19 crores for Process & Utility required of 2 x 800 MW units for Raipur & Raigarh Ultra Super Power Projects.”
Under the order details, Ion Exchange will be responsible for engineering, procurement & construction (EPC) of total water and environment management systems for process and utility required of 2 x 800 MW units for Raipur & Raigarh ultra super power projects.
The projects are to be completed within 18 months from Project Award dates, the company said.
Ion Exchange is a leader in water management solutions, addressing every aspect of the water cycle from pre-treatment and process water treatment to wastewater management, recycling, zero liquid discharge, sewage treatment, packaged drinking water, and seawater desalination.
With over 100,000 installations worldwide, the company serves a diverse clientele, including industries, institutions, homes, and communities, and has established itself as a pioneer in water and wastewater treatment and environmental solutions.
The company operates through three main business segments including Engineering, Chemicals, and Consumer Products.
In Q1FY25, the Engineering segment contributed 58 per cent of revenue, growing 13 per cent Y-o-Y with a major increase in earnings before interest, taxes (Ebit) of 26 per cent, driven by medium-sized job orders and international contracts.
The Chemicals segment accounted for approximately 30 per cent of revenue, achieving a 36 per cent Y-o-Y growth in both revenue and Ebit.
Meanwhile, the Consumer Products segment, which serves individuals and institutions, recorded a 9 per cent revenue growth but faced an Ebit loss of Rs 3.4 crore.
Geographically, 78 per cent of revenue comes from domestic markets, while 22 per cent is from exports to various regions including Africa, Japan, and Europe, supported by a robust network of over 36 sales and service centres and more than 100 channel partners.
At 10:41 AM, shares of Ion Exchange were trading 7.53 per cent higher at Rs 695.80 per share. In comparison, BSE Sensex was up 0.61 per cent at 83,458.26 levels.
First Published: Sep 19 2024 | 10:46 AM IST
