VA Tech Wabag shares soar 8% after large order win worth Rs 2,700 cr
Source: Business Standard
VA Tech Wabag share price surged up to 7.73 per cent at Rs 1390.25 per share on the BSE in Friday’s intraday deals. VA Tech Wabag share price scaled water supply and management company announced a large order win worth Rs 2,700 crores.
The company secured the major contract from the Saudi Water Authority (SWA). This order is for the engineering, procurement, construction, and commissioning (EPCC) of a 300 million litres per day (MLD) Sea Water Reverse Osmosis (SWRO) Desalination Plant in Yanbu, Saudi Arabia.
The company in an exchange filing said that the plant, located on the west coast of Saudi Arabia, will use Dual Media Filters, a two-pass Reverse Osmosis process, and Re-mineralization to produce high-quality potable water. The project is set to be completed within 30 months.
WABAG has been present in the building and operating water and waste-water treatment plants, for over 4 decades. Globally, WABAG has constructed over 60 desalination plants in 17 countries, for various municipalities and industries.
Va Tech Wabag reported a 10.00 per cent increase in net profit, reaching Rs 55.00 crore for the quarter ended June 2024 (Q1FY25), compared to Rs 50.00 crore in the same quarter of the previous year. Sales grew by 13.33 per cent, rising to Rs 626.50 crore in Q1FY25 from Rs 552.80 crore in Q1FY24.
The company has a total market capitalisation of Rs 8,378.61 crore. Its shares are trading at a price to earnings multiple of 33.59 times with an earning per share of Rs 38.41 per share.
At 10:06 AM; the share price of the company was trading 3.23 per cent higher at Rs 1332.15 a piece. By comparison, the BSE Sensex was trading 1.08 per cent lower at 81,314 levels.
First Published: Sep 06 2024 | 10:20 AM IST
