Shares of Man Industries (India) Ltd surged 2% on 29 May after the company announced securing new orders worth Rs 490 crore from both local and foreign clients for the provision of various pipe types, which will be fulfilled in the upcoming six to eight months.

The company informed the stock exchanges that, with the most recent orders, the total estimated amount of the unexecuted order book is above Rs 2,600 crore.

Earlier on 21 May, the company secured an export order worth Rs 505 crore for supplying a range of pipes that have to be executed in six to eight months. 

In April, the company received approval from Shell Global for external, internal, and concrete coating of steel pipelines at Anjar in Gujarat. 

In its quarterly filing for January-March, the company reported a 19% year-on-year decline in net profit to Rs 24.13 crore for the quarter from Rs 29.83 crore reported in the same quarter of the previous fiscal year. For the full fiscal year 2024, the company’s net profit grew by 56% YoY to Rs 105.14 crore against Rs 67.04 crore in the preceding fiscal year. 

The revenue from operations of the company during the quarter stood at Rs 810.68 crore, marking a 35% YoY increase against Rs 597.66 crore reported in the corresponding period of the previous fiscal year. 

At 2:07 pm, the shares of Man Industries were trading 1.55% higher at Rs 350.05 on NSE.