Shares of WPIL, locked at a 10% upper circuit at Rs 2,038.85, hit a new high on the BSE on Friday after the company announced it had received a letter of acceptance (LoA) from Jal Nigam Maryadit in Madhya Pradesh at Rs 1,225 crore.

The stock surpassed the previous high of Rs 1,949 on February 21, 2023. Average volumes traded over the counter jumped more than seven-fold today. Nearly 1.03 lakh equity shares changed hands, with 43,856 buy orders pending on the BSE. In contrast, the S&P BSE Sensex gained 1.4% to 59,712.

WPIL said the LoA is for the execution of a turnkey project including engineering, procurement, construction, testing, commissioning, and 10-year operation and maintenance of Bebus Sunar 2, Kutne Rajnagar, Lower Narmada and Mann Dam multi-village schemes with a total value of 1,225 crores will be completed within 24 months.

Meanwhile, in the last month, shares of the industrial products company jumped 83% after reporting strong December quarter (Q3FY23) results, with profit after tax (PAT) up 459% year-on-year to Rs 83.7 crore on solid income. In contrast, the S&P BSE Sensex fell nearly 2%.

WPIL is in the business of providing flow solutions from pump supply to turnkey project execution. In Q3FY23, the company’s revenue rose 106% YoY to Rs 507.2 crore. Ebitda’s margin improved by 732 basis points to 20.9% in the quarter.

Strong revenue growth was driven by international business and turnkey business. Global business revenue rose 64% year-on-year to Rs 239.6 crore. Turnkey project revenue grew 180% YoY to Rs 254.3 crore. Stable commodity prices supported improved margins across all businesses.

The company said increased government focus on the Jal Jeevan Mission supports the business outlook. Rutschi’s nuclear business has been buoyed by France’s announcement of plans for a new reactor. The company had an executable order book of Rs 3,345 crore on December 31, 2022.

Management said the international business was responding positively to healthy demand from the oil and gas sector and infrastructure projects in the MENA region. In addition, management said the new reactor announced by EDF is an important medium-term opportunity that the company aims to seize.