Ion Exchange hits upper circuit after bagging mega order

Ion Exchange reported that it has successfully signed a contract for engineering, procurement, supply and construction of water treatment plant worth Rs. 438.84 crore from Cairn Oil & Gas, a division of Vedanta.

It has been working hard to enter the Indian market for water infrastructure after its Sri Lankan success. Based on the positive news, the stock hit the upper circuit in the opening trade on Friday. The stock was locked at Rs. 410.35 per share on the BSE after gaining 5 per cent.

Ion Exchange is into water, waste water treatment and environment solutions and caters to various industries, homes and communities. It has six manufacturing and assembly facilities across India, and one each in Bangladesh and UAE. The company has over 50 patents to their credit and has more than 100 commercialized products.

The consolidated PAT of company grew at 38 per cent yoy from Rs. 288 crore in FY17 to Rs. 398 crore in FY18. In FY18, the company earned 58 per cent, 32 per cent and 10 per cent revenues from its engineering, chemicals, consumer products business segments, respectively.