Rs 12,000 crore order book and DIIs increase stake: Late investor Rakesh Jhunjhunwala’s multibagger stock secures USD 33.5 million contract in Saudi Arabia!
Shares of the company gained about 40 per cent in the last six months.
VA TECH WABAG, a water technology leader, secured a USD 33.5 million contract to build a 20 million liter per day industrial wastewater treatment plant (IWWTP) at Saudi Aramco's Ras Tanura Refinery Complex. This project involves engineering, procurement, and supervision of the plant, designed to treat a mix of wastewater from various refinery sources.
VA TECH WABAG will utilize a combination of biological, filtration, and reverse osmosis technologies to partially treat the wastewater for reuse within the refinery. The company will also employ wet air oxidation to handle specific waste streams.
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The project is expected to be completed in 20 months, this project solidifies VA TECH WABAG's foothold in the Saudi water treatment market and showcases its expertise in handling complex industrial wastewater while promoting sustainable water management solutions.
In Q2FY24, the company posted an 11.38 per cent decrease in its consolidated revenue at Rs 665, crore compared to Rs 750.40 crore from the previous year’s corresponding quarter. The operating profit of the company stood at Rs 101.50 crore, while the PAT of the company stood at Rs 59.65 crore, from Rs 44.20 crore last year's same quarter. The company has an order book of rs 12,000 crore and DIIs have increased their stake in the company.
Va Tech Wabag Limited is engaged in the business of the water treatment field. Its principal activities include the design, supply, installation, construction, and operational management of drinking water, wastewater treatment, industrial water treatment, and desalination plants. Rekha Rakesh Jhunjhunwala holds an 8% stake in the company. The stock has also delivered multibagger returns of over 110 per cent in the last one year.
The stock has shown impressive growth, and investors should keep a close eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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