Orient Refractories completes acquisition of assets from Manishri Refractories

Orient Refractories Limited has completed the process of acquisition of assets/plant & machinery from Manishri Refractories & Ceramics Private Limited.

The company has entered into Asset purchase agreement with Manishri Refractories & Ceramics Private Limited, to acquire certain assets /plant & machinery situated at Baichuana, Tangi, Distt.‐ Cuttack, Orissa. The same will help the company in diversification of its existing product line by adding new products like Magnesia Carbon Bricks etc.

The company's consolidated revenue for June quarter of FY20 came in at Rs. 188.95 crore as against Rs. 174.09 crore in the corresponding quarter last year, registering 8.5 per cent yoy increase. The EBITDA for the quarter rose by 22.3 per cent yoy to Rs. 34.9 crore as against Rs. 28.53 crore in the corresponding quarter last year, with a corresponding margin expansion of 208 bps. EBITDA margin for the quarter stood at 18.5 per cent. PAT for the quarter came in at Rs. 22.45 crore as against Rs. 21.9 crore in the corresponding quarter last year, registering a yoy increase of 2.5 per cent.

Orient Refractories offers a wide range of Refractory and Monolithic products for the iron and steel industry and enjoys large domestic and international clientele.

On Friday, stock of Orient Refractories closed at Rs. 211.65, up by 1.05 per cent from its previous close. During the session, it made an intraday high and low of Rs. 213.15 and Rs. 208.65, respectively.