Power Mech Projects Ltd on Friday announced that it has bagged orders worth Rs 2,192.41 crore for revival & operations and maintenance (O&M) services, and mining of river bed minerals (RBM).
The company secured a contract for Revival & Operations and Maintenance (O&M) services at coal fired power plant consisting of 2×150 MW (Phase-1) and 2×350 MW (Phase-2) Sub-Critical Units located at village-Thamminapatnam, District Tirupati, Andhra Pradesh from Meenakshi Energy Limited for Rs 674.81 crore. This contract, it said, is to be executed in a period of five years.
The company’s second order is for mining of river bed mineral (RBM) located in river bed of Dehradun, Haridwar, Udham Singh Nagar and Nainital Districts for Rs 1,517.60 crore. This Contract would be executed through a special purpose vehicle to be incorporated for the same, over a period of five years, it said in a regulatory filing.
Earlier in November this year, Power Mech Projects had posted a 20 per cent year-on-year jump in consolidated net profit. Net profit was at Rs 51.3 crore in the quarter ended September FY24, backed by operating and topline numbers. The company’s revenue from operations grew by 20.9 per cent YoY to Rs 932.5 crore in Q2FY24.
On October 31, Power Mech won a Rs 355 crore order from Bharat Heavy Electricals Limited (BHEL).