Maharashtra Seamless Ltd on Thursday announced that it has received a work order from ONGC for the supply of casing seamless pipes. The order is worth approximately Rs 674 crore.
“We are pleased to inform you that the Company has received order with basic value of Rs 674 crore approx. from ONGC Ltd for supply of casing seamless pipes,” the company said in a regulatory filing.
The order, it added, will be completed with gradual dispatches within a period of 44 weeks.
Earlier in January, Maharashtra Seamless had received two contracts with an aggregate basic value of approximately Rs 116 crore from Indian Oil Corporation for the supply of seamless pipes. In December 2023, it had bagged an order with a basic value of Rs 187 crore from ONGC for the supply of premium casing seamless pipes.
For the third quarter of FY24, Maharashtra Seamless had posted topline increase by 6.92 per cent and a profit growth of 60.66 per cent YoY. As compared to the previous quarter, the revenue had declined by 6.78 per cent and the profit had increased by 10.18 per cent.