MAN Industries (India) Ltd., one of the leading large diameter pipe, manufacturing companies, has announced its financial results for the quarter ended June 30, 2024.

MAN Industries (India) reported a consolidated Revenue at Rs. 748.7 crore (+52.7% Y-o-Y) with an EBITDA of Rs. 57.9 crore (+14.7% Y-o-Y). Profit after tax (PAT) stood at Rs. 19.1 crores (+69.9% Y-o-Y).

The company reported EBITDA and PAT are quite strong on a year-over-year basis. Still, we expect further stronger and more sustainable Operating and Net profit margin going forward. The company envisage sustainable margins going forward on ramp up of ERW mill and value added products like API Pipes, whose production was delayed due to certification and approval process and got started in Q4FY24.

The current unexecuted order book, as of today, stands at approx. Rs. 4,000 crore, to be executed within the next 6 to 12 months. The company has a sound financial health with net cash position of Rs 174 crore as on March 31, 2024.

Man Industries (India) is going ahead with its expansion plan of setting up a new plant at Dammam, Saudi Arabia with an approx. cost of Rs 600 crore. This plant will include line pipe manufacturing and a coating facility.

Commenting on the company's Q1 FY25 performance, Nikhil Mansukhani, Managing Director, MAN Industries (India) Limited, said,” promising performance in the last quarter and securing new order wins are emphasizing our commitment towards excellence despite of global and domestic headwinds. On operational front, we have a strong order book of aprrox. Rs 4,000 crore to be concluded in next 6 to 12 months. We envisage a strong order book for coming quarters and are hopeful for the stronger performance going forward.

“Having said that, Our ERW mill has successfully received API (American Petroleum Institute) Certification, these pipes are usually required in O&G industry and with higher margin. Your company is aggressively heading towards its expansion plans for both SAW and Stainless-Steel Seamless Tubes, which are very much on track. Further, I am quite excited to announce our upcoming line pipe and coating facilities in Dammam, Saudi Arabia that would cater overwhelming Saudi demand. We believe we can fulfil our commitments towards all our stakeholders."