ISGEC Heavy Engineering gains 4% on Rs 197.25-crore order win

The order is for renovating and modernising the electrostatic precipitators of 2×500 MW TPP at Chandrapur Thermal Power Station, the company has said

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Shares of ISGEC Heavy Engineering rose four percent intraday on March 27 after the company bagged a Rs 197.25-crore from Maharashtra State Power Generation Company (MSPGC).

The order is for the renovation and modernisation of the electrostatic precipitators for MSPGC’s 2×500 MW TPP at Chandrapur Thermal Power Station, the company said in an exchange notification.

The company has also signed a collaboration and licensing agreement with the US-based United Conveyor Corporation. The agreement is for the purpose to bid and execute ash handling projects for thermal power plants in India.

At 13.24 pm, shares of the company were trading 2.2 percent higher at Rs 451.85 on the BSE. The stock has fallen 16 percent in the past year.

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In the December quarter, the company reported net sales of Rs 1,597.06 crore, up 14 percent YoY. Net profit surged 34 percent to Rs 62.96 crore.

Sharekhan by BNP has a “neutral” rating on ISGEC Heavy Engineering. Despite a better show in the December quarter, sustainable improvement in overall performance and consolidated operating margin may take time as its manufacturing segment is witnessing volatile margins, it added.

Its cash conversion cycle—the time it takes for a company to convert its investments in inventory and other resources into cash flows from sales—has been increasing since March 2020. A shorter cash conversion cycle is good, as money would be tied up for a shorter span.