New Delhi: For the fiscal year under review, Engineers India Limited (EIL)’s turnover amounted to ₹3,232 crore in which the Consultancy and Engineering segment contributed ₹1,454 crore, while the Turnkey segment delivered ₹1,778 crore. Notably, the Profit After Tax (PAT) increased to ₹357 crore from ₹342 crore and the Earnings Per Share rose to ₹6.35, up from ₹6.09, underscoring the enhanced value that the company generates for its shareholders.
At a Press Conference organised in New Delhi on the occasion of its 60th year of its service to the nation, C&MD Vartika Shukla emphasised that the company’s financial performance demonstrates resilience and robust financial stability.
“The consolidated profit for FY2023-24 surged to ₹445 crore, marking a 29% rise from the ₹346 crore achieved in the previous year. This growth is indicative of our strong performance and our adeptness at capitalizing on opportunities,” Shukla said.
“As a majority government-owned PSU, EIL has a strong dividend policy which is one way of generating wealth for the shareholders. To date, the company has distributed ₹4,340 crore in dividends, including ₹3,105 crore to the Government of India. During FY 2023-24, EIL declared an interim dividend of Rs 2 per share and a Final dividend of Rs 1 per share which is subject to shareholder approval in this Annual General Meeting. This reflects the organization’s commitment to delivering consistent returns to its shareholders while reinforcing its stature as a leading corporate entity,” she remarked.
During the fiscal, EIL’s order inflow reached ₹3,406 crore, reflecting its prominent market presence. The order book, as on March 31, 2024, stood at ₹7,823 crore, and within this substantial inflow, the domestic segment emerged as a growth driver, contributing ₹2,907 crore. This includes a diverse range of OBE/LSTK assignments valued at ₹2,111 crore. On the international stage, the company has secured ₹499 crore in new contracts and made a re-entry into Algeria and Kuwait. These projects signify its expanding global footprint and enhanced capabilities.
EIL has also strengthened its Abu Dhabi office resulting in an increase in business inflow from ₹93 Cr in 2022-23 to ₹ 146 Cr in FY 2023-24, an increase of 57% on a year-on-year basis. Till 31st August, the order inflow from Abu Dhabi office has already touched ₹141 Cr and the company is anticipating a healthy order inflow in future as well.
As on date during the current financial year, EIL has already secured new business worth ₹4681 Cr and as on 31st August, our orderbook has touched around ₹11,350 crore.
In the fiscal year 2023-24, EIL has advanced its global footprint and project portfolio. The commissioning of the Dangote Oil Refinery Project in Nigeria, a $20 billion venture reflects company’s pivotal role in advancing the ‘Local to Global’ vision articulated by the honourable Prime Minister of India.
Further, the company is providing PMC services for a 1.5 MMTPA refinery in Mongolia financed by a Line of Credit from the Indian government, a testament of EIL’s capabilities to handle complex project in harsh climatic conditions like Mongolia.
EIL is also providing FEED and PMC services for the NHT-CCR Reforming Unit at Arzew Refinery in Algeria and is contributing to the modernization of Bahrain's refining sector through the design package preparation for a desalination plant. In Kuwait, EIL is a consultant for the FEED and ITB preparation for revamping the existing AGRP-1 Unit at MAA Refinery.
EIL continues to strengthen its presence in Guyana by providing consultancy services for the Integrated NGL Plant as well as 300 MW CCGT Power Plant and has also expanded its reach in the Middle East with several critical projects for ADNOC and other clients.
“Dedication to green business practices and environmental stewardship remains the foundation of EIL. The company is leading the transition to cleaner energy by foraying in the area of biofuels. It is providing its services in the implementation of one of largest capacities Biorefinery projects in India for Assam Biorefinery Private Limited (ABRPL), which is nearing completion. Additionally, the company is leading the development of a PFR for a 2 G Ethanol (bamboo-based bio refinery) project for NRL in Meghalaya,” Shukla noted on being asked about EIL’s efforts for the environment.
EIL is also leading the initiatives to set up Bio-ATF plants in India in Collaboration with CSIR-IIP and has already developed a Basic Engineering and Design Package (BEDP) for MRPL. Moving further, the company has undertaken preliminary studies on the development of 3G biofuel production technology and has been able to identify microalgae species for biofuel production studies.
Its efforts in solar energy projects include a 13.7 MWp rooftop solar project for HMEL Green Energy Pvt. Ltd. and eyeing opportunities for integrating renewable power in the refinery process units.
EIL has been a front runner in implementing projects related to Green Hydrogen as well both for its production through electrolyzers and assessment of blending hydrogen in the existing natural gas pipelines. EIL provided EPCM services to GAIL for the execution of the balance of plant (BoP) and associated facilities for the installation of a 10 MW green hydrogen production facility in Vijaipur, Uttar Pradesh which as already been commissioned. This plant is designed to produce 4.3 tonnes per day (TPD) of green hydrogen using renewable energy from the grid.
EIL has also developed several IIoT-based digital interventions to optimize the existing asset performance in the refineries. EIL offers various digital products and services through a dedicated Digital Technology Solutions (DTS) department catering to the emerging needs of the energy sector clientele.
On a question asked by Bureaucrats India, the CMD noted that EIL operating in north-eastern states like Assam and Meghalaya has its own implications. The region needs to be developed, so the company operates there with a responsibility towards the nation, not with an expectation for Return on Investments (ROI). Asking for ROI in its north-eastern operation had never been its objective, all EIL initiatives are supported in a manner of fiscal incentives. /BI
