Praj Industries reports 62% growth in Q3FY23 profit at Rs 62cr
Praj Industries has reported a profit after tax (PAT) of INR 62.31 crores for the third quarter of the fiscal year 2023 (Q3FY23), an increase of 62.3% compared to INR 37.05 crores in the same quarter of the previous fiscal year.
The Pune-based project engineering company had a profit after tax of INR 48.13 crores in Q2FY23.
Praj Industries said that its Q3FY23 income from operations of INR 909.97 crores an increase of 55.3% compared to INR 585.64 crores in the corresponding quarter of the previous fiscal year.
The company income from operations in Q2FY23 was INR 876.58 crores.
Praj Industries said that its order intake during the reported quarter was INR 944 crores, compared to INR 956 crores in Q3FY22 and INR 981 crores in Q2 FY23.
Shishir Joshipura — Praj Industries CEO and MD said: “We delivered consistent performance in Q3 FY23 by leveraging our strong execution capabilities with unrelenting customer focus.
“Energy transition and climate action is emerging as a strong development agenda globally. To address business opportunities arising out of this, we are investing in a new manufacturing facility to be housed in a new subsidiary.”
During the reported quarter, the Indian firm signed a memorandum of understanding (MoU) with France-based Axens to jointly work on sustainable aviation fuel related projects in India. The sustainable aviation fuel will be produced by deploying the integrated bioprocess technologies of Praj Industries for producing alcohol and Axens’ Jetanol Alcohol-to-Jet (ATJ) technology.
In the third quarter, Praj Industries also commissioned a 510 KLPD syrup to ethanol plant.