Pune, May 17, 2018: Indian Oil Corporation Limited (IOCL), India’s flagship oil company has issued a Letter of Acceptance (LOA) to Praj for their upcoming 2nd generation biorefinery project located in Panipat, Haryana. This project will have the production capacity of 100 kilo liter per day of ethanol from biomass such as rice straw.
Praj’s scope for the said project comprises license of proprietary technology, design package and project management services (EPCM) for a value of Rs 38.7 cr. This is further to the MOU entered between Praj and IOCL in Sept 2016.
As for the earlier contract with Bharat Petroleum Corporation Limited (BPCL) for license of proprietary technology and design package, Praj is on track with the execution. Praj is also participating in further major tenders released by BPCL for the said project.
Praj announced its audited financial results for Q4 and FY 2017-18.
Performance Review for Q4 FY18 – Consolidated:
- Income from operations (net of excise duty) stood at 274.53 crore (Q4 FY17: Rs. 301.57 crore, Q3 FY18: Rs. 248.28 crore)
- PAT is at 26.81 crore (Q4 FY17: Rs. 22.78 crore, Q3 FY18: Rs. 7.53 crore)
- Order intake during the quarter stands at Rs 375
Performance Review for FY18 – Consolidated:
- Income from operations (net of excise) stood at 916.59 crore (FY17: Rs. 915 crore)
- PAT is at 39.49 crore (FY17: Rs. 44.60 crore)
Dividend FY 2017-18:
The Board of Directors has recommended dividend of Rs 1.62 per share (81%) on paid up capital of Rs 36.19 crore.
Key Developments
- In the latest development, the Union Cabinet chaired by the Prime Minister Modi has approved National Policy on Biofuels – This policy will provide impetus to the biofuel program in India leading to additional ethanol production by deploying 1st (additional feedstock) and 2nd gen technology. The policy highlights can be found here http://pib.nic.in/newsite/PrintRelease.aspx?relid=179313
- Praj’s 2nd generation ethanol integrated biorefinery demo plant has attracted a lot of attention from stakeholders around the It was recently visited by the delegation of senior executives from bio-industrial sector representing renowned organizations as a part of the EU- India Conference on Advanced Biofuels. This visit is significant in the wake of EU’s expected next framework on Renewable Energy Directive (RED II).
- Praj’s position as a frontrunner in the development of 2nd generation ethanol technology gets reinforced by the US based prestigious Biofuel Digest in a recently published list captioned “50 Hottest Companies in Advanced Bioeconomy – 2018”. The list consists of companies from different parts of the world making noteworthy contribution to the global renewable energy Praj has secured 34th rank is this global list.
- As a demonstration of its continued focus on innovation, Praj has added 3 more patents in the biochemical technology domain taking the overall tally to 17
- Engineering business forayed into newer international geographies on the back of orders received from prestigious
- Corporate Comm India(CCI NewsVoir)
