Ion Exchange Secures Rs 1.68 Billion Contract from Technimont SpA
Indian water treatment solutions company, Ion Exchange, witnessed a surge in its share price on September 9th, as it announced a significant contract win with Technimont SpA. The company’s stock price increased by up to 3% and reached an intraday high of Rs 685.20 on the Bombay Stock Exchange (BSE).
Under this newly secured contract, Ion Exchange will be responsible for executing a work contract worth Rs 1.68 billion for the Hail & Ghasha Development Project. This project is being conducted for Abu Dhabi National Oil Company in the United Arab Emirates. An exchange filing revealed that the contract timeline is set for completion within 61 weeks from the award date.
Fiscal Update and Performance
During the first quarter of the fiscal year 2024-25, Ion Exchange reported positive financial results. The company’s revenue increased by 18.67% year-on-year, amounting to Rs 5.79 billion. It is important to note, however, that there was a 27.5% drop in revenue compared to the previous quarter.
On the profitability side, the net profit rose by 35.14% year-on-year, reaching Rs 449.6 billion. Nevertheless, the company witnessed a 38.23% decrease in net profit from the previous quarter.
With a market capitalization of Rs 99.10 billion, Ion Exchange currently trades at a price-to-earnings ratio of 46.43 times. Its earnings per share stand at Rs 14.33. As at 10:16 AM, Ion Exchange’s stock was trading at Rs 433.50, demonstrating a growth of 1.59%. Meanwhile, the BSE Sensex experienced a marginal decline of 0.06%.
Leading Water Treatment Solutions Provider
Ion Exchange is a renowned company specialized in water treatment solutions. It offers a wide range of technologies designed for water and wastewater management across various sectors, including industries, residential homes, and communities. The company’s diverse set of products encompasses water process systems, wastewater recycling plants, and numerous chemical treatment solutions.
This recent contract win with Technimont SpA further solidifies Ion Exchange’s expertise and market presence in the water treatment industry. The company continues to demonstrate its capabilities and commitments through such projects, with an aim to address the global water scarcity and environmental challenges we face today.
