Ion Exchange shares rise after securing Rs 1.68 billion contract

12 Sep 2024 CW Team

Ion Exchange's share price surged by up to 3% on September 9, reaching an intraday high of Rs 685.20 on the BSE. The rise followed the company's announcement that it had secured a work contract worth Rs 1.68 billion from Italy-based Technimont SpA. The contract is part of the Hail & Ghasha Development Project for Abu Dhabi National Oil Company in the UAE, with a completion timeline of 61 weeks from the award date, according to an exchange filing.

In Q1 FY2024-25, Ion Exchange reported a year-on-year revenue increase of 18.67%, totalling Rs 5.79 billion. However, the company saw a 27.5% drop in revenue compared to the previous quarter. Net profit rose by 35.14% year-on-year to Rs 449.6 billion, although it decreased by 38.23% from the previous quarter.

With a market capitalisation of Rs 99.10 billion, Ion Exchange is trading at a price-to-earnings ratio of 46.43 times, with earnings per share at Rs 14.33. At 10:16 AM, its stock was up 1.59%, trading at Rs 433.50, while the BSE Sensex was down by 0.06%.

Ion Exchange is a leader in water treatment solutions, offering a broad range of technologies for water and wastewater management across industries, homes, and communities. Its products include water process systems, wastewater recycling plants, and various chemical treatments. (business standard)

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