Engineers India inks MoU with Nuclear Power Corporation for BSMR development services

Engineers India Ltd. on Thursday, August 14, said it has inked a memorandum of understanding (MoU) with Nuclear Power Corporation of India Ltd. (NPCIL) to provide engineering services for the development of conceptual design and engineering of structures, systems and components of Bharat Small Modular Reactor.The MoU was signed on Tuesday, August 12, at the NPCIL Mumbai office.

The company said the partnership supports the Centre’s vision to accelerate nuclear power, enabling clean, green and reliable energy to strengthen India’s energy security and is a step towards the Nuclear Energy Mission for Viksit Bharat, targeting a nuclear capacity of 100 GW by 2047.

Engineers India reported its first quarter earnings on Wednesday, August 13. The company’s net profit declined 28.6% to ₹65.4 crore from ₹91.6 crore in the previous year. Its revenue increased 39.4% to ₹870 crore from ₹624 crore last year.The company’s EBITDA increased 40.3% to ₹72.1 crore in the June quarter from ₹51.4 crore in the previous fiscal. Its operating margins were at 8.3% in comparison to 8.2% in the year-ago period.

Shares of Engineers India were down 3.8% at ₹193.57 apiece at 11.40 am on Thursday. The stock has declined 22.3% in the past month.

Also Read: Ashok Leyland Q1 Results: Volumes, realisations to aid revenue growth; margins may expand