Va Tech Wabag net profit up 7.4% during Q3 2015

CHENNAI: Profits of water and waste water management company Va Tech Wabag rose 7.4% during the quarter ending December 31, 2015, driven by large orders from India, Philippines and Turkey. The company earned a net profit of Rs 17.67 crore during the quarter, against Rs 16.45 crore earned during the same quarter last year.
Total income of the company increased to Rs 296.03 crore during the quarter, from Rs 291.18 crore last year.
Key orders of large ticket sizes from India, Philippines and Turkey helped the company garner order intake worth Rs 665 crores during the quarter, a statement from the company said.
“The company has achieved good order intake during the quarter and the execution is also progressing well across various projects. Overseas countries like Turkey and Philippines have continued their impressive performances. I expect to see a faster turnaround in the business environment in India and I am optimistic of ending the year on a positive note,” Rajiv Mittal, Managing Director, Va Tech Wabag said.
The board of directors of the company has recommended a bonus issue of 1:1 to increase the liquidity in the stock market, Mittal said.
Some of the large orders the company received during the quarter include a Rs 220 crore JICA funded Ganga Action Plan Project in Varanasi, a World Bank funded Sewage Treatment Plant order worth Rs 175 crore in Philippines, and an EPC (engineering, procurement and construction) order of Euro 6 million for Wastewater Treatment Plant in Turkey co-financed by the European Union and the Republic of Turkey.