Knowledge Marine & Engineering Works Ltd wins order worth Rs. 41.51 crores

Knowledge Marine & Engineering Works Ltd, operating through its subsidiary company 'Knowledge Dredging Co. W.L.L, India,' established in Bahrain, has received a Letter of Intent (LOI) from 'Eastern Asphalt & Mixed Concrete Co. W.L.L for the supply of dredged marine sand in Bahrain. This notable contract carries a substantial value of 1.87 Million Bahrani Dinar (approximately equivalent to 41.51 Crores Indian Rupees, using an exchange rate of 1 BD = Rs. 221.40) and spans a tenure of 5 years. Set to commence during the third quarter of the fiscal year 2023-2024.

This will be Company's fifth LOI in line for supply of dredged marine sand in Bahrain. By successfully securing five contracts for the supply of dredged marine sand, the company has generated a cumulative LOI value of approx. INR 383 Crores for the next five years. This achievement serves as a testament to the robust demand within the Bahraini economy, driven by a notable upswing in both real estate activities and associated infrastructure development.

Commenting on the Letter of Intent, Mr. Sujay Kewalramani, CEO of Knowledge Marine & Engineering Works Ltd said that, "We are thrilled to declare our ongoing dedication to the 'Waste to Wealth' revenue model, which is resulting in the creation of a robust order book of approximately INR 383 crores for the upcoming five years. We are delighted to inform you that we have recently secured another LOI for the supply of marine sand in Bahrain. This achievement profoundly emphasizes the considerable demand for sand within the construction sector, thereby highlighting its crucial role in propelling development."

Shares of Knowledge Marine & Engineering Works Ltd was last trading in BSE at Rs. 1690.40 as compared to the previous close of Rs. 1677.90. The total number of shares traded during the day was 30500 in over 221 trades.

The stock hit an intraday high of Rs. 1717.00 and intraday low of 1630.00. The net turnover during the day was Rs. 51367900.00.

Source : Equity Bulls

Keywords

KnowledgeMarineandEngineeringWorks INE0CJD01011 Bahrain OrderWin