GG Engineering Bags Fresh Orders for Infrastructural Steel

G G Engineering Limited, a leading player in infrastructural and structural steel and engineering products industry, has announced that the company has bagged fresh orders for infrastructural steel valued at about? 320 million which will be completed within the second quarter of the current financial year. G G Engineering is targeting a 20 per cent-plus growth in revenue from the infrastructural steel business during the current FY as compared to the preceding year. It has achieved ₹995 million in revenues from infrastructural steel during FY 2022-23 and has already executed orders of ₹332 million during 2023-24. The fresh orders will take it up to ₹652 million by September 30, 2023.

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The company is also in advanced stages of adding new products including steel pipes and hollow sections to the infrastructure business which will further add to the targets set for the business. Recently, the company announced that it has won orders valued at ₹210 million for supplying iron raw material to prominent industrial houses consuming steel. The company will be completing these supplies within the next 30-45 days and is anticipating additional orders as well for Q3 of the current financial year. On August 4, 2023, G G Engineering approved the allotment of 498,820,215 fully paid-up rights equity shares of face value of ₹1 each at a price of ₹1 per rights equity share to the eligible applicants.

Earlier, the company announced stellar earnings for Q1FY24. On a standalone basis, the company reported that its revenue from operations grew by 143.42 per cent from ₹778.35 lakhs in Q1FY23 to ₹1,894.66 lakhs in Q1FY24. The EBITDA increased by 226.88 per cent from ₹16.22 lakhs in Q1FY23 to ₹53.02 lakhs in Q1FY24. The EBITDA margins increased from 2.08 per cent in Q1FY23 to 2.79 per cent in Q1FY24 by 71 bps. PAT increased by 144.79 per cent from ₹13.84 lakhs in Q1FY23 to ₹33.88 lakhs in Q1FY24.