"Our strategy is to grow in areas in tandem with government of India policies," EIL chairman Ashok Kumar Purwaha said.
Recent order wins include refinery project in Nigeria, consultancy project for fertilisers
Ashok Kumar Purwaha
Chairman
EIL
Engineers India (EIL) has been awarded the Navratna status. This upgraded status will provide the company with enhanced operational and financial autonomy to work in domestic and overseas markets.
In an interview to CNBC-TV18, Chairman Ashok Kumar Purwaha said the Navratna status gives the company autonomy to work better in international market and make it more competitive.
EIL is an engineering consultancy company providing design, engineering, procurement, construction and integrated project management services from concept to commissioning. It is the 15th state-owned company to receive this status.
Meanwhile, speaking about the latest happenings in the company, he said EIL's current order book stands at Rs 4,200 crore. The company is keenly looking at West Asia markets within core areas of its strength and has also won some big ticket orders from that region, he added.
Also Read: Engineers India gets consultancy contract in Nigeria
Below is the verbatim transcript of Ashok Kumar Purwaha's interview with CNBC-TV18's Latha Venkatesh and Sonia Shenoy
Sonia: What exactly this navratna status will bring to your company in terms of increased revenues and improvement in order book etc?
A: We have been a Miniratna company and now have enhanced power as Navratna company. We are looking towards overseas markets like Middle East, Africa and South-East Asia in a big way. Each country we need to work as per the law of a land. It gives us a good autonomy to work into each one of those countries whether it is a consortium approach or strategic alliances.
Also, in many cases, one is required to open up own offices, so with the Navratna status, it gives us a lot more ease for working into those environment as per the law of a land. We will be competitive in those segments of market. In the last one to one and a half years, we had some reasonable successes in the overseas market.
More to follow
EngineersInd stock price
On June 26, 2014, at 11:10 hrs Engineers India was quoting at Rs 317.15, down Rs 6.7, or 2.07 percent. The 52-week high of the share was Rs 329.00 and the 52-week low was Rs 121.15.
The company's trailing 12-month (TTM) EPS was at Rs 14.24 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 22.27. The latest book value of the company is Rs 80.65 per share. At current value, the price-to-book value of the company is 3.93.
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