Maharashtra Seamless said that it has received its first order of subsea sour service seamless pipes from an esteemed customer with basic value of approximately Rs 130 crore.
The company has displayed its technical expertise by successfully developing subsea sour service seamless pipes in-house in its continuous efforts to provide import substitution products and enhance margins.
Subsea sour service seamless pipes are high value addition pipes and are used for subsea transportation of crude oil and gas in high pressure environments. Capacities for these pipes have been developed for the first time in India keeping in view the government's policy of Aatmanirbhar Bharat.
Maharashtra Seamless (MSL) manufactures seamless pipes & tubes with the finest quality and wide product range using the world renowned CPE technology. MSL made a foray in the ERW pipe category and also started coated facility. The Company has also diversified into renewable power generation and rig operations.
On consolidated basis, pipes & tubes manufacturer reported a net profit of Rs 98.81 crore as against a net loss of Rs 57.54 crore. Net Sales jumped 100% year on year to Rs 1418.99 crore in the quarter ended 31 March 2022.
Shares of Maharashtra Seamless advanced 0.77% at Rs 671.45 on the BSE.
In the past one year, the stock has zoomed 107.49% while the benchmark Sensex has gained 1.13% during the same period.
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