(This was originally posted in NewsVoir)
NSE listed Marine Electricals (India) Limited, an integrated technology solution provider in the field of electrical automation, announced the receipt of the letter of acceptance aggregating to Rs 81.18 Crore from Garden Reach Shipbuilders & Engineers (GRSE) for the supply & service of Integrated Bridge System (IBS) for Anti-submarine Warfare Shallow Water Craft (ASW SWC) Project.
The overall Order Book for the Company stands at Rs 426.87 crore, which forms ~ 1.5 times FY20 marine revenue. Total Order book includes orders of Rs 290.28 crores from marine segment and Rs 136.59 crores from industrial segments.
Commenting on the recent Order Intake, Vinay Uchil, Chairman and Wholetime Director has commented, “With yet another order from GRSE, we are happy to see the significant uptick in the order inflows underscoring strong tailwinds for the sector.
The Indian shipyards have seen strong traction in the last few years in terms of order intake and with the renewed thrust of the Government, order inflows for shipyards expected to be quite strong for the construction of new vessels in the next few years. As an approved vendor within the Marine electrical & electronics ecosystem, this augurs well for MEL as it provides strong visibility of orders with the progress of ship constructions at shipyards. With the current order book and a robust outlook for potential orders, MEL is well placed to drive strong revenue and profitability growth on the back of the Marine segment.
With our order book at Rs 426.87 crore as of the date and a strong execution run-rate that we are seeing over the past few months, we are excited about entering the new financial year on a very solid base to bounce back from the pandemic related disruptions to our growth story.”
Marine Electricals is one of the leading players offering comprehensive electrical solutions to the Marine Segment as well as other Industries. With more than 40 years of experience, Marine has shown strong capabilities to move up the value chain from being a mere product supplier to a complete solution provider.
Marine is an approved vendor with all major shipbuilders in India as well as the Middle East and competes as among the top 2/3 suppliers for most of the Low Voltage Product or Solution to Shipyards. Marine offers Integrated Electrical solutions for various systems of Ships like Power electrical Systems, Integrated Bridge Control Systems, Dynamic Positioning System, Shock graded motors, Fire & Flood direction system, Internal Communication System, Shock Graded Light Fittings etc. Marine has developed strong references for work done on all king of ships like Submarine, Aircraft Carriers, Frigates, Corvettes, Survey Vessels, Commercial Vessels, Inland Vessels.
Marine is the partner of Schneider Electric for manufacturing of it’s ‘Blockset’ Panels for supply in western India. It has a strong presence in emerging segments with high electrical need like Solar power, Railways, Metro, Electrical Vehicles charging, Large Residential and Commercial Buildings etc. Marine is amongst the leader in the supply of LV solutions to Data Centers in India.