Va Tech Wabag shares crashed almost 20 per cent on the NSE (National Stock Exchange), after company's exchange filling revealed that a order worth Rs 2,700 crore from Saudi Water Authority, was cancelled.
The shares of Va Tech Wabag went on to touch the Rs 1,523.75 per share on the Indian exchanges after hitting the opening bell at Rs 1,630.00 per share. The shares opened today with 13.53 per cent decline on the bourses.
Va tech Wabag shares were trading around at Rs 1,726.70 per share on the NSE (National Stock Exchange), with a 8.40 per cent downward movement amounitng to Rs 158.35 per share on the bourses.
Company's exchange filling on order cancellation
According to the company's filing, 'With reference to our previous notification dated September 06, 2024, regarding the 300 MLD Mega Sea Water Desalination Plant Order in the Kingdom of Saudi Arabia, we hereby inform you that on December 16, 2024, the customer notified all tender participants that the said tender stands cancelled in accordance with their internal administrative procedures.' We're in communication with the client right now to fully grasp the reasons.'
Financials of company
The water treatment company's concentrated strategy on technology and international projects helped it record a consolidated profit of Rs 70.3 crore for the July–September 2024 quarter (Q2 FY25).
During the same period of the previous fiscal year, the company reported consolidated profits of Rs 60.1 crore. Consolidated profits for the six months ending September 30, 2024, were Rs 125.1 crore, up from Rs 109.7 crore for the same period the previous year.
According to the company, consolidated total income increased to Rs 1,346 crore for the half-year period ending September 30, 2024, from Rs 1,258.9 crore for the corresponding six months of the previous fiscal year.
