Pennar Industries Expands Operations with New Plant in Raebareli, Uttar Pradesh

On July 01, 2024, Pennar Industries Limited (PIL), a company specialising in engineering products and solutions, announced through a stock exchange filing that it is expanding its manufacturing operations in Northern India.

Pennar Industries Limited is establishing a new plant in Raebareli, Uttar Pradesh, which is expected to be ready by the second quarter of 2024. Spanning 16 acres with a built-up area of 12,000 square meters, the plant will have a production capacity of 36,000 metric tonnes per year. Equipped with advanced machinery, this facility aims to serve clients in Northern and Eastern India more efficiently, reducing transportation costs.

The new plant in Raebareli is expected to reduce Pennar Industries’ transportation expenses and help fulfill customer needs in East and North India. Pennar Industries did not reveal the investment cost for setting up the new PEB manufacturing facility in Raebareli.

Financial Highlights

In their last quarterly results ending March 2024, Pennar Industries reported a 22.58% increase in net profit, reaching ₹28.61 crore compared to ₹23.34 crore in the same quarter of the previous year. Sales also rose by 23.09% to ₹822.80 crore from ₹668.43 crore in the previous year’s March quarter.

For the full year ending March 2024, the company’s net profit grew by 30.39% to ₹98.34 crore, up from ₹75.42 crore in the previous fiscal year. Sales for the year increased by 8.15% to ₹3,130.57 crore compared to ₹2,894.62 crore in the previous fiscal year.

About Pennar Industries Limited

Pennar Industries Limited is a leading Indian company specialising in engineering products and solutions. It operates in diverse sectors such as Automotive, Rail and aerospace, and Infrastructure. The company focuses on sustainable profitability and growth. Key areas of growth include Metal Buildings, Tubes, Boilers and Process Equipment, Hydraulics, Industrial Components, and Engineering Services. Pennar Industries has 13 manufacturing plants, 5 engineering offices, and 42 sales offices across India, the USA, and Europe, with its headquarters in Hyderabad, India.

On July 02, 2024, Pennar Industries Limited’s share price opened at ₹178.00 and closed at ₹178.85 on the NSE.

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