Praj Industries partners with leading OMCs

Praj Industries has entered into a binding agreement for cost sharing with Indian Oil Corporation (IOCL) to set up one plant each at Panipat, Haryana and Dahej, Gujarat. These second-generation (2G) bio-ethanol plants will have capacity to produce 100 Kilo litres of ethanol per day. This is a milestone in  progress as per MoU signed earlier this year, wherein IOCL selected Praj Industries as its technology partner for setting up multiple 2G bio-ethanol plants based on its indigenously developed technology.

Project timelines and capital outlay estimations are under finalisation. These agreements were executed on the side-lines of recently concluded Petrotech 2016, held in New Delhi in the presence of group of union ministers. Second Generation bio-ethanol technology uses ligno-cellulosic biomass (agri-residue) as feedstock.

On the financial front, Praj Industries' revenue decreased by 2.46 per cent to Rs 197 crore in Q2FY17 as compared to same period in previous financial year. The company’s operating profit also reduced by 14.12 per cent to Rs 6.08 crore in Q2FY17 on a yearly basis. Its net profit has declined by 39.32 per cent to Rs 3.04 crore in Q2FY17 on a YoY basis.

The share price of Praj Industries increased by 0.71 per cent on bourses; and closed at Rs 78.15 on an intraday basis.