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Azad Engineering Soars 9.5% on $112M GE Vernova Deal


Last Updated: 16th January 2025 - 12:54 pm
Shares of Azad Engineering surged by as much as 9.5% to ₹1,733 during morning trading on January 16, following the announcement of a long-term supply agreement with the US-based GE Vernova International. The agreement involves the delivery of complex rotating and stationary airfoils for advanced gas turbine engines.
As of 10:00 AM IST, Azad Engineering's share price was trading at ₹1,680, marking a 6.2% increase from the previous close on the NSE. Over the past year, Azad Engineering’s stock has demonstrated a remarkable growth of 151%.
Six-Year $112 Million Deal
According to a regulatory filing, the newly signed six-year contract with GE Vernova is valued at $112 million (approximately ₹960 crore). This milestone reinforces Azad Engineering's foothold in the advanced gas turbine engine market, with these components designed to cater to the global power generation sector's evolving needs.
The Hyderabad-based company emphasized that this agreement aligns with its strategic goal of becoming a prominent player in the niche market of gas turbine component manufacturing. Notably, this marks Azad Engineering's second major order within three months. In November 2024, the company secured a long-term contract and price agreement (LTCPA) with Japan's Mitsubishi Heavy Industries Ltd, valued at $82.89 million (around ₹700 crore).
Financial Highlights for Q2 FY25
Azad Engineering reported robust growth in Q2 FY25, with standalone net profit rising by 42.3% year-on-year to ₹21.07 crore. Revenue from operations increased by 34.5% to ₹111.41 crore, compared to the corresponding quarter last year. EBITDA surged by 51.4% to ₹39.79 crore, with margins expanding by 400 basis points to 35.7%, reflecting improved operational efficiencies. Profit before tax also saw a significant rise of 48.8%, reaching ₹29.94 crore compared to ₹20.11 crore in Q2 FY24.
Industry Expertise
Azad Engineering specializes in manufacturing precision-forged and machined components for industries such as clean energy, aerospace, defense, oil and gas, and standalone power supply (SPS). The company primarily caters to the requirements of original equipment manufacturers (OEMs), positioning itself as a leader in these high-demand sectors.
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