Harsha Engineers International Limited has entered into a Letter of Intent (LOI) with a leading multinational company engaged in manufacturing AC compressors. The agreement, effective from April 26, 2025, will see Harsha Engineers supplying stamping products to the AC compressor manufacturer. This supply is a recurring order, and the agreement is set for an initial period of five years.
The estimated annual size of the order is approximately ₹18 crores. Harsha Engineers has clarified that neither the promoter group nor the group companies have any interest in the multinational company awarding the order.
In its quarterly results for December 2024, the company reported a revenue of ₹268.04 crore, reflecting a year-on-year growth of 3.55% compared to ₹258.84 crore in December 2023. The operating profit stood at ₹42.06 crore, marking a 12.01% increase from ₹37.55 crore in the same quarter last year. The profit after tax (PAT) rose by 3.40%, reaching ₹30.99 crore, compared to ₹29.97 crore in December 2023.
For FY24, Harsha Engineers posted a revenue of ₹1,080.94 crore, up 5.49% from ₹1,024.72 crore in FY23. However, the net profit for the year was ₹126.91 crore, down 1.15% from ₹128.39 crore in the previous financial year.
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