Business News | Wabag Posts Revenue of Rs 2,557 Crores in FY20, Order Book of Rs 11,000 Crores

Chennai (Tamil Nadu) [India], Aug 1 (ANI): Water technology major Va Tech Wabag on Saturday reported consolidated revenue of Rs 2,557 crores in the financial year ended March as compared to Rs 2,781 crores in FY19.

The net profit in FY20 too fell marginally to Rs 84 crores from Rs 89 crores in FY19 but before tax rose to Rs 132 crores from Rs 110 crores. The Indian multinational said its order book including framework contracts stood at Rs 11,000 crores as in March-end.

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The company's fourth quarter consolidated revenue grew from Rs 785 crores from Rs 679 crores despite the slowdown due to Covid-19 pandemic towards the end of financial year.

Managing Director Rajiv Mittal said in line with a strategy to improve focus on executive and cash management, the company returned to positive operating cash flow this year -- both at a group and standalone level.

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"This resulted in a reduction of Rs 250 crores in our net debt year-on-year," he said in a statement.

Wabag is currently involved in more than 65 operations and maintenance contracts globally. The has a workforce of over 1,600 and offices in more than 20 countries. Since 1995, Wabag has completed over 900 water and wastewater plants worldwide. (ANI)

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