Rekha Jhunjhunwala-backed VA Tech Wabag, a pure-play water technology company won a major contract from Oman for the operation and maintenance (O&M) of a desalination plant in Oman.

What Happened: VA Tech Wabag said on Tuesday it has secured an order worth ₹85 crore from Namara Water Services in the Sultanate of Oman for the operation and maintenance (O&M) of the Al Duqm Desalination plant for five years.

The company will do O&M for the plant, the sea-water intake and outfall systems. The water produced from the plant will be used for domestic consumption in Duqm and Haima areas of Al Wusta Governorate. 

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The company said in the release that it had constructed the 8 megaliters per day desalination plant 10 years ago and was responsible for the O&M of the plant til 2018. 

In the March quarter, the company recorded a net profit of  ₹78.1 crore against a net loss of ₹111.9 crore in the previous year. Its revenue rose slightly to ₹934.2 crore, compared with ₹926.9 crore in the corresponding quarter in the previous year. EBITDA was at ₹115.5 crore in the quarter with a EBITDA margin of 12.4%. 

Price Action: Shares of VA Tech Wabag was trading at ₹968.20, up 0.16% on Tuesday morning. 

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