Net profit of Ion Exchange (India) rose 69.13% to Rs 48.05 crore in the quarter ended December 2022 as against Rs 28.41 crore during the previous quarter ended December 2021. Sales rose 31.92% to Rs 512.12 crore in the quarter ended December 2022 as against Rs 388.20 crore during the previous quarter ended December 2021.

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Ion Exchange (India) has received a Letter of award from Indian Oil Corporation (IOCL), for the work of Water Treatment Plant including Reverse Osmosis, Demineralization Plant, Condensate Polishing Unit, Zero Liquid Discharge Plant and Operation and Maintenance for two years and Annual Maintenance Charges for five years for their Panipat refinery capacity expansion project (P-25) at Panipat, Haryana, India at a contract value of Rs 726.13 crores plus GST. The project is to be commissioned within 24 months from the date of Letter of Acceptance.

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Ion Exchange (India) will hold a meeting of the Board of Directors of the Company on 3 February 2023.

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The project involves designing, engineering, manufacturing, supply, erection, testing, pre-commissioning, commissioning, performance guarantee test run and operation & maintenance for five years of zero liquid discharge plant at the said plant of IOCL.

The project is to be commissioned within 16 months from the date of letter of acceptance,” the company said in a statement.

Ion Exchange (India), the flagship company of the ION Exchange Group, operates in three key segments - engineering, chemical, and consumer products and has six factories in five states. The engineering segment plans and executes orders for installation of large and medium-sized water and effluent treatment plants. The chemicals division manufactures ion-exchange resins and industrial chemicals and sells them in India, the US, the Middle East, Europe, and South-East Asia. The consumer products segment offers a range of water-care products for homes, institutions and community under the Zero-B brand.

The company's consolidated net profit rose 42.20% to Rs 38.99 crore on a 18.36% increase in sales to Rs 447.61 crore in Q2 FY23 over Q2 FY22.

The scrip rose 0.68% to end at Rs 2792.15 on the BSE on Friday.

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