Man Industries Bets On 'Tremendous' Growth On Expected Hydrogen Boom
Hydrogen, as a source of clean energy, is expected to become more popular worldwide, says Chairman Ramesh Chandra Mansukhani.
Man Industries (India) Ltd. expects "tremendous" growth in the next two years as the maker of large pipes anticipates hydrogen consumption to drive demand.
As far as FY24 is concerned, Man Industries top line is expected to grow by 40%, Chairman Ramesh Chandra Mansukhani told NDTV Profit. The bottom-line growth will also be much better than last year, he said.
This is because hydrogen, as a source of clean energy, is expected to become more popular worldwide, he said. Man Industries has invested resources in research and development to make it compatible and make the most of the high-growth space, the company's chairman said.
The company's pipe test for safe hydrogen transportation by a leading European research centre was successful, it informed the exchanges on Thursday.
Man Industries is also meeting and holding discussions with Indian conglomerates that are looking to transition to green energy, Mansukhani said.
In the short term, Man Industries is likely to incur capital expenditures of Rs 30–40 crore based on the need for equipment upgrades or replacements.
The company does not have any burden of debt, and its debt-to-equity ratio stands at 0.12%. It is supporting its subsidiary's debt burden as of now, Mansukhani said.