Vartika Shukla, CMD, Engineers India Ltd (EIL), on Monday, confirmed that the company is looking to strengthen its hydrocarbon business as well as transition into renewable energy segment. She said that energy transition is where the company positions itself currently. Shukla mentioned that 96-97 percent of their current business comes from its oil and gas segment.

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She said, “The energy transition is where EIL positions itself in a very favourable role to handhold the industry, which is essentially the oil and gas industry, catering to sustainable mobility moving forward into the space of renewables."

"Today our business is primarily from oil and gas. More than 96-97 percent of our revenues are derived from oil and gas business. But as we move forward, the movement of the sector towards more intensity in petrochemicals is the core business that is likely to fetch a lot of revenues into our fold,” Shukla added.

She explained, “The space particularly is in two areas, one is the biofuels which is an impetus in terms of blending ethanol to about 20 percent by 2025 and looking at green hydrogen in the refinery sector, and moving on into the fertiliser sector, there is kind of a mandate to bring some of the diversified grey hydrogen into green hydrogen.”

Going ahead, Shukla expects the sector to move towards petrochemicals business. She added that the company is looking at areas around biofuels and green hydrogen. “Moving ahead, the next agenda of the nation is towards clean energy so as the first step, moving the coal, oil and gas business towards more petrochemical intensity, and thereafter transitioning the company into the area of clean and renewable energy is what we are looking at,” she said.

On orderbook, Shukla explained that it is pretty strong for the company. “We have a good order book position today, it is sitting at around 8000 crore,” Shukla mentioned.

On revenue, she said that she expects it to be similar to last year's. “I would say the revenue would be similar to last year. We have had impacts of 4-5 months in this financial year on the lowering of manpower, particularly on the sites such that the progress which actually goes on to meet our revenue targets has been kind of impacted,” she specified.

Additionally, she mentioned that the company has entered crucial strategic alliances in biofuels. “In the context of biofuels, we have entered into a very crucial strategic alliance with our partners from Finland, which is Chempolis. I am a firm believer that not everything can come from scratch within the company. So collaborative partnership, strategic alliances, and outreach beyond the borders could bring in best value to the nation,” Shukla said.

Watch the video for the full interview.

First Published:Jan 10, 2022 12:32 PM IST