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    6330   JP3607800004

TOYO ENGINEERING CORPORATION

(6330)
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Delayed Japan Exchange  -  01:00 2022-11-28 am EST
596.00 JPY   -1.49%
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TOYO Awarded Refinery Plant Project in India, Vadodara

08/09/2022 | 08:45am EST

Toyo Engineering India Private Limited (Toyo-India, Managing Director Yukihiro Akimoto), a wholly owned subsidiary of Toyo Engineering Corporation (Toyo-Japan), has been awarded a contract by Indian Oil Corporation Limited (IOCL) for the Engineering, Procurement, Construction and Commissioning (EPCC) of a new 2.5 MMTPA Vacuum Distillation Unit (VDU) planned by Indian Oil Corporation Limited (IOCL) in Vadodara, Gujarat, Western India.

IOCL is a largest Public Sector Undertaking governed by the Ministry of Petroleum and Natural Gas (Govt. of India), and Gujarat Refinery is one of India's largest oil refineries. The refinery is currently planning to expand its existing refinery from 13.7 MMTPA to 18 MMTPA, the total investment in this expansion project is more than 300 billion yen, aiming for more efficient refinery operation and high-value-added product production. This project is expected to be completed in the first half of FY 2024.

Toyo-India is currently implementing projects at the Paradip and Barauni Refineries for IOCL. This is the second consecutive order for IOCL, following the Vacuum Gas Oil Hydrotreater Unit at the Panipat refinery.

In India, which has a vast population and huge middle-class population strata that continues to grow, TOYO is committed to contributing to the economic development of the country.

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
INDIAN OIL CORPORATION LIMITED 3.89% 76.2 Delayed Quote.-1.32%
TOYO ENGINEERING CORPORATION -1.49% 596 Delayed Quote.-14.55%
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Financials
Sales 2023 216 B 1 554 M 1 554 M
Net income 2023 1 863 M 13,4 M 13,4 M
Net Debt 2023 - - -
P/E ratio 2023 15,9x
Yield 2023 -
Capitalization 35 454 M 255 M 255 M
Capi. / Sales 2023 0,16x
Capi. / Sales 2024 0,15x
Nbr of Employees 4 037
Free-Float 48,6%
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 605,00 JPY
Average target price 703,33 JPY
Spread / Average Target 16,3%
EPS Revisions
Managers and Directors
Haruo Nagamatsu Executive Officer & GM-Infrastructure Project
Kensuke Waki Chief Financial Officer, Head-Finance & Accounting
Tomohisa Abe Manager-Asia Sales Group
Keisuke Ishii Chief Technology Officer
Masami Tashiro Independent Non-Executive Outside Director