BEML signs MoU with Deendayal Port, DMRC and Umeandus Tech for automatic cargo evacuation system

State-owned company BEML Ltd on Tuesday (October 8) said it has entered into a quadripartite Memorandum of Understanding (MoU) with Deendayal Port Authority (DPA), Delhi Metro Rail Corporation (DMRC) and Umeandus Technologies India Private Ltd (UTIPL).

Under this MoU, the parties have formed an alliance covering the areas of the Real Time Automatic Cargo Evacuation System (e-FTS and Enhance Freight Transport System). As per the agreement, Deendayal Port Authority will serve as the client, while DMRC will act as the lead member.

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BEML and Umeandus Technologies India Private will be the execution partners for the development of a pilot project for the Real Time Automatic Cargo Evacuation System (e-FTS, Enhance Freight Transport System).

First Quarter Results

BEML reported a net loss of ₹64 crore, which is marginally higher than the CNBC-TV18 poll of ₹58 crore. The PSU had reported a net loss of ₹70.5 crore during the same quarter last year. The company reported an EBITDA loss of 49 crore during the quarter, compared to expectations of a ₹45 crore loss and against a loss of ₹50.1 crore during the same quarter last year.

Revenue for the quarter has remained unchanged at ₹634 crore, while the company was expected to report a 9% growth from last year to ₹689 crore. On a sequential basis, the topline is down over 60%.

Also Read: BEML Q4 Results: Profit up 12% YoY, margin expands; shares rise 4%

Shares of BEML Ltd ended at ₹4,326.15, down by ₹93.70, or 2.12%, on the BSE.