SM Core, a logistics robotics and automation systems specialist, announced that it has secured a 52.6 billion won (approximately $45 million USD) turnkey contract for robotics and automation systems from India's state-owned energy company Petronet LNG. This contract represents over 30% of its recent annual sales.
This contract is significant not only for its large-scale order but also for securing a major Indian state-owned energy company as a new client. Following HMEL in 2018 and IOCL in 2024, this latest Petronet LNG deal marks SM Core's acquisition of a key Indian state-owned energy company as a client in the petrochemical and gas sectors.
The company's performance slowed in the second half of last year due to a sluggish order intake in the first half. However, orders resumed in the second half, resulting in a backlog exceeding KRW 150 billion by year-end. This year, following the order for the SK Hynix Yongin cluster in January, the company secured additional large-scale projects in India. Additional orders are expected in the semiconductor and general logistics sectors in India, China, and Korea.
SM Core is known as an automation equipment company, but it is also a robotics and automation specialist that has been applying robotic systems, such as AGVs and gantry robots, to field sites since the early 2000s. This India project will also be delivered as a turnkey supply, including a robot-based automation system.
In the industrial robotics sector, in addition to existing AGVs, RGVs, and gantry robots, we are pursuing mass production and sales of AMRs equipped with collaborative robots starting in the second half of the year. This will allow us to build a robot lineup that encompasses all logistics processes, including transport, loading, and storage, and expand its application to diverse industries, including semiconductors.
A company official stated that this order represents a large-scale project, accounting for over 30% of annual sales, and is expected to contribute to the company's future value enhancement. Furthermore, the company explained that securing a key Indian state-owned energy company as a client is strengthening its position in the global market. Furthermore, the company forecast that this year will be a turning point, with significant performance improvements in both orders and sales.
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