In Friday’s session, Microcap stock rose 5 percent and hit its upper price band of Rs 21.8 from the previous close of Rs 20.8 after the company received five orders from the Government of West Bengal.
According to Mehai Technology filling, the company has recently received five prestigious orders from the Public Health Engineering Directorate, Government of West Bengal, Alipore Division.
The orders are for sinking tubewells with a diameter of 250mm x 150mm and a depth of 360 meters in various locations in the state. The total contract value for orders is approximately Rs 1.3 crores, and the date of commencement for all orders is 22.11.2023. The period of completion is 30 days.
According to the Mehai Technology report, the net revenue increased by 524 percent year over year, from Rs 0.6 crore in Q2FY23 to Rs 3.8 crore in Q2FY24. Their revenue rose by 111 percent sequentially from Rs 1.8 crore in Q1FY24 to the current levels.
In addition, the company’s net profit rose by 666 percent year over year, from Rs 0.03 crores in Q2FY23 to Rs 0.23 crores in Q2FY24. Their profit decreased by 64 percent on a quarterly basis from Rs 0.14 crore in Q1FY24 to the current levels.
The company’s promoters hold a 52 percent stake in the company and 47 percent owned by the general public.
Mehai Technology is a microcap company with a market capitalization of Rs 22.95 crores. Mehai Technology’s share price has risen by 9.2 percent year to date and by 15.4 percent during the last months.
The company has a low price-to-earnings ratio of 28 compared to its peers and it has a low deb-to-equity ratio of 0.11.
Mehai Technology Ltd, founded in 2013, specializes in electronic items and trading activities. In Eastern India, the company operates an electronics retail chain; their products include refrigerators, air conditioners, coolers, televisions, washing machines, and mobile phones.
Written by Sriram KV
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