The shares of marine and industrial electrical manufacturing company clocked 5 percent upper circuit on Thursday’s trading session after it received an order worth Rs. 20.25 crores. The shares have given a multibagger return of 177 percent to its shareholders on a YTD basis.
With a market capitalisation of Rs. 1,159 crores, the shares of Marine Electricals (India) Ltd started Thursday’s trading session on a flatter note at Rs. 87.40. During the trading session, the shares hit a 5 percent upper circuit at Rs. 91.75 apiece.
Such a bullish movement was observed after the company in an exchange filing mentioned that they had received an order from Crescon Projects and Services Pvt. Ltd., for the Supply, Testing and Commissioning of LT panels amounting to Rs. 20.25 crores. The orders shall be delivered in 3 months.
Coming onto the financial statements published by the company, the revenue magnified by 41 percent from Rs. 86.09 crores in the June quarter to Rs. 121.41 crores during the September quarter. In addition, the net profits increased marginally by around 4 percent from Rs. 4.76 crores to Rs. 4.95 crores during the same timeframe.
In FY23, the order book of the company stands at Rs. 486 crores. Additionally, the company has also received orders from L&T amounting to Rs. 16 crores, Goa Shipyard Limited amounting to Rs. 10 crores and a few more.
The company is the largest partner of Schneider in India. It has also partnered with other Global Electrical Players like Siemens, Orolia, Sperry Marine etc.
Headquartered in Mumbai, Marine Electricals (India) Ltd was incorporated in 1978. The company is an integrated technical services provider in the fields of electrical automation and information and communication technology solutions. They are engaged in the manufacturing and sale of all types of marine and industrial electrical and electronic components like switch gears, and control-gears.
Written By Vaibhav Patil
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