Defence stock primarily engaged in manufacturing a wide range of industrial explosives, and explosive-initiating devices jumped 2 percent from the day’s low after it received an order worth Rs. 994 Crores.
At 2:15 p.m the shares of Solar Industries Limited were trading at Rs. 6,720, up 0.25 percent from its previous day’s close price of Rs. 6,703.50 and its market capitalization is Rs. 60,838 Crores.
Solar Industries Limited has received an export order worth Rs. 994 Crores from an international client for the supply of products for Defence based Application and the contract is to be executed within 3 years.
Solar Industries Limited is an integrated global explosives company, involved in the business of manufacturing a wide range of industrial explosives, explosive-initiating devices, defence arms, ammunition and other defence-related products.
It has a global presence across 75+ countries, with 39 manufacturing facilities worldwide and an order book of Rs. 3,912 Crores. In FY23 it generated 78 percent of its revenue from Explosives, 13 percent from initiating systems, 9 percent from defence equipment.
It has reported a return on equity (ROE) of 35.86 percent and a return on capital employed (ROCE) of 36.34 percent, it is making good returns on its equity and capital employed.
The company’s revenue from operations grew 75.36 percent from Rs. 3,947.61 Crores in FY22 to Rs. 6,922.53 Crores in FY23, accompanied by increasing profits of Rs. 441.28 Crores to Rs. 757.19 Crores.
According to the latest shareholding data available for the quarter ended September 2023, the company’s Promoters hold a 73.15 percent stake, the Foreign Institutional Investors (FII) hold 5.89 percent and the Domestic Institutional Investors hold 15.24 percent.
Written by: Bharath K.S
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