The shares of integrated technical services providers hit 10 percent upper circuit of Rs 132.17 apiece after the company received a new work order worth Rs 20.82 crore.
The shares of Marine Electricals (India) Ltd were trading in green at Rs 132.17 per share, increased drastically by 10 percent as compared to the previous closing price of Rs 120.16 apiece. The market capitalization of the company is Rs 1,753.44 crore.
According to the company filing, Marine Electricals (India) Ltd has received two work orders from Digital Edge DC (India) Pvt Ltd and Crescon Projects & Services Pvt Ltd, respectively to supply LT and HT panels worth Rs 20.82 crore. The delivery shall be over a period of 16-18 weeks.
Looking forward to the company financials, revenue soared by 65 percent from Rs 143 crore in Q4FY23 to Rs 237 Q4FY24 but during the same time frame, net profit gained exceptionally by 200 percent from Rs 4 crore to Rs 12 crore.
The stock gave a return of 38.25 percent in six months and a multi-bagger return of 160.18 percent in just a year. If an investor invested Rs 1 lakh a year ago, it would now be worth Rs 2.60 lakh.
Marine Electricals (India) Ltd has a robust order book at Rs 4,820 million. Recently, the business got a Rs 39.53 crore project from TATA Project Ltd for the installation, testing, and commissioning of a BUSDUCT and BUSBAR Trunking system for Micron Pioneer Projects in Sanand, Gujarat.
In Q3FY24, the company wins a defence ministry contract worth Rs 31.85 crore for the procurement of six integrated bridge systems from the Ministry of Defence.
Marine Electricals’ primary customers in the marine area include BHEL, HSL, SCI, Viking, and Abu Dhabi Shipping Building, among others, while clients in the industrial segment include TATA Communication, IBM, Cipla, Lodha, and a few more.
Marine Electricals (India) Limited is an integrated technical services company established in India that offers electrical automation as well as information and communication technology solutions. The company operates in two segments: electricals and electronics, and solar.
Written by:- Abhishek Singh
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