This EV stock which deals in the business of manufacturing and trading Electronic Vehicles, other related auto parts, and accessories including other renewable energies was up by 2 percent after the company received approval from NATRAX for Vehicle Manufacturing.
Share Price Movement
With a market capitalization of Rs. 1,638.52 Crores, the shares of Mercury EV-Tech Limited were up by 3.2 percent in the day’s trade touching a day’s high of Rs. 87 per share. The stock reiterated from the day’s high and was trading at Rs. 86.20 which is 2.25 percent higher than the previous closing price of Rs. 84.30 apiece. The stock has delivered a multibagger return of 23,688 percent which has outperformed the Nifty Index in the past five years.
What happened
The company’s stock surged after receiving approval from National Automotive Test Tracks (NATRAX) for the manufacturing special purpose battery operated vehicle which is Kala Ghoda Clean with 1,051 kg of Gross Vehicle Mass (GVM) with a Maximum speed of 41 km/h. The other vehicle named Limosa with 797 kg of GVM with a Maximum speed of 46 km/h. The Key features of this vehicle are the Unbreakable body, manufactured in India and they are qualified for upcoming subsidies from the government.
This approval will improve advancements, open new opportunities for revenue and expansion, meet customer demand through products, and improve overall business outcomes.
Q2YF25 Financial Highlights
According to its recent filing, in the quarter ending September 2024, Mercury EV-Tech consolidated revenue from operations has increased by 252.54 percent year on year from Rs. 19.47 crore in Q2FY24 to Rs. 5.52 crore in Q2FY25 and increased by 402.6 percent quarter on quarter from Rs. 3.87 crore in Q1FY25.
The company’s consolidated net profit has increased by 169 percent year on year from Rs. 0.59 crores in Q2FY24 to Rs. 1.59 crores in Q2FY25. As compared to Q2FY25, the company’s net profit has increased by 229 percent quarter on quarter from Rs. 0.48 crore. The stock has a Price-to-earnings ratio of around 567 times.
Company Overview
Mercury EV-Tech was established in 1986. They specialize in manufacturing electric scooters, buses, and cars in India while focusing on solutions for transportation across various applications. They consider revenue under the Manufacturing and Trading of Electric Vehicles as a single operating segment.
Written By Santhosh S
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