Shares of this IT company gained investor attention on Thursday following the announcement of a contract with Chennai Metro Rail Corporation Limited (CMRL) to supply advanced Automated Fare Collection (AFC) systems for Phase II of the Chennai Metro project.
Price Movement
In Thursday’s trading session, Aurionpro Solutions’s share price opened at a high of Rs.1,708.00 per share but later fell to a low of Rs.1,660.00 per share. The shares have adjusted since then and currently trading at Rs.1,665.55 each. Over the past year, the shares have delivered over 90 percent returns.
What is the news
Aurionpro Solutions, a leading technology provider in the transit and fintech sectors, has been awarded a significant contract by Chennai Metro Rail Corporation Limited (CMRL) to implement state-of-the-art Automated Fare Collection (AFC) systems for Phase II of the Chennai Metro. This project covers Corridor 3, from Sholinganallur to Sipcot, and Corridor 5, from Koyambedu to Elcot Park.
The contract involves Aurionpro delivering end-to-end Automated Fare Collection systems, which include design, manufacturing, supply, installation, testing, commissioning, training, and ongoing maintenance. This long-term project aims to provide a robust and secure fare collection system that can handle high passenger volumes while enhancing convenience for commuters.
This strategic move positions Aurionpro as a key player in India’s metro infrastructure development and aligns with the government’s “Make in India” initiative, with automated swing gates set to be manufactured at their facility in Ghaziabad.
Management Commentary
Commenting on the Sanjay Bali, President & Global Head, Tech Innovation Group said “We are thrilled to announce this significant win and grateful to CMRL for entrusting us with this opportunity. This project further reaffirms our commitment to “Make in India”, with automated swing gates to be manufactured at our Ghaziabad facility. It positions us as the leading end-to-end provider of smart mobility solutions supporting the rapid development of India’s metro infrastructure and setting new standards for excellence in urban transit systems.”
Financials
In its recent financial update for the quarter ending September 2024, Aurionpro Solutions Ltd reported revenue from operations of Rs.278.28 crore, reflecting a 32 percent incline from Rs.211.15 crore in Q2 FY24. Net Profits also improved 34 percent to Rs.45.51 crore from Rs.34 crore in the same period.
Company Profile
Aurionpro Solutions Ltd is a global technology solutions leader that helps clients accelerate digital innovation, securely and efficiently. The Company is engaged in providing solutions in Corporate Banking, Treasury, Fraud Prevention and risk management, Internet Banking, Governance, and Compliance.
Written by – Siddesh S Raskar
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