Shares of this Irrigation systems manufacturing company jumped 5 percent in Wednesday’s trading session after receiving four contracts for the supply of Micro Irrigation Systems. The shares have delivered more than 30 percent to its investors in 6 months.
With a market capitalization of Rs. 379 crores, the shares of Mahindra EPC Irrigation Ltd started Wednesday’s trading session on a higher note at Rs. 135.40 compared to its previous close of Rs. 130.60. The share hit a high of Rs. 139.85, gaining around 5 percent, which is also recorded as the company’s fresh 52- week high.
Such a bullish movement in the share price was observed after the company in an exchange filing announced that they had been awarded Four contracts worth Rs. 13.36 crores for the supply of pressurised Micro Irrigation Systems by the Office of the Asst. Engineer, Water Users Association and the orders will be executed in 4 months.
Looking at the company’s financial statement, the revenue increased by 8 percent from Rs. 53.25 crores in the June quarter to Rs. 57.74 crores during the September quarter. On the other hand, the net loss of the company narrowed down from Rs. 81 lakhs to Rs. 68 lakhs during the same timeframe.
According to the annual report published by the company, during FY22-23 the company had invested Rs. 29.38 lakh as capex. The company has a 60:40 joint venture with Top Greenhouses Ltd., Israel namely, Mahindra Top Greenhouses Private Ltd. which offers a wide range of protected cultivation technology solutions.
The company gets revenue from both domestic and overseas markets, primarily through domestic which contributed 97 percent of the revenue in FY22-23 and 3 percent of revenue comes from overseas customers.
Headquartered in Nashik, Mahindra EPC Irrigation was incorporated in 1981. The company is part of the Mahindra Group. They are engaged in the business of manufacturing and selling Irrigation systems and also provide solutions through micro-rigation systems which helps in sustainable agriculture.
Written By Vaibhav Patil
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