The shares of a leading producer of sprayer components in India rose around 2.2% to ₹ 220 per share after receiving an export order worth ₹ 40 Lakhs.
At 1:55 p.m., Sprayking Agro Equipment Ltd was trading at ₹213.80 per share, down 0.60 % from the previous close price on the national stock exchange. The company has a market capitalization of ₹224 crores.
As per the company’s exchange filing, Sprayking Limited announced that the Company has received an Export Purchase order worth ₹ 40 lakhs for the supply of Plumbing Fittings on a Pilot Project Basis.
This export order underscores Sprayking Limited reflects the company’s strategic focus on establishing a strong footprint in the overseas market.
Sprayking Limited (Formerly known as Sprayking Agro Equipment Limited) is engaged in the manufacturing of brass components and parts, including fittings, forging equipment, transformer parts, and other customised brass components, Sprayking is a renowned manufacturer specialising in copper forging products.
Sprayking is in the business of manufacturing and trading of agricultural sprayer parts & garden fittings, extruded brass rods, brass fittings & lead-free. The company exports its products to the USA, Europe, Australia, Canada, South Africa, UAE & India.
Additionally, the company manufactures Plumbing Fittings products which are used in bathroom fittings, kitchen fittings, etc. The type of Plumbing Fittings include Adapters, Unions, couplings, Cross, Tees, Elbows, Bushings, and Valves.
According to a year-on-year comparison of financials, Company’s revenue climbed by 890 percent from ₹3.22 crores in Q2FY23 to ₹32.51 crores in Q2FY24. Within the same time period, the net profit climbed by 1700 percent, from ₹0.15 crore to ₹2.74 crore.
Sprayking Ltd shares have gained 8 percent in the last six months and 570% in a year. For example, a shareholder investment of ₹ 1 lakh in the company a year ago would be worth ₹ 6.70 lakhs.
The company has recently acquired a 3,000 sq m manufacturing facility in Jamnagar, Gujarat, aiming to enhance its production capabilities for brass and forging components, thereby reinforcing its market presence.
In addition to this, the company has broadened its business horizons by acquiring a 51 percent stake in Narmada Brass Industries. This acquisition focuses on the production of copper-brass goods, boasting an annual capacity of 2,000 tonnes. This strategic move aligns with the company to meet the demands in both domestic and international markets.
Written by Omkar Chitnis
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