The shares of the largest crane hiring firm in India and the third largest in Asia rose 6 percent reaching a 52-week high after company reported an order worth Rs 150 crore from renewable energy power company
With a market capitalization of Rs 2,411 crore, Sanghvi Movers Ltd shares were trading at Rs 557.90, up 2.19 percent on the NSE at 1:55 p.m.
As per exchange filings, Sanghvi Mover received work orders from Independent Power Producers (IPPs) involved in renewable energy generation for crane rental services, and other linked services such as wind turbine generator (WTG) surface logistics and wind farm and storage yard construction. Sanghvi Movers clients are projected to boost their power production capacity by 539 MW as a result of orders worth Rs 150 crore.
The company’s share has given multibagger returns of 139 percent in a year. If a shareholder invested Rs 1 lakh in the company, it would be worth Rs 2.39 lakhs in a year, and the share has gained 61 percent in the previous six months.
Sanghvi Movers is engaged in the business of supplying hydraulic and crawler cranes to different infrastructure businesses.
According to the company’s financials, operating revenue climbed by 15 percent to Rs 126 crore in Q4FY23 compared to the same quarter last year. Similarly, net profit increased by 83 percent to Rs 33 crores.
In addition, revenue increased by 36 percent year on year, going from Rs 335 crore in FY 21-22 to Rs 455 crore in FY 22-23. Net profit increased by 286 percent within the same time, from Rs 29 crore to Rs 112 crore.
The promoter held 47.25 percent of the company in FY23, while retail investors owned 49.61 percent.
Written by Omkar Chitnis
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