Shares of this industrial electrical and electronic components manufacturing company clocked 5 percent upper circuit after receiving an order worth Rs. 27.97 crores for the supply of LT Pane. The company’s stock has delivered multibagger returns of 140 percent to its stakeholders on a YTD basis.
With a market capitalisation of Rs. 1,206 crores, the shares of Marine Electricals (India) Ltd started Thursday’s trading session on a lower note at Rs. 86.15 compared to the previous close of Rs. 88.70. During the trading session, the share hit a 5 percent upper circuit at Rs. 93.10 apiece.
Such a bullish movement in the share price was observed after the company in an exchange filing announced receiving multiple orders from various companies worth Rs. 27.97 crores.
The company received an order from Hooghly Cochin Shipyard Limited, West Bengal for procurement of the electrical package for the IWAI Hybrid Vessel, and the orders shall be over a period of 10 months. Furthermore, they received an order from Garden Reach Shipbuilders and Engineers Ltd., Kolkata, for the supply of B&D Spares for IBS Project SVL to CPRO, Visakhapatnam, for this the order will be over 6 months.
In addition, Marine Electricals received an order from Garden Reach Shipbuilders and Engineers Ltd., Kolkata, for the supply of B&D Spares for IBS Project SVL to CPRO, Kerala. This order shall be for 6 months. They received one more order from Deepak Chem-Tech Ltd., Bharuch, for the supply of LT Panels which shall be delivered over a period of 5 months.
Coming onto the financial statements published by the company, the revenue magnified by 36 percent from Rs. 101.07 crores in the June quarter to Rs. 137.32 crores during the September quarter. In addition, the net profits increased by around 35 percent from Rs. 3.52 crores to Rs. 4.75 crores during the same timeframe.
In FY23, the order book of the company stands at Rs. 486 crores. Additionally, the company has also received orders from L&T amounting to Rs. 16 crores, Goa Shipyard Limited amounting to Rs.10 crores and a few more.
Headquartered in Mumbai, Marine Electricals (India) Ltd was incorporated in 1978. The company is an integrated technical services provider in the fields of electrical automation and information and communication technology solutions. They are engaged in the manufacturing and sale of all types of marine and industrial electrical and electronic components like switch gears, and control gears.
Written By Vaibhav Patil
