This S&P BSE 500 stock saw a rise in its shares within the first hour of markets opening on Thursday after the company announced receipt of an order under a union government scheme. The stock is trading at Rs. 2949.90, up from Rs. 2,931.60 at closing on Wednesday.
The stock price is 8% away from its 52 week high, currently trading 3% and 35% above its 20 day and 200 day moving averages respectively. The company has a market cap of Rs. 10,268 crore.
KSB Ltd (“KSB”) stated in a filing dated 27th September 2023 that the company has received letter of award under PM-Kusum III Scheme under Component B of INR 27.78 Crores for 800 solar water pumping systems
from the Department of Agriculture, Uttar Pradesh. The sales/ supply of products/ services for these orders is expected from Q4 of FY 2023
The company recently released its Q2 FY23 results – revenue grew 25% YoY, order intake in Q2 was at Rs. 617 crore and its export business is seeing an upward trend. The company also stated it has successfully implemented warehouse management at all plants.
Operating margins saw a growth of 100 bps from 13% to 14% in H1 FY2023. Net profits in Q2 were Rs. 63.7 crore, up 32% from Q2 FY2022’s Rs. 48.3 crore. This indicates stable margins on the bottom line.
KSB engages in the manufacture and sale of power driven pumps and industrial valves – a variety of standard Industrial end suction and high-pressure multistage pumps, submersible motor pumps, and monoblock pumps.
In India and internationally for agricultural, wastewater treatment, energy (includes nuclear and conventional power), oil and gas, and other industries. The company has a strong financial book indicated by a Piotroski F score of 7 out of a maximum score of 9,
Written by Sandeep R
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