The shares of India’s one of the Largest suppliers of Electrical Automation Equipment for Marine Applications rose 5 percent to Rs 86.60 per share after the company received an order totaling Rs 23.34 crores.
With a market capitalization of Rs 1,097 crore. At 11:13 a.m.Marine Electricals India Ltd shares were trading at Rs 84.60 per share, up Rs 2.10 or 2.55 percent from the previous close price of Rs 82.50.
According to the company’s filing, Marine Electricals (India) Limited has received orders totaling Rs. 23.34 crores, including an order from Garden Reach Shipbuilders & Engineers Ltd for the supply of B & D spares for IBS of ASW SWC worth Rs. 21.08 crores, with delivery expected in two years.
In addition to this, the Company received an order for Rs. 2.26 crores from Goa Shipyard Limited, Goa for Hot works installation of cable tray conduits accessories and Hot works installation termination STW Test and testing of Electrical equipment.
Marine Electricals revenue has increased by 52 percent year on year, from Rs 90 crore in Q2FY23 to Rs 137 crore in Q2FY24.In the same time frame, net profit increased by 100 percent from Rs 2 crore to Rs 4 crore.
The company’s shares have delivered a multi-bagger return of 155 percent in a year. A shareholder investment of Rs 1 lakh in the company would be worth Rs 2.55 lakh in a year.
In the recent financial year, the company reported its return on equity at 8.15 percent and return on capital employed at 14.47 percent.
Marine Electricals (India) Limited is an integrated technical services provider in the fields of electrical automation and information and communication technology solutions.
The company is engaged in the manufacturing and sale of all types of marine and industrial electrical & electronic components like switch-gears, control-gears, etc, and is also engaged in the renewable energy sector, specifically solar.
In the latest shareholding pattern, company promoters hold a 73.84 percent stake and retail investors hold a 26.16 percent stake in the company.
Written by Omkar Chitnis