The shares of this Liquefied petroleum gas provider hit 10 percent upper circuit of Rs 118.70 after the company received a Letter of acceptance from Bharat Petroleum Corporation Limited Worth Rs 67 crore.
With a market capitalization of Rs 296.99 crore, The shares of Confidence Futuristic Energetech Ltd were trading at Rs 117.00 per share, increasing around 8.38 percent as compared to the previous closing price of Rs 107.95 apiece.
According to the company filing, Confidence Futuristic Energetech Ltd received a Letter of acceptance from Bharat Petroleum Corporation Limited to supply 450 NO. OF CNG Type-I CNG Moblie/Stationary Cascades for BPCL CGD Projects worth approximately Rs. 67 Crs.
The Government of India announced the opening of 10,000 CNG Dispensing Stations around the country to promote ecologically friendly cleaner motor fuel. This mission will raise the demand for CNG Cascades and CNG Cylinders, resulting in a rise in the number of CNG-powered cars.
In addition to the above paragraph, The company aligned with the government’s vision and during the fiscal 2022-23, the Company’s promoter commissioned 34 CNG Dispensing Stations in Bengaluru city.
Looking into the company’s financial, Confidence Futuristic Energetech Ltd’s revenue increased by 125 percent from Rs 54 Crore in FY2021-22 to 122 Crore in FY2022-23. During the same period, net profits increased by 100 percent from Rs 3 crore to Rs 6 crore.
Confidence Futuristic Energetech Ltd reported return ratios in the recent financial year with a return on equity (ROE) of 4.41 percent and a return on capital employed (ROCE) of 6.06 percent.
Confidence Futuristic Energetech Ltd’s recent shareholding pattern, The Promoters of the company own 61.87 percent while Retail shareholders own a 38.14 percent stake in the company.
Confidence Futuristic Energetech Ltd is engaged in the manufacturing and marketing of LPG/ CNG / High-Pressure Cylinders.
Written by:- Abhishek Singh
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