This microcap stock, which manufactures and sells customised textile machinery and parts, jumped 9.39% in day trade hours after receiving a Rs. 2.8 crore order from Meda Carpet in Saudi Arabia and Slutsk Belts in Belarus.
With a market capitalization of Rs. 55 Crores, the shares of Meera Industries Limited were trading at Rs. 52, up 1.58% from its previous day’s close price of Rs. 51.19. The stock has outperformed the Nifty and risen 34.89% year to date returns.
Its revenue from operations increased by 50.39% YoY, from Rs. 5.06 crores in Q3FY23 to Rs. 7.61 crores in Q3FY24 and sequentially rose 12.07% QoQ. Its net profit increased by 215% YoY, from a loss of Rs. 0.40 crores in Q3FY23 to Rs. 0.46 crores in Q3FY24, QoQ rose 43.75%.
The company received a purchase order from Meda Carpet (Saudi Arabia) for its MEERABAH Machine and Heavy Duty Twister Machine worth USD $1,61,000, as well as a Heavy Duty Twister from Slutsk Belts (Belarus) worth USD $1,75,250. These orders have the potential to increase both goodwill and exports.
Meera Industries Limited manufactures and sells customised textile machinery and machine parts. It trades and manufactures yarn, including import and export. It deals in twisting, cabling, winding, and heat setting machines.
Its products include two-for-one twisters, servo-controlled cop winders, cone-to-cone winders, ring twisting machines, covering machines, twisting machines, and heavy-duty twisters. TFO twisting machines include a gear change system for a variety of settings.
According to the company’s segment in FY23, revenue from manufactured product sales accounted for 96.98%, down 35.69% YoY, 1.28% from service sales, up 24.32% YoY and other operating revenue accounted for 1.74%, down 54.89% YoY.
Written by: Santhosh S
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