Synopsis: MIC Electronics Limited inched higher after receiving multiple Letters of Acceptance from South Central and Northern Railways worth an aggregate Rs. 1.73 crore.
EMS stock specialising in LED video displays, lighting products and related solutions, in focus after it announced three railway-related Letters of Acceptance totalling around Rs. 1.73 crore.
MIC Electronics Limited, with a market capitalisation of Rs. 1,175 crore, opened at Rs. 49.29 on the day. The stock’s previous close was Rs. 49.04 and it touched an intraday high of Rs. 49.56, marking an intraday gain of 1.06 percent from the prior close.
What’s the News?
MIC Electronics Limited has received a Letter of Acceptance from South Central Railway, Secunderabad Division for the provision of coach guidance boards and “At a Glance” display boards at HFZ station and for replacement of the existing aged solid-state platform announcement system at 20 stations across the South Central division. The value of this LOA is Rs. 53 lakhs and the work is to be executed within 12 months.
The company has also received a Letter of Acceptance from Northern Railway for sanction of new item(s) relating to the provision of passenger amenities (telecom) and expansion of the information system to facilitate Divyangjan access and utility shifting in connection with the Amrit Bharat station scheme at TKJ, GHNA, MDNR, SZM, PWL, BVH, FDN, BGZ, ROK, PTRD, SMQL, NUR, SNP, JHI, NRW and MSZ stations of the Delhi division. The value of this LOA is Rs. 43 lakhs.
In addition, MIC Electronics has received a LOA variation from Northern Railway for provision of passenger amenities (telecom) and expansion of the information system in connection with the Amrit Bharat station scheme at the same Delhi-division stations, for an amount of Rs. 75 lakhs. The aggregate value of the three orders stands at approximately Rs. 1.73 crore.
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Financial Snapshot
On a sequential basis, sales declined from Rs. 44.85 crore to Rs. 11.61 crore, down 74.1 percent. Operating profit fell from Rs. 8.36 crore to Rs. 4.11 crore, down 50.8 percent. Profit before tax decreased from Rs. 6.81 crore to Rs. 1.67 crore, down 75.5 percent. Net profit declined from Rs. 3.57 crore to Rs. 1.67 crore, a decline of 53.2 percent.
On an annual comparison, sales rose from Rs. 10.71 crore to Rs. 11.61 crore, up 8.4 percent. Operating profit increased from Rs. 2.59 crore to Rs. 4.11 crore, up 58.7 percent. Profit before tax slipped from Rs. 1.96 crore to Rs. 1.67 crore, down 14.8 percent. Net profit moved from Rs. 1.97 crore to Rs. 1.67 crore, down 15.2 percent.
About the Company
MIC Electronics Limited is an India-based company specialising in LED video displays, lighting products and related solutions, including indoor, outdoor, mobile and application-specific displays and LED lighting for solar, outdoor and portable applications. The company also manufactures medical appliances, automobile solutions, oxygen concentrators, and batteries, and provides integrated electronics solutions for public infrastructure projects.
Written by – Manan Gangwar
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