Solar Industries Receives Export Orders Worth Rs 2,150 Crore
The order is to be delivered by Solar Industries over a period of six years.
Solar Industries India Ltd. and its subsidiary received export orders worth Rs 2,150 crore on Friday. The orders are for supply of defence products.
The order came an unnamed international client, the company told exchanges in a regulatory filing. The order is to be delivered over a period of six years.
Earlier this month the company's subsidiary Economic Explosive Ltd. received an order worth Rs 6,084 crore from the Ministry of Defence. The order included supply of Area Denial Munition Type-1 and High Explosive Pre-Fragmented Mk-1 (Enhanced) rockets respectively for PINAKA Multiple Launcher Rocket System.
The order is to be executed in eight to 15 years and 86% of the contract is to be executed within 10 years.
The company reported a 55% jump in net profit at Rs 314.87 crore for quarter ended December. The revenue rose 38.1% to Rs 1,973.08 crore, while Ebidta rose 48% to Rs 526.54 crore. Margin for the quarter was at 26.7% versus 24.9%.
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Solar Industries Shares Decline
The shares of Solar Industries fell as much as 2.76% to Rs 8,482.50 apiece, the lowest level since June 5. It pared losses to trade 1.68% lower at Rs 8,576.50 apiece, as of 1:31 p.m. This compares to a 1.88% decline in the NSE Nifty 50 Index.
It has risen 26.59% in the last 12 months and fallen 13.07% year-to-date. The relative strength index was at 37.
Out of five analysts tracking the company, four maintain a 'buy' rating and one recommends a 'hold,' according to Bloomberg. The average 12-month consensus price target implies an upside of 34.8%.
