This multibagger company increases its stake by 7 per cent in a leading drone manufacturing company with a Rs 256 crore order book!

This multibagger company increases its stake by 7 per cent in a leading drone manufacturing company with a Rs 256 crore order book!

Rakesh Deshmukh

The company's shares have delivered an impressive return of over 190 per cent to their shareholders.

Coromandel International Ltd is one of India's leading agri-solutions providers, offering a diverse range of products and services across the farming value chain. Specializing in fertilizers, crop proteins, biopesticides, specialty nutrients, organic fertilizers, and more, the company caters to various agricultural needs. The company has made an announcement regarding the acquisition of additional stake in the drone manufacturing company.

Coromandel Increases Stake in Drone Company Dhaksha:

Coromandel International Limited, a prominent provider of agricultural solutions in India, has announced, via its wholly owned subsidiary Coromandel Technology Limited (CTL), the acquisition of an additional 7 per cent stake in Chennai-based drone manufacturing company Dhaksha Unmanned Systems Private Limited. This move involves an investment of Rs 150 crores through the issuance of fresh shares, boosting Coromandel's total shareholding in Dhaksha to 58 per cent.

Dhaksha, established in 2019 and headquartered in Chennai, is a key player in India's drone industry, offering a comprehensive range of Unmanned Aerial Systems (UAS) technology solutions spanning agriculture, defense, surveillance, and enterprise sectors. The company also provides remote pilot training services (RPTO) and has trained numerous drone pilots to date. Over the past year, Dhaksha has secured significant contracts from defense and agricultural input firms, amassing an order book valued at Rs 265 crores.

With a newly expanded production capacity courtesy of a cutting-edge manufacturing facility on the outskirts of Chennai, the company is poised for further growth. The capital raised through this initiative will support Dhaksha in enhancing its research and development endeavors, fulfilling large-scale orders, and addressing its working capital requirements.

Also read Invested in the wrong stock type? Here are 6 types of stocks to consider for your portfolio!

Share Performance nad Financial Performance of Coromandel International Limited

On Monday, the company's stock closed at around Rs 1204.95 per share, with a market capitalisation of Rs 35,478.91 crore. Additionally, the stock has delivered a multibagger return of around 412 per cent in the past decade.

As per the Quarterly Results in Q4 FY24, the company reported revenue of Rs 3913 crore, representing a year-on-year de-growth of 28.55 per cent from Rs 5476 crore same quarter last year. The company posted an operating profit of Rs 263 crore, compared to a profit of Rs 387 crore same quarter last year. The company’s net profit stood at Rs 164 crore in the Q4 FY24.

Investors must keep this Large-Cap multibagger stock on their radar.

Disclaimer: The article is for informational purposes only and not investment advice.

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