Multibagger penny stock below Rs 70 with Rs 746 crore order book hit 52-week high as it bags new orders worth Rs 81 crore from Defence sector
The stock gave multibagger returns of 245 per cent in just 1 year and a whopping 5,400 per cent in 3 years.
Lloyds Engineering Works Ltd, a leading provider of advanced engineering solutions, is pleased to announce the acquisition of significant orders for naval equipment, marking an important milestone in the company's growth trajectory from the Defence sector. The orders, valued at over Rs 81 crore, encompass Ship steering gear systems and Ship stabiliser systems and are slated for execution over three years.
These orders, concerning new ships being built, signify the company's proactive stance in capturing the increasing demand resulting from the government's heightened defence spending. As new ship orders continue to rise, the orders received by Lloyds Engineering serve as a promising beginning in leveraging the opportunities presented by this trend.
These orders underscore Lloyds Engineering's unwavering commitment to innovation and excellence in the defence sector. They not only signify a substantial revenue boost but also represent the company's strategic shift towards emerging sectors, aligning perfectly with its vision for the future.
Lloyds Engineering Works Ltd, established in 1974, designs, manufactures and commissions heavy equipment, machinery and systems for various sectors including hydrocarbon, oil & gas, steel, power, nuclear, and marine. They offer a diverse range of products like pressure vessels, heat exchangers, steel mill equipment, and marine loading arms, catering to a broad clientele and operating out of four workshops in Thane, Mumbai. They are continuously expanding their capacity and hold various industry approvals.
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According to Quarterly Results, the net sales increased by 246 per cent to Rs 201 crore and net profit increased by 108 per cent to Rs 27 crore in Q3FY24 compared to Q3FY23. In its nine-month results, the net sales increased by 214 per cent to Rs 436 crore and net profit increased by 90 per cent to Rs 59 crore in 9MFY24 compared to 9MFY23. The net sales increased by 526 per cent to Rs 313 crore and net profit increased by 517 per cent to Rs 37 crore in FY23 compared to FY22.
Today, shares of Lloyds Engineering Ltd gained 3.50 per cent and made a fresh new 52-week high of Rs 67 per share from its previous closing of Rs 64.73. The shares of the company saw a spurt in volume by more than 2 times on BSE. The company has a market cap of over Rs 7,000 crore as of February 29, 2024, and the order book stands at Rs 746 crore as of December 31, 2023. The stock gave multibagger returns of 245 per cent in just 1 year and a whopping 5,400 per cent in 3 years. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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