Multibagger Stock with 144 per cent Return: The company secured orders worth Rs 16.2 crore this week
The electrical automation and information technology solution provider for the marine and industrial sectors secures back-to-back orders worth Rs 16.2 crore this week.
Marine Electricals (India) Limited announced via an exchange filing that it secured an order worth Rs 4.10 crore from M/s. Princeton Digital Group for the supply, installation, testing, and commissioning (SITC) of LV Panels, with a delivery period of four months.
This order comes in addition to a recent one received on September 9 from Arcelor Mittal Nippon Steel, worth Rs 12.1 crore, for LV Power and motor control centers capable of integrating with automation systems.
Furthermore, in yesterday’s exchange filing, the company informed that the board of directors approved the preferential allotment of 52,79,160 equity shares at an issue price of Rs 205 each, amounting to Rs 108.22 crore, to non-promoter allottees. Additionally, 20,00,000 convertible warrants at the same issue price of Rs 205 each were allotted to promoter and non-promoter allottees.
This preferential allotment reflects the optimism of shareholders and promoters in the company’s business, while the frequent inflow of orders underscores strong revenue visibility.
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Marine Electricals has demonstrated robust financial performance, delivering profit growth at a compounded annual growth rate (CAGR) of 22.9 per cent over the last five years. In its Q1FY25 earnings, the company reported a 37 per cent year-on-year (YoY) growth in revenue to Rs 138.46 crore, while net profit surged 78.48 per cent to Rs 7.05 crore, driven by higher other income.
Marine Electricals (India) provides integrated technical services in electrical automation and ICT solutions, offering comprehensive solutions for enhanced business processes, efficiency, and sustainability across diversified sectors, including shipbuilding, the Navy, and industries.
The stock is currently trading at Rs 250, with a market capitalisation of over Rs 3,316.63 crore. So far in 2024, the stock has delivered an impressive 144 per cent return on a year-to-date basis.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice.