Signet Industries receives orders worth Rs. 73 crore

On Monday, Signet Industries informed the exchanges of receiving orders of approximately Rs. 73 crore from L&T Limited and Shapoorji & Pallonji co. Pvt. Ltd. Despite this news, the stock of the company fell by 4.8 per cent on Monday.

After receiving the orders, Mr. Mukesh Sangla who is the Chairman and Managing Director of Signet Industries said that the company will strive to complete the received orders in the current fiscal year. He also stated that the company’s brand image and superior product quality are its strengths for making it the preferred vendor for such orders. Hence the company believes that it has favorable demand for its products, its business strategies are accurate and provide for growth related opportunities.

Signet Industries is involved in manufacturing of plastic products and wholesale chemicals and plastics.

The company's standalone revenue for Q1FY20 stood at Rs. 225.32 crore as against Rs. 216.77 crore in the corresponding quarter last year, registering 3.9 per cent yoy increase. EBITDA for the quarter rose by 4.5 per cent yoy to Rs. 18.53 crore as against Rs. 17.73 crore in the corresponding quarter last year, with a corresponding margin expansion of 4 bps. The PAT for the quarter came in at Rs. 4.51 crore as against Rs. 4.01 crore in the corresponding quarter last year, recording a yoy increase of 12.5 per cent.

On Monday, the stock of the company closed at Rs. 22.8, down by 4.8 per cent or Rs. 1.15 per share. The 52-week high is Rs. 54.35 and 52-week low is Rs. 19.1 on BSE.