NIBE shares locked in upper circuit after firm's subsidiary receives Rs 307-cr purchase order

The shares of NIBE were locked in upper circuit on April 12 trading session after the company announced on BSE a receipt of order worth Rs 307 crore by its subsidiary Karmayogi Manufacturing Private Ltd.  According to the announcement, Karmayogi Manufacuring has received a purchase order from ‘Ordefence Systems Limited’ for assemblies, sub-assemblies and supply of 12 kits of small arms for a total consideration of Rs. 307,76,34,875/- (Rupees Three Hundred Seven Crore Seventy-Six Lakh Thirty-Four Thousand Eight Hundred Seventy-Five Only) (inclusive of all taxes and duties).

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The contract of assemblies, sub-assemblies and supply 12 Nos of Kits (12 SubAssemblies) total lot of 1,25,000 are required to be supplied on or before 31st March 2027.

For December quarter, NIBE declared positive set of number with net sales growing by 313.09 percent YoY to Rs 62.69 while quarterly net profit being announced at Rs 5.21 crore up by 458.31 percent. EBITDA stood at Rs. 8.61 crore in December 2023 up 182.3% from Rs. 3.05 crore in December 2022. The EPS for NIBE has increased to Rs. 4.11 per share in December 2023 from Rs. 0.90 in December 2022.