Premier Explosives, the maker of industrial explosives and detonators, has informed stock exchanges that Chief Financial Officer (CFO) Srihari Pakalapati has stepped down from his position citing 'personal reasons'.
September 30 will be his last day at the company, said a notification by Premier Explosives to stock exchange. Pakalapati had tendered his resignation in July, and was accepted this month.
Shares of the have risen nearly 70% so far this year, and are higher by 160% in the last one year.
The company is sitting on a orderbook of Rs 8,99.4 crore, which is over three-fold of the FY24 revenue.
Going forward, the company is working on projects that involve capacity for missile integration, as well as enter the export market for defence products.
The company has been riding on the Make in India push in India's defence ecosystem, with contracts worth almost Rs 4 lakh crore from Defence Ministry expected to come to the domestic industry over next 5-7 years. Future expansion of the import embargo list is also expected to benefit company's business prospects. Premier has already entered into manufacturing of mines and ammunitions under the Atmanirbhar initiative.
The company claims to be the only Indian company that specializes in the exports of fully-assembled rocket motors.
Premier Explosives' revenue for Q1FY25 stands at Rs 83 crore versus Rs 62 crore in the same quarter a year ago, a growth of 34% YoY. Company's Q1FY25 operating profit stands at Rs 16 crore, almost flat on YoY basis.
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