Avantel gains 6% on winning order from Mazagon Dock Shipbuilders

In a corporate filing at the exchange, the company informed that it had bagged an order worth Rs 4.24 crore from the public sector shipbuilding major for supply and installation of sophisticated UHF Satcom system.

Moneycontrol News

July 14, 2023 / 16:17 IST

At 1:15 pm, the stock was quoting at Rs 865, up Rs 48.60, or 5.95 percent on the BSE.

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Avantel Ltd. share prices surged by 6 percent on July 14 after the company announced it secured an order worth Rs 4.24 crore from the Mazagon Dock Shipbuilders Ltd. for supply and installation of UHF Satcom system.

At 1:15 pm, the stock was quoting at Rs 865, up Rs 48.60, or 5.95 percent on the BSE. Friday's rise comes after a drop of 8.84 percent in the stock prices on Thursday after the company declared a net profit of Rs 8.69 crore for Q1FY24, an 18 percent decline from Rs 10.54 crore reported in the previous quarter.

In a corporate filing at the exchange, the company informed that it had bagged an order worth Rs 4.24 crore from the public sector shipbuilding major for supply, installation and commissioning of the sophisticated ultra-high frequency satellite communications system. The UHF Satcom system is immune to weather disturbances and can provide connectivity even in areas that are not served by terrestrial mobile networks.

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In the earnings declared for the recently ended April to June quarter, the company reported a revenue of Rs 68.90 crore, up from Rs 26.99 crore reported in Q1FY23. Although the PAT(profit-after-taxes) figures for the recently ended quarter saw an 18 percent decline sequentially, it improved to Rs 8.69 crore in Q1FY24 against Rs 5.03 crore reported in Q1FY23 . However, the OPM (operational margin) has decreased to 21.54 percent in Q1FY24 against 29.23 percent reported in the corresponding quarter of the previous fiscal.