Marine Electricals zooms 5% on winning orders worth Rs 13.92 crore

Representative Image REUTERS/Jussi Rosendahl - GF10000201728

Marine Electricals shares zoomed 5 percent on February 21 after the company secured an order worth Rs 13.92 crore.

At 11:47am, Marine Electricals shares were trading 3.5 percent higher at Rs 38.85 on the NSE. The stock is up 17 percent in the past three months, while in the past three years, it has given close to 100 percent returns to investors.

The order is for supply of shaft generator, main switch boards, distribution boards and associated systems with OBS for PCV Project from Goa Shipyard Ltd. “The delivery of the said goods shall be made over a period of one year,” the company said in an exchange filing.

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The company’s clientele includes the Indian Navy, Indian Cost Guard, Cochin Shipyard, Mazagon Dock Shipbuilders Ltd, and Garden Reach Shipbuilders and Engineers Ltd.

In the December quarter, the company’s sales came in at Rs 126.8 crore as against Rs 109.78 crore a year back. The company operates in two segments - electricals and electronics, and solar. Revenue from the former contributes a larger chunk of the overall sales.

The company's consolidated net profit climbed to Rs 7.3 crore from Rs 4.2 crore.

Marine Electricals is an integrated technical services provider in the fields of electrical automation and information and communication technology solutions.

The company’s order book position improved to about Rs 500 crore as on December 27, 2022 from around Rs 407 crore as on November 30, 2021, aided by higher order inflows from the marine and industry segments, credit rating agency ICRA said.