After Zen Technologies announced it had secured an order for Rs 202 crore from the Ministry of Defence and anticipates further orders in the near future, shares of Zen Technologies hit a new high of Rs 453.15, soaring 10% on the BSE in Thursday’s intra-day session.
In comparison to the S&P BSE Sensex’s growth of less than 3.3% so far in 2023, the stock of India’s top provider of anti-drone technology and defence training solutions has soared 146%.
The company, a top supplier of military training and anti-drone technologies, revealed that it has secured a large contract from the Ministry of Defence, Government of India, valued at roughly Rs 202 crore.
The company hopes to land more sizable contracts in the upcoming quarter. This order win highlights Zen Technologies’ unwavering dedication to providing cutting-edge solutions and generating disruptive impact, the company stated in an exchange filing.
Zen Technologies has been steadfastly providing defence training solutions and seamless services to the Ministry of Defence (Armed Forces), Security Forces, Police, and paramilitary forces. Zen Technologies is engaged in the indigenous design, development, and manufacture of sensor and simulator technology-based defence training systems, drones, and anti-drone solutions.
Zen Technologies posted strong financial results for the fiscal year 2023 (FY23), with a standalone profit after tax (PAT) growth of 1,763% year over year (YoY) reaching Rs 37.64 crore. A PAT of Rs 2.02 crore was reported by the company for FY22.
At Rs 161.44 crore, revenue increased by 201% year over year. The ebitda margin (earnings before interest, tax, depreciation, and amortisation) increased significantly from 12.34 percent in FY22 to 34.62 percent in FY23.
Orders worth over Rs 473 crore were in the company’s possession as of March 31, 2023. The company has submitted bids for sizable orders, according to the management, and they anticipate the outcomes to be available by H1FY24.
The allotment of 4,06 million equity shares at a price of one rupee each to holders of compulsorily convertible debentures (CCDs) belonging to the public category was authorised by the company’s board last month. The allocation of 469,333 equity shares to holders of convertible warrants belonging to the promoter category upon conversion of those warrants was also approved by the board.
The University of Notre Dame DU LAC and investor Mukul Mahavir Agrawal will each get 1.41 million and 1.13 million equity shares, respectively, from the company.
