Zen Technologies Secures ₹228 Cr Order from Ministry of Defence, shares gain 4%
Zen Technologies, a leading defense technology company, witnessed a remarkable 4% intraday surge in its share price on September 26th, following the announcement of a substantial order valued at ₹227.65 crore from the Ministry of Defence. At 10:13 am, Zen Technologies' stock was trading at Rs 784.50, reflecting a gain of ₹29.45 or 3.90 percent on the BSE.
This domestic order is specifically for the supply of Anti-Drone systems. Notably, the contract also includes a Comprehensive Maintenance Contract (CMC) post-warranty, adding up to ₹43.22 crores, inclusive of GST, as stated by the company.
Zen Technologies shares have experienced an impressive surge of nearly 300% in the past nine months, a testament to the company's prowess in the defense technology sector. The company's order book includes Training Simulators (including service and AMC) worth ₹819.21 crore and Counter Drone Systems (including service and AMC) valued at₹648.11 crore.
Anticipating robust demand, the company is geared to execute its cumulative order book for equipment over the next 18 months, further expecting substantial orders in the coming months.
Recent Orders Win
In a series of recent successes, Zen Technologies has secured significant orders:
• On September 25th, the company received orders worth ₹227.6 crore for the supply of Anti-Drone systems to the Ministry of Defence, Government of India.
• On September 22nd, Zen Technologies was awarded an order worth ₹227.65 crore, inclusive of GST, from the Ministry of Defence.
• On September 5th, the company celebrated another achievement with orders totaling ₹123.3 crores from the defence ministry, which includes 18 percent GST.
Zen Technologies' stock has exhibited strong performance over the past year, reaching a 52-week high of ₹912.55 on August 17, 2023, and a 52-week low of ₹175.50 on December 23, 2022.
Currently, the stock is trading 14.03% below its 52-week high and an impressive 347.01% above its 52-week low. This notable performance underscores the company's promising future prospects and its ability to secure substantial orders in the defense sector.
Zen Technologies reported a remarkable 532 percent increase in net profit, reaching ₹47.08 crore, compared to ₹7.4 crore in the same period last year. Over the past six months, Zen Technologies has delivered an impressive positive return of 161%. Year-to-date (YTD), the company has outperformed expectations, providing investors with an astounding return of 318%. However, it's worth noting that in the last month, the stock has experienced a slight dip, registering a decrease of 3.59%.
Furthermore, Zen Technologies recorded a substantial growth in revenue from operations during Q1FY24, with figures standing at ₹132.45 crore. This represents an impressive surge of 257 percent when compared to the ₹37.07 crore in revenue from the corresponding quarter in the previous year.
About Zen Technologies Ltd:
Zen Technologies Limited, established in 1996, is a prominent player in the defense and security sector. The company specializes in designing, developing, and manufacturing cutting-edge combat training solutions aimed at enhancing the preparedness of defense and security forces. Notably, Zen Technologies actively contributes to the indigenization of critical technologies, directly benefiting the Indian armed forces, state police forces, and paramilitary units.
Zen Technologies has its corporate headquarters located in Hyderabad, India, and boasts a well-established presence with offices not only across various regions in India but also in the United States of America. This strategic positioning underlines its commitment to delivering innovative solutions and services in the defense and security domains.
Share Market Today
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