Transformers and Rectifiers Receives $16.8M Orders; Shares Hit Upper Circuit Level
Shares of Transformers and Rectifiers hit an upper limit of 5 per cent on the BSE on Thursday, August 22. Buying interest in the stock came after the heavy electrical equipment company bagged export orders worth $16.8 million.
At around 1.35 pm, shares of Transformers and Rectifiers were up by Rs 33.8 at Rs 710.45 per share. The market capitalisation of the company stood at Rs 10,662.64 crore around the same time.
The company filing says it has received two export orders. One order is for transformers with a total contract value of $14 million from Linxon Global Sweden. The entire work is due to be completed by October 2025, the company added.
Another order was from Arcelor Mittal Mexico for transformers worth $2.80 million. The entire work should be completed by December 2024.
According to the investor presentation, the company had received an operational excellence award from Power Grid in the June quarter. It also successfully exported 220/253 MVA EAF Transformer, one of the largest classifications ever produced globally, and secured an initial order of 193 MVA single-phase STATCOM transformers.
The company received new orders worth Rs 698 crore during the quarter. It also received approval from Power Grid Corporation of India Limited (PGCIL) for reactors at its Changodar test facility.
In a note to investors, Transformers & Rectifiers management said it will expand its manufacturing capacity for renewable energy transformers, which will be available for commercial production from December 2024.
Transformers and Rectifiers Q1FY25
The company posted a consolidated profit after tax (PAT) of Rs 20.87 crore against a loss of Rs 12.17 a year ago. Revenue for the quarter stood at Rs 322 crore against Rs 155.57 crore year-on-year (YoY), up 107 percent, according to the investor presentation.
Total revenue for the first quarter stood at Rs 326.03 crore, compared to Rs 157.35 crore a year ago.
Over the past year, shares of Transformers and Rectifiers India have risen 481 percent, compared to a rise of nearly 28 percent for the Nifty 50 during the same period.
First publication: Aug 22, 2024 | 3:06 PM IST