Shares of Zen Technologies, the country’s leading anti-drone technology and defence training solutions provider, rose by 4.40% to ₹754 per share in early Monday’s trade after the company secured an export order valued at approximately ₹42 crore.
“This order, comprising state-of-the-art simulators, is from a friendly nation and stands as a testament to the Indian government’s efforts to boost defence exports, aligning with the national objective of becoming a net defence exporter, the company said in an exchange filing on November 18.
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The company has been winning significant orders from the Ministry of Defence (MoD), Government of India. These strong orders were attributed to various factors such as Make in India, ‘Atmanirbharata’, Buy Indian IDDM, Simulation Framework, and the GoI’s sustainability commitment.
Earlier on October 26, the company was awarded an order valued at approximately ₹100 crore by the Ministry of Defence, India, for its state-of-the-art Force-On-Force tank training system.
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In September, it won a significant contract from the Ministry of Defence for the supply of Anti-Drone systems. The total value of the order was worth ₹227.85 crore, as per the company’s regulatory filing made in September.
Zen Technologies is engaged in the indigenous design, development, and manufacture of defence training systems, drones, and anti-drone solutions based on sensor and simulator technology. It provides defence training solutions and seamless services to the Ministry of Defence (Armed Forces), Security Forces Police, and paramilitary forces.
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The company’s shares have experienced a significant surge in value in the current year so far, climbing from ₹189.95 apiece to ₹747 apiece, marking a stellar gain of 305%. This is the best yearly performance for the stock since its listing in 2016. Over the last five years, the stock has gained 1057%.
Regarding financials, the company posted a standalone net profit of ₹17.34 crore, an increase of 281% YoY, while the revenue from operations came in at ₹64.03 crore, an improvement of 203% YoY compared to a revenue of ₹21 crore reported in the same period of last year.
At 10:00 AM, the stock was trading with a gain of 3.26% at ₹745 apiece.
Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
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Updated: 20 Nov 2023, 10:27 AM IST