Shares of Zen Technologies, the country’s leading provider of anti-drone technology and defense training solutions, rose 4.40%. ₹754 per share in early trade on Monday after the company received an export order worth around ₹42 crores.
“This order, which includes state-of-the-art simulators, is from a friendly nation and stands as a testament to the Indian government’s efforts to boost defense exports, aligning with the national objective of becoming a net defense exporter, the company said in . exchange filing on November 18.
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The company has won significant orders from the Ministry of Defense (MoD), Government of India. These strong orders were attributed to various factors like Make in India, ‘Atmanirbharata’, Buy Indian IDDM, Simulation Framework, and the GoI’s commitment to sustainability.
Earlier on October 26, the company was awarded an order worth approx ₹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 Defense to supply Anti-Drone systems. It was worth the full value of the order ₹227.85 crore, according to the company’s regulatory filing made in September.
Zen Technologies is engaged in the indigenous design, development and manufacturing of defense training systems, drones, and anti-drone solutions based on sensor and simulator technology. It provides defense training solutions and seamless services to the Ministry of Defense (Armed Forces), Security Forces Police, and paramilitary forces.
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The company’s share value has grown significantly in the current year to date, increasing from ₹189.95 a piece to ₹747 apiece, marking a stellar gain of 305%. This is the best annual performance for the stock since its listing in 2016. Over the past five years, the stock has gained 1057%.
Financially, the company posted a standalone net profit ₹17.34 crore, up 281% YoY, while revenue from operations came in at ₹64.03 crore, an improvement of 203% YoY compared to revenue of ₹21 crore was reported in the same period last year.
At 10:00 AM, the stock was trading with a gain of 3.26% at ₹745 each.
Disclaimer: We encourage investors to check with certified experts before making any investment decision.
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Updated: 20 November 2023, 10:27 AM IST
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