BEML secures order worth Rs 385 crore for high mobility vehicles; stock jumps ~3%

28 Jun 2023 , 02:31 PM

BEML’s stock rose as much as 3% in Wednesday’s trading session on June 28 after the company received an order worth Rs 385 crore.

According to a BSE filing today, BDL and BEL have awarded BEML, formerly Bharat Earth Movers Limited, the contract for the supply of high mobility vehicles (HMV).

At around 2.07 PM, BEML was trading 2.97% higher at Rs 1,619.45 per piece, against the previous close of Rs 1,572.80 on NSE. The counter rose to an intraday high of Rs 1,592.95 in today’s trade.

On June 23, BEML Ltd announced that it won a Rs 423.11 crore contract from the Ministry of Defence (MOD) to supply high mobility vehicles.

In the fourth quarter of FY23, the company reported an 18.2% increase in consolidated net profit to Rs 157.7 crore, up from Rs 133 crore the previous year. BEML’s PAT more than doubled on a quarterly basis in Q4FY23. EBITDA increased by 25% to Rs 287 crore from Rs 229.6 crore in the previous year, while EBITDA margins increased dramatically to 20.6% from 13.6%.

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