Zen Technologies Limited's Shares Rise by 2% After Securing Rs 72.29 Crore Defence Ministry Order

31 Aug 2023 , 01:21 PM

Zen Technologies Limited experiences a 2% surge in share value on the morning of August 31 following the announcement of a substantial Rs 72.29-crore order from the defence ministry. The company specializes in offering military training and anti-drone solutions, playing a crucial role in the defence sector.

The order reflects progress in implementing the Framework on Simulators, as outlined by the government in September 2021. The move is expected to enhance training effectiveness, cost-efficiency, and environmental sustainability.

Chairman and Managing Director Ashok Atluri emphasized the significance of this step in line with the government’s framework and its positive impact on training outcomes.

In Q1FY24, Zen Technologies reported an impressive 532% surge in net profit, amounting to Rs 47.08 crore, compared to Rs 7.4 crore during the same period the previous year.

Additionally, the company confirmed the receipt of fresh orders totaling Rs 202 crore. The Q1 FY24 revenue from operations witnessed a remarkable increase of 257%, reaching Rs 132.45 crore from the previous year’s Rs 37.07 crore.

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