 "Zen Technologies reaches all time high on launching QIP worth Rs 800 cr")
Shares of Zen Technologies soared up to 4.6 per cent, reaching its all time high at Rs 1,865 per share on the BSE in Thursday’s intraday deals.
This came after the company on Wednesday launched its Qualified Institutions Placement (QIP) on August 21, with a floor price of Rs 1,685.18 per share.
This came after the company on Wednesday launched its Qualified Institutions Placement (QIP) on August 21, with a floor price of Rs 1,685.18 per share.
The QIP issue size is expected to be around Rs 800 crore, with the potential to increase to Rs 1,000 crore.
“We wish to inform you that the fundraising committee has fixed the ‘Relevant Date’ for the purpose of the Issue as August 21, 2024, and accordingly the floor price is Rs 1,685.18/- per equity share. The company may offer a discount of not more than 5 per cent on the floor price calculated for the Issue,” the company said in an exchange filing.
In the first quarter of financial year 2024-25 (Q1FY25), Zen Technologies reported a total income of Rs 254.62 crore, marking a 92.24 per cent year-on-year (Y-o-Y) increase from the previous year.
Operating profit rose by 61.70 per cent to Rs 108.34 crore in the April-June quarter of FY25, while profit after tax (PAT) grew by 63.13 per cent to Rs 76.81 crore.
The net profit margin was 29.80 per cent, down 14.48 per cent from the same period last year. Meanwhile, R&D expenditure stood at Rs 6.99 crore, and operational Ebitda increased to Rs 103.20 crore from Rs 66.17 crore a year ago.
The company's management said that it is focused on enhancing profitability by refining their business model. They anticipate significant growth driven by increased interest in combat training and the ongoing Ukraine conflict.
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At 01:24 PM; the stock of the company pared all its gains, and slipped in red, down by 0.64 per cent at Rs 1771.50 per share on the BSE. By comparison, the BSE Sensex was up by 0.21 per cent at 80,074 levels.
Zen Technologies specialises in the design, development, and manufacture of training simulators for various sectors, including police, paramilitary, armed forces, security forces, and government departments involved in transport, mining, infrastructure, and civilian markets.
Its product range is divided into three main categories: land-based military simulators, driving simulators, and mining and special equipment simulators.
The company’s manufacturing facility is situated in Maheshwaram Mandal, Telangana. Zen Technologies has delivered over 170 simulators to more than 70 customers across India.