Saakshi Medtech hits the roof after bagging Rs 250-cr order from Mahindra & Mahindra

Saakshi Medtech and Panels hit an upper circuit of 10% at Rs 220.05 after the company announced that it has received letter of business award (LoBA) worth Rs 250 crore from Mahindra & Mahindra for Supply of EV Panels.

The said order includes the supply of EV panels, including a 3-year guarantee/warranty. The total amount of the order value is for around Rs 250 crore for a period of 5 years (till 2029). The order will be completed within 60 days.

Saakshi Medtech & Panels is engaged in manufacturing electric hardware products. The company specializes in the designing and assembling of electrical control panels and cabinets, as well as medical devices, wiring harnesses, and mechanical assemblies.

 

On a full-year basis, the company's standalone net profit fell 8.6% to Rs 11.31 crore in FY24 as against Rs 12.38 crore posted in FY23. Revenue from operations declined marginally to Rs 121.85 in FY24 as compared to Rs 122.06 crore recorded in FY23.

Shares of Mahindra & Mahindra rose 0.29% to Rs 3,074.40 on the BSE.

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