Shares of this solar company, which manufactures submersible pumps and motors, surged 5 percent following the receipt of an order from the Maharashtra State Electricity Distribution Corporation Ltd (MSEDCL) for the supply of solar submersible pumps.
Share price movement
In Wednesday’s trading session, the shares of Latteys Industries Limited surged to an intra-day high of Rs.20.95 per share, rising 2.5 percent, from its previous close of Rs.20.43 apiece. The share has retreated since then and is trading at Rs.20.07 apiece.
Is Latteys Industries a buy or sell? What is its Fair Value? What are the company's health parameters? What are the positive and negative factors driving the company -- ProTips? Know all the answers on the company's overview page here.
What happened
Latteys Industries Ltd. has secured a notable work order from Maharashtra State Electricity Distribution Corporation Ltd (MSEDCL) for the supply of solar submersible pumps.
This order, which has a value of approximately Rs.3 crore plus GST, comes with a stipulation that the delivery must be completed within three months from the issuance of the award letter.
The MSEDCL contract for solar submersible pumps is a significant growth opportunity for Latteys Industries, reinforcing its presence in the renewable energy sector.
This order not only broadens their product range but also aligns with their commitment to energy-efficient solutions. Successfully executing the contract could boost their market reputation and competitive advantage in the pump manufacturing industry.
Recent orders
As of March FY24, Latteys Industries bagged several orders totaling approximately Rs.2.06 crore for the supply of solar and submersible pumps. This includes an order worth Rs.90,91,327 from KSB, Rs.32,49,456 from Sialkot Trading INC, Dubai, and Rs.83,12,000 from Al Rabih General Trading F2C, reflecting the company’s expanding market reach both domestically and internationally.
Shareholding Pattern
As of June 2024, the shareholding structure comprises Promoters holding 72.08 percent of the stake, while Public Investors hold the remaining 27.92 percent.
Financial Performance
In its Q1 FY25 financial results, Latteys Industries Ltd reported revenue of Rs.19.7 crore, reflecting an 8.8 percent increase from Rs.18.1 crore in the same quarter of the previous year. Net Profit for the period decreased to Rs.0.38 crore, compared to Rs.0.91 crore in the same period.
Company Profile
Latteys Industries Limited is an Indian manufacturer specializing in energy-efficient submersible pumps for various sectors, including agriculture and industry. The company has a diverse portfolio with over 700 pump models and operates from a facility in Gujarat with an annual production capacity of approximately 1,20,000 pumps.
Written by – Siddesh S Raskar
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