Solar Industries India Ltd on Tuesday, March 4, said its wholly-owned subsidiary Solar Defence and Aerospace Ltd, signed a contract worth ₹239 crore from the Ministry of Defence.As part of the agreement, Solar Defence and Aerospace will deliver multi-mode hand grenades within a year.
The deal focuses on the supply of critical defence products, contributing to the nation’s security capabilities.
Solar Defence and Aerospace Ltd specialises in manufacturing and supplying high-quality defence products.
On February 28, Solar Industries India announced that the company, along with its subsidiary, secured orders worth ₹2,150 crore for the supply of defence products. These orders, awarded by an international entity, are expected to be completed over the next six years.However, the company’s management also stated that it will not meet the previously set 30% revenue growth target for FY25 due to a slowdown in the domestic market.
The deal focuses on the supply of critical defence products, contributing to the nation’s security capabilities.
Solar Defence and Aerospace Ltd specialises in manufacturing and supplying high-quality defence products.
On February 28, Solar Industries India announced that the company, along with its subsidiary, secured orders worth ₹2,150 crore for the supply of defence products. These orders, awarded by an international entity, are expected to be completed over the next six years.However, the company’s management also stated that it will not meet the previously set 30% revenue growth target for FY25 due to a slowdown in the domestic market.
While the defence revenue growth remains steady, it may experience a variation of 5-10%. The execution timeline for the Pinaka order is projected to span 8-12 years. Despite the lower-than-expected revenue growth, the company anticipates an improvement in margins.
In the December quarter, Solar Industries reported a 55% surge in net profit at ₹314.87. Its revenue stood at ₹1,973.08 crore, a 38% surge from the previous year’s ₹1,429.14 crore.
Shares of Solar Industries India were trading 0.57% higher at ₹9,023.15 apiece on the BSE at 11:27 am.
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