Solar Industries India Ltd announces Q2FY21 results

Solar Industries India Limited today announced its financial results for the quarter ended September 30, 2020.

Key Highlights

- Highest all-time Revenue for 2nd quarter
- Highest all-time Quarterly revenue from Overseas operations
- Received order of Rs.447 crore from Singareni Collieries
- Received order of Rs.409 crore for Multi-Mode Hand Grenade

Commenting on the results, Mr Manish Nuwal, Managing Director & CEO, Solar Industries India Limited said that. We have achieved an all-time high secondquarter revenue along with all-time Quarterly revenue from Overseas operations. This was on account of strong recovery of our business during the quarter, demonstrated by sequential growth across all our geographies.

We have received an order from Singareni Collieries company Ltd (SCCL) for supply of Explosives and Initiating system worth Rs 447 Crore, to be delivered over a period of two years.

Mr. Manish Nuwal further stated that "We have now received the much-awaited order for supply of Multi-Mode Hand Grenade (MMHG) from Ministry of Defense, Government of India. The contract is worth Rs.409 Crore and is to be delivered over a period of two years. This has increased the defense order book to 702 Crore. It is for the first time in India's defense history, that ready to use ammunition orders has been granted to a private organization.

Our total order book stands at Rs.1745 crore.

In a major boost for Make-in-India and in line with the government's objective of indigenization in the defense sector the first ever Pinaka Mk 1 ENHANCED rockets fully manufactured by us have been successfully test fired at a firing range in Balasore, Orissa.

With our focused efforts, along with the ease of business and normalcy returning makes us believe that this year we will do better than FY 20 despite the slowdown in the 1st quarter," he further added.

Shares of SOLAR INDUSTRIES INDIA LTD. was last trading in BSE at Rs.1030.55 as compared to the previous close of Rs. 1019.4. The total number of shares traded during the day was 278 in over 41 trades.

The stock hit an intraday high of Rs. 1033.5 and intraday low of 1023. The net turnover during the day was Rs. 285684.

Source : Equity Bulls

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