Zen Technologies Limited secures new order of ~ Rs. 155 crore from Indian Air Force

Zen Technologies Limited secured an order of ~ ₹ 155 crore from Indian Air Force (IAF) for the supply of Counter Unmanned Aircraft Systems (CUAS). The order will be carried out in a 12 month time frame. In the face of stiff competition from foreign companies partnering with Indian companies, Zen Technologies emerged as the lead runner on the back of superior product quality at at competitive pricing. This is Zen Technologies' first significant order in the anti-drone space, and the company remains confident of securing additional orders in the future.

Commenting on the order win, Mr. Ashok Atluri, Chairman, Managing Director & CFO commented: "This is a significant step toward making India a drone and counter-drone technology export hub. These orders placed on Indian companies can have a multiplier effect on the Indian equipment manufacturers eco-system because products like anti-drone systems have a high export potential to friendly foreign countries. Anti-drone systems and training solutions are in high demand in many countries."

The domestic order book is at Rs. 278.16 crores, out of which Rs. 159.64 crores is for equipment and Rs. 118.52 crores is for AMC.

The exports order book for equipments is at Rs. 124.45 crores. The total order book of the company is at Rs. 402.61 crores.

As a prudent measure, the company has removed ~ ₹ 64 crores order from its order book on account of delay in documentation from the customer. The Company will add back the order in case there is any positive development from the customer.

Shares of Zen Technologies Ltd. was last trading in BSE at Rs. 139.8 as compared to the previous close of Rs. 116.5. The total number of shares traded during the day was 829582 in over 11181 trades.

The stock hit an intraday high of Rs. 139.8 and intraday low of 121.5. The net turnover during the day was Rs. 109411678.

Source : Equity Bulls

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