Affordable Robotic and Automation Limited (ARAPL) (BSE: 541402) (ARAPL) today announced its foray into machine shop automation with two power train robots. These 3-axis automated solutions will be piloted in December 2023 and generate an expected INR 40 crore in FY 2025 revenue for the new business line. ARAPL will also claim a 40% compounded annual growth rate for the fiscal year 2023.
ARAPL has collaborated with its subsidiary ARAPL RaaS to develop India's first mobile robotic multilevel car parking system using automated guided vehicles. The advanced parking solution will roll out in December 2023 to set a new standard for efficient parking.
To fund the new growth initiatives and boost working capital, ARAPL also announced a rights issue to raise INR 48 crore. INR 38 crore will be allocated to the ARAPL RaaS growth fund, while INR 10 crore will support ARAPL's Working capital needs.
"We are delighted to introduce India's first robotic car parking system. This will be the first of its kind in India. Moreover, our machine shop automation vertical will power our efforts in the sector of robotic automation. These initiatives will ensure a successful 2024", said Mr. Mukund Shah, CEO of ARAPL.
In 2023, ARAPL added 60,000 square feet of new production capacity to meet expansion goals. Buoyed by 135% year-over-year revenue growth in the first half of 2023, the company is strategically investing to sustain rapid growth.
Shares of Affordable Robotic & Automation Ltd was last trading in BSE at Rs. 544.75 as compared to the previous close of Rs. 535.25. The total number of shares traded during the day was 18000 in over 87 trades.
The stock hit an intraday high of Rs. 564.30 and intraday low of 531.50. The net turnover during the day was Rs. 9879340.00.