Hot Pursuit     29-Jan-24
Zen Tech hits the roof on robust Q3 outcome
Zen Technologies locked in an upper circuit of 5% to Rs 762.65 after the company reported a net profit of Rs 31.67 crore in Q3 FY24, steeply higher than Rs 7.58 crore posted in Q3 FY23.

Revenue from operations surged to Rs 98.08 crore in the quarter ended 31 December 2023 as against Rs 32.93 crore recorded in Q3 FY23.

Profit before tax zoomed to Rs 46.06 crore in Q3 FY24 as against Rs 10.7 crore registered in the same period a year ago.

The firm reported EBITDA of Rs 48.41 crore in Q3 FY24, steeply higher than Rs 10.27 crore recorded in Q3 FY23. EBITDA margin climbed to 47.34% in Q3 FY24 as compared to 29.48% recorded in the corresponding quarter previous year.

Ashok Atluri, chairman and managing director, said, “Reflecting on the performance of Q3FY24, Zen Technologies has continued its growth trajectory, reporting the company's best ever 9-month performance in its history. FY24 is on course to become the most successful year to date in terms of financial performance and new order wins for the company.

To date in FY24, the company has secured 15 new patent grants in India, reinforcing its commitment to innovation and technological advancement. In line with our previously stated guidance, we remain on track to achieve our revenue target more than Rs 450 crore for FY24. The order book remains robust, and we are optimistic about securing additional contracts. Furthermore, the export markets continue to offer significant growth opportunities, which the company is actively pursuing with its competitive product offerings.

Building on this momentum, we are confident in our ability to achieve a turnover more than Rs 900 crores in the next financial year, which would mark another milestone in our journey of growth.

Zen is also looking at opportunities to expand inorganically through acquisition. To support this path of probable growth, we have passed an enabling resolution to raise funds. This resolution allows for the raising of funds up to an aggregate amount of Rs 1,000 crore.”

Meanwhile, the company's board approved raising of funds worth up to Rs 1,000 crore or an equivalent amount through a qualified institutions placement (QIP) or any other permissible mode or a combination thereof.

Zen Technologies is engaged in design, development and manufacture of Training Simulators for Police and Para-military Forces, Armed Forces, Security Forces, Government Departments like Transport, Mining, Infrastructure and Civilian market.

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