Solar Industries India said that it received orders worth Rs 1,471 crore from Coal India (CIL) to supply bulk explosives over a period of two years.
In June 2021, the company had received multiple orders from CIL having contract value of approximately Rs 365 crore. The orders were for supply of cartridge explosives and accessories over a period of two years.
Solar Industries' consolidated net profit surged to Rs 97.51 crore in Q1 FY22 from Rs 42.10 crore in Q1 FY21. Net sales during the quarter rose 68.02% YoY to Rs 825.23 crore.
As of Q1 FY22, sales to Coal India (CIL) aggregated to Rs 142.66 crore or 17% of the company's net sales.
The Solar group is one of the largest domestic manufacturer and supplier of bulk and cartridge explosives, detonators, detonating cords, and components. It has manufacturing facilities in 25 locations in India, and plants in Nigeria, Zambia, South Africa, and Turkey.
The scrip jumped 4.22% to end at Rs 2417.60 on the BSE on Friday.
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