Vikas Lifecare jumps after subsidiary bags contract in Africa

Vikas Lifecare rose 3.11% to Rs 4.98 after the company said its material subsidiary Genesis Gas Solutions has received the technical advisory contract from Dornier Group GmbH.

Vikas Lifecare's material subsidiary Genesis Gas Solutions secured a contract to provide technical advisory for optimization of battery storage systems for distribution grid applications by the Dornier Group GmbH at their ongoing project in Mali, Africa.

Genesis will also provide the test specialist and will also leverage their O&M experience for renewable power projects at Mali.

Genesis is poised to develop service models for India's upcoming power distribution grid applications to support the renewable power projects including battery, solar, wind power for sustainable rural towns in India.

Genesis will also work in close affiliation with Dornier Group for other Renewable Energy, and Clean Energy Projects which Dornier is developing in India and the South Asian Region.

Vikas Lifecare is engaged in manufacturing polymer and rubber compounds and specialty additives for plastics, synthetic & natural rubbers.

On a consolidated basis, net profit of Vikas Lifecare declined 6% to Rs 2.35 crore in Q2 September 2022 as against Rs 2.50 crore in Q2 September 2021. Net sales rose 95.30% to Rs 131.81 crore in Q2 September 2022 over Q2 September 2021.

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