Apollo Micro Systems said that after successfully being declared as the lowest bidder (L1), it has received the letter of acceptance (LOA) from Indian Oil Corporation (IOCL) for an order worth Rs 25.58 crore.
Consequently, the total outstanding orders from IOCL amount to Rs. 41.03 crore, including the above LOA, all of which are scheduled for execution in the current financial year.
The company further stated that it has received the lowest bidder (L1) status and new orders worth Rs 2.29 crore secured from I.G.Mint and the Defence Research and Development Organization (DRDO).
Apollo Micro Systems is engaged in design, development and assembly of custom built electronics and electro-mechanical solutions. The company caters to aerospace, defense & space, railways, automotive and homeland security markets.
The company had reported a consolidated net profit of Rs 6.56 crore in the quarter ended September 2023, which is significantly higher as compared with the PAT of Rs 1.64 crore during the previous quarter ended September 2022. Sales rose 54.90% to Rs 87.16 crore in Q2 FY24 over Q2 FY23.
The scrip rose 0.12% to currently trade at Rs 124.10 on the BSE.
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