Sanghvi Movers share price soars 5% on new order wins worth Rs 180 cr

Shares of Sanghvi Movers soared up to 4.8 per cent at Rs 1,116 per share on the BSE in Monday’s intraday deals. This came after the company received two work orders with a total value of Rs 180 crores.

The first order includes a turnkey customised solution for an independent power producer (IPP) in the renewable energy sector. The duration of this order is ten months and the majority of this order will be executed in fiscal year 2024-25.

Furthermore, the second order entails ground piping work, fabrication, painting and erection which includes supply of skilled manpower and tools and tackles specifically for the hydrocarbons sector.  The order has been received from a diversified global EPC player and the duration is for six months, to be executed in this financial year, the company said in an exchange filing on Monday. 

Sanghvi Movers, specialises in operating cranes, providing hydraulic and crawler cranes to diverse industries in the infrastructure sector.

In the March 2024 quarter, Sanghvi Movers Ltd. reported a quarterly revenue of Rs 177 crore, marking a 34.5 per cent year-on-year growth from Rs 131.5 crore in Q4FY23. Additionally, the company recorded a quarterly net profit of Rs 47.7 crore, reflecting a 40.7 per cent year-on-year increase from Rs 33.9 crore in the same period last year.

At 02:42 PM; the stock of the company was trading 4.56 per cent higher at Rs 1,112.90 per share. By comparison the BSE Sensex was up 0.06 per cent at 77,252 levels.

The stock of the company is presently trading at a price to earnings multiple of 24.51 with an earning per share of Rs 43.42.