Surya Roshni shares drop 3% despite Rs 171 crore order win

In the quarter ended June 2023, the company reported 165.87 percent jump in its net profit at Rs 59.13 crore and revenue increased by 1.92 percent at Rs 1,875.27 crore.

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Surya Roshni shares were down nearly 3 percent in the early trade on August 14 despite order win, better June quarter earnings and stock split approval by the board of the company.

The company won orders worth Rs 171.16 crore. The lighting manufacturer has received order worth Rs 163 crore from BPCL for CGD project on pan India basis and is to be executed in 16 weeks.

The other order is worth Rs 8.16 crore from HPCL for supply of 3LPE coated line pipe for CGD project in West Bengal. The said order to be executed in 12 weeks.

The board of directors of the company in their meeting held on August 11 approved sub-division of existing 1 equity share of face value 10 each into 2 equity shares of face value of Rs 5 each held as on the record date (to be notified later), subject to the approval of the shareholders of the company.

The board also approved investment of Rs 40 crore for upgradation / modification of cold rolling (CR) plant at Bahadurgarh Plant (Haryana) with proposed capacity addition of 35,000 MT per annum by end of July 2024.

The board fixed August 25, 2023 as the record date for the purpose of determining entitlement of the members for payment of final dividend for the Financial Year 2022-23.

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The 50th annual general meeting (AGM) of the members of the company will be held September 15, 2023 through video conferencing / other audio-visual means.

In the quarter ended June 2023, the company reported 165.87 percent jump in its net profit at Rs 59.13 crore and revenue increased by 1.92 percent at Rs 1,875.27 crore.