Zen Technologies gains on winning Rs 72.29-crore order from defence ministry

Zen Technologies Limited shares were trading 2 percent higher on August 31 morning after the drone solutions firm announced bagging a Rs 72.29-crore order from the defence ministry.

Zen Technologies is a provider of military training and anti-drone solutions.

“This is one more step towards implementing the Framework on Simulators that the Government released in September 2021. We expect such continuing implementation to lead to better training outcomes, cost savings and sustainability of the environment,” chairman and managing director Ashok Atluri said.

In Q1FY24, Zen Technologies net profit jumped 532 percent to Rs 47.08 crore from Rs 7.4 crore in the yeara-go period. It also confirmed fresh orders worth Rs 202 crore.

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Revenue from operations soared 257 percent to Rs 132.45 crore from Rs 37.07 crore in Q1 FY23.

At 11.12 am, the stock was trading at Rs 830 on the National Stock Exchange, up 2.12 percent from the previous close. The stock has gained 345.23 percent this year against Nifty’s 6.36 percent.

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