Mishra Dhatu Nigam gains 3% on positive management commentary

The company, which has been assisting ISRO since start of the Chandrayaan-3 mission, has already booked orders of Rs 600 crore with a target revenue of Rs 1,200 crore in FY24.

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Shares of Mishra Dhatu Nigam rose 3 percent on September 15 on positive commentary from the management. At 10:42 am, shares of the company were trading 2.7 percent higher at Rs 421.75 on the BSE. The stock has gained 21 percent in a month and 68 percent in the past three months.

The company, which has been assisting ISRO since start of the Chandrayaan-3 mission, has already booked orders of Rs 600 crore with a target revenue of Rs 1,200 crore in FY24, Sanjay Kumar Jha, Chairman & Managing Director, Mishra Dhatu Nigam, told CNBC-TV18 in an interaction.

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He added that the FY24 contribution from the space segment will be approximately 30 percent and sees incremental revenue of Rs 300 crore from newly commissioned facilities.

Currently, the margin range is 30-35 percent and is likely to remain in the same range like last year, he said.

The financials

In the June quarter, the company’s consolidated net sales came in at Rs 187.72 crore, up 63 percent YoY, while net profit was up 5 percent at Rs 18.71 crore.

Mishra Dhatu Nigam, primarily government-owned, produces diverse alloys, including titanium and specialised steels. They also provide metallurgical testing and consultancy, which is endorsed by the National Accreditation Board of Laboratories. MIDHANI operates under the Ministry of Defence’s Department of Defence Production.