Zen Technologies Witnesses Strong Rally with 10% Surge in Shares Today, on July 13, Zen Technologies experienced a robust rally as its shares jumped by 10%, reaching Rs 634.95 on the NSE. This surge follows the company’s recent reception of substantial orders from the Government of India and the export market, totaling Rs 500 crore. The government order, worth Rs 160 crore, involves the supply of anti-drone systems to the Ministry of Defense, with execution expected within 12 months. Zen Technologies, a small-sized defense company, specializes in designing, developing, and manufacturing Combat Training Solutions (Simulators) for Defense and Security Forces worldwide.
Zen Technology and its strong capabilities
SBI Securities, in a note on July 12, commended Zen Technologies for its strong capabilities, evident in its filing of 125 patents across multiple products and processes. The brokerage firm sets a target price of Rs 651 for the company’s stock, highlighting its asset-light business model, solid product portfolio, and attractive margin and return ratios, further supported by a robust order backlog.
Zen Technologies revenue grew by 76%
Zen Technologies’ financial performance showcases significant growth in the March 2023 quarter, with a consolidated net profit increase of 510% YoY, amounting to Rs 20 crore. In the previous quarter of December 2022, the company recorded a net profit of Rs 9 crore. Moreover, the total revenue witnessed a remarkable 215% YoY growth, reaching Rs 96 crore in the corresponding period, compared to Rs 30 crore in the previous fiscal year. Quarter-on-quarter, the total revenue grew by 76% during this period, indicating strong momentum for the company.