NIBE Ltd

Hemant Wani has tendered his resignation due to other professional commitments on account of internal re-organization of duties within the group.

The company’s nomination and remuneration committee, has appointed Ravi Kumar Pareek as a chief financial officer (CFO) of the company with effect from 22 April 2024.

Ravi Kumar is a qualified Chartered Accountant with Bachelor of Commerce degree having a post qualification of experience of more than 12 years.

He has skills, expertise and experience in strategic financial planning, budgeting, forecasting, GAAP, IFRS/IND, cash flow optimization, debt management, stakeholder communication, mergers and acquisitions, risk management, and capital allocation with a proven track record in diverse industries including tyre manufacturing, metals & mining, pharmaceutical, wires & cable manufacturing.

NIBE trades in electronic components, fabrication materials, and provides technical consultancy. It also provides services for the design, supply, erection, testing, and commissioning of low and medium voltage lines and substations on a turnkey basis.

The company reported a consolidated net profit of Rs 4.38 crore in Q3 FY24, steeply higher from Rs 0.73 crore in Q3 FY23. Revenue from operations stood at Rs 62.69 crore in Q3 FY24, a steep increase from Rs 15.18 crore in Q3 FY23.

The scrip fell 4.60% to end at Rs 1,604.50 on Monday, 22 April 2024.

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The key equity indices traded with major losses in mid-afternoon trade. The Nifty trade at 22,550 mark. Media shares slipped after advancing in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was dropped 704.69 points or 0.94% to 74,334.27. The Nifty 50 index fell 203.15 points or 0.89% to 22,550.65.

In the broader market, the S&P BSE Mid-Cap index shed 0.18% and the S&P BSE Small-Cap index fell 0.25%.

The market breadth was weak. On the BSE, 1,456 shares rose and 2,342 shares fell. A total of 110 shares were unchanged.

The Asian Development Bank (ADB) on Thursday raised India’s GDP growth forecast for the current fiscal to 7% from 6.7% earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.

Buzzing Index:

The Nifty media index slipped 1.04% to 1,891.40. The index advanced 1.80% in the past trading sessions.

Saregama India (down 2.01%), Zee Entertainment Enterprises (down 1.96%), Sun TV Network (down 1.66%), Dish TV India (down 1.61%), TV18 Broadcast (down 0.94%) and Hathway Cable & Datacom (down 0.69%) declined.

On the other hand, Nazara Technologies (up 1.29%), Tips Industries (up 1.03%) and Network 18 Media & Investments (up 0.84%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.84% to 7.176 as compared with previous close 7.116.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.3950, compared with its close of 83.3100 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 1.57% to Rs 72,772.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.36% to 105.66.

The United States 10-year bond yield fell 0.81% to 4.541.

In the commodities market, Brent crude for June 2024 settlement added 62 cents or 0.69% to $ 90.36 a barrel.

Stocks in Spotlight:

Nibe was locked in an upper circuit of 5% after the company announced that its subsidiary Karmayogi Manufacturing received purchase order from Ordefence System worth Rs 307 crore.

Manorama Industries rallied 6.12% after commenced the commissioning of its new fractionation plant with capacity of 25,000 tonnes per annum (TPA).

Uno Minda rose 0.37%. The firm bagged an allotment of 94.32 acres strategic land parcel at IMT Kharkhoda, Haryana HSIIDC, to fuel its ongoing and future expansions.

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NIBE announced that Karmayogi Manufacturing, a subsidiary of the company has received Purchase Order from Ordefence Systems for assemblies, sub-assemblies and supply of 12 kits of small arms for a total consideration of Rs. 307.76 crore.

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The scope of the purchase order includes supply of assemblies, sub-assemblies and supply of 12 kits of small arms (12 sub-assemblies), total lot of 1,25,000.

The project is to be executed on or before 31 March 2027 and cost of the project is Rs 307.76 crore.

NIBE trades in electronic components, fabrication materials, and provides technical consultancy. It also provides services for the design, supply, erection, testing, and commissioning of low and medium voltage lines and substations on a turnkey basis.

The company reported a consolidated net profit of Rs 4.38 crore in Q3 FY24, steeply higher from Rs 0.73 crore in Q3 FY23. Revenue from operations stood at Rs 62.69 crore in Q3 FY24, a steep increase from Rs 15.18 crore in Q3 FY23.

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NIBE has entered into licensing agreement with Director, Defence Institute of Physiology and Allied Services (DIPAS), Delhi a constituent laboratory under Defence Research and Development Organization (DRDO) and Director, Industry Interface and Technology Management (DIITM) for transfer of technology of Solar Heated Shelters which has been developed by DRDO during the course of its research activities. This agreement is effective from 20 February 2024.

Key terms of the agreement-

- DRDO grants a non-exclusive license for 10 years from date of its execution to utilize the technology for manufacture of Solar Heated Shelters in India and for sale in licensing region.

- The Company will pay royalty for Technology transfer to DRDO as may be mutually decided between both the parties

- The product developed by DRDO and manufactured, marketed by the Company shall have marking, “Product Developed by DRDO” or words to this effect.

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NIBE as executed an exclusive manufacturing agreement with Munition India (MIL) for manufacture and supply of hardware for export of the ammunition.

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NIBE has inaugurated its new production facility at its plant in Pune. This new plant which houses state of art technology and infrastructure will be used to produce a wide array of equipment covering diverse metallurgy in the field of land, aerospace and maritime applications, including bridges, shelters, armoured vehicles, artillery ammunition, small arms and engineering systems and sub-systems.

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Net profit of NIBE rose 460.22% to Rs 5.21 crore in the quarter ended December 2023 as against Rs 0.93 crore during the previous quarter ended December 2022. Sales rose 312.98% to Rs 62.69 crore in the quarter ended December 2023 as against Rs 15.18 crore during the previous quarter ended December 2022.

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NIBE will hold a meeting of the Board of Directors of the Company on 2 February 2024.

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Net profit of NIBE rose 208.26% to Rs 3.36 crore in the quarter ended September 2023 as against Rs 1.09 crore during the previous quarter ended September 2022. Sales rose 139.14% to Rs 41.18 crore in the quarter ended September 2023 as against Rs 17.22 crore during the previous quarter ended September 2022.

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