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Anup Engg surges 15% as board mulls bonus share; zooms 110% so far in FY24

Since April 2023, so far in the financial year 2023-24, the stock price of Anup Engineering more than doubled or zoomed 110 per cent

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SI Reporter Mumbai

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Shares of Anup Engineering surged 15 per cent on BSE to Rs 3,115 in Monday’s intra-day trade after the company announced its board will meet on Wednesday, March 20, 2024, to consider a maiden bonus issue. The stock of the industrial products company had hit a 52-week high of Rs 3,168 on February 9.

Since April 2023, so far in the financial year 2023-24, the stock price of Anup Engineering more than doubled or zoomed 110 per cent.

The Anup Engineering Ltd caters to wide range of process industries including oil & gas, petrochemicals, LNG, hydrogen, fertilizers, chemicals/ pharmaceuticals, power, water, paper & pulp and aerospace with its extensive product range of heat exchangers, reactors, pressure vessels, columns & towers, industrial centrifuges & formed components.

For the first nine months ended December 2023 of FY24 (9MFY24), Anup Engineering had reported a 89 per cent growth in profit after tax at Rs 60.4 crore, on back of a 47 per cent rise in operational revenue at Rs 393.5 crore over the same period previous fiscal. As on December 31, 2023, the company’s order book stood at Rs 813.5 crore.

On its outlook, the company said the preponement of the Rs 15 crore capex is planned in FY24 for extension of PS Bay at Kheda, which will be commissioned in Q1FY25.

This will provide 2 complete bays for manufacturing at Kheda. The company said it has a strong order book for FY25 and an enquiry pipeline on hand.

The buoyant capex cycle across the capital goods segment presents ample Opportunities in this space. The growth in the specialty chemical segment also means higher possibilities in the exotic/ finer grade material segment, which narrows down the competition.

The company in its FY23 annual report had said it witnessing a strong capex cycle in the capital goods, both domestic and International, which works well for manufacturers in this space.

India is surely playing a very dominant role in the manufacture and supply of critical process equipment globally through its improved capacities, capabilities and a strong reputation on Quality.

Hydrogen as an energy source is also witnessing a strong push on the energy transition road map. A sizable number of projects are being announced which presents multiple opportunities for manufacturers like us, the management said.

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First Published: Mar 18 2024 | 9:49 AM IST

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