Zen Technologies net profit jumps 508 pc in fourth quarter

Pune (Maharashtra) [India], May 8 : Zen Technologies, part of RPG Enterprises Group, on Monday posted a 508.13 per cent jump in its profit after tax to Rs 20.19 crore for the quarter ended March 31, 2023, against Rs 3.32 crore in the year-ago period.

According to the statement shared with exchanges, the firm's Ebitda zoomed 371.45 per cent to Rs 35.17 crore, against Rs 7.45 crore in the corresponding quarter. Revenue from operations of the firm went up 245.14 per cent to Rs 95.88 crore in the reviewed quarter, against Rs 27.78 crore.

Ashok Atluri, Chairman and Managing Director, said, "Our investment in R&D reached an all-time high of nearly Rs 19 crore, significantly higher than the average of Rs 12-14 crore spent in the last five years."

According to the statement shared with the exchanges, the recently announced policy document on the framework of simulators in the Armed Forces has created significant opportunities for the company, as it aims to promote simulation-based training across all military domains. Going forward, the company said it will be focusing on leveraging this policy framework to offer innovative, cost-effective, and safe training solutions to the Indian Armed Forces.

The company said it will focus on new products and research and development for anti-drone. The firm said the continuous investments in R&D ensure that the products are technologically advanced and suited for the customer requirements.

"During Q4FY23, we secured multiple new orders worth Rs 141.67 crore, increasing our orders in hand to Rs 473 crore as of March 31, 2023. We have placed bids for substantial orders and we expect the results to be out by H1FY24," Ashok Atluri said, adding, "To capitalise on these potential opportunities, we are taking steps to enhance the bandwidth of our key functions, including Supply Chain, Procurement, and Production Planning. We have also initiated the recruitment of technical and non-technical manpower to support our growth."

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor