Indo Tech Transformers Limited has secured three letters of approval (LoA) for supply of transformers to a domestic entity. The order value is ₹62.70 crore plus taxes.
The contract has to be drawn up by October 24. Indo Tech Transformers, established in 1976, is a subsidiary of Shirdi Sai Electricals Limited, which holds a 70.01 per cent stake.
SSEL recently bought a majority stake from ITL’s erstwhile promoters, Prolec GE (a joint venture between Mexican industrial group Xignux SA de CV, and General Electric Company). ITL manufactures power and distribution transformers and various application transformers and mobile sub-station transformers. The company’s manufacturing plants are in Chennai and Kancheepuram in Tamil Nadu.
In June 2023, the company’s net sales reached ₹93.22 crore, up by 72.37 per cent from ₹54.08 crore in June 2022. The quarterly net profit for June 2023 stood at ₹3.54 crore, up by 187.8 per cent from ₹1.23 crore in June 2022.
The company’s stock price has gone up by 2 per cent today. Currently, the stock is trading at ₹546.50.