Key Points of Nelco Stock Soars on Profit Rise:
- Nelco Limited, a satellite communication service provider of the Tata Group, reported strong earnings for the March quarter of FY23, which caused a 9% surge in share prices.
- The company’s net profit increased by over 86% to Rs 5.66 crores in the same quarter of FY23 compared to the previous year.
- Nelco’s income from operations for the March quarter was Rs 81.98 crore, reflecting a 14% increase from Rs 71.69 crore in the corresponding quarter of FY22.
- The company’s total income for the January-March period of 2023 was Rs 82.83 crore, up by more than 13% from Rs 73.23 crore in 2022.
- The stock of Nelco traded at Rs 597.10, up by 8.8% from the previous close on the BSE at 10.12 am.
- Over the last three years, the company’s stock prices have risen by an impressive 246%, but the prices fell by almost 15% in the previous year.
- Nelco provides an extensive range of solutions to businesses and government institutions, including end-to-end networking solutions, Satcom Projects, and maintenance of private hubs and hybrid networks.
- The company has expressed its plans to venture into the consumer satellite broadband space in India, which has the potential to further strengthen its position in the market.
Details of Nelco Stock Soars on Profit Rise:
Nelco Limited, the satellite communication service provider of the Tata Group, has recently announced robust earnings results for the March quarter of FY23, causing a surge of 9% in its share prices. The company’s net profit rose by more than 86% to Rs 5.66 crores in the same quarter of the fiscal year ended 2023, as compared to the previous year.
During the same period, Nelco’s income from operations stood at Rs 81.98 crore, reflecting a 14% increase from Rs 71.69 crore in the corresponding quarter of FY22. Additionally, the company’s total income climbed by more than 13% to Rs 82.83 crore in the January-March period of 2023, compared to Rs 73.23 crore in 2022.
The stock of Nelco traded at Rs 597.10, up by 8.8% from the previous close on the BSE at 10.12 am. Over the last three years, the company’s stock prices have risen by an impressive 246%, but the prices fell by almost 15% in the previous year.
Nelco offers an extensive range of solutions to businesses and government institutions, including end-to-end networking solutions, Satcom Projects, and maintenance of private hubs and hybrid networks. Recently, the company has expressed its intentions to venture into the consumer satellite broadband space in India.
In conclusion, Nelco’s impressive earnings results for the March quarter of FY23 have uplifted investor sentiment, and the company’s plans to enter the consumer satellite broadband space in India have the potential to further strengthen its position in the market.
About Nelco:
Nelco, founded in 1940, is a subsidiary of the prestigious Tata Group. The company specializes in product management and system integration for a wide range of industries, including industrial controls, power, electronics, defense electronics, VSAT networks, and automation.
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