By Ajai Shukla and Bhaswar Kumar
Business Standard, 7th May 24
Reflecting a secular upswing in the earnings and profitability of indigenous defence firms, Hyderabad-based anti-drone technology and defence training solutions provider, Zen Technologies, announced a sharp rise in its financial results for Q4FY24 and for FY24.
On Monday, the company announced that FY24 revenue was up to Rs 430 crore, having risen 167 per cent year-on-year. Profit after tax was Rs 129 crore, a 243 per cent rise, year-on-year.
“I am delighted to report that FY24 marks a significant milestone in our financial performance, achieving record sales, profitability, and order wins. We secured orders worth Rs 1,358 crore, reflecting a notable shift in the armed forces' perception towards training equipment and anti-drone systems,” said Ashok Atluri, Zen’s Chairman and Managing Director.
Over the last three years, Zen Technologies has logged a spectacular rise in earnings. According to Atluri, income in FY22 was Rs 60 crore. In FY23, it more than doubled to Rs 160 crore. It has more than doubled again in FY24 to Rs 430 crore and he expects a repeat performance in FY25 with earnings in excess of Rs 900 crore.
“With a robust order book exceeding Rs 1,400 crore as of March 31, 2024, we are poised for sustained growth in FY25, aiming to surpass the Rs 900 crore sales mark,” he said.
Zen’s turnover is partially due to increased export orders from neighbouring countries. “Through active participation in major trade shows and exhibitions, supported by the Government, we continue to generate potential leads to bolster our international presence,” says Atluri.
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