"Indo Tech Transformers Secures Three Orders Valued at ₹62.70 Crore"

Indo Tech Transformers Limited has recently clinched three letters of approval (LoA) for the supply of transformers to a domestic entity, totaling a contract value of ₹62.70 crore, exclusive of taxes.

These contracts are expected to be formalized by October 24. Indo Tech Transformers, with its inception dating back to 1976, operates as a subsidiary of Shirdi Sai Electricals Limited, which holds a substantial 70.01 percent stake in the company.

It's worth noting that Shirdi Sai Electricals Limited had recently acquired a majority stake from ITL's former promoters, Prolec GE, which is a joint venture between the Mexican industrial group Xignux SA de CV and General Electric Company. Indo Tech Transformers specializes in the production of power and distribution transformers, along with various application transformers and mobile sub-station transformers. The company's manufacturing facilities are strategically located in Chennai and Kancheepuram, both in the state of Tamil Nadu.

The company's financial performance reflects a positive trajectory, with net sales in June 2023 reaching ₹93.22 crore, marking a significant 72.37 percent increase from the figures reported in June 2022. Additionally, the quarterly net profit for June 2023 stood at ₹3.54 crore, showcasing an impressive growth of 187.8 percent compared to the same period in June 2022. This successful expansion of business operations and improved financial performance underscores Indo Tech Transformers' strong position in the industry.

HBL