Apollo Micro Systems: Defence Stock Gains 11% After Company Bags Order Worth Rs 113 Crore

The shares of Apollo Micro Systems gained 11% on Wednesday as the firm announced that it has managed to receive and export an order worth Rs 113.81 crore.

Apollo Micro Systems Ltd, which is a pioneer in design, development, assembly and testing of electronic and electro mechanical solutions, said in an exchange filing that it has received an export order valued at $13.36 million or about Rs 113.81 crore.

What Was The Deal?

This export order was signed for the development of an avionic system intended for use in civil and military aircraft applications.

Due to the 'sensitive nature' of the agreement the firm did not disclose any further details.

Apollo Micro Systems Development So Far

Previously in May, the firm had also acquired a 100% stake in IDL Explosives Ltd for Rs 107 crore. This was an all-cash deal.

IDL Explosives is a company which is involved in manufacturing and supply of packaged and bulk explosives used for mining and infrastructure projects.

Apollo Micro Systems Q4 Performance

Last week, the company had declared its results for the fourth quarter of the financial year reporting a growth in its year-on-year revenue by 19% as compared to last year.

Additionally, the firms margins also grew by 100 basis points.

At the end of the year, during the December quarter, the company's order book also at Rs 615 crore from Rs 550 crore.

The defence stock has risen 52% in the last one month.

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