Read about the company – MARINE ELECTRICALS – SAILING THROUGH A SUSTAINABLE FUTURE
Let’s start with Q1FY24 results:
We feel that they posted decent results. Q1 has been their weakest quarter historically, so the QoQ comparison is not right in our opinion.
Business Updates:
Future outlook and opportunities for Marine, Data Center and EV Segments:
Order Book Position:
Remuneration:
- The new proposed gross salary for Mr. Vinay Uchil w.e.f 1st June 2023 is 75L/year from 60L/year.
- The New proposed gross salary for Mr. Venkatesh Uchil w.e.f 1st June 2023 is 75L/year from 60L/year
- Median remuneration of employees is Rs. 5.10L/year
- Percentage of median remuneration increase in FY23: 15.33% (FY23 PAT increase 30.7%)
Preferential Issue:
Meaning:
- On September 30, 2022, the company issued 1,00,00,000 warrants at a price of Rs. 29.25 each. However, to convert these warrants into equity shares, the holders were required to make an upfront payment of 25% of the issue price per warrant, which amounts to Rs. 7.3125 per warrant (referred to as “Warrant Subscription Price”).
- Each warrant issued is convertible into one fully paid-up equity share of the company with a face value of Rs. 2, subject to the condition that the remaining 75% of the issue price per warrant (referred to as “Warrant Exercise Price”), which is Rs. 21.9375 per warrant, needs to be paid upon exercising the conversion option within 18 months from the date of warrant allotment.
- During the reporting period, the company received the balance 75% of the issue price from three promoter allottees, resulting in the issuance of a total of 36,50,000 equity shares to them. These shares were allocated on specific dates in 2023.
- However, the remaining 63,50,000 warrants have not yet been converted into equity shares. The holders of these warrants have not exercised their option for conversion, and as of March 31, 2023, the company has not received the balance 75% of the issue price for these warrants.
INS Vindhyagiri:
On August 17, 2023, the esteemed President of India, Smt. Droupadi Murmu, inaugurated INS Vindhyagiri. This remarkable vessel was meticulously crafted by the Garden Reach Shipbuilders & Engineers (GRSE), in close collaboration with the visionary concepts of the Indian Navy.
Marine Electricals made significant contributions to this project by delivering cutting-edge electrical and electronic systems, enhancing the vessel’s capabilities and ensuring its top-notch performance at sea.
Tweet link: https://twitter.com/MEIPL_India/status/1692513436822016297
Performance of the Stock from our study levels:
| Identified Price | Highest Price | Returns |
|---|---|---|
| 38 | 73 | 92.1% |