SANGHVIMOV.NSE Sanghvi Movers Ltd.

Sanghvi Movers announced that the 34th Annual General Meeting (AGM) of the company will be held on 22 August 2023.

Sanghvi Movers has fixed 04 August 2023 as record date for final dividend of Rs 4 per share of Rs 2 each for FY 2022-23. The dividend, if approved at the AGM, shall be paid on or after 25 August 2023.

The order includes providing crane rental services along with allied services comprising of WTG surface logistics, inter-carting and installation & pre-commissioning of WTGs, development of wind farm and storage yard.The crane services account for approximately 50% of the total contract value and the balance accounts for the aforementioned activities under wind EPC services.The said contracts are of 18 months duration starting from April-2023 and ending in October-2024. Out of total contract value approximately 41% of contract value will be executed in financial year 2023-24 and the balance will be completed in financial year 2024-25.The company said that the total order value translates to 539 MW of new capacity addition by esteemed customers. Sanghvi Movers is engaged in the business of providing hydraulic and crawler cranes to various industries in the infrastructure sector and has a fleet of medium to large-size hydraulic truck mounted telescopic and lattice boom cranes and crawler cranes with lifting capacity ranging from 20 tons to 800 tons.The companys consolidated net profit jumped 82.6% to Rs 33.92 crore on 16% increase in net sales to Rs 126.83 crore in Q4 FY23 over Q4 FY22.

Reacting to the announcement, nearly 4 lakh shares changed hands at both exchanges against the monthly average of 2 lakh.

Sanghvi Movers has received work orders aggregating to Rs. 150 crore from Independent Power Producers (IPP) in the renewable energy sector, for providing crane rental services along with allied services comprising of WTG surface logistics, inter-carting, installation & pre-commissioning of WTGs, development of wind farm and storage yard. Crane services account for approximately 50% of the total contract value and the balance accounts for the aforementioned activities under wind EPC services. These contracts are of 18 months duration starting from Apri l-23 and ending in October-24. Out of total contract value, 44% of contract value will be executed in current financial year i.e. FY 2023-24 and the balance will be completed in FY 2024-25. The total order value translates to 539 MW of new capacity addition by the companys esteemed customers.