Stock Market today: Multibagger IPO stock Azad Engineering share price gained gained 5% to hit upper circuit limit after it received an 5 years international contract from Siemens Energy Global GmbH & Co. KG, Germany o manufacture and supply critical rotating components for their Global demands of Advanced Gas & Thermal Turbine Engine.
The Azad Engineering share price opened at ₹1,781.90, 5% higher than previous close of ₹1697.05 on the NSE on Friday.
The Azad Engineering share price that listed in end-December 2023 after its initial public offering has risen more than 159% since then , giving Multibagger returns to investors.
Notably the Azad Engineering share price has gained more than 3 times from its IPO price of ₹594.
In its release to exchanges on Thursday after the market hours , Azad Engineering had announced the five years contract awarded to them by Siemens Energy.
Earlier in May 2024 Azad Engineering had secured a prestigious nation pride contract from GTRE (Gas Turbine Research Establishment), one of the pioneering Research and Development Organisation under DRDO [Defence Research and Development Organization] and the Ministry of Defence, Government of India, for the end to end manufacturing, assembly, and integration of a complete assembled Advanced Turbo gas generator Engines
In its presentation post Q4 and FY2024 results, Azad Engineering had said that it is committed to broaden its revenue base in the long-term with both Aerospace & Defence and Oil & Gas Sectors contributing a much larger share of the revenue pie. The company said it is confident that the momentum it has built in its business will continue and will grow sustainably at 25- 30% revenue over long term.
Azad Engineering during FY24 had seen revenues at ₹341 crore grow 35% year-on-year with earnings before interest tax depreciation and amortisation rising 48% to ₹117.5 crore. The reported net profit at ₹58.6 Crore in FY24 grew 589% over FY23.
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