Sanmit Infra jumps 5% on order win boost and strong business outlook

Shares of Sanmit Infra rose around 5% in early trade on Monday after the company bagged an order for eco-friendly less wood.

According to a regulatory filing with BSE, the refinery and marketing company received an order worth Rs 2.25 crore for green cremation systems (GMS) on Friday.

Also, the company expressed hopes of more order inflows from the Bitumen business, which has started in full flow after the monsoon season. The company expects an additional order inflow of about Rs 4 crore by March 2023.

"We wish to inform you that the company received an order for Eco Friendly Less Wood /Green Cremation System (GMS) for an amount of Rs 2.25 crore," the company said in the regulatory filing.

The Bitumen business has also started in full flow after the monsoons and we have started receiving orders and hope to do business for approx. Rs 4 crores per month from December to March 2023," the filing added.

Following the announcement, shares of Sanmit Infra zoomed 5% to Rs 73.95 on Monday, before trading at Rs 73.65 at 10.45 am. The scrip had settled at Rs 71.05 on Friday.

Incorporated in 1965, Sanmit Infra engaged in the disposal of biomedical waste, the supply of petroleum products, and the construction of real estate projects. It is an authorized dealer of Hindustan Petroleum Corporation (HPCL).

For the quarter ended on September 30, the company reported a net profit of Rs 1.01 crore which almost halved from the previous year's same quarter at close to Rs 2 crore.

Its total revenue from operations for Q2 stood at Rs 32.76 crore, which was 35.08 crore in the year-ago period.