Company is venturing in to new verticals including Drone, Information Technology, AI and Robotics, Electric Vehicle Charging Stations among others
Ahmedabad (Gujarat) [India], December 15: Ahmedabad-based Vivanta Industries Ltd (BSE – 541735) – providing consultancy and Turnkey solutions for projects from conceptualisation to implementation aims to transform operations with focus on next-gen tech businesses. Company is venturing into new verticals including drone, Information Technology, AI and Robotics, Charging station for electric vehicles among others. Company has already started work on the Drone and EV business and aims to make it big in coming time.
In September 2023, company entered in to In-principal Memorandum of Understanding (MOU) with Vivanta Drone Research Centre Tanzania Ltd (VDRCTL). Vivanta Industries Ltd will acquire 50% stake in VDRCTL for setting up assembly line as well as R&D of drones. Company expect a sizable business opportunity from African Continent and look to expedite the project.
- To expand in drone business, company has entered in MOU with Vivanta Drone Research Centre Tanzania Ltd and acquired 50% stake; To set up assembly line as well as R&D
- In April 2023, company received USD 5 million work order from US based EVOCNA
- Company expect to commission Biogas project in Sabarkantha in a near future
- Company approved 1:4 bonus issue; Trading approval was received from BSE on 15 September 2023
- For FY23 company reported Net profit of Rs. 1.30 crore on Total Income of Rs. 24.81 crore
Further in April 2023, company received work order amounting USD 5 million from Electric Vehicle Organizational Centre North America Corporation (EVOCNA) for establishing EV charging and manufacturing unit. Company expect to establish the plant in 18-24 months and required software in 6-12 months from the date of receipt of order. The order is for commercialization of Electric Vehicle technologies, which include vehicle-to-grid, Vehicle-to-building, and vehicle-to-load capabilities, by validating the technologies and demonstrating the commercial viability of such technologies. Company expect to reach sales worth approx USD 10 million and above after establishing the project.
In the Extra-Ordinary General Meeting of the Company held on February 13, 2023, members of the company had approved amendment of objects clause of the Memorandum of Association allowing the company to venture in to multiple businesses including Agriculture & Animal Feed, Industrial automation, industrial robotics systems & drone, charging station for electrical vehicles among others.
Established in 2013, Vivanta Industries Ltd is a civil construction and engineering company offers range of services including land survey and procurement, project designing, fiscal studies, funding, and marketing services. Company has executed turnkey projects especially in pharmaceuticals, Agro based fertiliser projects, industrial park. Company’s shares are listed on Bombay Stock Exchange. Company also has over 6 years of experience in project consultancy through i) power of Applied Intelligence and ii) Excellence and Innovation built into every design. This technologies have been successfully commercialised in numerous projects that continues to be marketed around the globe.
Company in September 2022 was awarded with turnkey contracts to establish biogas projects and industrial park in the state of Gujarat amounting Rs. 37 crore. The company to commission the biogas project in Sabarkatha district in a near future and expects to start work on biogas projects in Banaskantha and North Gujarat with 40 MT capacity. The aggregate cost of these projects costing Rs 12 crore.
For H1FY24, company reported multi-fold rise in the total income to Rs. 23.03 crore as compared to total income of Rs. 0.90 crore in H1FY23. Net Profit during H1FY24 was reported at Rs. 1.01 crore, 47% rise Y-o-Y from Rs. 68 lakh net profit reported in H1FY23. For FY23, company reported Net Profit of Rs. 1.30 crore on Total income of Rs. 24.81 crore. As on September 2023, company has net reserves amounting to Rs. 4.02 crore. Promoter Group holding in the company as on 30 September 2023 stands at 39.14%.
During the current financial year of FY23-24, company’s board of directors had approved a bonus issue of equity shares in the ratio of 1:4 i.e., 1 new equity share of Rs 1 each for every 4 existing equity shares of Rs 1 each held by the company’s shareholders. Pursuant to the approval, company allotted 2.5 crore bonus shares of Rs. 1 face value. Trading approval was received from Bombay Stock Exchange on 15 September 2023. In February 2023, share of the company with face value of Rs. 10 each were split into 10 equity shares of Rs. 1 face value.
If you have any objection to this press release content, kindly contact firstname.lastname@example.org to notify us. We will respond and rectify the situation in the next 24 hours.