Tata Power awards Ultracab (India) Limited a contract worth Rs. 22.88 crore
During the current fiscal year, the company has received orders from major corporations such as Hindustan Zinc, HAL, and National Fertilizers, among others.
Ahmedabad (Gujarat): Ultracab (India) Limited received a Rs. 22.88 crore order from one of the prestigious groups, “The Tata Power Company Limited” (TATA Group Of Company).
Tata Power Company Limited is India’s largest integrated power company with a global presence. The company is involved in all aspects of the power industry, including fuel and logistics, generation (thermal, hydro, solar, and wind), transmission, distribution, and trading.
This order adds to the company’s recent orders from leading government and private sector corporate giants such as Hindustan Zinc, Hindustan Aeronautics Limited (HAL), National Fertiliser Ltd, Gujarat State Electric Co. Lt, Southern Power Distribution Company of Telangana Ltd., and Gujarat Narmada Fertiliser Company Ltd. (GNFCL), among others.
Sharing more details, Mr. Nitesh Vaghasiya, Managing Director, Ultracab (India) Ltd, said, “Since inception company has been growing in leaps and bounds. Going forward, the company intends to accelerate its growth, expand its margins and profitability through its diverse product portfolio, and focus on new potential markets. With its business plans in place, Ultracab is confident that it will be able to execute them smoothly and achieve the next level of growth over the next 2-3 years with the help of its current and future strategic stakeholders. The company’s vision is to be a leader in the Wires & Cables Industry by developing new product innovations with features comparable to global quality castings of international repute.”
Ultracab (India) Ltd is a leading manufacturer and exporter of wires and cables in India. The company, founded in 2007, specialises in Instrumentation Cables, Elevator Cables, High-Temperature Automotive Cables, and UL Approved Cables. Ultracab reflects its mission of providing the highest quality Wires & Cables at the best possible price for its customers.
The company’s cutting-edge manufacturing facility is located in Shapar (Rajkot, Gujarat) India and is outfitted with cutting-edge technology, tools, and high-tech machines that produce the highest quality standard of cables. Reliance Industries, Adani Group, Tata Power, Hindustan Zinc, Aditya Birla Group, Wipro, Godrej, Jindal Steel and Power, Power Grid, BHEL, Western Railway, BPCL, IOC, HPCL, Gujarat State Road Transport, and many others are among the company’s valued customers.
In March 2022, the company announced a bonus issue of 1:2 and a stock split from Rs. 10 per share to Rs. 2 per share.
For Q2FY23, the company reported a 104% increase in net profit to Rs. 1.43 crore, up from Rs. 0.7 crore in the same period last year. During Q2FYFY23, operating profit increased by 41% to Rs. 3.19 crore. Sales increased by 45% in Q2FY23 to Rs. 31.21 crore, up from Rs. 21.5 crore in Q2FY22. Over the last five years, the company has reported strong financials, with a CAGR of 17% in sales and 59% in net profit. As of September 2022, Promoter & Promoter Group owned 62.13% of the company.