The company has incorporated subsidiary in Kingodm of Saudi Arabia to provide construction equipment and allied services and to cater to the increasing market base/business in Kingdom of Saudi Arabia.
The company shall subscribe to the share capital of SAR 375,000 in Sanghvi Movers Middle East, a wholly owned subsidiary company.
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 1600 tons.
The company’s consolidated net profit declined 21.7% to Rs 29.12 crore in Q2 FY25 as compared with Rs 37.20 crore in Q2 FY24. Net sales jumped 11.5% YoY to Rs 156.13 crore in Q2 FY25.
The scrip declined 2.22% to end at Rs 314.45 on Wednesday, 18 December 2024.