Shares of Marine Electricals surged more than 5% to Rs 39.4 a share in intraday trade on Tuesday after the company secured an order worth Rs 13.9 crore from a Goa shipyard. The Nifty50 was up 0.4% at 17,920 as of 10:33 am.

The company will supply shaft generators with OBS, main switchboards, switchboards and related systems for the PCV project at Goa Shipyard. The delivery of the above goods shall be completed within one year.

Shares of Marine Electricals have gained 0.2% over the past month against a 1.01% drop in the NSE Nifty index. Also, shares of Marine Electricals have risen more than 8% in three months, compared with a 2.5% drop in the Nifty50 over the same period.

Marine Electricals is an integrated service provider of electrical automation and information and communication technology solutions for the marine, renewable energy and industrial sectors.

In the October-December quarter of fiscal 2023 (Q3FY23), Marine Electricals posted a 73.8% year-on-year rise in net profit to Rs 7.3 crore against Rs 4.2 crore a year earlier. Sales also rose 15.4% YoY to Rs 126.8 crore in Q3FY23 from Rs 109.7 crore in Q3FY22.

That said, total expenses for the quarter rose by 13.3% YoY to Rs 10,621 crore from Rs 9,367 crore in Q3FY22.

Segmentally, electrical and electronics revenue rose 17.89% YoY to Rs 11,630 crore in Q3FY23, while profit before tax (PBT) surged 65.3% YoY to Rs 11,630 crore.

Last month, analysts at ICRA reiterated the “stable” outlook on Marine Electricals’ long-term rating, with the order book in good shape as it provides solid revenue visibility in the near term.