Shares of Avantel Limited were trading 2% higher on 7 May after the company announced securing an order worth Rs 2.29 crore from Bharat Electronics Ltd. 

Earlier, the company received an order worth Rs 1.84 crore from Headquarters Naval Aviation, Goa. The order needs to be implemented within a year. However, the paperwork does not disclose the components of the supply order. 

Avantel Limited’s specialities are radar systems, network management software, defence electronics, and wireless and satellite communication solutions. The aerospace and defence sectors make up the majority of their target markets.

In its quarterly report for January-March, the company reported a 19% year-on-year decline in revenue to Rs 42 crore from Rs 52 crore reported in the same quarter. However, the net profit during the quarter stood at Rs 13 crore, marking an 18% YoY growth from Rs 11 crore. 

Notable clients of the company include. The Goa Shipyard Ltd., CSL, Boeing, ISRO, DRDO, L&T, Indian Army, Indian Railways, Indian Air Force, Indian Navy, and so on.

The company has set up its manufacturing facility in the Andhra Pradesh Medical Tech Zone (APMTZ) in Visakhapatnam and is planning capital expenditures of Rs 25 crore to expand its medical equipment capacity. 

At 3:30 pm, the shares of Avantel Limited shed all its early gains and closed 0.86% lower at Rs 109.80 on BSE.