REINFORCING its prominent position in the defence industry, Solar Industries India has secured Rs 1,400 crore export orders for defence products to be delivered over four years. The city-based, Solar Industries India has secured export orders worth Rs 1,400 crore for supplying defence products to overseas customers. The orders have been awarded to the company and its subsidiary by international clients and will be fulfilled over the next four years. The company in its regulatory filing said that neither the promoter group nor any group company has any interest in the client entities. The transaction does not fall under related-party dealings.

 

The company in its Q2 press release said that defence division delivered its best-ever performance, with quarterly revenue crossing Rs 500 crore and half-year revenue touching Rs 900 crore. This marks a growth of 57% year-on-year in Q2 and 79% in the first half of the year. The defence order book now stands at more than Rs 15,500 crore. Total order book was at Rs 17,100 crore, the press release said. The company’s international revenues also touched a record level, crossing Rs 960 crore in the quarter.

 

The company reported a 21% year-on-year growth in its overseas operations, driven by expansion into new markets and steady demand across key geographies. Solar Group of Industries, comprising Solar Industries India Limited and Economic Explosives Limited is engaged in development and production of ammunition and defence systems. The group set up a subsidiary in the name of Economic Explosives Ltd (EEL) in 2010 and started manufacturing for the defence and aerospace sector. Spread over 2,000 acres, it is the largest and most modern development and manufacturing facilities for ammunition and defence systems in the private sector.