Apollo Micro Systems bags Rs 25.58 crore order from Indian Oil

Aerospace and Defense designing firm Apollo Micro Systems has declared the lowest bidder [L1] to receive the letter of acceptance from an Indian oil corporation for an order worth Rs 25.58 crore.

The company has confirmed receiving the lowest bidder status and new orders worth Rs 2.29 crore were secured from IG Mint and DRDO. In total, the outstanding orders from IOCL amount to Rs 41.03 crore scheduled for execution in the current financial year.

 

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The company had reported a consolidated net profit of Rs 6.56 crore in the quarter ended September 2023. Meanwhile, shares of the company are trading 0.040 percent above at Rs 124 as of the current session. Indian Oil is ranked 94th on the Fortune Global 500 list of the world’s biggest corporations as of 2022. It is the largest government-owned oil producer in the country both in terms of capacity and revenue.

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Apollo Micro System is engaged in designing, developing, and assembling custom-built electronics including electro-mechanical solutions. The company is responsible for aerospace, defence and space, railways, automotive, and homeland security markets.

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