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Sanghvi Movers said that it has incorporated a wholly owned subsidiary (WoS), Sangvhi Movers Middle East in Kingdom of Saudi Arabia to meet growing demand.
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.
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