On April 25, Nelco Limited shares soared 9% in the early morning trade after the company reported strong earnings results for the March ending quarter of FY23, stimulating investor sentiment.

The Tata Group’s satellite communication service provider reported a year-on-year (YoY) rise in net profit by more than 86% to Rs 5.66 crore in the March quarter of FY23.

During the March quarter, the company’s operating income was logged at Rs 81.98 crore, up from Rs 71.69 crore in FY22. The company’s aggregate income rose more than 13% to Rs 82.83 crore in the January-March quarter of 2023 against Rs 73.23 crore in 2022.

At 10:12 am, the stock traded at Rs 597.10, up 8.8% from the previous close on the Bombay Stock Exchange.

Nelco’s stock price has risen 246% in the previous three years but has tumbled nearly 15% in the past year.

Recently, the company said it has ideas to go into the consumer satellite broadband space in India.

Nelco delivers a variety of explanations for businesses and government institutions. It also bids end-to-end networking solutions (Satcom Projects) and conservation of private hubs and hybrid linkages for its consumers, from the government to corporates, according to the information from the company’s website.