MosChip Technologies Secures DLI Approval for Smart Energy Meter IC Development

On June 13, 2024, MosChip Technologies Limited, a leading semiconductor and software design solutions company based in Hyderabad, announced that the Ministry of Electronics and Information Technology (MeitY) had approved its application for the Design Linked Incentive (DLI) scheme.

This scheme supports the development of an intelligent energy meter IC for both Indian and overseas markets. MosChip, with over 1,300 engineers across Silicon Valley, Hyderabad, Bengaluru, Ahmedabad, and Pune, is excited about this opportunity. The DLI scheme, managed by the Centre for Development of Advanced Computing (CDAC), aims to boost the domestic semiconductor design industry by providing financial incentives and design infrastructure support for 5 years. MosChip’s project will receive reimbursement upon achieving development milestones.

Mr Srinivasa Rao Kakumanu, CEO and Managing Director of MosChip Technologies Ltd, expressed his gratitude to the Ministry of Electronics and Information Technology and CDAC, the agency implementing the DLI scheme, for approving their application to develop an intelligent energy meter IC. He praised the DLI scheme as an excellent initiative by the Government of India, which supports Indian companies in creating IP cores, SoCs, and systems and in developing world-class semiconductor products for both domestic and international markets, contributing to the vision of an Atmanirbhar Bharat in the semiconductor industry.

Financial Highlights

MosChip Technologies’ net profit decreased by 42.76% to ₹0.87 crore in the quarter ending March 2024, compared to ₹1.52 crore in the same quarter of the previous year. However, sales increased by 40.11%, reaching ₹75.42 crore in the March 2024 quarter, up from ₹53.83 crore in the March 2023 quarter.

About MosChipTechnologies Limited

MosChip Technologies Limited, based in Hyderabad, India, is a prominent publicly traded company specialising in semiconductor, software, and system design solutions. MosChip provides a wide range of services, including turnkey digital and mixed-signal ASICs, design services, SerDes IP, and software and system design. With over 20 years of experience, MosChip has successfully developed and delivered millions of connectivity ICs globally.

On June 13, 2024, the share price of H.G. MosChip Technologies Limited opened at ₹177.05 and closed at ₹197.30 as of 03:30 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.