Techno Electric Shares Surge 8%; Hit 52week High On Winning ₹1,750 Cr Order
Headquartered in Kolkata, Techno Electrical and Engineering is a leading engineering, procurement and construction (EPC) company in the power sector. With over 40 years of EPC experience, the company has completed 450 projects to date. TECHNO uses EPC services in all segments of the energy sector for renewable energy projects, data centers, flue gas flaring projects and advanced metering system infrastructure projects.
During the July-September quarter of FY24, the company's total revenue grew 25.46 per cent to Rs 73.78 crore compared to Rs 58.81 crore in the same period last year. During the quarter under review, the company's total revenue stood at Rs 462.29 crore as against Rs 185.79 crore in the same period last year.
In November this year, the company entered into a non-binding memorandum of understanding (MOU) with Singapore-based Keppel Data Centers (India) Private to build a data center campus in India.
Analysts at ICICI Securities said the company's strong order book position ensures that profits will be visible in the next 24-30 months. “The company is executing an order for 250,000 smart meters worth around INR 3 billion in Jammu and Kashmir. For L1 business under the RDS scheme, the company has 27 months to implement all schemes where there is an L1 in AMI. It could be profitable this year. These orders are small, but the 3 billion drug scheme will be fully completed this year. In addition, this year the company will be able to complete another 250,000 meters of work out of a total volume of 2 million meters.” He said..
Earlier this month, rating agency ICRA assigned the company a "stable" long-term rating of AA and a short-term rating of A1+.
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