Techno Electric Shares Surge 8%; Hit 52week High On Winning ₹1,750 Cr Order
Headquartered in Kolkata, Techno Electric & 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 to participate in renewable energy projects, data centers, flue gas desulfurization projects and advanced metering system infrastructure projects.
For the July-September quarter of FY2024, the company's total revenue grew 25.46 percent to ₹73.78 crore as against ₹58.81 crore in the same period last year. The company's total revenue for the quarter under review stood at ₹462.29 crore as against ₹185.79 crore in the same period last year.
In November this year, the company signed a non-binding memorandum of understanding with Singapore-based Keppel Data Centers (India) Pvt. on the construction of a new data center campus in India.
Analysts at ICICI Securities said the company's strong order book provides earnings visibility over the next 24-30 months. “The company is executing an order for 250,000 smart meters worth around Rs 3 billion in Jammu and Kashmir. For L1 activities under the RDS program, companies have 27 months to implement all programs that make up L1 in AMI. The revenue from this deal may be low this year, but the INR 3 billion project will be completed this year. The company is also expected to commission another 250 thousand meters this year out of a total volume of 2 million meters. The research firm reported this.
Earlier this month, rating agency ICRA assigned the company an AA rating with a stable outlook in the long term and A1+ in the short term.
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