Buy Techno Electric & Engineering, target Rs 410: ICICI Direct

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ICICI Direct buy Call on End Engineering Company with a target price of Rs 410.0 . The current market price of Techno Electric & Engineering Company is Rs 318.65.

Techno Electric & Engineering Company, incorporated in the year 2005, is a Mid Cap company operating in Engineering sector (having a market cap of Rs 3508.27 Crore).

The major products/revenue segments of Techno Electric & Engineering Company include income from EPC, contracts & others, electricity and other operating revenue for the year ending 31-Mar-2022.

financial situation

For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 247.04 Crore, up 32.84 % from last quarter Total Income of Rs 185.97 Crore and last year same quarter Total Income of Rs 283.79 Crore -12.95% less than in cr. Company has reported Net Profit after Tax of Rs 58.81 Crore in the latest quarter.

The top management of the company includes Mr. PP Gupta, Mr. Ankit Saraiya, Ms. Avantika Gupta, Ms. Deepali Khanna, Mr. SN Roy, Mr. KK Rai, Mr. KM.

, Mr. K. Vasudevan. Singhi & Co. as the auditors of the company. As on 30-09-2022, the total outstanding shares of the company are 11 Crore.

investment justification
Entering the data center, smart meter and FGD market and becoming a significant EPC player that improves revenue visibility over the next few years. The company has a healthy balance sheet and cash balance of Rs 1200 crore. During Q2FY23, the company booked orders worth Rs 400 crore as against Rs 500 crore in Q2FY22 and Rs 1900 crore in Q1FY23. The existing order book stood at Rs 3600 crore. For FY23, the management has maintained its order inflow guidance of Rs 3000 crore from FGD, T&D, smart metering and data centres.

Promoter/FII Holdings
Promoters held 60.2 per cent stake in the company as on 30-September-2022, while FIIs held 1.44 per cent, DIIs held 26.81 per cent.

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