Buy Techno Electric & Engineering Company, target price Rs 450: Edelweiss Securities

Edelweiss Securities has buy call on Techno Electric & Engineering Company with a target price of Rs 450. The current market price of Techno Electric & Engineering Company is Rs 328.75. Time period given by analyst is a year when Techno Electric & Engineering Company price can reach defined target.

Techno Electric & Engineering Company, incorporated in the year 2005, is a Mid Cap company (having a market cap of Rs 3609.99 Crore) operating in Engineering sector.

Techno Electric & Engineering Company key Products/Revenue Segments include Income from EPC,Contracts,& Others, Power and Other Operating Revenue for the year ending 31-Mar-2022.

Financials
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 down -12.95 % from last year same quarter Total Income of Rs 283.79 Crore. Company has reported net profit after tax of Rs 58.81 Crore in latest quarter.

The company’s top management includes Mr.P P Gupta, Mr.Ankit Saraiya, Ms.Avantika Gupta, Ms.Dipali Khanna, Mr.S N Roy, Mr.K K Rai, Mr.K M Poddar, Mr.K Vasudevan. Company has Singhi & Co. as its auditors. As on 30-09-2022, the company has a total of 11 Crore shares outstanding.

Investment Rationale
The company is poised to deliver increased earnings growth led by: i) a solid EPC order book; ii) the opportunity to install smart meters and FGD ordering; and iii) data centre in Chennai (24MW).

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