Techno Electric’s net sales reach Rs 242.16 crore this quarter

The company’s profit after tax also jumped by 17.52% to Rs 52.39 crore.

In a release, Techno Electric & Engineering Company Ltd (TEECL) reported its financial performance for the quarter and half-year ended 30th September, 2011.

During the quarter, TEECL reported a consolidated Net Sales of Rs 242.16 crore as against Rs 206.80 crore in the corresponding quarter, rise of 17.1%. Profit After Tax jumped by 17.52% to Rs 52.39 crore against Rs 44.58 crore in the same period of last year. Operating Profit increased by 39.21% to Rs 84.82 crore from Rs 60.93 crore in Q2FY11. Operating margin for the quarter stood at 35.03% against 29.46% in Q2FY11, up by 557 bps compared to the year ago corresponding quarter. The increase was mainly due to commissioning of new wind power generating capacity.

For the half year ended, 30th Sept 2011, Net Sales stood at Rs 431.88 crore against Rs 366.12 crore, an increase of 17.96% over the corresponding period in last fiscal. Profit after Tax for the period was reported at Rs 83.11 crore over Rs 69.29 crore in H1FY11, representing a rise of 19.95%.

Highlights for the quarter

EPC Segment - Construction
The EPC business accounting for 77.52% of total revenue in the quarter grew by 9.55% to Rs 187.73 crore compared to Rs 171.36 crore in Q2FY11. Operating margin for the segment stood at 16.48% to Rs 30.93 crore.

The carry forward order book as on 30th September, 2011 stood at Rs 1,200 crore.

Energy Segment – Generation & Transmission
The segment saw increase in revenue to Rs 54.43 crore, up from Rs 35.44 crore, reported in the corresponding quarter, a jump of 53.58%. Operating Profit was up by 52.88% to Rs 53.89 crore against Rs 35.25 crore in the corresponding quarter of the last fiscal. Operating margin stood at 99% against 99.46% reported in Q2FY11.

During the quarter, Simran Wind Project, a subsidiary of TEECL, successfully completed commissioning of 101.4 MW wind generation project.

Transmission project bagged by the Company in consortium under PPP model in Jhajjar, Haryana is on schedule & shall be commissioned within the timeline, i.e. December, 2011.