Techno Electric & Engineering Company (TECHNOE) Q4 00/01 earnings summary

Executive summary

• Turnover was ₹61.11 crore versus ₹67.83 crore in FY00; profit after tax was ₹2.09 crore versus ₹3.05 crore, amid sluggish market conditions.

• Completed major substation, switchyard, fuel-oil handling and gas-turbine power projects; new orders included packages for NALCO, Rajasthan and PGCIL.

Financial highlights

• Operating income was ₹61.11 crore; other income was ₹1.62 crore versus ₹2.69 crore in FY00.

• Profit before tax was ₹2.73 crore versus ₹3.74 crore; tax provision was ₹64.19 lakh and PAT was ₹2.09 crore versus ₹3.05 crore.

• Adjusted for the ₹2.28 crore net loss on sale of investments, reported other income was ₹1.62 crore; the prior year included a ₹46.52 lakh net gain on investment sales.

• Operating cash flow was ₹7.14 crore versus ₹3.88 crore; cash and cash equivalents increased ₹65.34 lakh to ₹10.13 crore.

Outlook and guidance

• Power demand-supply shortfall and a targeted 100,000 MW of capacity additions by 2012 were expected to sustain sector investment; planned projects included hydro, thermal and renovation and modernization work.

• More tenders were under consideration, with some expected to be finalized in the near term; execution priorities included cost effectiveness and stringent project monitoring.