Techno Electric & Engineering Company (TECHNOE) Q4 96/97 earnings summary

Executive summary

• FY97 sales rose to Rs 31.19 crore from Rs 27.44 crore; profit after tax increased to Rs 49.53 lakh from Rs 26.46 lakh.

• Project engineering work spanned fuel-oil and naphtha handling, electrical packages, substations and switchyards; the 20% dividend was recommended on enhanced paid-up capital.

Financial highlights

• Sales were Rs 31,18,96,431 in FY97 versus Rs 27,44,42,001 in FY96; other income was Rs 33,72,471 versus Rs 33,75,551.

• Profit before tax was Rs 77,28,495 versus Rs 51,45,670; tax provision was Rs 27,75,000 versus Rs 25,00,000; profit after tax was Rs 49,53,495 versus Rs 26,45,670.

• Contract, administrative and other expenses were Rs 30,71,07,505 versus Rs 26,23,49,962; depreciation was Rs 16,09,104 and interest was Rs 9,37,200.

• Foreign-exchange earnings under deemed exports were Rs 331.22 lakh; foreign-exchange outgo was Rs 141.17 lakh.

Outlook and guidance

• 400/220 KV switchyard extension work at Jabalpur/Itarsi and Vindhyachal was progressing satisfactorily and was expected to be commissioned during FY98.

• Major tenders were under consideration, with some expected to be finalized in the near term; captive power demand was identified as a potential market opportunity.