Techno Electric Q1 net up 24% to Rs 31 cr

Kolkata-based EPC company Techno Electric and Engineering (TEECL) today reported an increase of 24.34% in its consolidated net profit to Rs 30.72 crore, in the first quarter of FY12, over the corresponding period last year.

However, on standalone basis the net for the quarter declined by 8.37% to Rs 22.32 crore on higher sales of Rs 172.12 crore, the company said.

The consolidated sales was Rs 188.53 crore during the quarter under review, as compared to Rs 159.31 crore registered in the corresponding quarter last year.

In addition, TEECL Managing Director PP Gupta said that they were diversifying into owing assets in the sector.

"We are not interested in generating power, but we want assets in areas like transmission. Our consortium in which we hold 49%, had won the country's first 105-km transmission line project in PPP model in Haryana," Gupta said.

"We will bid for more such projects coming up in Rajasthan and Tamil Nadu," he added.

TEECL also aims to enhance its installed wind power capacity to 500 Mw from 210 Mw currently, in the next four years.

"We are looking at wind energy in a big way and we will expand the capacity through our subsidiary Simran Wind Power and the expansion would be financed through a mix of internal accruals and debt," he said.

Gupta said TEECL was aiming for a topline of Rs 810 crore in the FY12.