Salasar Techno Engg soars on bagging Rs 748-cr LoIs from PVVNL

Salasar Techno Engineering zoomed 8.55% to Rs 56.50 after the company announced that it has secured two letters of intent (LoIs) worth Rs 748.46 crore from Pashchimanchal Vidvut Vitran Nigam (PVVNL).

The contract is for development of distribution infrastructure for loss reduction in four districts of Uttar Pradesh state viz., Bulandshahar, Hapur, Baghpat and Meerut, under the Revamped Reforms based and Result Linked Distribution Sector Scheme (RDSS) for electricity distribution, GPS survey, design, supply, installation, GIS asset mapping, testing and commissioning of works related to loss reduction on turnkey bases under RDSS.

The company said that the aforementioned order win will strengthen its existing orderbook and will be executed in next 24 months i.e. in part of FY23, FY24 and FY25

Commenting on the order received, the management team said: "We at STEL take pride to announce this significant order win worth Rs 750 crore. This order is a testimony of STEL's continuous efforts to design & develop products and services solutions for advanced and reliable applications in the Indian power space.

On the financial front, this order win strengthens our already robust order-book. At STEL, we continue to remain focused on developing and implementing solutions to become one of the most preferred infrastructure enabler."

Salasar Techno Engineering (STEL) is engaged in manufacturing and sale of galvanized steel structures for telecom towers, transmission towers, utilities poles, railway over bridges, railway overhead electrification structures, stadium lights etc. It is also engaged EPC solutions by carrying out engineering, designing, fabrication, galvanization and deployment of towers, transmission lines and railway electrification lines.

The company's consolidated net profit declined 25.75% to Rs 7.44 crore on a 29.24% rise in sales to Rs 258.73 crore in Q2 FY23 over Q2 FY22.

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