Salasar Techno receives NOA from TANGEDCO for contract worth Rs 1,034 crore

Salasar Techno Engineering said that it has secured a notification of award (NOA) for 7 distinct contracts aggregately worth Rs 1,033.78 crore from Tamil Nadu Generation and Distribution Corporation (TANGEDCO).

As part of the contract, Salasar, operaIng within the framework of Revamped Reforms based and Results-linked, DistribuIon Sector Scheme, will deliver a comprehensive turnkey service (except supply of DTs, Poles, and its Base Plate) in Coimbatore District of Tamil Nadu.

The company will also undertake the development of distribuIon infrastructure prioriIzing the reducIon of losses and the enhancement of operaIonal efficiency across various districts of Tamil Nadu. These include Tiruvallur, Kanchipuram, Chengalpattu, Karur - Rural Division in Karur District, Karur District, Krishnagiri District, Pallikonda, Vellore & Katpadi divisions in Vellore district, and Gingee division in Villupuram district.

Commenting on the order win, the management team of Salasar said: "We are thrilled to announce that we have secured significant notification of award (NOA) for multiple projects aggregating to a total contract value of Rs 1,033.78 crore from the Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO).

This significant achievement marks a pivotal moment for us and reinforces our position as a prominent player in the engineering and infrastructure solutions sector.

Salasar Techno Engineering is a provider of customized steel fabrication and infrastructure solutions in India. It provides 360-degree solutions by carrying out engineering, designing, fabrication, galvanization and deployment.

The company's consolidated net profit jumped 56.20% to Rs 16.76 crore on a 26.20% increase in sales to Rs 303.88 crore in Q3 FY24 over Q3 FY23.

The scrip tumbled 4.98% to currently trade at Rs 19.67 on the BSE.

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