Techno Electric gains on selling wind power assets for Rs 159 cr

Techno Electric and Engineering Company jumped 3.33% to Rs 372.10 after the company disposed off 37.50 megawatts (MW) of its wind power assets out of 111.90 MW situated in Tamilnadu at an approximate consideration of Rs 158.93 crore.

The company has also entered into memorandum of understandings (MoUs) for the sale of another 71.40 MW. It had installed 111.90 MW wind power assets in the year 2011.

P. P. Gupta, managing director, Techno said, The sale of wind power assets announced today is in line with our strategy to exit the wind energy business and invest in our future growth plans, including expanding our international presence. Techno remains focused on executing its strategy of pursuing growth in targeted core EPC businesses.

Techno Electric & Engg. Company is a recognized company in the power sector. It provides engineering, procurement and construction services to the three segments of power sector including generation, transmission and distribution. The company is also engaged in generation of wind power through wind turbine generators in the states of Tamil Nadu & Karnataka.

The company's consolidated net profit shed 9.3% to Rs 58.81 crore on 16.6% decline in net sales to Rs 228.03 crore in Q2 FY23 over Q2 FY22.

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