Salasar Techno Engineering shares rise 6% after strong Q3 results

Salasar Techno Engineering's shares jumped about 6 per cent during the early trade on Monday after the company reported a strong performance in the December 2022 quarter. The street cheered the earnings during the early trading session.

Salasar Techno Engineering reported a 54 per cent rise in the net profit to Rs 10.73 crore in the quarter that ended on December 31, 2022, compared to a net profit at Rs 6.97 crore in the year ago period. Its revenue from operations increased 39 per cent to Rs 240.8 crore in the given quarter which was Rs 173.6 crore in the same period last year.

Salasar Techno Engineering had reported a net profit of 7.44 crore with a revenue of Rs 258.73 crore in the September 2022 quarter. The New Delhi-based construction engineering firm reported its earnings on Saturday.

Shares of Salasar Techno Engineering surged 6 per cent to Rs 47 on Monday following the announcement on earnings, before trading at Rs 46.35 at 9.45 am. The scrip had settled at Rs 44.55 on Friday.

The stock has surged more than 130 per cent in the last one year, whereas the stock has jumped more than 50 per cent in the last six months. However, it is down 17 per cent in the year 2022 so far.

Salasar Techno Engineering reported a 5 per cent rise in the net profit at Rs 25.51 crore for the nine months ended on December 31, 2022, against a net profit of Rs 24.25 crore in the year-long period. However, its income from operations increased 40 per cent to Rs 710.2 crore during the given period.

Salasar Techno Engineering recently bagged an order worth Rs 143 from Nepal Electricity Authority (NEA). This was the first-ever engineering, procurement and construction order from a foreign country for the company.

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