Techno Electric Engineering Company (TEEC) is one of the leading power-infrastructure companies engaged in two primary business segments; EPC (construction), renewable power generation (wind power). TEEC reported a weak set of Q4FY23 numbers. Consolidated revenues came in at Rs 313 crore, grew by 2.5% YoY • EBITDA came in at Rs 3.1 crore, de-grew by 91.6% YoY with margins at 1%, contracting 1115bps YoY • Consequently, PAT de-grew by 97.5% YoY to Rs 1.1 crore.
OutlookWe continue to remain positive and retain our BUY rating on the stock. We value TEEC at Rs 480 i.e. 20x PE on FY25E.
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