Shares of Salasar Techno Engineering surged for a straight second session on Monday after the firm announced its results for the March 2023 period on Saturday. The company also announced a dividend for the shareholders of the company along with the earnings.
Salasar Techno Engineering's net profit for the quarter that ended on March 31, 2023, more than doubled on a year-on-year YoY basis to Rs 14.66 crore, compared to a net profit of Rs 7.20 crore in the same quarter last year. In December 2022, the company reached a net worth of Rs10.73 crore.
In March 2023, revenue from operations rose by 39 per cent on YoY basis to Rs 294.7 crore compared to Rs 212.28 crore in the year-ago period. Its EBITDA rose 130 per cent YoY to Rs 19.86 crore in Q4, FY23, against Rs 8.68 crore in Q4, FY22.
On Monday, the shares of Salasar Techno Engineering rose 8 per cent to 48.8 after the company recorded a total market value of more than 1,460 crore. The stock has increased 14 per cent in two days as it rose more than 5 per cent to close at 45.23 on Friday at BSE.
Salasar Techno's net profit for the year 2022-23 was 40.17 crore, which is 28 percent higher than the previous year, when its net profit was 31.44 crore. Revenue from operations rose 40 per cent to Rs 1,004. In the period under review, 9 crores were under review.
Shares of Salasar Techno have turned multibagger in the past year, as the stock has delivered a return of more than 100 per cent from its 52 week low of 22.40 on May 26th, 2022. The stock has surged a whopping 1,100 percent from its Covid 19 lows, around Rs 3.9. It is down 17 per cent in the year 2022, compared to the same period last year.
The company's board of Salasar Techno Engineering recommended a dividend of Rs. 0.10 per equity share, or 10 percent of the face value of Rs. 1 each, subject to approval from the shareholders of the company.
Salasar Techno Engineering, established as a tower manufacturer in 2006, is now an expanding steel structure manufacturer EPC infrastructure firm, providing services in the telecom, energy and railways sectors. The firm, based in New Delhi, has secured a $13 million offshore contract from the government of Nepal.