India's Techno Electric falls 6% in 2 days on Q3 profit slide

Techno Electric & Engineering

16/02/2023 06:32

** Shares of Techno Electric & Engineering  TEEC.NS  fall as
much 3.15% to 345.85 rupees
    ** Lose more than 6% over last two sessions
    ** Power infrastructure firm reports 73% year-on-year slide
in consolidated profit after tax to 314.1 mln rupees in the
third quarter; revenue falls 38% to 1.85 bln rupees
    ** Supply chain disruptions, especially on semiconductors,
electronics and delay in procurement of modules from Chinese
manufacturers, weighed on earnings - Nuvama Institutional
Equities
    ** In an investor call on Wednesday, TEEC's management says
the supply disruptions due to uncertainties in China is an
one-off effect; maintains positive outlook on growth 
    ** About 244,540 shares change hands as of 11:50 p.m. IST,
nearly 1.5 times the 30-day avg of 174,408 shares
    ** Of the six analysts tracking TEEC, five maintain "buy"
and one recommends "hold"; median PT is 402.50 rupees
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))