Shares of Techno Electric & Engineering Co Ltd fell nearly 15% on May 30 after the company reported a 29% drop in net profit for fiscal 2023.

The stock hit a low of Rs 343.65 on the BSE, down as much as 14.9% intraday. The stock was trading at Rs 376 on the BSE at 9:50 am, down 7% from its previous close.

For FY23, the company posted a net profit of Rs 182.85 crore, down 28.7% from Rs 256.59 crore in the previous year. Fiscal revenue was Rs 829.5 crore, down 17% year-on-year.

On a quarterly basis, the company posted a net profit of Rs 55.67 crore, up 50% from Rs 37.22 crore last year. Revenue in the March quarter rose just 2.5% year-on-year to Rs 312.97 crore.

Techno Electric is a prominent Indian power infrastructure company known for its expertise in Engineering, Procurement and Construction (EPC) services. The company operates in three key areas: generation, transmission and distribution, providing a full range of services including asset ownership and operation and maintenance.

On February 8, Techno Electric took a major step towards its strategic goals by selling its 37.5 MW wind power assets for Rs 158.93 crore. In addition, the company has entered into a contract to sell an additional 71.40 MW of wind power assets.