435% Return In 3 Yrs, Penny Stock Salasar Techno Q1 PAT Up 38%, Dividend Declared

Salasar Techno Engineering has released its results for the April-June quarter of the financial year 2023-24. The company in the first quarter reported a net profit of Rs 10.14 crore. This shows an increase of 38 per cent year-on-year.

The company reported a net profit of Rs 7.33 crore in Q1FY2023. In the previous quarter (Q4FY23), the company had posted a net profit of Rs 14.6 crore.

The New Delhi-based company's total income for the quarter ended June 30 was at Rs 262.3 crore as against Rs 211.25 crore in the same quarter of the last financial year.

The company's board has also declared a final dividend of 10 per cent per equity share of Re 1 each. The dividend will be paid to eligible shareholders as per the book closure date which is September 17 to 23.

Salasar is engaged in engineering activities, galvanization work among others in the telecom sector.

On Friday, the shares of Salasar Techno Engineering closed on the BSE at Rs 50.71 apiece down by 2.27% from the previous close of Rs 51.89. The stock made a 52-week-high of Rs 58.30 on (21/12/2022) and a 52-week-low of Rs 27.60 on (02/11/2022). The stock has produced a multibagger return of 435.20% over the past three years and 232.58% over the past five years. The stock has risen by 74% during the past year, however YTD, the share price dropped by 6% so far in 2023. During Q1FY24, the company recorded promoters shareholding of 63.07%, FIIs stake of 9.04%, and public stake of 27.87%.