Salasar Techno Engineering Declares 56% Profit Growth In Q3 Along With 4:1 Bonus Shares

For the December quarter, Salasar Techno Engineering Ltd. (STEL) announced a 56 per cent rise in its consolidated net profit to Rs 16.76 crore on Saturday. According to an exchange filing, the company reported a net profit of Rs 10.69 crore for the October-December quarter of the previous fiscal.

The company's total income rose to Rs 304.35 crore in Q3FY24 from Rs 240.93 crore in Q3FY23, registering a growth of 26.32% YoY.

The Board of Directors at its meeting held on 03.02.2024 "approved the allotment of 126,28,21,120 Equity Shares of Re. 1/- each by way of bonus issue to such members whose names have appeared in the Register of Members as on February 01, 2024, being the Record Date fixed for the said purpose, in the proportion of 4:1 i.e. 4 (Four) new fully paid-up Equity Share of Re. 1/- each for every 1 (One) existing fully paid-up Equity Share of Re. 1/- each held by them," said Salasar Techno Engineering in a stock exchange filing.

"The Board of Directors in its meeting held on December 20, 2023 have recommended for approval by shareholders, bonus issue of 4 (four) equity share for every 1 (one) equity shares of Rs 1/- each held by shareholders of the Company as on the record date, subject to approval of the shareholders. Pursuant to the approval of the shareholders through postal ballot (including remote e- voting), the Company in its Board Meeting held on 03-Feb-2024 has alloted 126,28,21,120 bonus equity shares of Rs 1/- each as fully paid-up bonus equity shares, in the proportion of 4 (four) equity share for every 1 (one) equity shares of Rs 1/- each to the equity shareholders of the Company as on record date of February 01, 2024," stated Salasar Techno Engineering in a regulatory filing.

The company operates in two business segments: 1) Engineering, Procurement and Construction (EPC) and 2) Manufacturing of Galvanised and Non-Galvanized Steel Structures.