Elecon Engg Q2 net vaults over 47 per cent to nearly Rs23 crore

Elecon Engineering Company Ltd has reported Rs22.97 crore net profit for fiscal second quarter ended 30 September 2012, a 47.50 per cent year-on-year increase compared to the similar quarter of the previous financial year.

The company's net profit (after tax) stood at Rs15.57 crore in Q2 of the 2011-12 financial year.

Elecon Engineering, one of India's largest material handling equipment and transmission product manufacturers, said its turnover for the quarter ended 30 September 2012 stood at Rs329.67 crore, against Rs335.36 crore in the similar quarter of FY12, a decline of 1.7 per cent.

Elecon Engineering had reported profit before tax of Rs33.76 crore for the July-September 2012 quarter, up 36 per cent from the second quarter FY'12 profit of Rs24.83 crore.

''The growth in turnover and net profit has come from increased marketing efforts, better manufacturing efficiencies and rationalisation of costs. The material handling division has grown with a large order book position and the gear division has retained its momentum in present economic slowdown. We look forward to continuing this trend,'' Prayasvin Patel, chairman and managing director of Elecon Engineering Company Ltd, said.

Gujarat-based Elecon Engineering Company is a pioneer in the manufacture of material handling equipment. During the six decades of its existence, Elecon has designed and implemented several landmark projects in India as well as abroad.

Elecon has a presence across almost all core sectors such as fertilizer, cement, coal, power generation, chemicals, steel and port mechanisation etc, across the country.