Elecon Engineering Company Ltd reported its unaudited financial results for Q3 FY24, revealing a consolidated revenue surge to ₹474 crore, reflecting a 22 per cent year-on-year growth. The Industrial Gear division contributed significantly, with a Q3 FY24 revenue of ₹409 crore and an EBIT margin of 27 per cent.
In the Material Handling Equipment (MHE) division, Q3 FY24 revenue reached ₹65 crore, reflecting an 8 per cent y-o-y growth, while the EBIT Margin stood at 19 per cent, showcasing an improvement of approximately 390 basis points. The company informed of its commitment to expanding overseas and maintaining leadership in the domestic sector.
Prayasvin B Patel, Chairman & Managing Director of Elecon Engineering, said, “Recent forecasts signal a promising trajectory for India’s GDP, poised to achieve a commendable growth rate of 6.3 per cent in 2024. Bolstered by the government’s dedicated attention to infrastructure development, an amplified emphasis on domestic production, and technological advancements, Elecon Engineering stands strategically positioned to capitalise on significant growth opportunities. Our unwavering commitment to delivering a comprehensive range of solutions spanning sectors such as Cement, Power, Sugar, Steel, etc. and more solidifies our enduring market leadership domestically, coupled with expansion of our global presence in the gear segment.”
The shares were down by 0.076 per cent to ₹1,058.10 at 2:34 pm on the BSE.