Elecon Engineering reports Q3 FY24 results, shares dip

Arushi Mishra Updated - January 25, 2024 at 02:37 PM.

The shares of Elecon Engineering were down by 0.076 per cent to ₹1,058.10 at 2:34 pm on BSE

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.

Published on January 25, 2024 09:07

This is a Premium article available exclusively to our subscribers.

Subscribe now to and get well-researched and unbiased insights on the Stock market, Economy, Commodities and more...

You have reached your free article limit.

Subscribe now to and get well-researched and unbiased insights on the Stock market, Economy, Commodities and more...

You have reached your free article limit.
Subscribe now to and get well-researched and unbiased insights on the Stock market, Economy, Commodities and more...

TheHindu Businessline operates by its editorial values to provide you quality journalism.

This is your last free article.