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MACHINIST - Elecon Engineering Company's turnover up 11 % at Rs. 467 crore over H1 FY09

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Home arrow News arrow Business News arrow Elecon Engineering Company's turnover up 11 % at Rs. 467 crore over H1 FY09

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Elecon Engineering Company's turnover up 11 % at Rs. 467 crore over H1 FY09
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Written by Vivek   
Friday, 30 October 2009

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Mumbai: Elecon Engineering Company Limited, a manufacturer of Material Handling Equipments, Industrial Gears and Transmission Products, has registered a 11 % growth in turnover at Rs. 467 crore for the half year ended September 2009 over the corresponding period last year.

However, it's Profit Before Tax (PBT) for HY1FY10 was Rs. 29 crore, 32 % lower than the PBT of Rs. 43 crore in HY1FY09. It's Profit After Tax (PAT) for HY1FY10 was Rs. 19 crore, 32 % lower than the PAT of Rs. 28 crore in HY1FY09.

Elecon Engineering has initiated a corporate restructuring exercise with a view to explore various strategic options to consolidate businesses within the group companies; enhancing shareholders’value;synergy realization;and providing financial flexibility for raising further equity and / or debt to fund future growth plans.

The company has engaged Deloitte Touche Tohmatsu India Private Limited to provide recommendations for consideration of the Board and assist in implementation. The transaction is subject to Board / regulatory approvals.

The company has grown by around 16% in Turnover for the year 2008-09 over the previous year and expects to achieve Turnover of Rs. 1150 Crores in 2009-10.

The company's order book stands at Rs. 339 crore in FY 2009, upto 30th September, with orders worth Rs. 141 crore for Material Handling Equipments and orders worth Rs. 198 crore for Industrial Gears and Transmission Products.

It's turnover from Material Handling Equipments in HY1FY10 was Rs. 282 crore, up 22 % over the turnover of Rs. 231 crore in HY1FY09. However,it's turnover from Industrial Gears and Transmission Products in HY1FY10 was Rs. 185 crore, 2.6 % lower than the turnover of Rs. 190 crore in HY1FY09.

During the year 2008-09, Rs. 128 Crores have been capitalized as Fixed Assets. In current year 2009-10 there will be addition of fixed assets to the tune of approximately Rs. 65 Crores. Market Capitalization as on October 27, 2009 was around Rs. 855 Crores.

According to the company it has live enquiries of more than Rs. 4000 Crores as on September 30, 2009.

 
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