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Results
22-Jul-22
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Analysis
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Elecon Engineering Company
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Sales up 11%, net up 58%
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Net sales (including
other operating income) of Elecon Engineering Company has increased 11% to Rs
327.72 crore. Operating profit margin has declined from 20.0% to
19.8%, leading to 10% rise in operating profit to Rs 64.89 crore.
Raw material cost as
a % of total sales (net of stock adjustments) decreased from 49.11% to 43.98%.
Employee cost increased from 10.66% to 2.57%. Other
expenses rose from 21.22% to 23.72%. Other direct service cost rose
from 6.71% to 8.33%.
Other income rose 153% to Rs 4.46 crore. PBIDT rose 14% to Rs
69.35 crore. Provision for interest fell 70% to Rs 4.11
crore. PBDT rose 39% to Rs 65.24 crore. Provision for
depreciation fell 7% to Rs 11.42 crore. Profit before tax grew 54%
to Rs 53.81 crore.
Provision for tax was an expense of Rs 11.42 crore, a growth of 43%.
Thus the PAT was up 58% to Rs 42.58 crore. The PPT was an expense of Rs 0.06
crore compared to nil. Thus the PAT after PPT was up 58% to Rs 42.52
crore.
Share of profit from
associate was a loss of Rs 0.22 crore against a profit of Rs 0.29 crore. Minority
interest was nil in both the periods. Net profit attributable to
owners of the company increased 55% to Rs 42.31 crore.
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- Sales of Material Handling Equipment segment has gone up 44.06% to Rs
42.76 crore (accounting for 13.05% of total sales). Sales of Transmission
Equipment segment has gone up 7.73% to Rs 284.97 crore (accounting for 86.95%
of total sales).
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- Profit before interest, tax and other unallocable items (PBIT) has
jumped 20.05% to Rs 59.92 crore. PBIT of Material Handling Equipment
reported profit of Rs 4.63 crore compared to loss of Rs 0.33
crore. PBIT of Transmission Equipment segment rose 10.05% to Rs
55.29 crore (accounting for 92.27% of total PBIT).
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- PBIT margin of Material Handling Equipment segment rose from negative
1.11% to 10.83%. PBIT margin of Transmission Equipment segment rose
from 18.99% to 19.40%. Overall PBIT margin rose from 16.96% to
18.28%.
Management
Comment
Commenting on the Company’s performance, Mr. Prayasvin Patel, CMD said “We are pleased to report strong performance
in the quarter on the back of improved demand in our end user industries, better product mix, cost rationalization initiatives
as well as improvement in overall operational efficiency. The Gears segment continues
to witness sustained order inflow
from end user industries like steel, sugar, cement and power. Led by our unwavering
focus, there has been a significant
turnaround in the MHE division which have become profitable and moreover we have managed to significantly bring down
Receivables and considerably improved the return ratios. Moreover, I am delighted to inform that we have become net debt
free on a consolidate level as on 30th June’22. We are confident that the performance will continue to improve in the future
as we continue to work towards enhancing shareholders value.”
Order
book
Booked
orders worth Rs 282 crore in gear business in Q1FY23. This translates to an order backlog of Rs. 400
Crores for execution in the near to medium term. In the material handling business, it
has closed orders worth Rs. 45 Crores.
The pending order book for MHE business now stands at Rs. 102 Crores.
Other
developments
The Company has become net debt free as on 30th June’22.
During the quarter, our overseas business registered revenue of Rs. 86.7 Crores with EBITDA of Rs. 10.2 Crores.
Promoters’
stake was 59.26% as of 30 June 2022 ,compared to 59.20% as of 30 June 2021
. Promoters pledged stake was 3.76% as of 30 June 2022 ,compared to
11.29% as of 30 June 2021 .
| Elecon Engineering: Consolidated Results |
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2206 (3) |
2106 (3) |
Var.(%) |
2203 (12) |
2103 (12) |
Var. (%) |
| Sales |
327.72 |
294.21 |
11 |
1211.95 |
1044.71 |
16 |
| OPM (%) |
19.8 |
20.0 |
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20.3 |
17.8 |
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| OP |
64.89 |
58.87 |
10 |
246.44 |
185.61 |
33 |
| Other inc. |
4.46 |
1.76 |
153 |
8.56 |
5.73 |
49 |
| PBIDT |
69.35 |
60.63 |
14 |
255.00 |
191.34 |
33 |
| Interest |
4.11 |
13.53 |
-70 |
37.34 |
59.81 |
-38 |
| PBDT |
65.24 |
47.10 |
39 |
217.66 |
131.53 |
65 |
| Dep. |
11.42 |
12.24 |
-7 |
48.58 |
52.11 |
-7 |
| PBT before EO |
53.81 |
34.86 |
54 |
169.08 |
79.42 |
113 |
| EO Exp |
0.00 |
0.00 |
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0.00 |
0.00 |
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| PBT after EO |
53.81 |
34.86 |
54 |
169.08 |
79.42 |
113 |
| Taxation |
11.23 |
7.88 |
43 |
28.80 |
23.36 |
PL |
| PAT |
42.58 |
26.98 |
58 |
140.28 |
56.06 |
150 |
| PPT |
0.06 |
0.00 |
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1.23 |
0.30 |
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| PAT after PPT |
42.52 |
26.98 |
58 |
139.05 |
55.76 |
149 |
| Share of
Profit/(Loss) from Associates |
-0.22 |
0.29 |
PL |
1.44 |
1.87 |
-23 |
| Minority
Interest |
0.00 |
0.00 |
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0.00 |
0.00 |
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| Net
profit |
42.31 |
27.27 |
55 |
140.49 |
57.63 |
144 |
| EPS (Rs)* |
# |
# |
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12.6 |
5.2 |
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| *
EPS is on current equity of Rs 22.44 crore, Face value of Rs 2 |
| # EPS is
not annualised due to seasonality of business |
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| Figures in
Rs crore |
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| Source:
Capitaline Corporate Database |
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| Elecon Engineering Company : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202206 | 202106 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Material Handling Equipment | 13.05 | 42.76 | 29.68 | 44.06 | 11.24 | 136.25 | 139.25 | -2.15 | | Transmission Equipment | 86.95 | 284.97 | 264.53 | 7.73 | 88.76 | 1,075.70 | 905.19 | 18.84 | | Total Reported Sales | 100.00 | 327.72 | 294.21 | 11.39 | 100.00 | 1,211.95 | 1,044.44 | 16.04 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 327.72 | 294.21 | 11.39 | 100.00 | 1,211.95 | 1,044.44 | 16.04 | | PBIT | | Material Handling Equipment | 7.73 | 4.63 | -0.33 | LP | -0.30 | -0.63 | -50.43 | 98.74 | | Transmission Equipment | 92.27 | 55.29 | 50.24 | 10.05 | 100.30 | 211.05 | 196.01 | 7.67 | | Total PBIT | 100.00 | 59.92 | 49.91 | 20.05 | 100.00 | 210.42 | 145.58 | 44.54 | | Less : Interest | | 4.11 | 13.53 | -69.61 | | 37.34 | 59.81 | -37.56 | | Add: Other un-allcoable | | -2.21 | -1.23 | -79.17 | | -2.55 | -4.48 | 43.04 | | PBIT Margin(%) | | Material Handling Equipment | | 10.83 | -1.11 | 1,193.88 | | -0.47 | -36.22 | 3,575.29 | | Transmission Equipment | | 19.40 | 18.99 | 40.91 | | 19.62 | 21.65 | -203.39 | | PBT | 100.00 | 53.60 | 35.15 | 52.50 | 100.00 | 170.53 | 81.29 | 109.77 |
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Previous News |
Elecon Engineering Company standalone net profit rises 42.41% in the June 2022 quarter
(
Results
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Announcements
21-Jul-22
16:34
)
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Elecon Engineering Company consolidated net profit rises 55.15% in the June 2022 quarter
(
Results
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Announcements
21-Jul-22
16:35
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Board of Elecon Engineering Company recommends interim dividend
(
Corporate News
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21-Oct-23
09:51
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Elecon Engineering Company consolidated net profit rises 124.77% in the September 2020 quarter
(
Results
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Announcements
06-Nov-20
16:35
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Elecon Engineering Company fixes record date for interim dividend
(
Market Beat
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Reports
20-Oct-23
13:35
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Elecon Engineering Company announces board meeting date
(
Corporate News
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20-May-21
15:47
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Elecon Engineering Company standalone net profit rises 108.89% in the March 2015 quarter
(
Results
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Announcements
02-May-15
13:24
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(
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Conference Call
17-Aug-15
14:44
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Elecon Engineering Company announces board meeting date
(
Corporate News
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17-Jan-23
10:42
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Elecon Engineering Company net profit declines 58.64% in the December 2011 quarter
(
Results
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Announcements
14-Feb-12
21:18
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Elecon Engineering Company to hold board meeting
(
Corporate News
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15-Apr-15
15:27
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