Elecon Engineering involved in manufacturing of Material Handling Equipment and Incraft carriers reported strong first quarter results of FY24. The revenues are 26 percent year on year higher at Rs 414 crore, while the net profits jumped 73 percent year on year to Rs 73 crore versus 42 crore in the same quarter of last year.

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The earnings before interest, tax, depreciation and amortisation (EBITDA) is 54 percent higher at Rs 100 crore, while the EBITDA margins have witnessed 440 bps jump in the first quarter of FY24 to 24.1 percent.

The other income has doubled, while the interest expense has halved. The cost of raw materials consumed grew 35 percent year on year.

In terms of segmental revenues, the transmission equipment segment revenues are 26 percent higher at Rs 361 crore, while the material handling equipment segment revenues are also 26 percent higher at Rs 54 crore.

The order intake in first quarter stood at Rs 497 crore, up 22 percent, while the order book is now at Rs 793 crore. The company maintains its revenue guidance of Rs 2,000 crore for FY24 with an EBITDA margin of 22 percent.

Elecon Engineering is trading 12 percent higher on NSE at 12:30 pm on July 11.

First Published:Jul 11, 2023 12:20 PM IST