November 22, 2008

Elecon Engg 2007-08 net profit up by 21.8% YoY

Elecon Engineering Company Limited has recorded a turnover of INR 826 crore for the year ended March 31st 2008 up by 14.5% YoY as against INR 721 crore in the year ended March 31st 2007. Net profit was recorded at INR 67 crore up by 21.8% YoY as against INR 55 crore. Its current market capitalization is around INR 1291 crore.

Mr Prayasvin Patel CMD of Elecon Engineering said that "We are proud of our achievements in the year 2007–08, but we have set further more ambitious plans for Elecon for the year 2008–09. We are looking at investments of more than INR 100 crore specifically for wind mill gear box facility, which is one of the agenda of this plan. Another big step for the year ahead is the expansion in the international markets, tie up with Renk AG of Germany to design & manufacture gearbox for vertical rolling mill to be used in cement and coal industry is the initial part of our expansion plans. To sum it up we are looking at an incredible 2008-09 for Elecon Engineering."

Elecon Engineering board has also approved total INR 182.06 crore CAPEX for the year 2008-09.