Industrial Machinery company Elecon Engineering Company announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Consolidated Financial Highlights: Revenue for Q4FY24 stood at Rs 565 crore as compared to Rs 425crore in Q4FY23 EBITDA for Q4FY24 stood at Rs 135 crore as compared to Rs 93 crore in Q4FY23 PAT for Q4FY24 stood at Rs 104 crore as compared to Rs 68 crore in Q4FY23 Industrial Gear Division: • Revenue for Q4FY24 stood at Rs 452 crore as compared to Rs 366 crore in Q4FY23, up by 23% on a YoY basis. • EBIT for Q4FY24 stood at Rs 115 crore as compared to Rs 78 crore in the corresponding quarter last year, a growth of 47%. MHE Division: • Revenue for the quarter stood at Rs 112 crore as compared to Rs 58 crore in the corresponding quarter last year, growing 93% YoY. • EBIT for Q4 FY24 stood at Rs 26 crore registering a growth of 136% YoY. The EBIT margins stood at 23.4% as against 19.2% in Q4 FY23, an improvement of ~420 bps YoY. FY24 Financial Highlights: Industrial Gear Division: Revenue for the year ended March 2024 stood at Rs 1,644 crore, up by 25% on a YoY basis. EBIT for FY24 stood at Rs 420 crore as against Rs 288 crore in FY23, growth of 46% YoY growth. The EBIT Margin for the year ended March 2024 stood at 25.6%. MHE Division: Revenue for the year ended March 2024 stood at Rs 293 crore, registering a growth of 36% on a YoY basis. The EBIT Margin for the year ended March 2024 stood at 23.3%, an improvement of ~830 bps YoY primarily on account of better product mix & higher contribution from the aftermarket segment. Commenting on the results, Prayasvin B. Patel, Chairman & Managing Director of Elecon Engineering said, "We are delighted to share that Elecon has delivered its highest ever revenues of Rs 1,937 crore up by 27% YoY and highest ever PAT of Rs 356 crore indicating a growth of 50% YoY for FY24 which is a testament to our commitment to innovation and customer needs. This growth is largely attributable to increased order inflows across industries, increase in wallet share among existing customers & new customer addition. Our performance solidifies our status as the leading domestic player with approximately 39% market share in the industrial gear segment. Entering FY25 and beyond, we aim to expand our presence in international markets while reinforcing relationships with current OEM partners and forging new alliances. Concurrently, we recognize India’s vast potential and upswing in capex cycle and are committed to retain our leadership position. At Elecon, innovation remains at the core. We continue to invest in research & development for product enhancement and development to deliver best in class products to our customers. Our financial achievements in FY24—from record-breaking revenues to robust EBITDA margins—underscore our resilience and strategic vision. With government capital expenditure and emphasis on infrastructure development fueling growth prospects, our tactical focus on exports coupled with rising order inquiries across various products and sectors positions us favorably to grow faster than the industry." Result PDF