Industrial Machinery Company Elecon Engineering Company announced Q1FY24 results: Consolidated Q1FY24 vs Q1FY23: Revenue: Rs 414 crore vs Rs 328 crore, up 26.4% YoY Adj. EBITDA: Rs 96 crore vs Rs 72 crore, up 33.2% YoY PAT: Rs 73 crore vs Rs 42 crore, up 72.5% YoY Adj. EBITDA margin: 23% vs 22%, up 117 bps YoY PAT margin: 18% vs 13%, up 470 bps YoY Commenting on the results, Shri Prayasvin B. Patel, Chairman & Managing Director of Elecon Engineering Company said, “The capex cycle is on a growth trajectory driven by favorable government policies and schemes aimed at supporting infrastructure development. At Elecon, we specialize in providing industry-agnostic gear solutions, which positions us well to capitalize on this upward trend. In Q1FY24, our consolidated revenues stood at Rs 414 crore, reflecting a growth of 26% YoY. Our PAT for the quarter stood at Rs 73 crore, up by 72% on a YoY basis. This outstanding performance is a testimony of our deliberate efforts to develop high-quality products while consistently delivering unbeatable service levels, resulting in new order wins. Elecon maintains its position as the market leader in the Industrial Gear Division, with an unparalleled product portfolio. Revenues from the gear division witnessed a year-on-year growth of 27%. Additionally, through our management's cognitive ability and adaptive mindset, we have successfully revitalized the MHE Division, making it profitable once again. We continue to focus on the supply of Products & after-market business in our MHE business, this segment delivered an EBIT Margin of 23%, a significant improvement of ~1,200 bps compared to the same quarter last year. We are fully committed to its continued growth. We continue to invest in R&D; and Product Development to deliver globally competitive products. The Service levels and lower lead times have enabled us to create a brand for ‘Elecon’ across markets. We envisage expanding our market share by further penetrating existing geographies and exploring new territories. We continue to make strides to grow our overseas business and the recent development concerning signing five OEM businesses in the European market is a positive indicator of our progress. With a strong order book in hand across segments, continued focus to penetrate the export markets, and maintaining our leadership position in the domestic geography, we are optimistic of sustaining the growth momentum going forward.” Result PDF