Capitaline

Sales of Material Handling Equipment segment has gone up 189.06% to Rs 60.05 crore (accounting for 15.44% of total sales). Sales of Transmission Equipment segment has gone up 31.46% to Rs 328.77 crore (accounting for 84.56% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 96.50% to Rs 84.03 crore. PBIT of Material Handling Equipment reported profit of Rs 8.76 crore compared to loss of Rs 7.57 crore. PBIT of Transmission Equipment segment rose 49.54% to Rs 75.27 crore (accounting for 89.58% of total PBIT).
PBIT margin of Material Handling Equipment segment rose from negative 36.44% to 14.59%. PBIT margin of Transmission Equipment segment rose from 20.12% to 22.89%. Overall PBIT margin rose from 15.79% to 21.61%.

Nine month performance

Consolidated net sales (including other operating income) of Elecon Engineering Company has increased 26.47% to Rs 1105.14 crore. Sales of Material Handling Equipment segment has gone up 60.23% to Rs 158.16 crore (accounting for 14.31% of total sales). Sales of Transmission Equipment segment has gone up 22.17% to Rs 946.97 crore (accounting for 85.69% of total sales).

Profit before interest, tax and other unallocable items (PBIT) has jumped 55.52% to Rs 231.32 crore. PBIT of Material Handling Equipment reported profit of Rs 21.15 crore compared to loss of Rs 1.39 crore. PBIT of Transmission Equipment segment rose 40.00% to Rs 210.17 crore (accounting for 90.86% of total PBIT).

PBIT margin of Material Handling Equipment segment rose from negative 1.41% to 13.37%. PBIT margin of Transmission Equipment segment rose from 19.37% to 22.19%. Overall PBIT margin rose from 17.02% to 20.93%.

Operating profit margin has jumped from 20.36% to 22.26%, leading to 38.30% rise in operating profit to Rs 246.03 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 49.09% to 46.18%. Employee cost increased from 10.31% to 10.51%. Other expenses rose from 21.02% to 21.47%. Other direct service cost rose from 6.73% to 7.62%.

Other income rose 160.64% to Rs 12.25 crore. PBIDT rose 41.45% to Rs 258.28 crore. Provision for interest fell 70.95% to Rs 8.72 crore.

PBDT rose 63.56% to Rs 249.56 crore. Provision for depreciation fell 3.33% to Rs 35.44 crore.

Profit before tax grew 84.71% to Rs 214.12 crore. Share of profit/loss was 98.77% higher at Rs 1.61 crore. Provision for tax was expense of Rs 46.18 crore, compared to Rs 22.54 crore. Effective tax rate was 21.41% compared to 19.31%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 80.01% to Rs 169.55 crore.

Order book

Order intake in 9mFY23 was Rs 1200 crore [Gears Rs 1023 ; MHE Rs 177 crore] and the order backlog as end of Dec 2022 stood at Rs 720 crore [Gear Rs 563 crore; MHE Rs 157 crore].

Other developments

Net Cash Surplus December 31, 2022 Rs. 66 Crore.

Outstanding Retention as end of December 31, 2022 was Rs. 66 Crore.

Promoters’ stake was 59.29% as of 31 December 2022 ,compared to 59.21% as of 31 December 2021 .

Quarter ended

Year to Date

Year ended

Particulars

202212

202112

Var.(%)

202212

202112

Var.(%)

202203

202103

Var.(%)

Net Sales (including other operating income)

388.82

270.87

43.54

1,105.14

873.82

26.47

1,211.95

1,044.71

16.01

OPM (%)

22.77

19.32

345 bps

22.26

20.36

190 bps

20.33

17.77

257 bps

88.54

52.34

69.16

246.03

177.90

38.30

246.44

185.61

32.77

Other Inc.

3.50

1.32

165.15

12.25

4.70

160.64

8.56

5.73

49.39

PBIDT

92.04

53.66

71.52

258.28

182.60

41.45

255.00

191.34

33.27

Interest

1.84

4.83

-61.90

8.72

30.02

-70.95

37.34

59.81

-37.57

PBDT

90.20

48.83

84.72

249.56

152.58

63.56

217.66

131.53

65.48

Depreciation

12.11

12.05

0.50

35.44

36.66

-3.33

48.58

52.11

-6.77

PBT

78.09

36.78

112.32

214.12

115.92

84.71

169.08

79.42

112.89

Share of Profit/(Loss) from Associates

0.82

0.32

156.25

1.61

0.81

98.77

1.44

1.87

-22.99

PBT before EO

78.91

37.1

112.70

215.73

116.73

84.81

170.52

81.29

109.77

EO Income

PBT after EO

78.91

37.1

112.70

215.73

116.73

84.81

170.52

81.29

109.77

Taxation

16.17

5.56

190.83

46.18

22.54

104.88

30.03

23.66

26.92

PAT

62.74

31.54

98.92

169.55

94.19

80.01

140.49

57.63

143.78

Minority Interest (MI)

Net profit

62.74

31.54

98.92

169.55

94.19

80.01

140.49

57.63

143.78

P/(L) from discontinued operations net of tax

Net profit after discontinued operations

62.74

31.54

98.92

169.55

94.19

80.01

140.49

57.63

143.78

EPS (Rs)*

5.59

2.81

98.92

15.11

8.39

80.01

12.52

5.14

143.78

* EPS is on current equity of Rs 22.44 crore, Face value of Rs 2, Excluding extraordinary items.

# EPS is not annualised

bps : Basis points

EO : Extraordinary items

Figures in Rs crore

Source: Capitaline Corporate Database

Quarter ended

Year to Date

Year ended

% of (Total)

202212

202112

Var.(%)

% of (Total)

202212

202112

Var.(%)

% of (Total)

202203

202103

Var.(%)

Sales

Material Handling Equipment

15.44

60.05

20.78

189.06

14.31

158.16

98.71

60.23

11.24

136.25

139.25

-2.15

Transmission Equipment

84.56

328.77

250.10

31.46

85.69

946.97

775.11

22.17

88.76

1,075.70

905.19

18.84

Total Reported Sales

100.00

388.82

270.87

43.54

100.00

1,105.14

873.82

26.47

100.00

1,211.95

1,044.44

16.04

Less: Inter segment revenues

0.00

Net Sales

100.00

388.82

270.87

43.54

100.00

1,105.14

873.82

26.47

100.00

1,211.95

1,044.44

16.04

PBIT

Material Handling Equipment

10.42

8.76

-7.57

9.14

21.15

-1.39

-0.30

-0.63

-50.43

98.74

Transmission Equipment

89.58

75.27

50.33

49.54

90.86

210.17

150.12

40.00

100.30

211.05

196.01

7.67

Total PBIT

100.00

84.03

42.76

96.50

100.00

231.32

148.74

55.52

100.00

210.42

145.58

44.54

Less : Interest

1.84

4.83

-61.87

8.72

30.02

-70.96

37.34

59.81

-37.56

Add: Other un-allcoable

-3.28

-0.84

-292.38

-6.87

-1.99

-245.13

-2.55

-4.48

43.04

PBIT Margin(%)

Material Handling Equipment

14.59

-36.44

5,102.49

13.37

-1.41

1,477.61

-0.47

-36.22

3,575.29

Transmission Equipment

22.89

20.12

276.87

22.19

19.37

282.56

19.62

21.65

-203.39

PBT

100.00

78.90

37.10

112.69

100.00

215.73

116.73

84.81

100.00

170.53

81.29

109.77