Total income rose by 38.7% year-over-year to Rs 690.2 crore in the second quarter.

The company witnessed Sustained growth in Commercial Equipment space, segment grew by nearly 100%YoY with margins at 12.72%. Export sales contributed 12% to the overall revenues.

Among the other segments, Cranes grew by nearly 30% YoY, Material Handling Equipment grew by 26% YoY and Agri Equipment grew by 33% YoY.

EBITDA for the period under review was Rs 106 crore, which is almost double the EBITDA of Rs 51 crore recorded in the same period last year. EBITDA margin for Q2 FY24 was 15.37% as against 14.64% in Q2 FY23.

Improvement in margins was driven by better product mix with improved price realizations and efficient cost control measures. Profit before tax in Q2 FY24 stood at Rs 96.9 crore, which is significantly higher as compared with the PBT of Rs 44.9 crore in Q2 FY23.

"Going forward, expected growth in Infrastructure, Manufacturing Sector, Logistics and Agri augurs well for the company and will contribute to the growth in FY24 and beyond,” ACE said in a statement.

ACE is an established and reputed brand with a significant presence across diversified sectors like construction, infrastructure, manufacturing, logistics and agriculture.