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Elecon Engineering announces Q2FY20 Results

Posted On: 2019-10-22 21:50:25

Elecon Engineering Company Limited ("Elecon"), one of the largest manufacturers of gears in Asia and a leading player in MHE segment, announces its financial results for the second quarter (Q2FY20) and six months (H1FY20) period ended September 30th, 2019.

Financial Performance

Standalone Q2FY20 Review

- Total Operating income was Rs. 205.7 Crores for Q2FY20 as compared to Rs. 259.7 Crores in the corresponding period of the previous year, reflecting a decline of 20.8%

- EBITDA stood at Rs. 35.4 Crores as compared to Rs. 34.0 Crores during the corresponding period of previous year, an increase of 4.1%

- EBITDA Margin at 17.2% for Q2FY20 as against 13.1% in Q2FY19

- Profit Before Tax stood at Rs. 6.6 Crores for Q2FY20 as compared to Rs 7.8 Crores in the corresponding period of the previous year, a decline of 15.4%

- Net Profit stood at Rs. 4.5 Crores for Q2FY20 as compared to Rs. 3.5 Crores in the corresponding period of the previous year, an increase of 26.5%

Standalone H1FY20 REVIEW

- Total Operating income was Rs. 419.0 Crores for H1FY20 as compared to Rs. 494.2 Crores in the corresponding period of the previous year, reflecting a decline of 15.2%

- EBITDA stood at Rs. 65.0 Crores for H1FY20 as compared to Rs. 66.6 Crores during the corresponding period of previous year

- EBITDA Margin at 15.5% for H1FY20 as against 13.5% in H1FY19

- Net Profit stood at Rs. 5.8 Crores for H1FY20 as compared to Rs. 6.9 Crores in the corresponding period of the previous year

CONSOLIDATED Q2FY20 REVIEW

- Total Operating income was Rs. 266.2 Crores for Q2FY20 as compared to Rs. 320.8 Crores in the corresponding period of the previous year, reflecting an decline of 17.0%

- EBITDA stood at Rs. 43.3 Crores as compared to Rs. 83.1 Crores during the corresponding period of previous year, an decrease of 47.9%

- EBITDA Margin at 16.3% for Q2FY20 as against 25.9% in Q2FY19

- Profit Before Tax stood at Rs. 11.7 Crores for Q2FY20 as compared to Rs. 53.4 Crores in the corresponding period of the previous year, an decrease of 78.1%

- Net profit stood at Rs. 9.8 Crores for Q2FY20 as compared to Rs. 49.4 Crores in the corresponding period of the previous year, a decrease of 80.2%

Consolidated H1FY20 Review

- Total Operating income was Rs. 537.5 Crores for H1FY20 as compared to Rs. 624.2 Crores in the corresponding period of the previous year reflecting an decrease of 13.9%

- EBITDA stood at Rs. 76.0 Crores for H1FY20 as compared to Rs. 122.3 Crores during the corresponding period of previous year

- EBITDA Margin at 14.1% for H1FY20 as against 19.6% in H1FY19

- Net Profit stood at Rs. 10.2 Crores for H1FY20 as compared to Rs. 56.9 Crores in the corresponding period of the previous year

Commenting on the Company's performance for Q2FY20, Mr. Prayasvin Patel, CMD said "We are pleased to report healthy performance in this quarter with improvement in margins and profitability as compared to the preceding quarter. We are witnessing revival in demand scenario and are confident of positive performance in the future led by strong execution and better product mix. We continue to be on track in terms of reduction of debt and recovery of old receivables."

Shares of ELECON ENGINEERING CO.LTD. was last trading in BSE at Rs.32.45 as compared to the previous close of Rs. 31.55. The total number of shares traded during the day was 43520 in over 329 trades.

The stock hit an intraday high of Rs. 34.05 and intraday low of 32. The net turnover during the day was Rs. 1420252.


Source: Equity Bulls

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