Elecon Engineering Company Limited, a prominent industrial gear and material handling equipment manufacturer in Asia, reported strong fourth-quarter performance, resulting in record-breaking revenue and profit for the fiscal year 2024.
In Q4FY24, Elecon Engineering's consolidated revenue reached Rs. 565 crores, a 33% increase compared to the corresponding quarter last year. The company's EBITDA for the quarter stood at Rs. 135 crores, up by 45.8% year-on-year, while the profit after tax (PAT) saw a substantial 52.6% increase, reaching Rs. 104 crores.
The Gear division, which accounts for the majority of the company's revenue, experienced a 23% year-on-year growth in Q4FY24, with revenue reaching Rs. 452 crores. The Material Handling Equipment (MHE) division also witnessed an impressive 93% year-on-year growth, with revenue standing at Rs. 112 crores for the quarter.
The strong fourth-quarter results significantly contributed to Elecon Engineering's record-breaking performance for the fiscal year 2024. The company's consolidated revenue for FY24 reached Rs. 1,937 crores, a 27% year-on-year growth, while the profit after tax (PAT) increased by 50% year-on-year to Rs. 356 crores.
Elecon Engineering's Chairman & Managing Director, Shri Prayasvin B. Patel, attributed the growth to increased order inflows, higher wallet share among existing customers, and the addition of new customers. He also emphasized the company's plans to expand its international presence while maintaining its leadership position in the domestic market.