Elecon Engineering Company Ltd., a material handling equipments and transmission products manufacturer, has recorded a net profit after tax of Rs.8.50 crore as against Rs.11.94 crore for the same period in the previous year, in its unaudited financial results for the quarter ended on 30th June, 2009.
The company has recorded a turnover of Rs. 214.47 crore as against Rs.169.56 crore in the previous year, representing a growth of 26 per cent. Elecon's gross profit from operation has increased from Rs.25.17crore to Rs.27.2 crore.
Commenting on the results, Prayasvin Patel, chairman and managing director, Elecon Engineering said, "While our sales saw a robust growth, the profit was impacted due to reasons such as high interest cost and delay in execution of orders. However we are working aggressively to maintain a healthy order book position."