Anand-based Elecon Engineering Company Ltd. posted a four per cent growth in its profit after tax, after excluding on sale of investments of Rs 20 crore, for the financial year ended March 31, 2012.
Up from Rs 67.2 crore in FY 2010-11, the material handling equipment and transmission products manufacturer posted a net profit of Rs 69.6 crore in FY '12. Announcing its unaudited financial results for the year ended on 31st March, 2012, Elecon said that at Rs 1331.67 crore, the company's annual turnover also rose by 13 per cent from previous year's Rs 1173.94 crore. The company's turnover for fourth quarter of FY '12 stood at Rs. 442 crore as against Rs 350 crore in Q4 FY11 representing a growth of 26 per cent.
"The growth in turnover and net profit has come from increased marketing efforts, better manufacturing efficiencies and rationalisation of costs. The material handling division has achieved a significant growth of 16 per cent with a large order book position and the gear division has also shown an encouraging growth of 10 per cent," said Prayasvin Patel, CMD, Elecon Engineering Company Ltd.