While its turnover for the quarter ended on September 30, 2009 rose marginally to Rs 255.10 crore as against Rs 252.22 crore for the corresponding period in the previous year, Ahmedabad-based Elecon Engineering Company Ltd., saw its net profit after tax fall from Rs 16.01 crore to Rs 10.77 crore, a decline by 37.5 per cent.
One of the largest material handling equipment and transmission products manufacturers in the country, Elecon Engineering, announced its unaudited financial results for the quarter ended on September 30, 2009.
Commenting on the results, Prayasvin Patel, chairman and managing director, Elecon Engineering Company Ltd. said, "Earlier this week we also initiated a corporate restructuring exercise with a view to explore various strategic options to consolidate businesses within the group companies; enhancing shareholders' value; synergy realization; and providing financial flexibility for raising further equity and/or debt to fund future growth plans. We hope to exceed our expectations in the next quarter."
The company recently launched Rs 100 crore Madhubhan Resort & Spa.
