Anand based Elecon Engineering has posted a 47.5% rise in net profit for the second quarter of the financial year to Rs 22.97 crore on the back of better manufacturing efficiencies and cost rationalisation. The turnover for the quarter declined by 1.7% to Rs 329.67 crore as against Rs 335.36 crore in the corresponding quarter last fiscal.
The company, one of the largest material handling equipments and transmission products manufacturer, posted a 36% growth in profit before tax in Q2FY13 to Rs 33.76 crore.
Commenting on the results Prayasvin Patel, chairman & managing director, Elecon Engineering said, "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 grown with a large order book position and the gear division has retained its momentum in present economic slowdown. We look forward to continuing this trend."
