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Elecon Engineering: MHE comes up with a surprise
May 22, 2012

Elecon Engineering has announced fourth quarter and full year results of financial year 2011-2012. The company has reported a 26.2% YoY growth in total income while net profits have increased by 1.4% YoY during the quarter. Here is our analysis of the results.

Performance summary
  • Total income increases by 26.2% YoY in 4QFY12.
  • Operating profits grow by 18.3% YoY during the quarter due to fall in overall expenditure.
  • Net profits increased by just 1.4% YoY, despite strong performance at the operating level due to fall in other income and higher tax provisioning. For the full year, profits declined 20.8% YoY. However, it may be noted that in FY11, the company realized a profit on gain on sale of investments to the tune of Rs 206.9 m. Adjusting for these non-recurring gains profits increased 3.5% YoY in FY12.
  • As of 31 March 2012 the unexecuted order backlog of the company stood at Rs 12.1 bn. Order inflow during the quarter was in the region of Rs 2.59 bn. The company currently has live enquiries to the tune of Rs 60 bn. As of 11th May 2012, the order book of the company stood at Rs 15.2 bn.
  • The company has recommended a dividend of Rs 1.8 per share for the year under consideration.
  • As of 31st March 2012, the standalone debt/equity ratio of the company stood at 1.06x.

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