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Elecon Engineering Company Limited
Sector:Engineering Engineering - Heavy - General (CM)
BSE:505700NSE:ELECONBloomberg:ELCN@INReuters:ELCN.BO
Market Lot: 1Face Value: 2ISIN Demat: INE205B01023
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11-Apr-2017
Business Profile
Elecon Engineering Company (ELEENGCO) was established in the year 1951. The company is located at Gujarat. The company manufactures mechanical handling equipment. Currently, it operates in three areas; namely material handling plants, industrial gears, and windmills.

The company`s product range includes designing, engineering, manufacturing, supply, erection and commission of wagon tipplers, bucket wheel stacker or reclaimers, barrel-type blender reclaimers, fertilizer reclaiming scrapers, limestone pre-homegenizing and blending plants etc.

The company`s key customers are Reliance Energy, NTPC, SAIL, Indian Railways, Gujarat Ambuja and Neyveli Lignite. Majority of the company`s revenues come from mining, cement and power generation sectors.

Eimco Elecon (India), a joint venture with Environtech Corporation, USA is into manufacturing underground manufacturing machinery. Some of the company`s major clients are Coal India, Uranium Corporation of India, Bharat Gold Mines, Hindustan Copper, Hindustan Zinc, Larsen & Toubro etc.

In material handling, the company undertakes turnkey operations of equipment like conveyors, wagon tipplers, stackers and reclaimers, crushers, feeders, scrapers, cable reeling drums, wagon and ship loaders, foundry products and gears and couplings and is also engaged in executing turnkey contracts in coal handling plants. The gear division manufactures helical gears, worm gears, couplings, special gears and geared motors.

Elecon is the first company in India to have manufactured sophisticated equipment for bulk material handling.

Financials
The company disclosed fall of 126.28% in consolidated net profit on y-o-y basis to Rs 79.56 million, while total income declined 5.21% y-o-y basis to Rs 2.69 billion for the quarter ended September 2016.

Recent Developments
11-APR-17
Elecon Engineering Company, one of the largest gears manufacturer in Asia and a leading player in MHE segment today announced the receipt of new order in its material handling business.

03-APR-17
Elecon Engineering Company has bagged an order worth Rs 1.30 billion from Ramagundam Fertilizers and Chemicals for installing urea bagging and conveying systems at their complex at Ramagundam, Telangana.

29-FEB-16
Elecon Engineering Company, a material handling equipments and transmission products manufacturer, has been awarded a prestigious order from Mazagon Dock Shipbuilders for supply of Marine Gearboxes aggregating worth of Rs 3 billion.

08-OCT-14
Foreign institutional investors (FIIs) have reduced shareholding in Elecon Engineering over the last three months. FIIs' shareholding decreased by 24 basis points to 0.32 percent at the end of September 2014 quarter from 0.56 percent as on Jun 30, 2014.

02-SEP-14
Elecon Engineering clarified on media report titled The company is expected to get orders worth 2 - 3 billion was made to just show that there are live enquiries worth Rs 2-3 billion

06-MAY-14
Elecon Engineering Company announced on Tuesday that its board of directors will meet on May 23, 2014, to consider and approve the audited financial results for the quarter/year ended on Mar. 31, 2014 and to recommend dividend, if any.

04-APR-14
company will keep the stock exchanges notified as per the requirements of the listing agreement, as and when definitive material developments take place

24-FEB-14
Elecon Engineering Company, a material handling equipments and transmission products manufacturer, announced that its subsidiary company namely Elecom EPC projects has been awarded an order from NTPC worth Rs 247 billion.



Future Plans
The company plans to expand its customer base to include the Air Force and Navy. It also plans to establish windmill farms and increase sale of windmill gears. Its export focus will be on markets like South America, the Middle East and Thailand. The company also plans to get into the plastic industry and manufacturing of high speed. In the next two years, the company intends to become debt free except for its working capital.

Elecon also plans to sell windmill gearboxes and has entered into a technical collaboration with the Belgium-based Turbowinds for the same. However, it is likely to face stiff competition from Shanthi Gears in the gear segment.

In Brief

 
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