The Anand-based Elecon Engineering Company Ltd on Monday said its net profit increased by 47.50 per cent even as its turnover declined 1.7 per cent in the second quarter of 2012-13 ended September 30, as compared to the corresponding quarter last fiscal.
Announcing the company’s unaudited financial results for the second quarter, Prayasvin Patel Chairman and Managing Director said in a statement turnover was Rs 329.67 crore (Rs 335.36 crore), while profit after tax (PAT) stood at Rs 22.97 crore (Rs 15.57 crore).
Growth has come from increased marketing efforts, better manufacturing efficiencies and rationalisation of costs. The company’s material handling division has grown with a large order book position and the gear division has retained its momentum in the current economic slowdown, he added.
On Monday, Elecon’s share price on the BSE closed 0.69 per cent up at Rs 51.10.