Ace investor- Prominent investor Vijay Kedia increased his stake in this small-cap stock!
The company delivered a stellar performance.
Elecon Engineering Company Ltd was established in the year 1951 as the pioneers in the manufacturing of industrial geared motors and reducers, material handling equipment, mining equipment, casting processes etc. Elecon is one of the largest manufacturers of material handling equipment and industrial gear in Asia.
Elecon's recent acquisition of Benzlers- Radicon Group belonging to the David Brown Gear Systems adds to the expertise in the manufacturing of custom-made gearboxes for steel mills, high-speed turbines, satellites for ISRO and also for the Naval Aircraft carries and many growth sector industries successfully.
During the June quarter, prominent investor Vijay Kedia increased his stake in this company from 1.19% to 1.85%. The investor holds 20,75,000 shares of the company as per the latest shareholding pattern. Earlier in the March quarter, the ace investor held 13,39,713 shares in this industrial equipment company.
On a consolidated basis for the quarter that ended in June the company reported the following numbers:
Total Operating income is Rs 327.7 crore for Q1FY23 compared to Rs 294.2 crore in Q1FY22, an increase of 11.4% YoY. EBITDA stood at Rs 64.9 crore compared to Rs 58.9 crore in Q1FY22, an increase of 10.2% YoY. EBITDA Margin at 19.8% for Q1FY23 against 20.0% in Q1FY22.
Profit Before Tax stood at Rs 53.6 crore for Q1FY23 compared to Rs 35.2 crore for Q1FY22, an increase of 52.3% YoY. Net Profit stood at Rs 42.3 crore for Q1FY23 compared to Rs 27.3 crore for Q1FY22, an increase of 54.9% YoY. The company has become net debt free.
The stock has been losing for the last 3 days and has fallen -2.21% returns in the period. Today, on 12 August 2022, the stock is down by 0.75 and the scrip is trading at Rs 342.55.
The stock has a 52-week high of Rs 394.05 and a 52-week low of Rs 129.30.
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