Elecon net for Q4 up by 81%, recommends 50% dividend

New Delhi, June 29 (UNI) Elecon Engineering Company Ltd today posted an 81 per cent increase in its net profit at Rs 27.88 crore for the quarter ended March 31, 2006 as compared to Rs 10.04 crore last year.

The total turnover was up by 82 per cent from Rs 102.79 crore for the quarter ended March 31, 2005 to Rs 187.38 crore this year.

The company's board has recommended a dividend of 50 per cent on its equity share capital, subject to approval of members in the general meeting.

Similarly, the company has achieved turnover of Rs 442.48 crore and net profit of Rs 27.88 crore as against the turnover of Rs 277.72 crore and Net Profit of Rs 10.04 crore during the corresponding period of previous year, representing remarkable growth in turnover of 59 per cent and in Net Profit of 178 per cent.

Elecon is having an unexecuted order book of about Rs 626 crore as on end of May 06 with major orders from BHEL, Tecpro System Pvt Ltd amounting to Rs 143.98 crore.

It has also signed documents for issue of Foreign Currency Convertible Bonds (FCCB) of 18 million dollars.

Gujarat-based Elecon Engineering Company Ltd has grown over the years to be known as a pioneer of the concept of mechanised way of bulk material handling equipment in India.

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