Elecon pat soars 97 per cent: Board recommends dividend

Mumbai, June 15 (UNI) Gujarat-based leading manufacturers of material handling equipment and gears Elecon Engineering Company Limited (EECL) today announced that it has posted a net profit of Rs 54.90 crore during the financial year ended March 31, registering an increase of 97 per cent over the corresponding period a year ago.

Unveiling company's financial results at a news conference here, EECL'S chairman and managing director Prayasvin B Patel said the gear division of the company has maintained steady growth while the material handling equipment (MHE) division grown near to twice in size.

The Board Of Directors (BOD) of the company, which took on record the company's financial performance, has recommended dividend of Rs 1.50 per equity share of Rs 2 each ( 75 per cent).

The BOD has recommended issuing of 2 bonus equity shares of Rs 2 each fully paid up for each share held to all the registered shareholders, subject to the approval of members in annual general meeting (AGM), Mr Patel informed.

As per the results, the company has posted a net sales of Rs 723 crore as against Rs 443 crore in the previous year, registering a growth of 63 per cent.

Mr Patel attributed the excellent performance to a combination of factors like buoyant economy, high technology products backed by efficient service and aggressive marketing efforts of his team in the domestic and in the international market.

UNI