Elecon Engineering bags orders worth Rs.5.24 bn

August 6th, 2008 - 8:50 pm ICT by IANS  

Ahmedabad, Aug 6 (IANS) Gujarat-based material handling equipment maker Elecon Engineering Co Ltd Wednesday announced that it has bagged five major orders worth Rs.5.24 billion ($124.7 million). Elecon bagged two orders worth Rs.4 billion from Bramhani Industries and two contracts of Rs.687 million from Bharat Heavy Electricals Ltd, company chairman and managing director Prayasvin Patel told reporters.

The fifth order worth Rs.312.4 million came from Tecpro Systems.

Elecon has also won two overseas orders worth Rs.242.4 million - one from Egypt and the other from Indonesia’s PT Tecgates Engineering, Patel said.

Meanwhile, Elecon reported a net profit of Rs.119.4 million for the first quarter of 2008-09 compared to Rs.104 million over the coresponding period last year, recording a growth of 14.7 percent.

The total sales of the company during the quarter have risen by 30.10 percent to Rs.1.68 billion.

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