Engineering stock held by Vijay Kedia engaged in the designing and manufacturing of material handling equipment, industrial gears and many more jumped upto 12 percent in the days upon declaring Q4FY24 results, final dividend, and stock split in the ratio of 1:2.
With a market capitalization of Rs. 12,768 Crores, the shares of Elecon Engineering Limited were trading at Rs. 1,115, up 5.03 percent from its previous day’s close price of Rs. 1,061.65.
Elecon Engineering Limited has announced the financial results of the company for the quarter/year ended March 31, 2024, as follows
Its revenue from operations grew by 32.99 percent YoY from Rs. 424.54 Crores in Q4FY23 to Rs. 564.62 Crores in Q4FY24 and it grew by 19.22 percent QoQ from Rs. 473.56 Crores in Q3FY24 to Rs. 564.62 Crores in Q4FY24. Annually it generated a revenue of Rs. 1,529.68 Crores in FY23 and Rs. 1,937.42 Crores in FY24 indicating a growth of 26.65 percent YoY.
Its Net Profit grew by 52.56 percent YoY from Rs. 67.94 Crores in Q4FY23 to Rs. 103.65 Crores in Q4FY24 and it grew by 14.65 percent QoQ from Rs. 90.40 Crores in Q3FY24 to Rs. 103.65 Crores in Q4FY24.Annually it generated a profit of Rs. 237.51 Crores in FY23 and Rs. 355.58 Crores in FY24 indicating a growth of 49.71 percent YoY.
In Addition, the Board of Directors of the company has approved the sub-division of the equity shares of the company in the ratio of 1:2 where an equity share with a face value of Rs. 2.00 each will be split into 2 equity shares of the face value of Rs. 1.00 each.
The Board of Directors of the company has also recommended to pay a final Dividend of Rs. 2 per equity share held as on the record date by the equity shareholders of the company.
Ace Investor Vijay Kishanlal Kedia holds a 1.34 percent stake in the company consisting of 14.99 Lakh equity shares. He took a fresh holding in the company in the June 2021 quarter by purchasing a 1.19 percent stake consisting of 13.37 Lakh equity shares.
Elecon Engineering Limited is engaged in the designing and manufacturing of material handling equipment and industrial gear and is also involved in providing erection and commissioning solutions for its products.
Written by: Bharath K.S
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