Elecon Engineering Company Ltd

₹ 373 -0.27%
02 Feb 2:04 p.m.
About

Elecon Engineering Company Ltd., incorporated in 1960, is involved in the design and manufacturing of Material Handling Equipment and Industrial Gears and also providing construction and commissioning solutions for its products.
In 2010, It also ventured into the manufacturing of custom made Gearboxes for Steel Mills, High-Speed Turbines, Satellites for ISRO and also for the Naval Aircraft carriers through the acquisition of Benzlers- Radicon Group belonging to the David Brown Gear Systems. [1] [2]

Key Points

Products and Services
Power Transmission (89%): The company was the first to introduce modular design concept, case-hardened and ground gear technology in India. [1]
Material Handling Equipment Solutions (11%): The company has today expanded its production to cater to diverse material handling requirements of multiple industries including steel, power, marine, chemical, cement, coal, etc. [2]
Foundry Division: It caters to machining and foundry needs of Elecon Engineering, providing casting and machining services to several other companies other than Elecon group. [3]

Only Company in India having capability to manufacture complex Gear box for Defence - Indian Navy[4]

  • Market Cap 4,182 Cr.
  • Current Price 373
  • High / Low 476 / 128
  • Stock P/E 19.4
  • Book Value 101
  • Dividend Yield 0.27 %
  • ROCE 17.4 %
  • ROE 14.6 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 69.0% CAGR over last 5 years
  • Debtor days have improved from 170 to 126 days.

Cons

  • Stock is trading at 3.78 times its book value
  • The company has delivered a poor sales growth of 0.03% over past five years.
  • Company has a low return on equity of 10.9% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
282 268 135 264 296 350 294 314 271 332 328 389 389
242 240 137 205 240 277 235 247 219 261 263 296 300
Operating Profit 40 28 -3 59 56 74 59 67 52 70 65 93 89
OPM % 14% 11% -2% 22% 19% 21% 20% 21% 19% 21% 20% 24% 23%
4 1 2 2 2 1 2 2 2 3 4 5 4
Interest 20 19 16 15 14 14 14 12 5 7 4 3 2
Depreciation 13 16 13 13 13 13 12 12 12 12 11 12 12
Profit before tax 11 -6 -30 33 31 47 35 44 37 54 54 83 79
Tax % 19% 1,313% 32% 34% 21% 33% 22% 20% 15% 14% 21% 22% 20%
Net Profit 9 70 -21 22 25 32 27 35 32 46 42 65 63
EPS in Rs 0.83 6.26 -1.84 1.96 2.20 2.82 2.43 3.15 2.81 4.13 3.77 5.75 5.59
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
1,284 1,613 1,527 1,293 1,329 1,280 1,202 1,180 1,225 1,088 1,044 1,204 1,437
1,110 1,400 1,310 1,136 1,153 1,105 1,027 1,055 1,084 947 858 952 1,121
Operating Profit 175 213 216 157 176 176 175 126 140 142 186 252 316
OPM % 14% 13% 14% 12% 13% 14% 15% 11% 11% 13% 18% 21% 22%
50 11 -19 14 17 29 12 8 69 9 8 5 17
Interest 60 72 90 80 87 83 90 75 74 78 60 38 16
Depreciation 42 49 57 62 72 62 53 53 48 53 52 49 47
Profit before tax 123 103 50 29 34 60 44 6 88 20 81 171 270
Tax % 28% 41% 41% 51% 49% 37% 75% -33% 21% -360% 29% 18%
Net Profit 90 61 29 14 17 37 11 7 70 90 58 140 216
EPS in Rs 9.69 6.58 1.93 1.26 1.50 3.43 0.96 0.67 6.25 7.99 5.14 12.52 19.24
Dividend Payout % 19% 28% 52% 79% 73% 32% 52% 30% 3% -0% 8% 11%
Compounded Sales Growth
10 Years: -3%
5 Years: 0%
3 Years: -1%
TTM: 17%
Compounded Profit Growth
10 Years: 9%
5 Years: 69%
3 Years: 54%
TTM: 72%
Stock Price CAGR
10 Years: 25%
5 Years: 36%
3 Years: 115%
1 Year: 111%
Return on Equity
10 Years: 6%
5 Years: 8%
3 Years: 11%
Last Year: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
19 19 22 22 22 22 22 22 22 22 22 22 22
Reserves 400 440 516 510 514 682 687 686 746 832 897 1,028 1,110
648 665 697 633 552 629 583 590 548 483 335 151 57
630 796 892 892 877 870 794 857 849 792 733 513 434
Total Liabilities 1,697 1,920 2,123 2,058 1,964 2,203 2,087 2,156 2,165 2,129 1,988 1,715 1,622
479 531 625 595 523 898 861 834 799 799 758 739 728
CWIP 11 42 10 7 4 8 2 1 5 0 0 1 8
Investments 4 14 13 14 15 49 49 51 54 53 53 54 55
1,203 1,333 1,475 1,441 1,422 1,248 1,175 1,270 1,307 1,277 1,176 921 832
Total Assets 1,697 1,920 2,123 2,058 1,964 2,203 2,087 2,156 2,165 2,129 1,988 1,715 1,622

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
96 216 176 160 177 12 188 70 87 222 248 250
-163 -138 -98 -30 0 7 -7 -51 40 -25 -19 -12
55 -86 -65 -140 -168 -5 -134 -64 -118 -176 -210 -250
Net Cash Flow -12 -8 13 -9 9 14 47 -44 9 21 19 -12

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 171 177 200 241 236 201 191 208 177 205 177 126
Inventory Days 191 140 178 209 187 218 203 189 206 222 188 167
Days Payable 184 198 244 289 278 331 326 295 259 376 319 173
Cash Conversion Cycle 177 120 134 161 145 88 69 102 124 51 46 120
Working Capital Days 154 104 153 170 159 102 84 112 134 128 105 101
ROCE % 16% 14% 9% 10% 10% 10% 6% 10% 7% 11% 17%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
59.20 59.20 59.20 59.20 59.20 59.20 59.21 59.21 59.26 59.26 59.29 59.29
0.33 0.33 0.31 0.31 0.31 0.79 1.58 1.71 1.71 2.14 2.01 1.95
2.32 2.29 2.28 2.28 2.28 2.28 2.23 1.84 1.85 1.84 1.50 1.79
0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.05 0.00
37.90 37.94 37.97 37.97 37.97 37.49 36.73 36.99 36.93 36.51 37.15 36.96

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

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