Elecon Engineering share price increased the morning gains and trading higher by 4 percent on October 20 after the company posted better numbers for the quarter ended September 2023.
The company received an order of Rs 51.41 crores (excluding GST) from ArcelorMittal Nippon Steel India Limited (AMNS), Hazira, Gujarat, India for supply and supervision of Pipe Conveyor System at its Hazira Plant, Gujarat.
At 09:25 hrs Elecon Engineering Company was quoting at Rs 802.70, up Rs 14.80, or 1.88 percent on the BSE.
The order includes design, engineering, manufacturing, supply, transportation to the site and supervision of the erection, testing and commissioning of 1 pipe conveyor.
The said order is to be completed in 24 months.
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The company has posted 37.4 percent jump in its September quarter net profit at Rs 88.6 crore versus Rs 64.5 crore, while revenue was up 24.8 percent at Rs 484.9 crore versus Rs 388.6 crore, YoY.
The company's Earnings before interest, tax, depreciation and amortization (EBITDA) was up 28.2% at Rs 118.8 crore and margin was at 24.5 percent.
In the last nine months, the share price surged more than 100 percent.
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