Technology advancement

Technological advancement is the way forward for Elecon Engineering as it charters its formidable growth

Mumbai, Maharashtra, India (NewsView) Elecon Engineering Company Limited (“Elecon/Company”), Asia’s largest manufacturer of industrial gear systems and material handling equipment, achieved consolidated sales for the fiscal year 22 of INR 12.03 billion (USD 159 million) and is poised on an inimitable forward-looking growth trajectory. Despite the challenges posed by the pandemic, Elecon seized this opportunity to further strengthen its business. The Company underwent transformational change, identified priority areas for improvement and implemented various milestones. Over the past 2 years, Elecon has significantly reduced debt and is now debt free in FY 22-23. Improving working capital in inventory, receivables, etc. continuing only activities that generate profits while closing certain legacy EPC projects that could not accelerate growth were key strategic initiatives that the company adopted in order to perform consistently and pay excellent dividends to its happy community. of shareholders. Elecon’s leading position in transmission products (industrial gears) which enjoys approximately 36% market share in India is enhanced by its large manufacturing capabilities, wide geographical presence and formidable position in the sugar, cement, thermal energy, steel and handling equipment sectors. (MHE). That said, Elecon has chartered a reasonably firm entrenchment on global shores with international sales accounting for 26% of consolidated revenue in the year ended FY22. Speaking on the subject, Prayasvin Patel, CMD of Elecon, said: “The company expects to achieve growth of approximately 25% in FY23 and we expect the growth of the past few years to be sustained. , which will only get better in the future. We have identified growth potential in various regions of the Americas, Canada, Africa, Europe and West Asia and are taking various strategic steps to achieve it. Our wide range of industrial gear applications cater to various industries in all categories, such as steel, cement, energy, sugar, mining, defense and infrastructure sectors similar. Notably, only Elecon has a wide range of industrial gear applications compared to its peers in the world. We have been a recognized supplier to defense industries for the past 40 years and with increased government focus under the ‘Make in India’ initiative, we are well positioned to support the growth trajectory of the defense industry. India as a strategic partner and team. it will make our country stronger day by day. Founded in 1951, Elecon’s long-term stable and strategic outlook is commendable. From humble beginnings – a small company manufacturing conveying equipment locally began to spread its wings into then unexplored sectors, resulting in various economies of foreign currency outflows to today a giant conglomerate with a global presence with a diversified portfolio in key sectors. Elecon has constantly evolved by embracing modern technology and innovation. Their state-of-the-art manufacturing facility has a futuristic outlook and is designed to meet growing capacity needs. In its 70th year of establishment, Elecon envisions explosive growth to become the world leader in the mechanical transmission systems industry with an unwavering focus on the future. “The Vision 100 is not just a number but a growth chart for us to strategically plan and execute our vision goals. Over the past decades, we have grown based on technical collaborations as well as technology developed in-house and have absorbed lessons learned from the collaborations. Going forward, we are open to collaborating as needed to expand our product basket, strengthen our technological edge and innovate with best practices,” Prayasvin Patel added while speaking further. of Elecon’s growth strategy. The company sees a positive future with an environment conducive to infrastructure growth and the growth of key industries across the world. It is confident that it will be able to meet the growing demands of the growth trajectory on which the country is committed while improving the recovery and profitability of the Company year by year. About Elecon Engineering Company Limited Elecon has two business segments: transmission equipment and material handling equipment. The Transmission Equipment segment is engaged in the manufacture of transmission equipment such as gearboxes and couplings, while the Material Handling segment is engaged in the manufacture of material handling equipment such as gear handling systems. raw materials, stackers, recuperators, baggers and weighers, wagon or truck loaders, crushers, wagon tippers. , feeders and port equipment. It has a commercial presence in more than 60 countries and plans to soon expand its geographies to all those countries that use industrial gear systems in moderate or large numbers. Listed on the BSE and the NSE, the company has always paid attractive dividends to its shareholder community.

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