Elecon Engineering Co.Ltd. — Investor Presentation 2024

Jul 17, 2024

17[th] July, 2024

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To,

The Manager (Listing), The BSE Ltd. Mumbai	The Manager (Listing), National Stock Exchange of India Ltd. Mumbai
Company’s Scrip Code: 505700	Company’s Scrip Code: ELECON

• Sub. : Investor Presentation of the Earnings Call to be held on 18[th] July, 2024

• Ref. : Regulation 30 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir/Madam,

With reference to the subject referred Regulation and in continuation to our letter dated 10[th] July, 2024 regarding schedule of Earnings Call, please find enclosed herewith the Investor Presentation for Q1 for the Financial Year 2024-25. The same is also available on the website of the Company at https://www.elecon.com/investors/presentations-made-to-analysts-orinstitutional-investors.

You are requested to take the same on your records.

Thanking you.

Yours faithfully,

For Elecon Engineering Company Limited,

Isarani Digitally signed by Isarani Bhartiben Bhartiben Lalitkumar Date: 2024.07.17 Lalitkumar 15:15:33 +05'30' Bharti Isarani Company Secretary & Compliance Officer

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Encl.: As above

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INVESTOR PRESENTATION

Unifying vision, Global impact

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Q1FY25

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ONE OF ASIA’S LARGEST INDUSTRIAL GEAR SOLUTION COMPANY

Safe Harbor

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This presentation and the accompanying slides (the “Presentation”), which have been prepared by Elecon Engineering Company Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.

All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.

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2

Safety and Wellness

Q1FY25 Zero

2020-21 2022-23 Q1FY25 Zero Zero Zero minor, major or fatal minor, major or fatal minor, major or fatal accidents accident accidents 0 0 0 1 1

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Safety is ingrained as a

Fundamental value

2021-22 2023-24 One One minor accident

rather than just a priority

minor accident

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To prevent incidents and prioritize well-being, we implement

• ❖ Safety Audits

• ❖ Mock drills on periodically

• ❖ Emergency Plans

• ❖ Fire Protocols

• ❖ Comprehensive Training

• ❖ and other targeted initiatives

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3

Company Overview

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Engineering Co providing Innovation led Technology Solutions

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Elecon India

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Radicon UK

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Benzlers Sweden

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State of art manufacturing facilities with DSIR approved In-House R&D facility for new product development and separate Engineering facility to upgrade existing product

One of the largest manufacturer of Gear Solution providers in Asia & Material Handling Equipments with seven decades of experience and expertise

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Elecon
Engineering
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Net Cash Positive Company

First in India to manufacture sophisticated equipment for bulk Material Handling with product range that caters multiple industrial sectors in India

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Robust market share in a highly fragmented and unorganized market

Manufacturing & Assembly plants at UK, Sweden, USA & Netherland other than India

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Widest range of gear applications across Industrial Sectors. Providing industry agnostic gear solutions

In-House Foundry & Fabrication Facility to support end to end solutions for customers

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The company actively embraces environmentally friendly practices and creating long term value for stakeholders

Only Company in India having capability to manufacture Complex Gear box for Defence: Indian Navy

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One of Asia’s largest Industrial Gear Manufacturing Company, having facility spread over 335,000 square meter

Company compliant with an Integrated Management System based on ISO 45001:2018 ISO 9001:2015, ISO 14001:2015. NABL accredited laboratory, aligning with ISO/IEC 17025:2017

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Benzlers Netherlands

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Radicon USA

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5

Started in 1951 and evolved as Asia’s Largest Gear Solutions Co

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Established in Mumbai by

Late Shri Ishwarbhai Patel

Acquisition debt repaid

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Forayed into
manufacturing conveying Listed on Bombay Established Successful execution of defence
equipment Stock Exchange Gear division (Indian Navy) project
1951 1962 1976 2022
1951
1960 1963 2010 2024
Elecon Engineering Company Forayed in bulk material Acquired Benzlers and Achieved highest ever
was incorporated as Private handling business Radicon in Europe - Revenue & Profits
Limited Company manufacturers of screw
Cemented position as one
jacks, shaft mounted
Shifted to Vallabh Vidyanagar, of the largest gear solution
gearboxes and industrial
Gujarat in May 1960 company in Asia and a
reducers
prominent MHE player
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6

Values & Culture at Elecon

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Our Values are our Bedrock!

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Delightful Customer Resolute Trust Ingenious Value Creation Ethics at Experience Entrepreneurship the Core Ensure unparalleled positive Foster unwavering trust through Demonstrate accountability for Create value and enable growth Uphold the highest standards of customer experiences all the time camaraderie and credible the purpose, empowerment, and for every stakeholder ethical conduct and individual conduct business acumen integrity ❖ Proactiveness ❖ Intent ❖ Innovation ❖ Wealth ❖ Honesty ❖ Adaptability ❖ Trustworthiness ❖ Risk-Taking ❖ Learning ❖ Fairness ❖ Relationship ❖ Competence ❖ Agility ❖ Research ❖ Transparency ❖ Service Orientation ❖ Commitment Orientation ❖ Solution Orientation ❖ Partnership Orientation ❖ ESG Orientation

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7

Global MNC with Strong Distribution Network

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FY24 Update
24%
Revenue Contribution from
Overseas Market
11
OEM Partnership
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Serving to
85+
Countries
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Overseas Market

Domestic Market

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35+ 4 Manufacturing & 55+
100+ 65+ Pan India
Assembly Centres
Customer Customer
Distributors & Dealers Distributors & Dealers Presence
Representatives 11 Sales Office Representatives
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All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness

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8

State of the Art Manufacturing Facility

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State of the art facility located at Vallabh Vidyanagar, Gujarat

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The facility is spread over 335,000 Square Meter

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~~Bird’s eye view of the Facility~~

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9

Gear Division – Providing a wide variety of solutions

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Diversified across Market leaders in the Best in class Gear industries such as domestic market and Solutions Power, Cement, strategically expanding Sugar, Steel etc. overseas In-house Strong Brand Name

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World Class Widest range of Industrial Gears operations with low lead time

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In-house
Strong Brand Name
Maintaining the Manufacturing facility manufacturing
Pan-India Service
utmost safety and for both Catalogue & capabilities with
Network
quality standards Engineered Products 700+ machine tools
Our Diversified Product Portfolio
Widest Market Reach
Focus on Customer
Helical/Bevel Helical Worm Gearboxes Couplings Planetary Gearboxes Marine Gearboxes Custom Built Gearboxes
Gearboxes Solutions
One of Asia’s Largest
Gear Solution Provider
EON [2 ] Series Gearboxes High Speed Gearboxes Central Drive Mill Pinion Shaft Double Helical Gear Wheel Loose Gears
Gearboxes
10
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Supplying to multiple industries thus diversifying risk

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Steel
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Cement
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Sugar
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Industry Agnostic Gear Access to new market Sustainable Performance Solutions opportunities

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Defence Rubber
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Mining
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Plastic
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Resilience to Business Cycles

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Power
…and many more
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11

MHE Division: A proxy to Capex Creation

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Largest supplier of Enhanced Pioneers in Stockyard Machines diversification Widest range of manufacturing Bulk & Wagon tipplers in End User Industry MHE India across industries products Consistent delivery Robust In-House Discontinued EPC Maintaining of high-quality design and Projects and Focus Steel Cement highest standards products instills manufacturing only on Profitable of safety customer reliance capabilities Product Business Our Diversified Product Portfolio Mining Fertilizer Ports Power Feeders Automatic Weighing Stackers / Reclaimers Raw Material Handling Wagen Tippler Specialized Conveyors System Oil & Gas Pulleys Mobile Stacker Port Equipment Truck Loader

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12

Board of Directors

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Shri Prayasvin B. Patel

Chairman & Managing Director

Experience of 49 years in engineering industry. He holds a Bachelors in Engineering (Mech.) and an MBA (USA). He is actively involved in the decision making for various technical and commercial matters including the marketing for both Gear and MHE divisions.

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Shri Pranav C. Amin

Independent & Non-Executive Director

He is a graduate in Economics/Industrial Management and MBA in International Management. His core areas of expertise are management and leadership.

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Shri Pradip M. Patel

Non-Independent & Non-Executive Director

Experience of more than 35 years in Bearing industry. He holds an MBA (USA). His core area of strength relating to the business is strong leadership, strategy building and operational direction.

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Shri Ashutosh A. Pednekar

Independent & Non-Executive Director

He is a practicing Chartered Accountant and is a Partner of M. P. Chitale & Co., chartered Accountants since 1992. He is well versed in the fields of accountancy, finance, risk management, insurance contracts.

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Shri Prashant C. Amin

Non-Independent & Non-Executive Director

Experience of 43 years in operating enterprises with strong leadership, successfully acquiring, integrating & managing foreign companies. He holds MBA (USA) Masters in Engineering & Management.

Dr. Sonal V. Ambani

Independent & Non-Executive Director

She holds a PhD in Business Management and is the founder Chairperson of FICCI Ladies Organization (FLO) Ahmedabad. She holds two patents granted in the US and is also a member of the United Nations Development Fund for Women (UNIFEM).

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Shri Aayush A. Shah

Non-Independent & Non-Executive Director

Chief Executive Officer and Executive Director of Power Build Private Limited. Carries more than 3 years of experience in the domain of Managing Business Unit, Strategic Planning & Budgeting, Process Improvement, Project Management and Business Turnaround.

Shri Nirmal Bhogilal

Independent & Non-Executive Director

Experience of 49 years in managing machine building and engineering industry. He holds a degree in Chemical Engineering from London University. Presently, he is the chairman of Batliboi Group.

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13

Strong Management Team

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Shri M.M Nanda

Head of Gear Division

Joined Elecon in 1973 as a Liaison Officer and advanced to become the Marketing Head and subsequently the Vice President Marketing. Since 2016, he has been leading the company as its CEO, showcasing expertise in Marketing, Business Strategy, Market Research, Resource Management, Project Management, and Business Turnaround.

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Shri Kamlesh Shah

Group Chief Financial Officer

With over 27 years of extensive expertise, he possesses a diverse background in Business Strategy Planning & Budgeting, Process Improvement, Project Management, Business Turnaround, Corporate Banking, and Investor Relations across various industries.

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Shri P. K. Bhasin

Head of MHE Division

Effective leader with over 40 years of experience and his core expertise lies in Marketing, Human Resources, Business Operations & Strategy, and identifying new opportunities to sustain extraordinary business growth. He brings a wealth of experience from MNC organizations such as ABB, ALSTOM, and L&T.

Shri Narasimhan Raghunathan

Chief Financial Officer

Having amassed over two decades of experience, he has proven his proficiency in Accounts, Finance, Taxation, Legal & Compliance, and related functions in diverse industries and companies, encompassing both Indian and multinational corporations such as Ashok Leyland, Ernst & Young, Hansen Transmissions of Belgium, ZF of Germany, and KSB Pumps of Germany.

14

Strong Relationship with Marque Clients

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Gear
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MHE

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…and many more

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The Brand Names and Logos mentioned are the property of their respective owners and are used here for identification purposes only

15

Awards and Recognition

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Excellence Award in the category of Best Practices in HR & IR Policies by Federation of Gujarat Industries

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2nd Consecutive Year in a row

16

ESG Vision

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Sustainable towards Environment

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60% Green Campus
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Rainwater Harvesting to conserve rainwater
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~90% Lighting converted into LED
40% reduction in using wood by replacing to Nail-less
Packaging
STP to reuse sewage water
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• 60% Energy from Renewal Sources

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• Wind Power – 14 MW & Solar Power – 4 MW

• Additional 1 MW solar plant is under commission

Advance Electric powered equipment geared towards green energy contribution

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18

Elecon Engineering – A responsible corporate

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Elecon's mission is to engage in environmentally responsible practices , contribute to the greater good of society, and ensure the well-being of its employees

	Health & Medical Promoting Sports Caring for Society	Health & Medical Promoting Sports Caring for Society	Health & Medical Promoting Sports Caring for Society
	❖Blood Donation Camp ❖Supporting charitable hospitals with latest medical equipment ❖Health activities for community ❖Healthy Heart Walkathon ❖Health & Safety awareness programs in nearby villages ❖Yoga Session on International Yoga Day ❖Under banner “Aarogyam”, Awareness Session on “Woman’s Health & Wellbeing” & “Stress Management”	❖Elecon Cricket Academy ❖Elecon Tennis Academy ❖Sponsored State Level Badminton Tournament ❖Provide training to Players	❖Food Distribution for needy ❖Support to Weaker Section of Society ❖Support to Students through Scholarship ❖Initiative for Education Program ❖Career Counselling Session for children of employees ❖Initiative for Special Person ❖Maintaining gardens in the town ❖Backing UNICEF's Mission for Child Welfare and Development

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19

Vision for Inclusiveness

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Promoting
procurements from
MSME
Sustainable Supply
Chains
Conducting Training
Dealer and Channel
Program for the
Partner Meet
customers
Web Supplier Portal
for sustainable supply
chain
Business Partner
Meet
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CSD Sales Conference
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Training Program
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20

Building Strong Workforce with Care

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Sustained Workforce

• ❖ 10+ Years average service period of an employee

• ❖ 713+ workforce building team Elecon

• ❖ Creating a gender-diverse workforce

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Culture

Leadership Program

Care & Safety

• ❖ Zero Fatality

• ❖ “Gurupath”– A succession development programme

❖ 70+ Learning and Development Programs conducted during the quarter

• ❖ Health & Hygiene Awareness program

• ❖ Leadership Accountability Workshop under “Gurukul” Project

❖ 1,304-man hours imparted to SHE training covering 599 employees in Q1FY25

• ❖ 1,151 employees attended various training for ~4,000man hours under continuous learning program

• ❖ Initiated workshops on cultural transformation in collaboration with a global leading organization, to strengthen the company's culture, beliefs, and values during the growth phase

❖ Health Checkup for employees above 40 years of

❖ Employees inclusiveness through “HR Aapke Nikat ” initiative

age

❖ Mediclaim for employees and their families and Term Insurance cover for Employees

❖ Team Building Activity session

❖ Business World People (HR Professionals’ Community) has honored our Group HR Head with the prestigious "HR 40 under 40" award

• ❖ POSH awareness session

• ❖ Organised session on “Fraud, Risk & Financial Awareness”

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Encouragement

❖ Celebrate events for employees' achievements

• ❖ Celebrate various occasions

• & Prize distribution from time to time

❖ Felicitated employees who are using cycle as a mode of transport and supporting go green initiative

21

Q1 FY25 Performance Highlights

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Consolidated Segment Wise Performance

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MHE
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Revenue (Rs Crs.) EBIT (Rs Crs.)
Margin (%) 24.6 23.5 • Revenue from Gear division
were impacted on account of
-7% -11% weakness in order inflow due
361 89
334 79 to general elections in Q1FY25
• We anticipate demand uptick
in balance 9M of FY25 to
recoup the revenue loss in
Q1FY25
Q1FY24 Q1FY25 Q1FY24 Q1FY25
Revenue (Rs Crs.)
EBIT (Rs Crs.)
• Revenue from MHE division
Margin (%) 22.8 26.0
grew by 9% Y-o-Y in Q1FY25
+9% +24%
58 15 • Our focus on product supply
54
12 and aftersales are yielding
positive results and are
optimistic of growth in
coming quarters in the MHE
segment
Q1FY24 Q1FY25 Q1FY24 Q1FY25
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23

Consolidated Revenue Split

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Geography Wise (Rs Crs., %)

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Segment Wise
(Rs Crs., %)
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Q1FY24 Q1FY25
113
(27%) 133
(34%)
259
302 (66%)
(73%)
Domestic Overseas
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Q1FY24 Q1FY25
54 58
(13%) (15%)
361 334
(87%) (85%)
Gear MHE
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Focusing on wining new OEM contracts and growing the share of revenues from overseas market.

Revenue from overseas business stood at Rs. 133 crs as compared to Rs. 113 crs, a growth of 18% Y-o-Y

MHE Segment witnessed a remarkable turnaround, driven by a strategic focus on product supply and aftersales services. The Gear segment is accelerating through ongoing product enhancements and the introduction of new offerings.

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24

Consolidated Order Book

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Order Intake (Rs Crs.)

Open Order as on 30[th] June 2024 (Rs Crs.)

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+9.7% +19.4%
545 947
497
793
598
396
446 655
349
149
138
51
Q1FY24 Q1FY25 Q1FY24 Q1FY25
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Gear MHE

❖ Gear Division: The order intake for Q1 FY25 stood at Rs 396 Crs as compared to Rs 446 Crs . Order in Hand is Rs 598 Crs as on 30[th] June 2024

❖ MHE Division: The order intake for Q1 FY25 stood at Rs 149 Crs as compared to Rs 51 Crs in Q1FY24, a Y-o-Y growth of 192% . Order in Hand is Rs 349 Crs as on 30[th] June 2024

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25

Consolidated Quarterly Performance

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Total Revenue Revenue (Gear) Revenue (MHE)
(Rs Crs.) (Rs Crs.) (Rs Crs.)
+9%
-5% -7%
414 361 58
392 334 54
Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25
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EBITDA Profit After Tax
(Rs Crs.) (Rs Crs.)
Margin (%) 24.1 23.5 Margin (%) 17.6 18.7
+1%
-8%
100 73 73
92
Q1FY24 Q1FY25 Q1FY24 Q1FY25
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26

Consolidated Profit & Loss Statement

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Profit and Loss (Rs. Crs.)	Q1FY25	Q1FY24	Y-o-Y	FY24	FY23	Y-o-Y
Revenue from Operations	392	414	-5.3%	1,937	1,530	26.7%
Operating Expenses	197	216		1,018	836
Gross Profit	195	198	-1.3%	919	694	32.4%
Gross Profit Margin	49.8%	47.8%	200 bps	47.4%	45.4%	210 bps
Employee Cost	47	46		188	150
Other Expenses	56	52		256	205
EBITDA	92	100	-7.6%	474	339	40.0%
EBITDA Margin	23.5%	24.1%	-60 bps	24.5%	22.2%	230 bps
Other Income	14	9		44	20
Depreciation	13	12		51	49
EBIT	94	96	-2.2%	468	310	50.9%
EBIT Margin	24.0%	23.2%	80 bps	24.1%	20.3%	390 bps
Finance Cost	2	2		9	13
Share in profit of Associates	2	1		6	3
Profit before Tax	94	94	-0.3%	465	300	55.2%
PBT Margin	24.0%	22.8%	120 bps	24.0%	19.6%	440 bps
Tax	21	22		110	62
PAT	73	73	0.5%	356	238	49.7%
PAT Margin %	18.7%	17.6%	110 bps	18.4%	15.5%	280 bps
EPS	6.54	6.50		31.69	21.17

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27

From the desk of CMD

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Commenting on the results, Shri Prayasvin B. Patel, Chairman & Managing Director of Elecon Engineering Co. Ltd. Said,

For Q1FY25, Elecon reported consolidated revenues from operations of Rs 392 Crs, achieving an EBITDA margin of 23.5%. The company’s unwavering focus on profitability has been instrumental in its progress. Elecon delivered a PAT margin of 18.7% in Q1FY25, reflecting a Y- o-Y growth of ~ 110 bps and a Q-o-Q increase of around 30 bps. We continue to remain optimistic of new order wins across sectors and across both our division – Gear & MHE.

We continue to lead the domestic market in the Gear Segment, attributed to our state-of-the-art technology and our ability to provide customized solutions with the shortest lead times. This strategic advantage sets us apart from our competitors. For the quarter ending June 2024, our revenue from operations in the Gear Division was Rs 334 crores, compared to Rs 361 crores in Q1FY24. This decrease is primarily due to slower order inflows during the last quarter, influenced by the general elections, which impacted both private and public capital expenditure. However, we anticipate that post-election stability and government support for infrastructure development will have a positive impact, and we remain committed to our annual guidance.

Internationally, we are on track to achieve our goal of deriving 50% of our revenue from overseas markets by FY30. In Q1FY25, our international business contributed approximately 34% to our overall consolidated revenues. With strong endorsements from existing OEMs and our ongoing brand-building and marketing efforts, we are confident in reaching this ambitious target.

The MHE segment continues to enhance its profitability. In Q1FY25, the EBIT margin increased by approximately 320 basis points, reaching 26.0%, driven by an improved product mix and leveraging opportunities in the aftermarket service segment. We remain optimistic about the segment’s continued growth, supported by ongoing government initiatives in infrastructure and manufacturing.

With ongoing strategic alliances in the overseas market, continued investments in R&D and product development, and a strategic focus on the MHE segment, we are confident in outperforming the industry and achieving our organizational aspirations.

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28

Historical Performance

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Consolidated Historical Financial Performance and Guidance for FY25

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Total Revenue EBITDA EBITDA Margin
(Rs Crs.) (Rs Crs.) (%)
+680 bps
2,225 534 24.5% 24.0%
+22.9% 1,937 +36.8% 474 20.3% 22.2%
17.7%
1,530
339
1,212
1,044 246
185
FY21 FY22 FY23 FY24 FY25E FY21 FY22 FY23 FY24 FY25E FY21 FY22 FY23 FY24 FY25E
Profit After Tax Profit After Tax Margin
(Rs Crs.) (%)
+1290 bps
356 18.4%
15.5%
+83.4%
237
11.6%
140
5.5%
58
FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24
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30

Consolidated Historical Ratios

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Return on Networth (%) [1] ROCE (%) [2] Total Asset Turnover (x) Total Fixed Asset Turnover (x)
22.4% 29.1% 1.0 3.7
0.9
18.8% 24.0%
2.9
0.7
13.6% 17.6% 2.3
0.5 1.8
11.4%
6.4%
FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24
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Debt to Equity (x)[3]

Working Capital Cycle (Days)

Current Ratio (x)

Quick Ratio (x)[4]

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0.36 91 3.0 2.4
84
2.6
74 72
1.7
1.6
0.14 1.4 1.0 1.1
0.04 0.04
FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24
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1. Net worth is calculated as Shareholder’s Equity less Intangible Assets 2. Earning Before Interest and Tax (EBIT) is calculated as Profit Before Tax plus Finance Cost and Capital Employed is calculated as Shareholder’s Equity plus Long Term Borrowing plus Short Term Borrowings plus Deferred Tax Liabilities 3. Debt includes lease liability 4. Quick Assets is calculated as current assets less inventory less prepaid expenses

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31

Historical Consolidated Profit & Loss Statement

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Profit and Loss (Rs. Crs.)	FY24	FY23	FY22	FY21	CAGR
Revenue from Operations	1,937	1,530	1,212	1,044	22.9%
Operating Expenses	1,018	836	661	562
Gross Profit	919	694	551	482	24.0%
Gross Profit Margin	47.4%	45.4%	45.4%	46.2%
Employee Cost	188	150	128	118
Other Expenses	256	205	176	179
EBITDA	474	339	246	185	36.8%
EBITDA Margin	24.5%	22.2%	20.3%	17.7%
Other Income	44	20	9	6
Depreciation	51	49	49	52
EBIT	468	310	206	139
EBIT Margin	24.1%	20.3%	17.0%	13.3%
Finance Cost	9	13	37	60
Share in profit of Associates	6	3	1	2
Profit before Tax	465	300	171	81	78.9%
PBT Margin	24.0%	19.6%	14.1%	7.8%
Tax	110	62	30	24
PAT	356	238	140	58	83.4%
PAT Margin %	18.4%	15.5%	11.6%	5.5%
EPS	31.69	21.17	12.52	5.14

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32

Historical Consolidated Balance Sheet

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Assets(Rs Crs.)	Mar-24	Mar-23	Mar-22	Mar-21
ASSETS
Non-current assets
Property,Plant and Equipment	516	527	523	548
Capital work-in-progress	1	0	1	0
Right to use of Assets/Investment Properties	106	82	70	59
Investmentproperty (net)	25	25	25	25
Intangible Assets	20	18	15	18
Goodwill	102	103	106	107
Investment In Subsidiaries	63	57	54	53
Financial Assets
(i)Investments	20	1	0	0
(ii)Others Financial Assets	6	8	2	10
(iii)Loans	0	0	0	0
Deferred Tax Assets(net)	1	2	4	5
Income Tax Asset	10	10	23	20
Other non-current assets	37	12	9	12
Total Non-Current Assets	907	844	832	859
Current assets
Inventories	230	279	262	250
Financial Assets
(i) Investments	203	19	0	0
(ii)Trade receivables	445	346	415	508
(iii)Cash and cash equivalents	110	82	84	96
(iv)Bank balances other than(iii)	154	128	28	45
(v)Loans	0	0	0	0
(vi)Other Financial Assets	56	9	68	196
Income Tax Asset	19	25	30	38
Total Current Assets	1,217	888	887	1,134
Total Assets	2,124	1,732	1,719	1,993

Equity and Liabilities (Rs Crs.)	Mar-24	Mar-23	Mar-22	Mar-21
EQUITY AND LIABILITIES
EQUITY
Equity Share Capital	22	22	22	22
Other Equity	1,582	1,257	1,028	897
Shareholders Funds	1,604	1,279	1,050	919
Non-Current Liabilities
Financial Liabilities
(i) Borrowings	0	0	20	117
(ii) Lease Liability	59	40	32	32
Provisions	17	33	49	55
Deferred Tax Liabilities (Net)	26	26	28	30
Other non-current liabilities	18	11	0	0
Total Non-Current Liabilities	121	110	129	235
Current liabilities
Financial Liabilities
(i) Borrowings	0	0	80	169
(ii) Lease Liability	11	11	19	17
(iii) Trade Payables	194	196	270	424
(iv) Other Financial Liabilities	3	6	8	40
Other Current Liabilities	166	111	118	146
Provisions	17	13	23	26
Current tax liabilities (net)	8	5	21	17
Total Current Liabilities	399	343	540	839
Total Liabilities	2,124	1,732	1,719	1,993

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33

Historical Consolidated Cashflow Statement

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Particulars (Rs Crs.)	FY24	FY23	FY22	FY21
Profit before Tax	465	300	171	81
Adjustment for Non-Operating Items	50	39	106	148
Operating Profit before Working Capital Changes	516	338	277	229
Changes in Working Capital	(43)	37	(22)	18
Cash Generated from Operations	472	375	254	248
Less: Direct Taxes paid	108	66	31	0
Net Cash from Operating Activities	365	309	223	248
Cash Flow from Investing Activities	(279)	(166)	15	(19)
Cash Flow from Financing Activities	(59)	(145)	(250)	(210)
Net increase/ (decrease) in Cash & Cash equivalent	27	(2)	(12)	19
Cash and cash equivalents at the beginning of the period	82	84	96	77
Cash and cash equivalents at the end of the period	110	82	84	96

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34

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Thank You

Company: ELECON ENGINEERING COMPANY LIMITED CIN: L29100GJ1960PLC001082

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Mr. Narasimhan Raghunathan / Mr. Ashish Jain Email: narasimhanr@elecon.com / arjain@elecon.com For updates and specific queries, please visit www.elecon.com

Investor Relations: Strategic Growth Advisors Pvt. Ltd. www.sgapl.net CIN: U74140MH2010PTC204285 Mr. Sagar Shroff / Ms. Prachi Chhugani Email: sagar.shroff@sgapl.net / prachi.c@sgapl.net +91 98205 19303 / +91 89492 92029

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