Elecon Engineering Co.Ltd. — Investor Presentation 2024

Oct 18, 2024

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18[th] October, 2024

To,

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 Conference Call to be held on 21[st] October, 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 11[th] October, 2024 regarding schedule of Earnings Conference Call, please find enclosed herewith the Investor Presentation for Q2 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-or-institutionalinvestors.

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: 2024.10.18 Lalitkumar 15:42:13 +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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Q2 & H1FY25

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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

2022-23 H1FY25 2020-21 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 one of 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 incorporatedas Private handling business Radicon in Europe - Revenue & Profits
Limited Company manufacturers of screw
Cemented position as one
jacks, shaft mounted
Shifted toVallabh 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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World Class Widest range of Industrial Gears operations with low lead time

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Diversified across Market leaders in the industries such as domestic market and Power, Cement, strategically expanding Sugar, Steel etc. overseas

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Best in class Gear
Solutions
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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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Plastic
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Industry Agnostic Gear Access to new market Resilience to Business Sustainable Performance Solutions opportunities Cycles

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Defence Rubber
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Mining
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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. Heholds 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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Eco friendly and Green Campus

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Rainwater Harvesting to conserve rainwater
~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 thegreater 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 and Training 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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Leadership Program

Sustained Workforce

• ❖ 10+ Years average service ❖ “Gurupath”– A succession period of an employee development programme

• ❖ Leadership Accountability Workshop under “Gurukul” Project

• ❖ 723+ workforce building team Elecon

• ❖ Creating a gender-diverse workforce

• ❖ 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

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Care & Safety

• ❖ Zero Fatality

❖ Health & Hygiene Awareness program

• ❖ 2,084 workman hours imparted to SHE training

❖ Health Checkup for employees above 40 years of age

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

❖ POSH awareness session

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

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Culture

Encouragement

❖ 130+ Learning and Development Programs conducted during half year

❖ Celebrate events for employees' achievements

❖ Celebrate various occasions

• ❖ 2,310 employees attended various training for ~7,500man hours under continuous learning program

• & Prize distribution from time to time

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

❖ Employees inclusiveness through “HR Aapke Nikat ” initiative

• ❖ Team Building Activity

❖ Employee’s Children Felicitation for poster presentation on the event of Environment Day Celebration

❖ Host an Engineering Fair as part of Engineer’s week, where employees showcase their creativity through innovative ideas, model displays and more

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21

Q2 & H1FY25 Performance Highlights

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Consolidated Segment Wise Performance

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Revenue (Rs Crs.) EBIT (Rs Crs.)
Margin
26.0 20.5 25.4 21.9
(%)
-19.3%
-6.6%
784 199
732
-25.8%
-5.9% 160
423 398 110
82
Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25
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Revenue (Rs Crs.)
EBIT (Rs Crs.)
Margin
21.0 26.5 21.8 26.3
(%)
+45.8% +75.8%
+124.3%
+77.8% 169 44
110 116 29
25
62
13
Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25
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MHE
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• Revenue from Gear division were impacted on account of delay in receipt of order from customers resulted in delay in execution within Q2FY25.

• We anticipate faster execution in balance H2FY25 to achieve the overall guidance for FY25.

• Margins in Gear division were primarily impacted on account of higher freight costs and one time repair and maintenance expenses .

• Revenue from MHE division grew by 77.8% Y-o-Y in Q2FY25.

• Our focus on product supply and aftersales are yielding positive results and are optimistic of growth in coming quarters in the MHE segment.

23

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Consolidated Revenue Split

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Geography Wise Segment Wise
(Rs Crs., %) (Rs Crs., %)
0.1% 0.1%
899 901 899 901
-6.2% -6.6%
4.8% 4.8%
646
688
485 508 (77%) (72%) 485 508 784 (81%)732
(87%)
-0.1% -5.9%
386 398
387
(76%) 423 (78%)
(80%)
(87%)
20.9%
255
211
98 24.2% 122 (23%) (28%) 62 110 116 45.8% (19%)169
(20%) (24%) 77.8% (22%) (13%)
(13%)
Q2FY24 Q2FY25 H1FY24 H1FY25
Q2FY24 Q2FY25 H1FY24 H1FY25
Domestic Overseas Gear MHE
Our Focus is on wining new OEM contracts and growing the MHE Segment witnessed a remarkable turnaround, driven by a
share of revenues from overseas market. strategic focus on product supply and aftersales services.
Revenue from overseas business stood at Rs. 122 Crs. as compared The Gear segment is accelerating through ongoing product
enhancements and the introduction of new offerings.
to Rs. 98 Crs., a growth of 24.2% Y-o-Y.
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24

Consolidated Order Book

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Order Intake (Rs Crs.)

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

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18.4% 30.8%
1,081 966
913
738
28.9% 627
828
536
821
416 615
432
375
339
253
104 92 123
41
Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25
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Gear MHE

❖ Gear Division: The order intake for Q2FY25 stood at Rs 432 Crs. as compared to Rs 375 Crs. in Q2FY24, , a Y-o-Y growth of 15.2% . Order in Hand is Rs 627 Crs as on 30[th] September 2024. ❖ MHE Division: The order intake for Q2FY25 stood at Rs 104 Crs. as compared to Rs 41 Crs. in Q2FY24, a Y-o-Y growth of 153.9% . Order in Hand is Rs 339 Crs as on 30[th] September 2024.

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25

Consolidated Performance

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Total Revenue Revenue (Gear) Revenue (MHE)
(Rs Crs.) (Rs Crs.) (Rs Crs.)
0.1% -6.6% 45.8%
899 901 784 77.8% 169
4.8% -5.9% 732
110 116
485 508 423 398
62
Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25
EBITDA Profit After Tax
(Rs Crs.) (Rs Crs.)
Margin (%) 24.5 22.1 24.3 22.7 18.3 17.3 18.0 17.9
-6.4% -0.3%
219 162 161
205
-5.4% -1.0%
119 112 89 88
Q2FY24 Q2FY25 H1FY24 H1FY25 Q2FY24 Q2FY25 H1FY24 H1FY25
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The Company is confident of achieving its Annual Guidance of Revenue and EBITDA Margins for FY25

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26

Consolidated Key Ratios

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Total Asset Turnover (x) [[5]]
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Fixed Asset Turnover (x)[[5]]

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Return on Networth (%) [1,5] ROCE (%) [2,5] Total Asset Turnover (x) [[5]] Fixed Asset Turnover (x) [[5]]
22.4% 29.1% 1.0 3.7 3.7
20.5% 26.2% 0.9
FY24 H1FY25 FY24 H1FY25 FY24 H1FY25 FY24 H1FY25
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Debt to Equity (x)[3]

Working Capital Cycle (Days)

Current Ratio (x)

Quick Ratio (x)[4]

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0.07 79 3.0 3.0 2.4 2.4
72
0.04
FY24 H1FY25 FY24 H1FY25 FY24 H1FY25 FY24 H1FY25
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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 (on TTM basis) 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 5. Return on Net worth, ROCE, Total Asset Turnover and Fixed Asset Turnover are calculated on TTM basis.

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27

Consolidated Profit & Loss Statement

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Profit and Loss (Rs. Crs.)	Q2FY25	Q2FY24	Y-o-Y	Q1FY25	Q-o-Q	H1FY25	H1FY24	Y-o-Y
Revenue from Operations	508	485	4.8%	392	29.5%	901	899	0.1%
Operating Expenses	279	263		197		475	480
Gross Profit	230	222	3.6%	195	17.5%	425	420
Gross Profit Margin	45.2%	45.7%	-51bps	49.8%	-462bps	47.2%	46.7%	55bps
Employee Cost	46	44		47		93	90
Other Expenses	71	59		56		127	111
EBITDA	112	119	-5.4%	92	21.6%	205	219	-6.4%
EBITDA Margin	22.1%	24.5%	-239bps	23.5%	-144bps	22.7%	24.3%	-159bps
Other Income	11	13		14		26	21
Depreciation	13	13		13		26	26
EBIT	111	118	-6.3%	94	17.6%	205	214	-4.4%
EBIT Margin	21.8%	24.3%	-258bps	24.0%	-219bps	22.7%	23.8%	-109bps
Finance Cost	2	3		2		4	5
Share in profit of Associates	2	2		2		5	3
Profit before Tax	111	117	-5.7%	94	17.4%	205	212	-3.3%
PBT Margin	21.8%	24.2%	-241bps	24.0%	-224bps	22.7%	23.5%	-81bps
Tax	23	29		21		44	50
PAT	88	89	-1.0%	73	19.6%	161	162	-0.3%
PAT Margin %	17.3%	18.3%	-100bps	18.7%	-143bps	17.9%	18.0%	-7bps
EPS	3.9	3.9		3.3		7.2	7.2

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28

Consolidated Balance Sheet

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Assets (Rs. Crs.)	Sep-24	Mar-24
Non-current assets
Property, Plant and Equipment	504	516
Capital work-in-progress	17	1
Right to use of Assets/Investment Properties	150	106
Investmentproperty (net)	25	25
Intangible Assets	24	20
Intangible Assets Under Development	1	-
Goodwill	102	102
Investment In Subsidiaries	67	63
Financial Assets
(i)Investments	30	20
(ii)Others Financial Assets	33	6
Deffered Tax Assets(net)	1	1
Income Tax Asset	13	10
Other non-current assets	55	37
Total Non Current Assets	1,020	907
Current assets
Inventories	267	230
Financial Assets
(i)Investments	297	203
(ii)Trade receivables	449	445
(iii)Cash and cash equivalents	98	110
(iv)Bank balances other than(iii)	138	154
(vi)Other Financial Assets	44	56
Current Tax Asset(net)	36	19
Total Current Assets	1,327	1,217
TOTAL Assets	2,347	2,124

Equity and Liabilities (Rs. Crs.)	Sep-24	Mar-24
EQUITY
EquityShare Capital	22	22
Share Application Money	-	-
Other Equity	1,732	1,582
Shareholders Funds	1,754	1,604
Non-Current Liabilities
Financial Liabilities
(i) Borrowings	-	-
(ii)Lease Liability	99	59
Provisions	13	17
Deferred Tax Liabilities(Net)	25	26
Other non-current liabilities	18	18
Total Non Current Liabilities	155	121
Current liabilities
Financial Liabilities
(i) Borrowings	-	-
(ii)Lease Liability	19	11
(iii)Trade Payables	211	194
(iii)Other Financial Liabilities	5	3
Other Current Liabilities	177	166
Provisions	20	17
Current tax liabilities(net)	6	8
Total Current Labilities	438	399
Total Liabilities	2,347	2,124

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29

Consolidated Cashflow Statement

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Particulars (Rs Crs.)	H1FY25	FY24
Profit before Tax	205	465
Adjustment for Non-Operating Items	6	50
Operating Profit before Working Capital Changes	211	516
Changes in Working Capital	(36)	(43)
Cash Generated from Operations	175	472
Less: Direct Taxes paid	48	108
Net Cash from Operating Activities	127	365
Cash Flow from Investing Activities	(105)	(279)
Cash Flow from Financing Activities	(34)	(59)
Net increase/ (decrease) in Cash & Cash equivalent	(12)	27
Cash and cash equivalents at the beginning of the period	110	82
Cash and cash equivalents at the end of the period	98	110

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30

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 Q2FY25, Elecon reported consolidated revenues of ₹508 crores, reflecting a 4.8% year-on-year growth. The quarter's EBITDA stood at ₹112 crores, with EBITDA margins at 22.1%. Profit after Tax (PAT) for Q2FY25 was ₹88 crores, with PAT margins at 17.3%. Elecon remains the domestic market leader in Industrial Gear Solutions and Material Handling Equipment, offering cutting-edge manufacturing, top-tier products, and the capability to deliver customized solutions with minimal lead times.

In Q2FY25, our Material Handling Equipment (MHE) division saw a remarkable 77.8% year-on-year revenue growth, with EBIT margins improving by ~549 basis points to 26.5%. We expect continued growth in this segment, driven by infrastructure development, government initiatives, and an uptick in capital expenditure.

Our Gear division, however, experienced a 5.9% decline in revenue due to delay in order inflows. We see this as a timing difference and expect to recover in the following quarters, remaining optimistic about overall revenue growth for FY25. Margins in the Gear division were affected by higher freight costs and changes in the product mix.

Internationally, we are progressing toward our target of generating 50% of our revenue from overseas markets by FY30. In Q2FY25, international business contributed approximately 24% of our total consolidated revenue. With strong support from OEMs and ongoing brand-building efforts, we are confident in reaching this goal.

Through strategic alliances in global markets, continued investment in R&D and product development, and a focus on the MHE segment, we are confident in outperforming industry trends and achieving our long-term goals. Our priority remains sustainable revenue and profitability growth, creating long-term value for our shareholders.

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31

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
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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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33

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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34

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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35

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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36

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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37

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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 / Mr. Nishant Dudhoria Email: sagar.shroff@sgapl.net / nishant.dudhoria@sgapl.net +91 98205 19303 / +91 98740 40606

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