Elecon Engineering Co.Ltd. — Investor Presentation 2024

Apr 20, 2024

20[th] April, 2024

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To,

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

Sub. : Investor Presentation of the Investors Call to be held on 22[nd] April, 2024

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

Dear Sir,

With reference to the above referred Regulation and in continuation of our letter dated 14[th] April, 2024 regarding schedule of Investors Call, please find attached herewith the Investor Presentation for Q4 for the Financial Year 2023-24. 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: 2024.04.20 Lalitkumar 16:50:29 +05'30' Bharti Isarani Company Secretary & Compliance Officer

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Encl.: As above

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ONE OF ASIA’S LARGEST INDUSTRIAL GEAR SOLUTION COMPANY

ELECON ENGINEERING COMPANY LIMITED Investor Presentation – Q4 & FY24

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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

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Period	Minor	Major	Fatal
Q4FY24	0	0	0
Q3 FY24	0	0	0
Q2 FY24	0	0	0
Q1 FY24	1	0	0
2023-24	1	0	0
Last 3 Financial Years
2022-23	0	0	0
2021-22	1	0	0
2020-21	0	0	0

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At Elecon, safety and well-being take precedence as our utmost concern. Over the last three years, we have not experienced any Major and Fatal incidents. Our commitment involves continuous efforts to eliminate even minor accidents through frequent safety training , striving for a zero-accident environment.

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3

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COMPANY OVERVIEW

Engineering Co providing Innovation led Technology Solutions

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

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

Elecon India

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

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

Benzlers Netherlands

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

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Robust market share in a highly fragmented and unorganized market

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Radicon UK

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

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

Radicon USA

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Net Cash Positive Company

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

Benzlers Sweden

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5

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

Established in Mumbai

by Late Shri Ishwarbhai

Patel

Acquisition debt repaid

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Forayed into Successful execution of defence
manufacturing Listed on Bombay Established Gear division (Indian Navy) project
conveying equipment Stock Exchange
1951 1960 1962 1963 1976 2010 2022 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 jacks,
shaft mounted gearboxes and Cemented position as one
Shifted to Vallabh Vidyanagar,
industrial reducers of the largest gear solution
Gujarat in May 1960
company in Asia and a
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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Global MNC with Strong Distribution Network

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Overseas Market Domestic Market
100+ 65+
Distributors & Dealers Distributors & Dealers
35+ 55+
Customer Customer
representatives representatives
4 Manufacturing &
Pan India
Assembly Centers
Presence
11 Sales Offices
MANUFACTURING FACILITIES ASSEMBLY & SERVICE CENTRE
Serving to 85+ Countries
SALES OFFICE SALES REPRESENTATIVE
28% 35% 34% 29% 24%
Contribution from
Overseas Market FY20 FY21 FY22 FY23 FY24
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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

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
World Class industries such as domestic market and
Widest range of Solutions
Industrial Gears operations with low Power, Cement, strategically expanding
lead time Sugar, Steel etc. overseas
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
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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 Sustainable Performance Solutions opportunities Defence Rubber

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Mining
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Resilience to Business Cycles

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Power
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…and many more

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11

Product Enrichment through Addition & Upgradation

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RTC Gearbox	Screw Jack Gear Box	Crane Gearbox
❖Features:Single Stage, Worm Gear, Speed Reducer ❖Usage: Used in tire curing application in rubber industry ❖Ratio Range :65,79,80,93,104 ❖Power :Up to 25 kW ❖Input Speed:600 RPM	❖Features :Single Stage, Worm Gear, Speed Reducer ❖Usage: Used in hot rolling press application in steel industry ❖Power :Up to 10 kW ❖Ratio Range :10 ❖Capacity :250 Ton Lifting Capacity	❖Usage :For drives of transporting equipment, lifting gears, crane & elevators ❖Ratio Range :14 to 280 ❖Power :3 to 1811 Kw ❖Output rated torque :4.1 to 172 KNm
❖Heavy Duty ❖Robust Design ❖High torque application	❖Heavy Duty ❖Robust Design ❖High Axial Thrust Capacity up to 250 Ton	❖Higher torque ratings ❖Different mounting position ❖Optimized gear housing design

New Products Added

Product Upgraded

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12

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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13

Board of Directors

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Shri Prayasvin B. Patel Chairman & Managing Director

Experience of 48 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 Pradip M. Patel

Non-Independent & Non-Executive Director

Experience of more than 30 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 Prashant C. Amin

Non-Independent & Non-Executive Director

Experience of 41 years in operating enterprises with strong leadership, successfully acquiring, integrating & managing foreign companies. He holds MBA (USA) Masters in Engineering & Management.

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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 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 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 Aayush A. Shah

Non-Independent & Non-Executive Director

Chief Executive Officer and Executive Director of Power Build Private Limited. Carries more than 2 years of experience in the domain of Managing Business Unit, Strategic Planning & Budgeting, Process Improvement, Project Management and Business Turnaround.

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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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14

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 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.

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Shri Kamlesh Shah

Group Chief Financial Officer

With over 25 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 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.

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15

Strong Relationship with Marquee 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

16

Awards and Recognition

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17

Awards and Recognition

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2nd Consecutive Year in a row

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18

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ESG Vision

Sustainable towards Environment

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60% Energy from Renewal Sources ~90% Lighting converted into • LED

60% Green Campus

• Wind Power – 14MW

• • Solar Power – 5 MW Additional solar plant is under discussion

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40% reduction in using wood Advance Electric powered STP to reuse sewage water
by replacing to Nail-less equipment geared towards
Packaging
green energy contribution
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From resource-efficient processes to emission reduction initiatives, we strive to minimize our ecological footprint.

Rainwater Harvesting to

conserve rainwater

We continue to take a proactive approach in addressing environmental concerns, aligning with global ESG standards, and fostering a greener future for generations to come.

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20

Elecon Engineering – A responsible Corporate

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Health and Medical
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Promoting Sports
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Caring for Society

• ❖ Food Distribution for needy

• ❖ Blood Donation Camp

• ❖ Elecon Cricket Academy

• ❖ Support to Weaker Section of Society

• ❖ Supporting charitable hospitals with latest medical equipment

• ❖ Elecon Tennis Academy

• ❖ Support to Students through Scholarship

• ❖ Health activities for community

• ❖ Sponsored State Level Badminton

• ❖ Healthy Heart Walkathon

• Tournament

• ❖ Initiative for Education Program

• ❖ Health & Safety awareness programs in nearby villages

  • ❖ Career Counselling Session for children of employees

• ❖ Provide training to Players

• ❖ Yoga Session on International Yoga Day

• ❖ Initiative for Special Person

• ❖ Maintaining gardens in the town

• ❖ Under banner “Aarogyam”, Awareness Session on “Woman’s Health & Wellbeing” & “Stress Management”

• ❖ Backing UNICEF's Mission for Child Welfare and Development

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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

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21

Vision for Inclusiveness

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Dealer and Channel Partner Meet

Sustainable Supply Chains

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02
04
01
03
05
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Promoting procurements from MSME

Business Partner Meet

Web Supplier Portal for sustainable Supply Chain

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CSD Sales Conference
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Dealer Meet
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Business Partner Meet
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22

Building Strong Workforce with Care

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Sustained Workforce

• ❖ 10+ Years average service period of an employee

• ❖ 701+ workforce building team Elecon

• ❖ Creating a gender-diverse workforce

Care and Safety for Employees

• ❖ Zero Fatality

• ❖ Health & Hygiene Awareness program

• ❖ 1,778-man hours imparted to SHE training covering 1,437 employees in FY24

• ❖ Mediclaim and Term Insurance cover for Employees

• ❖ POSH awareness session

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

Leadership Development Program

• ❖ “Gurupath” – A succession development programme

• ❖ Leadership Development program under “Gurukul” Project

• ❖ 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

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

Culture of Continuous Learning

• ❖ 202+ Learning and Development Programs conducted

• ❖ 4,983 employees attended various training for ~11,700man hours under continuous learning program

• ❖ Employees inclusiveness through “HR Aapke Nikat ” initiative

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

Celebrations

❖ Celebrate events for employees' achievements ❖ Celebrate various occasions & Prize distribution from time to time

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23

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Q4 & FY24 FINANCIAL HIGHLIGHTS

FY24 Key Highlights

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Highest Ever Revenue of Rs 1,937 Crs. Revenue Growth PAT Growth And 27% Y-o-Y 50% Y-o-Y Highest Ever Profit After Tax of Rs 356 Crs.

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Successfully signed-off 11 OEM Business in overseas market having

annual estimated business volume of ~Euro 6.0 Mn. Commercial

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Proposed Stock Split: From Rs 2.0/- per share to Re 1.0/- per share (Subject to shareholders approval)

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production expected to start from FY25

Improvement in Credit Ratings: LT - [ICRA] AA- (Stable); ST: [ICRA] A1+ in

June-23 (Previous Credit Ratings: LT- [ICRA] A+ (Stable); ST: [ICRA] A1)

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Update on Arbitration:

• ❖ As of March 2024, we have successfully realized Rs. 37.2 Crs . from the

arbitration award, out of the total award amount of Rs. 63.0 Crs .

• ❖ Fresh arbitration proceedings initiated having the value of

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Dividend:

• ❖ Declared an Interim Dividend of Re 1.0/- (i.e. 50%) per Equity Share of

Rs. 31.0 Crs. during Q1FY24, optimistic of favorable outcomes

Rs. 2/ - each

• ❖ Proposed Final Dividend of Rs 2.0/- (i.e. 100%) per equity share

(Subject to shareholders approval)

• ❖ Total Dividend of Rs 3.0/- (i.e. 150%) per equity share

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25

Strong Consolidated Quarterly & Yearly Performance

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For the Quarter Ended March 2024 (Q4FY24)
Revenue EBITDA EBITDA Margin Profit After Tax Profit After Tax Margin
Rs. 565 Crs. Rs. 135 Crs. 24.0% Rs. 104 Crs. 18.4%
+33% +46% +210 bps +53% +240 bps
For the Year Ended March 2024 (FY24)
Revenue EBITDA EBITDA Margin Profit After Tax Profit After Tax Margin
Rs. 1,937 Crs. Rs. 474 Crs. 24.5% Rs. 356 Crs. 18.4%
+27% +40% +230 bps +50% +280 bps
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26

Consolidated Profit & Loss Statement

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Profit and Loss (Rs. Crs.)	Q4FY24	Q4FY23	Y-o-Y	Q3FY24	Q-o-Q	FY24	FY23	Y-o-Y
Revenue from Operations	565	425	33.0%	474	19.2%	1,937	1,530	26.7%
Operating Expenses	288	251		251		1,018	836
Gross Profit	277	173	59.9%	223	24.5%	919	694	32.4%
Gross Profit Margin	49.1%	40.8%	830 bps	47.0%	210 bps	47.4%	45.4%	210 bps
Employee Cost	55	31		43		188	150
Other Expenses	86	49		59		256	205
EBITDA	135	93	45.8%	120	12.4%	474	339	40.0%
EBITDA Margin	24.0%	21.9%	210 bps	25.4%	-140 bps	24.5%	22.2%	230 bps
Other Income	13	8		10		44	20
Depreciation	13	14		13		51	49
EBIT	136	87	56.0%	118	15.4%	468	310	50.9%
EBIT Margin	24.1%	20.5%	360 bps	24.9%	-80 bps	24.1%	20.3%	390 bps
Finance Cost	2	5		1		9	13
Share in profit of Associates	2	2		1		6	3
Profit before Tax	136	84	62.0%	117	16.0%	465	300	55.2%
PBT Margin	24.1%	19.8%	430 bps	24.8%	-70 bps	24.0%	19.6%	440 bps
Tax	33	16		27		110	62
PAT	104	68	52.6%	90	14.6%	356	238	49.7%
PAT Margin %	18.4%	16.0%	240 bps	19.1%	-70 bps	18.4%	15.5%	280 bps
EPS	9.00	6.06		8.06		31.69	21.17

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27

Consolidated Balance Sheet

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Assets(Rs Crs.)	Mar-24	Mar-23
ASSETS
Non-current assets
Property,Plant and Equipment	516	527
Capital work-in-progress	1	0
Right to use of Assets/Investment Properties	106	82
Investmentproperty (net)	25	25
Intangible Assets	20	18
Goodwill	102	103
Investment In Subsidiaries	63	57
Financial Assets
(i)Investments	20	1
(ii)Others Financial Assets	6	8
Deferred Tax Assets(net)	1	2
Income Tax Asset	10	10
Other non-current assets	37	12
Total Non-Current Assets	907	844
Current assets
Inventories	230	279
Financial Assets
(i)Investments	203	19
(ii)Trade receivables	445	346
(iii)Cash and cash equivalents	110	82
(iv)Bank balances other than(iii)	154	128
(v)Other Financial Assets	56	9
Income Tax Asset	19	25
Total Current Assets	1,217	888
Total Assets	2,124	1,732

Equity and Liabilities (Rs Crs.)	Mar-24	Mar-23
EQUITY AND LIABILITIES
EQUITY
Equity Share Capital	22	22
Other Equity	1,582	1,257
Shareholders Funds	1,604	1,279
Non-Current Liabilities
Financial Liabilities
(i) Lease Liability	59	40
Provisions	17	33
Deferred Tax Liabilities (Net)	26	26
Other non-current liabilities	18	11
Total Non-Current Liabilities	121	110
Current liabilities
Financial Liabilities
(i) Lease Liability	11	11
(ii) Trade Payables	194	196
(iii) Other Financial Liabilities	3	6
Other Current Liabilities	166	111
Provisions	17	13
Current tax liabilities (net)	8	5
Total Current Liabilities	399	343
Total Liabilities	2,124	1,732

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Consolidated Cash Flow Statement

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Particulars (Rs Crs.)	Mar-24	Mar-23
Profit before Tax	465	300
Adjustment for Non-Operating Items	50	39
Operating Profit before Working Capital Changes	516	338
Changes in Working Capital	(43)	37
Cash Generated from Operations	472	375
Less: Direct Taxes paid	108	66
Net Cash from Operating Activities	365	309
Cash Flow from Investing Activities	(279)	(166)
Cash Flow from Financing Activities	(59)	(145)
Net increase/ (decrease) in Cash & Cash equivalent	27	(2)
Cash and cash equivalents at the beginning of the period	82	84
Cash and cash equivalents at the end of the period	110	82

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Consolidated Revenue Split

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Geography Wise (Rs Crs., %)

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Segment Wise (Rs Crs., %)

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Q4FY23 Q4FY24 Q4FY23 Q4FY24
58
120 112
115 (14%)
(21%) (20%)
(27%)
309
445 452
(73%) 366
(79%) (80%)
(86%)
FY23 FY24 FY23 FY24
216 293
458
442 (14%) (15%)
(24%)
(29%)
1,088
1,479
(71%) 1,313 1,644
(76%)
(86%) (85%)
Domestic Overseas Gear MHE
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Consolidated Segment Wise Performance

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Gear
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Revenue (Rs Crs.)

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+25.2%
1,644
1,313
+23.4%
452
366
Q4FY23 Q4FY24 FY23 FY24
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EBIT (Rs Crs.)

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Margins (%) 21.4 25.5 22.0 25.6
+45.8% EBIT Margin
420
25.6%
288
+47.3%
+360 bps
115
78
For FY24 Y-o-Y
Q4FY23 Q4FY24 FY23 FY24
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MHE
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Revenue (Rs Crs.)

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+35.5%
293
216
+93.3%
112
58
Q4FY23 Q4FY24 FY23 FY24
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EBIT (Rs Crs.)

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Margins (%) 19.2 23.4 15.1 23.3
+109.7% EBIT Margin
68
23.3%
+135.5%
33
26 +830 bps
11
For FY24 Y-o-Y
Q4FY23 Q4FY24 FY23 FY24
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Consolidated Order Book

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Order Intake (Rs Crs.)

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+23.2%
1,994
1,619
1,601
+32.7% 1,396
556
419
412
373 393
144 223
46
Q4FY23 Q4FY24 FY23 FY24
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Open Order as on 31[st] March 2024 (Rs Crs.)

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+11.5%
796
714
536
569
260
145
FY23 FY24
Gear MHE
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Key Highlights

• ❖ Gear Division: The order intake for FY24 stood at Rs 1,601 Crs. , up by 15% on Y-o-Y basis. Order in Hand is Rs 536 Crs as on 31[st] March 2024

• ❖ MHE Division: The order intake for FY24 stood at Rs 393 Crs as compared to Rs 223 Crs in FY23, a Y-o-Y growth of 76% . Order in Hand is Rs 260 Crs as on 31st March 2024

• With increasing enquiries across various product categories and industries , coupled with a robust executable order book , the company remains optimistic about sustaining its growth momentum in the future

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Historical Financials

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Consolidated Historical Financial Performance and Guidance for FY25

Revenue (Rs Crs.)

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EBITDA (Rs Crs.)

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EBITDA Margin (%)

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+680 bps
534 24.5% 24.0%
474 22.2%
20.3%
17.7%
FY24 FY25E FY21 FY22 FY23 FY24 FY25E
PAT Margin (%)
+1290 bps
18.4% 18.7%
15.5%
11.6%
5.5%
FY21 FY22 FY23 FY24 FY25E
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2,225
+22.9% 1,937
1,530
1,212
1,044
FY21 FY22 FY23 FY24 FY25E
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534
474
+36.8%
339
246
185
FY21 FY22 FY23 FY24 FY25E
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PAT (Rs Crs.)

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416
356
+83.4%
237
140
58
FY21 FY22 FY23 FY24 FY25E
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34

Consolidated Historical Ratios

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ROCE (%)[2]

Return on Net worth (%)[1]

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22.4% 29.1%
18.8% 24.0%
13.6% 17.6%
11.4%
6.4%
FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24
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Total Asset Turnover (x)

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1.0
0.9
0.7
0.5
FY21 FY22 FY23 FY24
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Net Fixed Asset Turnover Ratio (x)

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3.7
2.9
2.3
1.8
FY21 FY22 FY23 FY24
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Debt to Equity (x)[3]

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0.36
0.14
0.04 0.04
FY21 FY22 FY23 FY24
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Quick Ratio (x)[4]

Working Capital Cycle (Days)

Current Ratio (x)

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91 3.0 2.4
84
2.6
74 72
1.7
1.6
1.4 1.0 1.1
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

3. Quick Assets is calculated as current assets less inventory less prepaid expenses

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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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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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37

Historical Consolidated Cash Flow 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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38

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Thank You

Company: ELECON ENGINEERING COMPANY LIMITED CIN: L29100GJ1960PLC001082

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Shri Narasimhan Raghunathan / Shri Ashish R 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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