Elecon Engineering Q2FY17 Results: Poor show
Bhagyashree Vivarekar / 10 Nov 2016
Elecon Engineering Company Ltd is currently trading at Rs 57.85, down 2.35 points or 3.9% from its previous closing of Rs 60.2 on the BSE. Its net loss stood at Rs 3 crore as against Rs 2.5 crore net profit in Q2FY16 on the back of 15% YoY rise in finance cost.
Technical View:
Elecon Engineering Company Ltd is currently trading at Rs 57.85, down 2.35 points or 3.9% from its previous closing of Rs 60.2 on the BSE. The scrip opened at Rs 61.95 and has touched a high and low of Rs 63.85 and Rs 57.30, respectively. A total of 657085(NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.
Standalone Results Q2FY17:
Elecon Engineering Company Ltd.’s revenue for the quarter decreased 13.3% YoY to Rs 202 crore. This was primarily driven by poor performance in transmission equipment segment (down 18% YoY) and material handling equipment segment (down 10% YoY).
The company's BITDA decreased 47.4% YoY to Rs 18.12 crore led by contraction in EBITDA margins by 582 bps YoY to 9%. This was primarily due to 6% increase in other expenses and 4% increase in manufacturing expenses and erection charges. Its net loss stood at Rs 3 crore as against Rs 2.5 crore net profit in Q2FY16 on the back of 15% YoY rise in finance cost.
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