Elecon Engineering Company announced its unaudited financial results for the quarter ended on 31 December 2011. The turnover for Q3 FY12 is at Rs 299 crore as against Rs 300 crore in Q3 FY11 which is a drop of around 0.11 percent in turnover Q on Q.The company achieved a turnover of Rs 890 crore in nine months FY12 as against Rs 824 crore in the previous year nine months FY11 representing a growth of 8 percent.

Gross profit from operations before interest and exceptional items for nine months FY12 stands at Rs 111.96 crore as against Rs 99.04 crore in nine months FY11 which shows a growth of 13 percent.The nine months FY12 shows a growth of 6 percent in net profits at Rs 46 crore in comparison to Rs 43 crore nine months FY11 excluding gain on sale of investments of Rs 20.54 crore.

Commenting on the results, Prayasvin Patel, Chairman & Managing Director, Elecon Engineering Company, said, ?While our sales saw a growth of 8 percent, the net profit increased to 6 percent for nine months FY12 in totality excluding gain on sale of investments during last year?s third quarter. There have been sustained profit margins as well as having not allowed borrowing to increase which has led to increase in net worth and lower debt equity ratio. The Material Handling Division has achieved a significant growth of 3 percent with a large order book position and the Gear Division has also shown a remarkable growth of 15 percent during nine months FY12.?