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ELEG

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									                                                                                              Regd off: P. O. Box No. 6, Vallabh Vidyanagar - 388 120
ELECON ENGINEERING CO. LIMITED                                                                E-Mail:    pmshukla@mhe.elecon.com
                                                                                              Web site: www.elecon.com
                                                                                              Telephone: (02692) 237 016 Fax: (02692) 236 457
CAPITAL GOODS                                                      MISCELLANEOUS              Tr agent: Link Intime India, Jaldhara Complex, Vasna Road., Vadodara-15
Chairman: Prayasvin B. Patel                                                     SEC: Paresh Shukla                                     AUD: Thacker Butala Desai
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m         % ch 12-m      P/E      P/CF            Yield         Mkt cap               Vol.            ISIN
 1960   505700            ELCN:IN      2            91.8          7.5              -20.5        15.5         11.1         1.6           8,524.5              659.8       INE205B01023
SHAREHOLDING                                                     FX Transaction    (FY09)                            ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 45.7%               Exports (fob)          Rs m          408             (Rs)
Foreign collaborators      :  0.0%               Imports (cif)          Rs m        1,902
Indian inst/Mut Fund       : 15.9%               Fx inflow              Rs m          408       400
FIIs/GDR                   :  3.0%               Fx outflow             Rs m        2,103                                                                     DAILY
Free float                 : 35.4%               Net fx                 Rs m       -1,695
Shareholders               : 48,191                                                                                                                           100 DMA
                                                                                                300
                           No. of months                  12            12              12
                             Year ending            31/03/07      31/03/08        31/03/09
EQUITY SHARE DATA
                                                                                                200
High                                  Rs                 478            343            200
Low                                   Rs                 144            118              24
Sales per share                       Rs               233.1           89.0          102.8
Earnings per share                    Rs                17.8             7.2            5.9     100
Cash flow per share                   Rs                21.7             8.8            8.3
Dividends per share                   Rs                1.50           1.50           1.50
Dividend yield (eoy)                  %                  0.5            0.7             1.3
                                                                                                  0
Book value per share                  Rs                60.6           25.4           29.5
Shares outstanding (eoy)              m                30.92          92.86          92.86        Aug-06             Jun-07            Feb-08                Nov-08          Aug-09
Bonus/Rights/Conversions                            FV2, BC            B2:1               -
Price / Sales ratio                   x                   1.3            2.6            1.1                               No. of months                 12            12           12
Avg P/E ratio                         x                 17.5           31.9           18.9                                  Year ending           31/03/07      31/03/08     31/03/09
                                                                                               CASH FLOW
P/CF ratio (eoy)                      x                 14.3           26.3           13.5
Price / Book Value ratio              x                   5.1            9.1            3.8    From Operations                         Rs   m        -621             -202        713
Dividend payout                       %                  8.4           20.7           25.4     From Investments                        Rs   m        -408             -793     -1,353
Avg Mkt Cap                           Rs m             9,616         21,404         10,400     From Financial Activity                 Rs   m         910              943      1,176
No. of employees                      `000                  1              1              1    Net Cashflow                            Rs   m        -119              -52        535
Total wages/salary                    Rs m               271            343            438
Avg. sales/employee                   Rs Th          9,659.5       10,318.4       10,742.4                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th            363.3          428.2          492.7                                           2QFY09  3QFY09             4QFY09        1QFY10
Avg. net profit/employee              Rs Th            735.9          839.0          617.5     Net sales                   Rs    m     2,522   2,467              2,935         2,145
                                                                                               Gross profit                Rs    m       383      457               500           348
INCOME DATA                                                                                    Gross profit margin         %            15.2     18.5              17.0          16.2
Net Sales                             Rs     m         7,206            8,265        9,550     Net profit                  Rs    m       160      202               170            85
Other income                          Rs     m             82              98           96     Net profit margin           %             6.3       8.2               5.8           4.0
Total revenues                        Rs     m         7,288            8,363        9,646
Gross profit                          Rs     m         1,101            1,305        1,490
Depreciation                          Rs     m           122              142          221
Interest                              Rs     m           194              274          484
Profit before tax                     Rs     m           867              987          881
Minority Interest                     Rs     m              0                0            0
Prior Period Items                    Rs     m              0                0         -25
Extraordinary Inc (Exp)               Rs     m           -23                 0            0
Tax                                   Rs     m           295              315          307
Profit after tax                      Rs     m           549              672          549
Gross profit margin                   %                 15.3             15.8         15.6
Effective tax rate                    %                 34.0             31.9         34.8
Net profit margin                     %                   7.6              8.1          5.7

BALANCE SHEET DATA
Current assets                        Rs m             6,087         8,096          10,085
Current liabilities                   Rs m             2,556         3,500           4,318
Net working cap to sales              %                 49.0          55.6            60.4
Current ratio                         x                   2.4           2.3             2.3
Inventory Turnover                    Days                86           112             153
Debtors Turnover                      Days               197           217             180
Net fixed assets                      Rs m             1,267         1,931           3,110
Share capital                         Rs m                62           186             186
"Free" reserves                       Rs m             1,812         2,182           2,568
Net worth                             Rs m             1,875         2,358           2,737
Long term debt                        Rs m               313           638           1,417
Total assets                          Rs m             7,435        10,122          13,303
Interest coverage                     x                   5.5           4.6             2.8
Debt to equity ratio                  x                   0.2           0.3             0.5
Sales to assets ratio                 x                   1.0           0.8             0.7
Return on assets                      %                 34.0          31.6            24.9
Return on equity                      %                 29.3          28.5            20.1
Return on capital                     %                 47.4          42.1            32.3
Exports to sales                      %                   3.4           4.5             4.3
Imports to sales                      %                   9.5         16.2            19.9
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