Elecon Engineering Company Limited, one of the india's largest material handling equipments and transmission products manufactures, announced that their MHE Division has procured a prestigious order of Rs 12.95 crore from The Indure Private Limited for supply, transportation and erection and commissioning of reversible stacker cum reclaimer with tools and tackles, mandatory spares and commissioning spares for 2 x 525 Monnet Thermal Power Project at Angul, Orissa.

Mr Prayasvin Patel, Chairman and Managing Director, Elecon Engineering said, "We are pleased to have procured a prestigious order worth Rs 12.95 crore. Elecon Engineering has always been in the forefront of innovations and technology in the manufacturing and engineering sector. It is a big achievement for all at Elecon as we continue to maintain a healthy order book month on month."

In another development, the company announced its unaudited financial results for the quarter ended on 31st 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% in turnover QoQ. The company achieved a turnover of Rs 890 crore in 9 months FY12 as against Rs 824 crore in the previous year 9 months FY11 representing a growth of 8%.

Gross profit from operations before interest and exceptional items for 9 months FY12 stands at Rs 111.96 crore as against Rs 99.04 crore in 9 months FY11, which shows a growth of 13%.

Commenting on the results Mr Patel said, "While our sales saw a growth of 8%, the net profit increased to 6% for 9 month 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% with a large order book position and the Gear Division has also shown a remarkable growth of 15% during 9 months FY12. We look forward to continuing this trend with improvement there in."