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BUY Elecon Engineering target Rs 370

Elecon is a leading manufacturer of bulk material handling equipment and power transmission solutions. Huge infrastructure investment of $494 billion under the 11th Plan provides healthy earnings visibility for the company over 2007-2012, as its business model is directly linked to infrastructure spends.

Elecon’s order book is already registering strong traction, with 200 per cent growth in the past eight months to Rs 1,130 crore (1.5x trailing year sales of Rs 770 crore). This is expected to translate to 36 per cent sales CAGR for FY07-FY10.

Elecon is currently the market leader in industrial gears with 26 per cent share and an unexecuted order book of Rs 220 crore as on Nov 30, 2007.

The company has planned an investment of Rs 8-10 crore in this segment, and the brokerage expects revenues of Rs 80 crore from the same in 2008-09.

Holdings Promoters : 42.20% FII : 5.59% General Public : 23.60%

BSE Code : 505700 NSE Code : ELECONEQ Industry : Engineering - Heavy