Elecon Engineering - 3QFY2013 Result Review - Nirmal Bang

- Results are below expectations

- Revenue declined 32% yoy and 37% qoq led by revenue decline in both, MHE and Transmission equipment segments

- EBITDA fell 34% yoy and 48% qoq on higher employee costs coupled with lower revenues

- Orderbook saw a significant decline of 27% yoy to Rs 1,045 cr

- The stock is trading at TTM PE of 6.5x

Source : Equity Bulls

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