Due to the slowdown in the economy, Elecon Engineering is experiencing a phase of slowdown in orders. However, chairman and managing director, Prayasvin Patel believes that this is a temporary situation. “This slowdown is mainly because various projects have not materialized because of the fact that lot of clearances are taking longer,” he said exclusively to CNBC-TV18. This phase may turn around post dilwali, he adds.
Patel goes on to say that this slowdown has not affected order execution. “We expect to grow at the rate of 25% this year,” he said. Their capex plans for the year are also on stream.
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