With India’s economy growing rapidly, Indian machinery maker Action Construction Equipment (ACE) has posted its best ever yearly results with total income up by 14.6% year-on-year and profits at 11.9%.
On a full-year revenues of approximately $400.5m (34.2 billion rupees), its earnings before interest, taxes, depreciation and amortisation (EBIDTA) grew 26.2% to approximately $71m (6.06 billion rupees), while profit after tax grew 24.7% to $47.9m (4.09 billion rupees).
Executive director Mr Sorab Agarwal said the country’s GDP is projected to grow at a steady pace of around 6.5% amid easing inflation and New Delhi’s enthusiasm for infrastructure development.
“India is now positioned as the world’s fourth-largest economy and we are confident in the country’s ability to emerge as a global sourcing hub for goods and services,” he said.
The country’s military modernisation also helped ACE.
The fiscal year saw its biggest ever single order: 1,121 rough-terrain telehandlers with attachments sold to the Indian armed forces for approximately $49.2m.
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