India’s ACE notches up best year ever ...Middle East

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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Further Reading:

Modi lays foundation stone for delayed state capital, again Case introduces new products in India India’s equipment market to ‘double in next five years’

India’s ACE notches up best year ever Global Construction Review.

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