Elgi Equipments Ltd, manufacturer of air compressors, recently announced the results for the fourth quarter and for the financial year ended March 31, 2023. The consolidated PAT for the quarter was INR 170.10 Crore compared to INR 73.06 Crore in the same period in 2021-22. Consolidated PAT for the financial year was INR 370.81 Crore compared to INR 178.43 Crore in 2021-22. The PAT for the quarter and the year includes profit on sale of property held by the subsidiary, Pattons Inc, USA, amounting to INR 77.45 crore (net of tax).

Consolidated sales for the fourth quarter was INR 836 Crore as against INR 728 Crore in the corresponding quarter in 2021-22. Consolidated sales for the financial year 2022-23 was INR 3,041 Crore as against INR 2,525 Crore in 2021-22. The standalone PAT for the fourth quarter was INR 80.63 Crore compared to INR 60.64 Crore in the same period in 2021-22. The standalone PAT for the year was INR 272.48 Crore compared to INR 189.35 Crore in 2021-22.

The Board has recommended a dividend of INR 2 per share (200 percent) for the year 2022-23, subject to approval of the shareholders. North America and Europe performed better than anticipated. The rest of the regions were better than the previous year. The automotive business has performed well to register growth in sales and profitability. The outlook for 2023-24 remains cautiously optimistic to achieve the company’s FY ’24 revenue targets, with a predicted economic slowdown by experts in certain markets and wars that could act as dampeners.

For more information: www.elgi.com