Elgi Equipments Ltd, manufacturer of air compressors, announced the results for the second quarter ended September 30, 2023. Consolidated PAT for the quarter was INR 91.3 crore compared to INR 72.0 crore in the same period in 2022-23. Consolidated sales for the second quarter were INR 806 crore as against INR 739 crore in the corresponding quarter in 2022-23.

The standalone PAT for the second quarter was INR 83.3 crore compared to INR 72.7 crore in the same period in 2022-23. Overall, there is sluggishness in demand. While enquiries remain healthy, closure is taking longer. Europe is facing challenges on multiple fronts, and it is expected to be subdued.

The automotive business is doing well and registering impressive growth. In its outlook for Q3 and FY 2023-24, the company expects to marginally improve on its Q2 performance, and the impact of the geopolitical war in the Middle East is yet to be assessed, though experts have varied opinions.

For more information: www.elgiequipments.net