ElGi Equipments reports Q4 standalone PAT at Rs 80.63 cr

Chennai, May 20 (PTI) ELGi Equipments Ltd, manufacturer of air compressors, has reported a 32.9 per cent rise in its standalone profit after tax for the quarter ending March 31, 2023 at Rs 80.63 crore, the company said on Saturday.

The Tamil Nadu-based company had registered standalone profit after tax at Rs 60.64 crore during the corresponding quarter of last year.

For the year ending March 31, 2023 the standalone profit after tax surged by 43.9 per cent to Rs 272.48 crore from Rs 189.35 crore registered in the last financial year.

The profit after tax for the quarter and year includes profit on sale of property held by the subsidiary, Patton’s Inc. United States of America, amounting to Rs 77.45 crore.

The standalone total income during the quarter under review grew to Rs 476.8 crore from Rs 466.3 crore registered in the corresponding quarter of previous year.

For the year ending March 31, 2023 the standalone total income was at Rs 1,839.9 crore as against Rs 1,628.2 crore registered in the last fiscal.

At its meeting held on Friday, the Board has recommended a dividend of Rs 2 per share (200 per cent) for the year 2022-23 subject to the approval of shareholders.

The automotive business has performed well to register growth in sales and profitability, said the company chief financial officer Jayakanthan R.

“We remain cautiously optimistic to achieve our FY’24 revenue targets,” he said on the outlook for 2023-24.