Elgi Equipments nets Rs 76.9 cr profit

Coimbatore-based Elgi Equipments Ltd, a leading manufacturer of air compressors, announced the results for the financial year 2017-18 posting a PAT of Rs 76.9 crore, compared to Rs 68.4 crore in 2016-17. The consolidated PAT for the group for the financial year 2017-18 was Rs 95.3 crore as compared to Rs 74 crore during the corresponding year 2016-17. Consolidated sales for the group was Rs 1,622 crore compared to Rs 1,438 crore in the previous year.

The board of directors in the meeting has recommended a dividend of 120 per cent for the financial year 2017-18. The growth in domestic was satisfactory. Overall, company’s business grew across all markets barring a few Asian countries. Performance in North America and Italy was commendable.

Growth in passenger vehicle sales in India had a significant influence in the revenues of the automotive business which recorded a growth of 17 per cent over the previous year, by growing its market share with an array of existing and new products.

The company is well placed to perform well in the Indian market. While the company expects subdued sales growth in geographies like Middle East and Africa, it expects to improve market share in the western markets and Asian region.