Elgi Equipments announces First Quarter 2023- 24 results

Elgi Equipments announces First Quarter 2023- 24 results

Consolidated sales for the first quarter was Rs 724 crore as against Rs 694 crore in the corresponding quarter in 2022-23.

Elgi Equipments, manufacturer of Air Compressors, announced the results for the first quarter ended June 30, 2023. Consolidated PAT for the quarter was Rs 60.5 crore compared to Rs 48.7 crore in the same period in 2022-23. Consolidated sales for the first quarter was Rs 724 crore as against Rs 694 crore in the corresponding quarter in 2022-23.

The standalone PAT for the first quarter was Rs 97.1 crore compared to Rs 44.6 crore in the same period in 2022-23.

The compressor business in the domestic market met the targeted numbers. Business growth in Europe and Brazil were commensurate with the budget. Sales realisations were affected in USA due to temporary disruption caused by the ongoing ERP implementation. Business performance in Middle East and Africa, Australia and South-East Asian Countries were satisfactory.

The automotive business achieved the targets.

Outlook for Q2, FY 2023-24

The ongoing ERP implementation in the US has stabilised and is expected to be normal by the second quarter and sales is expected to bounce back to normal levels.

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