Elgi Equipments announces Q3 FY20-21 results

Elgi Equipments Ltd,
manufacturer of Air Compressors, announced today the results  for the quarter ended 31st December, 2020.
PAT for the quarter was Rs 34.60 Crore compared to Rs 12.86 Crore in the same
period in 2019-2020 on a consolidated basis.

 

Consolidated sales for the
quarter was Rs 547 Crore as against Rs 463 Crore in the  corresponding quarter in 2019-2020. The standalone PAT for the
quarter was Rs 33.47 Crore compared to Rs 19.78 Crore  in the same period in 2019-20.

 

The compressor business’
performance in the domestic market witnessed continued improvement, leading to
growth over last year in the same period. Momentum is building up in key
segment in India and overseas markets have done well across most geographies.

Sales in the automotive
business have seen definitive improvement with growth bouncing back to the
pre-COVID levels in the same period of last year. 

 

Outlook for the fourth quarter 2020-21

 

In the backdrop of an
investment oriented Union budget for 2021-22 and the general optimism of
businesses, the Company is optimistic on its prospects. The focus on infrastructure
development by the government would augur well for multiple verticals of the company.
Performance in the international business will be sustained as well.