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Elgi’s compressor business up 5%

Aug 09, 2019
Elgi’s compressor business up 5%

Elgi Equipments Ltd, manufacturer of air compressors, has announced the results for the first quarter ended 30th June, 2019, posting a PAT of Rs 17 crore for the quarter, compared to Rs 18.5 crore in the same period in 2018-2019 on a consolidated basis. Consolidated sales for the quarter was Rs 467 crore as against Rs 413 crore in the corresponding quarter in 2018-2019. The standalone PAT for the quarter was Rs 14 crore as compared to Rs 22 crore in the same period in 2018-19.

The company’s compressor business in the domestic market grew by 5 per cent over the corresponding quarter in 2018-19, in spite of a slowdown in real GDP growth. The growth is in line with expectations in most segments. The company’s international business has grown steadily in its key focus markets, notwithstanding stiff competition in the market. The company's automotive business grew by 12 per cent, successfully overcoming a slide in automobile sales pan India, when compared to the corresponding quarter in 2018-2019.

The same trend is expected to continue during the second quarter. A higher growth can be realised in domestic market if the automotive industry picks up and infrastructure investments improve.