Elgi Equipments zooms 17% as Q4 profit spikes

The air compressor maker reported a 133 percent year-on-year growth in consolidated profit at Rs 170.1 crore for the March quarter, aided by one-off gains

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Shares of Elgi Equipments were trading 17 percent higher at Rs 558 on May 22 afternoon after the air compressor manufacturer posted a 133 percent year-on-year growth in consolidated profit at Rs 170.1 crore for the March FY23 quarter, boosted by one-off gains.

Patton’s Inc, USA, a subsidiary of Elgi Compressors USA Inc, recognised a net gain of Rs 105.38 crore ($13.08 million) on the completion of the sale of land and building held in Charlotte, North Carolina, US.

Revenue from operations for the quarter at Rs 835.7 crore grew 14.86 percent over the corresponding period of the last fiscal, the company said in a regulatory filing.

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The Tamil Nadu-based company reported a 32.9 percent rise in standalone profit after tax at Rs 80.63 crore for the quarter ended March 31, 2023.

It registered standalone profit after tax at Rs 60.64 crore during the corresponding quarter of the previous year.

For the year ended March 31, 2023, the standalone profit after tax surged 43.9 percent to Rs 272.48 crore from Rs 189.35 crore in FY22.

Elgi reported strong Q4FY23 results, with strong EBITDA margin of 15.2 percent owing to price hikes, ICICI Securities said in a note.

Key triggers for future performance include accelerated growth in international markets, new products like disrupted AB series compressors and good traction in India business, it added.

“We expect revenue, EBITDA to grow at CAGR of 17.5 percent, 19.6 percent, respectively, in FY23-25E owing to various cost control initiatives improving margins,” it said.

At 2.31 pm, the share was trading 17.29 percent higher on the National Stock Exchange at Rs 553.85.

The stock has gained over 32 percent this year, and around 68 percent over the past year.

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