Elgi Equipments clocks Rs 73.1 cr consolidated PAT for Q4 in FY22

In the same period last fiscal, the company had clocked PAT of Rs 43.4 cr

AgenciesUpdated: Monday, May 16, 2022, 10:39 PM IST
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The consolidated PAT for the financial year was Rs 178.4 crore compared to Rs 102.5 crore in 2020-21, according to the results announced by the company for the fourth quarter and for the financial ending March 31 2022. / Representative image | Photo credit: IANS

Coimbatore-based Elgi Equipments, a leading manufacturer of air compressors, on Monday reported a consolidated profit after tax (PAT) of Rs 73.1 crore for the fourth quarter of financial year 2021-22.

In the same period last fiscal, the company had clocked PAT of Rs 43.4 crore.

The consolidated PAT for the financial year was Rs 178.4 crore compared to Rs 102.5 crore in 2020-21, according to the results announced by the company for the fourth quarter and for the financial ending March 31 2022.

Consolidated sales for the fourth quarter was Rs 728 crore as against Rs 611 crore in the corresponding quarter in 2020-21, while consolidated sales for the financial year 2021-22 was Rs 2,525 crore as against Rs 1,924 crore in 2020-21.

The standalone PAT for the fourth quarter was Rs 60.6 crore compared to Rs 48.9 crore in the same period in 2020-21, while the standalone PAT for the year was Rs 189.4 crore compared to Rs 105.1 crore in 2020-21.

The company's board has recommended a dividend of Rs 1.15 per share (115 per cent) for the year 2021-22, subject to approval of the shareholders.

The compressor business performance in the domestic market exceeded plans owing to strong demand and go-to-market initiatives, a company release said.

Barring the Middle East, Africa, Australia and Southeast Asia where countries were affected by COVID-19 lockdowns, other geographies registered satisfactory sales and market share growth, a company release said here.

The automotive business overcame COVID restrictions, supply challenges, and volatility in the segment to register sales and profitability ahead of plans, it said.

While it remains optimistic and prepared to achieve FY23 revenue targets, the company stated that inflation, wars and political unrest could soften demand and affect margins.

The company is reviewing its processes and initiating actions to avoid margin erosion, the release on the outlook for 2022-2023 said.

(With PTI inputs)

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