Elgi Equipments reports consolidated PAT of Rs 80.1 crore for Q3

The compressor business in the domestic market was close to the targeted numbers, while business growth in Europe, North America and Brazil was strong, the company said in a press release.

Coimbatore city-based Elgi Equipments Ltd, manufacturer of air Compressors, on Friday announced its third quarter results for 2022-23 with a consolidated profit after tax (PAT) of Rs 80.1 crore compared to Rs. 41.7 crore in the same period for the previous year.

Consolidated sales for the third quarter ending December 31 2022, was Rs 772 crore in comparison to Rs 656 crore in the corresponding quarter in 2021-22. The standalone PAT for the third quarter was Rs 74.6 crore while it was Rs 45.8 crore last year for the same period.

The compressor business in the domestic market was close to the targeted numbers, while business growth in Europe, North America and Brazil was strong, the company said in a press release.

The automotive business continues to perform well in tandem with the growth in the Indian automotive sector, Elgi said.

The company is cautiously optimistic that it will achieve its goals that were set for FY 2022-23. Specific strategies for certain products and market for 2023-24 will provide the strength, even if strong headwinds occur in the future, it added.