Elgi Equipments reported strong profit growth led by higher revenue and lower finance costs. In an interview with CNBC-TV18, Jairam Varadaraj, MD of the company discussed more on their Q3 performance.
The performance of the business has been good, both on the compressive and the automotive equipment side. The performance of both the domestic and international businesses have been good, he said.
There has been a minor revival in the industrial capex growth cycle but the large projects are in limbo referring to the power and the large steel sector but balancing capex investments have started moving up and we are seeing the result of that on the compressive side, he added.
Growth in automotive business on the back of better distribution network and specific improvement in the market share in specific product verticals, said Varadaraj.
We will continue to experience the same level of performance in Q4, should be able to grow at the same rate, he further mentioned.
Internationally, we are positive about Europe and US, we expect the growth rate in those two markets to be quite strong, Varadaraj said.
For full interview, watch accompanying video...
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