The Hindu Business Line : Elgi Equipment Q4 net up at Rs 11 cr on higher sales

Coimbatore, April 28 Elgi Equipments Ltd has recorded a 76 per cent growth in net profit at Rs 10.8 crore for the quarter ended March 31, as compared to Rs 6.15 crore for the same period in 2006-07. Its net sales for the quarter were higher by 37 per cent at Rs 147.02 crore against Rs 107.1 crore in the previous year.

The company’s net profit was Rs 41.8 crore for the financial year 2007-08, a 75 per cent increase over the previous year’s Rs 23.87 crore. Its sales grew 33 per cent at Rs 504 crore, compared to Rs 378.5 crore for the year 2006-07.

The board of directors of Elgi Equipment, which met on April 26 to approve the financial results, has recommended a final dividend of 60 per cent to the shareholders taking the total dividend for the 2007-08 financial year to 120 per cent.

The company, disclosing the working results, said the compressor business contributed significantly to the overall growth in its sales and profits. Improved market coverage has helped the company to ride the growth wave. Despite unfavourable exchange fluctuations, international business grew by 20 per cent as compared to the previous year.

The margins were under pressure but operational leverage supported the growth in profits.

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