The Hindu Business Line : Elgi Equipments Q2 net down 8%

Air compressors and automotive equipment manufacturing major Elgi Equipments has reported an 8 per cent drop in its net profit to Rs 12.68 crore during the second quarter of this fiscal compared with Rs 13.78 crore during the corresponding quarter of the previous year. Its income from operations increased 12.4 per cent to Rs 146.35 crore (Rs 130.10 crore). The compressor business grew by 22 per cent, while the automotive equipment business remained almost flat. Commenting on the performance, Elgi Equipment’s Managing Director, Dr Jairam Varadaraj, said the overall investments into expanding dealerships and service centres were curtailed because of the decline in the sale of passenger vehicles. “This caused the sluggishness in the automotive equipment business,” he added. The company formed two fully owned subsidiaries in China and Sharjah this quarter. Company sources said that these would become operational soon.

— Our Bureau

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