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Our Bureau

Coimbatore, Nov. 3 Containing cost seems to have paid good dividend to the Coimbatore-based air compressor and automotive equipment manufacturer Elgi Equipments Ltd (EEL) which has seen a jump in profit after tax, though sales grew by about eight per cent, in the second quarter of current fiscal compared to the corresponding quarter last year.

It also expects to do well in export markets such as China and Brazil, though overall recovery in the domestic market has been quicker compared to the export market.

The board has recommended payment of interim dividend of 75 per cent (75 paise per share of face value of Re 1).

While the net sales/income from operations on a standalone basis jumped to Rs 137.98 crore in the second quarter from Rs 127.47 crore, the net profit went up to Rs 16.38 crore from Rs 11.48 crore. The EPS was higher at Rs 2.61 (Rs 1.83). Both compressors and automotive equipment divisions saw good increase in turnover, though compressor manufacture is its core business.

According to the consolidated results, the total income during the quarter was Rs 161.52 crore (Rs 146.66 crore) and the net profit was Rs 17.27 crore (Rs 12.68 crore). The share of compressor business in the turnover was Rs 137.75 crore and automotive equipment Rs 22.32 crore.

Dr Jairam Varadaraj, Managing Director, EEL, in a release, said that the compressor business grew by 8 per cent in the quarter ended September this year.

More Stories on : Financial Performance | Automobile Components

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