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Elgi Equipments Ltd, a manufacturer of air compressors, posted a consolidated profit after tax (PAT) of ₹.60.5 crore for the June 2023 quarter compared with a PAT of ₹48.7 crore in the year-ago quarter.
Consolidated sales for the quarter stood at ₹724 crore against ₹694 crore in the corresponding quarter in FY23.
The standalone PAT for the first quarter of this fiscal was ₹67.1 crore compared with a PAT of ₹44.6 crore in the same period previous fiscal. Revenue from operations stood at ₹399 crore as against ₹414 crore.
The compressor business in the domestic market met the targeted numbers. Business growth in Europe and Brazil was commensurate with the budget. Sales realisations were affected in the US due to temporary disruption caused by the ongoing ERP implementation. Business performance in the Middle East and Africa, Australia, and South-East Asian Countries were satisfactory, said a company statement.
Outlook
The ongoing ERP implementation in the US has stabilised and is expected to be normal by this quarter and sales are expected to bounce back to normal levels.
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