ELGi Equipments Ltd, manufacturer of air compressors, has reported a 32.9 per cent rise in its standalone profit after tax for the quarter ended March 31, 2023 at ₹80.63 crore, the company said on Saturday.

The Tamil Nadu-based company had registered standalone profit after tax at ₹60.64 crore during the corresponding quarter of last year.

For the year ended March 31, 2023 the standalone profit after tax surged by 43.9 per cent to ₹272.48 crore from ₹189.35 crore registered in the last financial year.

The profit after tax for the quarter and year includes profit on sale of property held by the subsidiary, Patton's Inc. United States of America, amounting to ₹77.45 crore.

The standalone total income during the quarter grew to ₹476.8 crore from₹466.3 crore registered in the corresponding quarter of previous year.

For the year ending March 31, 2023 the standalone total income was at ₹1,839.9 crore as against ₹1,628.2 crore registered in the last fiscal.

At its meeting held on Friday, the Board has recommended a dividend of ₹2 per share (200 per cent) for the year 2022-23 subject to the approval of shareholders.

The automotive business has performed well to register growth in sales and profitability, said the company chief financial officer Jayakanthan R.

"We remain cautiously optimistic to achieve our FY'24 revenue targets," he said on the outlook for 2023-24.