Elgi Equipments Ltd, manufacturer of air compressors, posted a standalone net profit of ₹46 crore for the December 2021 quarter, as compared to a net profit of ₹33 crore in the year-ago quarter. The consolidated net profit for the third quarter of this fiscal was ₹42 crore as compared to ₹35 crore in the same period previous fiscal, according to a statement.
Standalone revenue from operations for the December 2021 quarter was ₹409 crore as compared to ₹323 crore in the year-ago quarter. Consolidated revenue stood at ₹656 crore as against ₹547 crore in the corresponding quarter in FY21.
For the nine-month period ended December 31, 2021, the company’s consolidated net profit stood at ₹105 crore as compared to ₹59 crore in the same period previous fiscal. Consolidated revenue was ₹1,797 crore as against ₹1,313 crore.
Chinese subsidiary
The company’s Chinese subsidiary Elgi Equipments (Zhejiang) Ltd was deregistered on July 5, 2021. Consequently, loss arising on deconsolidation of the subsidiary, amounting to ₹1.92 crore is recognised as part of other expenses for the quarter ended September 30, 2021 and nine months ended December 31, 2021.
Except for Australia where the impact of Covid was more pronounced, the company performed well in India and other international markets. The company’s automotive business also performed well. The company expects to deliver moderate growth over the corresponding period of the last financial year.