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Coimbatore

Elgi posts Rs 103.06 crore PAT in FY 2018-19

Covai Post Network

Coimbatore : The city-based Elgi Equipments Ltd, manufacturer of air compressors, posted a Profit After Tax (PAT) Rs.103.06 crore for the financial year 2018-19, compared to rs.95.30 crore in 2017-18 on a consolidated basis.

Consolidated sales for the group stood at Rs.1,863 crore compared to Rs.1,622 crore in the previous year, the results for the financial year 2018-19 announced said today.

The standalone PAT for the financial year ended March 31 this year was Rs.84.7 crore as compared to Rs.76.9 crore during the corresponding year ended March 31 2018 and the Board of Directors recommended a dividend of 130 per cent for the financial year 2018-19.

Stating that 2018-19 witnessed healthy growth in diverse product segments and markets globally and the company grew 15 per cent on a consolidated basis, it said that the growth in automotive equipment business was modest, shadowing the growth trends of the auto industry.

Commenting on the outlook for 2019-20 Elgi Equipments Managing Director Dr Jairam Varadaraj said that the company is ably positioned to realize opportunities in key markets and realization would depend on the growth of key economies.

For the automotive equipment business, the company is exploring new avenues of growth through collaborations and technology transfers for select automotive products, Jairam Varadaraj said.

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