Elgi Equipments Limited announces financial results for the financial year 2019-20

Elgi Equipments Limited, a manufacturer of air compressors announced today the results for the financial year 2019-20 posting a PAT of Rs. 42.6 Crores, compared to Rs. 103.1 Crores for the financial year 2018-19 on a consolidated basis. Consolidated sales for the group was Rs. 1,829 Croresfor 2019-20, compared to Rs. 1,863 Crores for the previous year.

The financial year 2019-20 witnessed mixed results across various geographies in which the Company operates. The volatility in the Indian economy, coupled with the impact of lockdown in March'20 resulted in a reduction of revenues from India during the last quarter of 2019-20. Despite good growth in revenues from international markets, sales performance was marginally lower than the previous year on a consolidated basis. Lower consolidated PAT was due to the planned growth oriented investments in Europe, which are expected to show results in the coming quarters. The economic sluggishness in India also resulted in missing the targeted growth for which we had invested in people.

The standalone PAT for the financial year 2019-20 was higher at Rs. 100.4 Crores as compared to Rs. 84.7 Crores for the previous financial year. This is because of the dividend received from some of the overseas subsidiaries.

Shares of ELGI EQUIPMENTS LTD. was last trading in BSE at Rs.148.95 as compared to the previous close of Rs. 154.3. The total number of shares traded during the day was 16059 in over 572 trades.

The stock hit an intraday high of Rs. 154.5 and intraday low of 146.4. The net turnover during the day was Rs. 2397068.

Source : Equity Bulls

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