ELGi Equipments Ltd, the Tamil Nadu-based manufacturer of air compressors, has reported a significant increase in standalone profit after tax for the quarter ending March 31, 2023. The company recorded a profit of Rs 80.63 crore, marking a growth of 32.9% compared to the corresponding quarter of the previous year, where the profit was Rs 60.64 crore.
For the fiscal year ending March 31, 2023, the standalone profit after tax surged by 43.9% to reach Rs 272.48 crore, compared to Rs 189.35 crore in the previous year. The company’s profit for the quarter and year includes a profit of Rs 77.45 crore from the sale of a subsidiary’s property, Patton’s Inc. in the United States.
During the quarter, the standalone total income grew to Rs 476.8 crore, up from Rs 466.3 crore in the corresponding quarter of the previous year. For the full fiscal year, standalone total income stood at Rs 1,839.9 crore, compared to Rs 1,628.2 crore in the previous year.
The company’s Board has recommended a dividend of Rs 2 per share (200%) for the year 2022-23, which is subject to approval from the shareholders.