Consolidated sales for Elgi Equipments, producer of air compressors, for the second quarter of 2023-2024 grew 9% to ₹806 crore as towards ₹739 crore in the year-earlier interval.
Profit after tax for the second quarter stood at ₹91.3 crore in contrast with ₹72 crore throughout the identical interval of the final fiscal.
Managing Director Jairam Varadaraj mentioned the topline growth was pushed by quantity and worth. “We will grow [this year]. But, probably we will grow less than what we thought at the beginning of the year,” he added.
He mentioned there have been considerations in regards to the “sluggish Europe market which was facing inflation, and the impact of the Ukrainian war”, and wanted to undergo a “phase of adjustment”.
“In India, there are a lot of announcements and plans and once these take off, there will be growth. I am hopeful of [growth in] India. But, not sure of the time,” Mr. Varadaraj mentioned.
Hence, the corporate will kickstart initiatives by the top of the final quarter of the fiscal to strengthen presence, he added.
