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The net profit for the quarter includes profit on sale of property held by the subsidiary, Pattons Inc., USA, amounting to Rs 77.45 crore (net of tax).
Consolidated net sales jumped 14.9% to Rs 835.74 crore in Q4 FY23 as compared with Rs 727.61 crore in Q4 FY22.
Profit before tax stood at Rs 230.61 crore in Q4 FY23 , registering the growth of 131.4% as compared with Rs 99.66 crore posted in corresponding quarter last year.
The company stated that North America and Europe performed better than anticipated. The rest of the regions were better than the previous year, the automotive business has performed well to register growth in sales and profitability.
On full year basis, the company's net profit surged 107.8% to Rs 370.81 crore in Q4 FY23 as compared with Rs 178.43 crore in Q4 FY22.
On outlook front, the company said that we remain cautiously optimistic to achieve our FY24 revenue targets. Predicted economic slowdown by experts in certain markets and wars could act as a dampener.
The board has recommended a dividend of Rs 2 per equity share for FY23, subject to approval of shareholders. The dividend will be paid to shareholders on or before 3 September 2023.
Elgi Equipments is engaged in manufacturing of air compressors.
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