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The standalone profit of air compressor manufacturing major Elgi Equipments for the quarter ended September 2020 was up at Rs 29.8 cr as compared to Rs 24.7 cr clocked during the corresponding quarter of the earlier fiscal.
On a consolidated basis, the profit after tax for the quarter leap-frogged to Rs 33.2 cr compared to the year ago profit of Rs 11.7 cr
Consolidated sales was up at Rs 480 cr (Rs 445 cr).
R Jayakanthan, Chief Financial Officer of the company has said that the compressor business performance started to look up after lifting of lockdown restrictions. Overseas markets have also done well across all geographies; and there has been some revival in industrial activity.
Sales in the automotive business, however, slipped with the de-growth in the automotive industry when compared to the corresponding quarter of the previous year; this is despite the steady improvement in the industry since June 2020.
While the company is expecting the business momentum in India and other geographies to continue for some more time, Jayakanthan said “it should, but for the continuing uncertainty posed by the prevailing situation with the pandemic. “
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