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Elgi Equipments Q4 Review - Beat On All Fronts: ICICI Direct

Elgi Equipments Q4 Review - Beat On All Fronts: ICICI Direct

<div class="paragraphs"><p>Air compresser manufactured by Elgi Equipments Ltd. (Source: Company website).</p></div>
Air compresser manufactured by Elgi Equipments Ltd. (Source: Company website).

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ICICI Direct Report

Elgi Equipments Ltd. reported strong Q4 FY22 results higher than our estimates.

Consolidated revenue grew 19.2% YoY to Rs 727.6 crore versus our estimate of Rs 687 crore.

Elgi Equipments' standalone revenue (domestic and direct exports compressor) grew 16% YoY to Rs 456 crore (~63% of consolidated topline) led by better demand in domestic market and robust exports despite challenges, the automotive segment revenue grew 20% to Rs 60.6 crore, YoY.

Ebitda margins came in strong at 14.6% in Q4 FY22 (above our estimates of 11.1%) despite higher commodity prices, operating costs.

Consequently, absolute Ebitda grew 34.1% to Rs 106.2 crore YoY (versus our estimate of Rs 76.2 crore).

Profit after tax came in at Rs 73.1 crore, up 68.5% YoY aided by strong operational performance and higher other income.

Click on the attachment to read the full report:

ICICI Direct Elgi Equipments Q4FY22 Result Update.pdf

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