Elgi Equipments’ Q1FY19 consolidated sales increased 16.5% yoy to Rs413.5cr from Rs354.8cr (net of excise duty) in Q1FY19. EBITDA grew 21.9% yoy to Rs39.4cr from Rs32.3cr in Q1FY19. EBITDA margin increased to 9.5% in Q1FY19 from 9.1% in Q1FY18. The company reported net profit of Rs18.5cr vs Rs16.3cr (adjusted for exceptional loss) in Q1FY18 (up 13.2% yoy).
• Segment-wise, Air compressors reported 11% yoy growth in sales to Rs373.1cr, while Auto Equipments registered 9% yoy growth to Rs40.5cr. The segmental results, however, are not strictly comparable due to the inclusion of excise duty in Q1FY18 numbers.
• EBIT margin for the Air compressors segment increased yoy from 6.1% to 7.5% in Q1FY19, while the Auto equipments segment margin has improved yoy from 0.04% to 3% in Q1FY19.
• Despite strong operating performance; an increase in interest costs and decline in other income has restricted net profit growth. In addition, a higher tax rate of 38% vs 32% (mainly due to higher tax incidence in the standalone business) in Q1FY18 has impacted profitability.
• Standalone sales rose 18.4% yoy to Rs260.9cr, while EBITDA margin increased by 15.9% yoy to Rs29.2cr. Net profit after tax (adjusted for exceptional items) grew 12.3% yoy to Rs21.6cr.
Elgi Equipments Ltd ended at Rs. 290.85, up by 2.65 points or 0.92% from its previous closing of Rs. 288.20 on the BSE.
The scrip opened at Rs. 288.05 and touched a high and low of Rs. 292.05 and Rs. 282.25 respectively. A total of 81,763 (NSE+BSE) shares were traded on the counter. The stock traded below its 200 DMA.
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