Elgi Equipments Delivers Strong All-Round Q3 Performance: ICICI Direct
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ICICI Direct Report
Elgi Equipments Ltd. reported a strong Q3 FY21 with consolidated revenue up 18.1% YoY to Rs 547.1 crore versus our estimate of Rs 505.4 crore.
Standalone revenue (domestic and direct exports compressor) grew 14.2% YoY to Rs 323.0 crore (approximately 59% of consolidated topline) while the international compressor business registered robust growth of 26.3% YoY (contributing ~32% of consolidated topline).
Automotive segment revenue fell 23.8% YoY (~9% of topline).
Ebitda margins improved significantly by 420 basis points YoY to 11.2% in Q3 FY21 (versus our estimate of 13.5%) primarily due to better revenue booking and reduction in operating expenses as business operations and demand sustained in key geographies.
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