Elgi Equipments Q1 Review - Healthy Growth, Margins Impacted Amid Challenges: ICICI Direct
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ICICI Direct Report
Elgi Equipments Ltd. reported decent Q1 FY22 results amid challenges.
Consolidated revenue grew 71.1% YoY to Rs 489.4 crore versus our estimate of Rs 378.5 crore.
Standalone revenue (domestic and direct exports compressor) grew robust by 152.7% YoY to Rs 301.4 crore (~62% of consolidated topline) amid low base led by better demand revival in domestic market and robust exports despite challenges while the international compressor business grew 9.6% to Rs 161.5 crore, YoY (contributing ~33% of Elgi Equipments' consolidated topline), the automotive segment revenue grew 37.3% to Rs 26.8 crore, YoY (~5.5% of firm's topline).
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