Elgi Equipments: Strong International Performance To Aid Growth, Says ICICI Direct
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ICICI Direct Report
Overall, Elgi Equipments Ltd.’s strategy to expand in new geographies in Europe, continued growth momentum in the U.S., Australia and expected rebound in South East Asia and Gulf markets are expected to contribute significantly to incremental growth in coming years.
A rebound was visible in Q2 FY21 performance with air compressor international sales (including exports from India) contributing approximately 57% to total air compressor sales registering growth of ~39% to Rs 253 crore YoY.
It performed well in key international markets led by Australia, U.S., Europe while South East Asia, and Gulf reported moderate performances.
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