Elgi Equipments Q1 Review - Revenues Strong But Margin Disappoints: ICICI Direct

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Direct Report.Elgi Equipments Ltd. reported good Q1 FY23 results. Consolidated revenue grew 41.8% YoY to Rs 693.8 crore versus our estimate of Rs 620 crore.Standalone revenue (domestic and direct exports compressor) grew 37.4% YoY to Rs 414.2 crore (~60% of consolidated topline) led by better demand in domestic market and robust exports. Despite challenges, automotive segment revenue grew 80% YoY to Rs 48.3 crore. Ebitda margins came in at 11.3% in Q1 FY23 (below our estimate of 13.3%) amid higher commodity prices, operating costs. Consequently, absolute Ebitda grew 143.2% YoY to Rs 78.1 crore (versus our estimate of Rs 82.5 crore).Elgi Equipments' profit after tax came in at Rs 48.7 crore, up 305% YoY aided by strong operational performance..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Elgi Equipments Q1 Review - Revenues Strong But Margin Disappoints: ICICI Direct