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


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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.

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