Elgi FY18 net grows 28.8% to ₹95.3 crore

Air compressor maker Elgi Equipments reported a 28.8% growth in full-year consolidated net profit to ₹95.3 crore, while consolidated revenue from operations rose 12.8% to ₹1,622 crore in FY18.

The firm is targeting faster growth overseas markets even as its domestic sales continue to grow, a top official said. The company’s managing director Jairam Varadaraj said here on Tuesday that Elgi’s composition of business in 2016-2017 was 65% from India and 35% from the rest of the world.

In FY18, the India market’s contribution to revenue had fallen to 60%. Every year there could be a shift of 3-4 percentage points in favour of overseas markets, mainly due to sales growth in U.S. and EU markets, he said. However, he emphasisedsales had been growing in both India and overseas. Elgi is also looking at acquisitions, mainly for distribution and servicing. “It is too early to speak about it. We will make an announcement in a quarter or two.”