200 per cent dividend announced: Share price of this small-cap company rises on strong Q4 earnings!
Stock price surged over 20 per cent in the last five trading sessions.
On Wednesday, Elgi Equipments share price gained over 6 per cent in the early trade after the company posted strong earnings for the quarter ending March 2023. The company experienced a tremendous surge in its stock price, soaring by 20 per cent in the last six trading sessions, climbing from Rs 468.65 a piece to Rs 581.35. The board of the company has recommended a dividend of Rs 2 per share (200 per cent) for FY23.
The air compressor manufacturer reported a consolidated net profit of Rs 170.24 crore in Q4FY23, registering a staggering 135.79 per cent year-on-year growth. The consolidated net profit for FY23 was Rs 370.81 crore as compared to Rs 178.43 crore in FY22. The company’s revenue from operations increased 14.86 per cent YoY to Rs 835.7 crore.
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The company recorded better-than-expected results in North America and Europe, while all other areas improved over the previous year. Looking ahead, the company maintains a cautiously optimistic outlook in achieving its revenue targets for FY24.
Elgi Equipments incorporated in 1960; is a leading air compressor manufacturer with a broad line of innovative and technologically superior compressed air systems. ELGi has earned worldwide distinction for designing sustainable solutions that help companies achieve their productivity goals and keep the cost of ownership low.