Elgi Equipments aims to be among the top three global air compressor manufacturers in terms of revenue by 2035-36, said its MD Jairam Varadaraj in an interaction on Tuesday.
Elgi’s FY24 consolidated sales was ₹3, 218 crore. Its net profit rose year-on-year (YoY) to ₹311.9 crore from ₹293.3 crore.
Mr. Varadaraj said the U.S. operations suffered losses in the first two quarters of FY24 but business grew in all markets. In India, business increased last year across sectors like construction, mining, and after market.
The firm plans a capex of ₹254.7 crore and this is to consolidate its operations at one location in Coimbatore. This is part of investments that will happen in phases for four to five years. “We are expanding our global support centre, which is primarily spare parts supplies for the whole world and one assembly line (to Kinathukadavu) which is now sitting in Singanallur (in Coimbatore), ” he added.
