Chennai, Nov 9 (PTI): Elgi Equipments Ltd, air compressor manufacturer, has reported standalone profit after tax for the quarter ending September 30, 2021 at Rs 56.9 crore, the company said on Tuesday.

The Tamil Nadu-based company had registered standalone PAT at Rs 29.8 crore during corresponding quarter previous year.

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The standalone sales for the quarter under review was at Rs 416 crore as compared to Rs 265 crore registered during corresponding quarter previous year. The company, in a press release said, its performance has been good across markets, but for Australia and South East Asia which faced a resurgence of Covid-19 related disruptions.

The raw material commodity prices increased repeatedly and frequently during the first quarter. With commitments made to government related orders, for supplying compressors for oxygen generators as well as longer gestation for price corrections in the markets, margins 'shrunk' significantly, the company said. "We expect the price correction and cost management would result in gradual recovery of the margins," it said.

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The sales of company's automotive business bounced back to pre-Covid levels and grew by 45 per cent when compared to the corresponding period of last year.

The company, on the outlook, said the performance in the second quarter was expected to continue in the third quarter, the statement added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)