Coimbatore Companies Net Profit Up
Elgi Equipments has reported a 8.67% increase in net profit at Rs 13.78 crore in the second quarter ended September 30, 2008 as against Rs 12.68 crore in the same period last year. The net sales rose by 12.45% to Rs 146.3 crore as against Rs 130.1 crore in the same period last year. In a release, Elgi Equipments MD Dr Jairam Varadaraj said, the sluggishness in the automotive business was due to the decline in the sale of passenger vehicles.“It curtailed overall investments into expanding dealerships and service centres,” he added. According to him, the compressor business grew by 22%, while automotive equipment business remained flat. International business grew by 30% over the corresponding period in 2007-08. “During first half of this financial year, Elgi Equipments formed two fully owned subsidiaries in China and in Sharjah,” Mr Jairam added.
Shanthi Gears has reported a 16% increase in net profit at Rs 12.18 crore in the second quarter ended September 30, 2008 as against Rs 10.50 crore in the same period last year. Net sales rose by 10.5% to Rs 65.59 crore, the company release said.
