News: Elgi reported muted set of Q4FY24 results. Consolidated revenues came in at Rs 866 crore up 3.6% YoY and 4.5% QoQ. Ebidta margins declined both on YoY and QoQ basis by 100 bps and 200 bps, respectively to 14% in the quarter. Consequently PAT came in at Rs 76 crore vs. Rs 92 crore in Q4FY23.
Views: Though Q4FY24 was muted, we believe ELGI is moving in the right direction by expanding its products and solutions across various countries. Any significant correction in the stock on account of a muted Q4FY24 should be used to add the stock.
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