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ICICI Direct Report
Elgi Equipments Ltd. turns ex-bonus from September 24, 2020, pursuant to the approval granted by shareholders for the issue of bonus shares.
The record date for the same has been fixed as September 26, 2020.
The board has recommended the issue of bonus shares in the proportion of one bonus share (face value of Rs 1 each) for every share held by shareholders (i.e. 1:1).
Going ahead, traction in international market, new products like oil free compressors (AB series) would aid growth while a revival is expected in the India business, which continues to face challenges across verticals.
However, its strategy on cost reduction, focus on cash business would help deal with working capital, debt and liquidity situation.
We expect revenue, Ebitda growth of 7.1%, 30.1% compound annual growth rate, respectively, in FY20-22E.
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