Elgi Rubber Company Limited — Important, 14-11-2024: Sale or disposal

Elgi Rubber Company Limited's Board has approved key measures during its recent session. The company has proceeded with the reversal of interest receivable from its wholly-owned subsidiaries, amounting to ₹2.369 crore. This action, benefiting subsidiaries in the U.S., Brazil, and the Netherlands, aims to alleviate financial strain and enhance their respective financial standings.

Despite these adjustments, the company recorded a loss before exceptional items of ₹0.237 crore for the quarter ended September 30, 2024, compared to a profit of ₹7.542 crore in the previous quarter. On a consolidated basis, overall revenue saw a slight decline at ₹99.68 crore, contributing to a consolidated loss of ₹4.128 crore for the period.

Additionally, the Board approved the sale of non-substantial immovable properties in Kanyakumari District as part of a strategic restructuring initiative, aiming for a targeted completion by June 30, 2025. Investors should monitor these developments as they may impact future profitability and operational efficiency positively.