Ingersoll Rand (India) Limited, a prominent player in the industrial machinery sector, has marked a significant milestone with the inauguration of its new manufacturing facility in Sanand, Gujarat. This development represents a strategic expansion of the company's production capabilities in India.

Key Highlights

Facility Details

The newly inaugurated facility is described as state-of-the-art, indicating Ingersoll Rand's commitment to leveraging advanced manufacturing technologies. The company has already initiated trial production at the site, demonstrating its readiness to scale up operations.

Strategic Importance

This expansion aligns with Ingersoll Rand's growth strategy in the Indian market. The choice of Sanand, known for its developing industrial ecosystem, suggests a strategic decision to tap into the region's resources and logistics advantages.

Corporate Disclosure

In compliance with regulatory requirements, Ingersoll Rand (India) Limited has made this announcement under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure, made to both the BSE Limited and the National Stock Exchange of India Limited, ensures transparency with stakeholders and adheres to corporate governance norms.

Looking Ahead

With commercial production slated to begin before the end of the calendar year, stakeholders will be keenly watching the impact of this new facility on Ingersoll Rand's production capacity and market position in India. The successful completion and inauguration of this facility mark a positive step in the company's expansion plans and could potentially contribute to its long-term growth trajectory in the Indian market.

As Ingersoll Rand (India) Limited moves forward with this new manufacturing capability, it positions itself to better serve the growing industrial sector in India and potentially expand its market reach.

Ingersoll-Rand (India) Limited , a prominent player in the air solutions sector, has released its unaudited financial results for the quarter ended June 30, along with an update on its new manufacturing facility in Gujarat.

Financial Performance

For the quarter, Ingersoll-Rand reported revenue from operations of Rs 31,532.00 lakhs, showing a slight decrease from Rs 32,234.00 lakhs in the preceding quarter and a marginal increase from Rs 31,408.00 lakhs in the corresponding quarter of the previous year.

The company's net profit for the quarter stood at Rs 5,898.00 lakhs, down from Rs 6,766.00 lakhs in the previous quarter and lower than Rs 6,186.00 lakhs in the same quarter last year. Basic earnings per share was reported at Rs 18.68, compared to Rs 21.43 in the preceding quarter and Rs 19.60 in the corresponding quarter of the previous year.

Manufacturing Facility Update

Ingersoll-Rand provided an update on its new manufacturing facility being constructed in Sanand, Gujarat. The company had initially announced plans for this state-of-the-art plant in December 2022 to enhance manufacturing capacity for existing and new products.

According to the latest disclosure, the factory construction is nearing completion, although with some delays. The company cited administrative, operational, and logistical factors, as well as delays in obtaining statutory approvals, as reasons for the extended timeline.

Revised Timeline

Ingersoll-Rand has revised its production commencement schedule for the new facility:

• Trial production is expected to begin in September.
• Full operational status is anticipated in October, subject to a successful trial period and favorable circumstances.

This timeline represents a shift from the earlier projection of August, which was itself a revision from the initial target of April.

Looking Ahead

The completion of the Sanand facility marks a significant milestone in Ingersoll-Rand's growth journey. While the company faces some challenges as evidenced by the recent financial results, the new manufacturing capabilities could potentially boost production and efficiency in the coming quarters.

Investors and industry observers will be keenly watching for the confirmation of production commencement at the new facility, expected in October, and its impact on the company's future performance.

Deloitte Haskins & Sells issued a Limited Review Report on the financial results. Ingersoll-Rand (India) Limited continues to operate primarily in the Air Solutions segment.