Kirloskar Industries Ltd recently announced its financial results for the second quarter and first half of FY 24, which ended September 30, 2023. In the standalone financial performance review for Q2 FY24, the total income reached INR 50 Cr, showcasing a notable 72 percent increase Q-o-Q from INR 29 Cr in Q1 FY24. Similarly, the Profit After Tax (PAT) surged to INR 36 Cr in Q2 FY24, marking a substantial 200 percent increase Q-o-Q compared to INR 12 Cr in Q1 FY24. Looking at the half-year performance on a standalone basis, the total income for H1 FY24 stood at INR 78 Cr, indicating a 24 percent increase Y-o-Y from INR 63 Cr in H1 FY23. The PAT for H1 FY24 reached INR 48 Cr, reflecting a 7 percent increase Y-o-Y compared to INR 45 Cr in H1 FY23.

Now, turning to the consolidated financial performance, Q2 FY24 reported a total income of INR 1,589 Cr, representing a modest 5 percent increase Q-o-Q from INR 1,518 Cr in Q1 FY24. However, the PAT for Q2 FY24 was INR 91 Cr, reflecting a 3 percent decrease Q-o-Q from INR 131 Cr in Q1 FY24. For the consolidated H1 FY24 results, the total income amounted to INR 3,107 Cr, indicating a 7 percent decrease Y-o-Y from INR 3,325 Cr in H1 FY23. Similarly, the PAT for H1 FY24 was INR 185 Cr, showing a 21 percent decrease Y-o-Y compared to INR 234 Cr in H1 FY23.

Commenting on the Q2 and H1 results, Mahesh Chhabria, Managing Director, KIL, said “This was a steady quarter for Kirloskar industries. Our subsidiaries’ performance was satisfactory despite volatilities in the input commodity prices. Kirloskar Ferrous Industries Ltd (KFIL) successfully acquired Oliver Engineering during this period, expanding its operations in northern India. Indian Seamless Metal Tubes (ISMT) Ltd’s margins have reached double digits, thanks to our focused efforts on operational efficiencies.”

He continued, “Kirloskar Industries now holds 9.96 percent of ISMT, following the acquisition of an additional 4.97 percent. The merger process between ISMT and KFIL is underway. On the Avante front, the construction of our first project in Kothrud is nearing completion, with finishing and fit-outs progressing as scheduled. Simultaneously, we have commenced work on the second project at the same location, with KEC appointed as the contractor.”

For more information: www.kirloskarindustries.com