Kirloskar Industries Ltd (KIL) recently announced its audited financial results for the fourth quarter and the full year ended March 31, 2023. A review of the consolidated financial performance for the fourth quarter and fiscal year 2022-23 revealed a 51 percent rise in total income to INR 1,592.1 Cr for Q4 FY23 compared to INR 1,053.7 Cr for Q4 FY22. Profit before tax (PBT) increased by 108 percent to INR 164.6 Cr in Q4 FY23 from INR 79.1 Cr in Q4 FY22. Furthermore, the profit after tax (PAT) for Q4 FY23 was INR 93.1 Cr, a significant improvement from the loss of INR 4.4 Cr in Q4 FY22. For a full fiscal year, overall income jumped by 71 percent to INR 6,536.0 Cr in FY23, while PBT and PAT increased by 16 percent and 45 percent, respectively.

In terms of standalone financial performance, the Q4 FY23 review demonstrated a 39 percent increase in total income to INR 40.4 Cr from INR 29.1 Cr in the previous quarter. The PBT for Q4 FY23 increased by 43 percent to INR 32.2 Cr, but the PAT decreased by 57 percent to INR 25.0 Cr, compared to Q4 FY22. For a full fiscal year, overall income climbed by 15 percent to INR 118.3 Cr in FY23, while PBT and PAT increased by 17 percent and 22 percent, respectively, to INR 93.4 Cr and INR 74.1 Cr. It should be noted that the PAT figures given are before Other Comprehensive Income.

On Q4 and the full-year results, Mahesh Chhabria, Managing Director, KIL, commented, “The past year has primarily been dedicated to reorienting the company. The Management has decided to focus on its real estate business and that of its wholly owned subsidiary, ‘Avante Spaces Limited’ (Avante), and optimize returns on its investment portfolio. In view of the same, the Management is desirous of monetizing its assets. During the year, we sold our 17.41 percent stake in Swaraj Engines Limited for an aggregate consideration of approximately INR 296 crore. Further, the board has approved the sale of the windmill business to ISMT Limited, our step-down subsidiary. This is subject to all the necessary approvals. The first commercial project of Avante is progressing as planned, and it has already sold approx 1.2 lakh sq ft area in the project.”

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