Kirloskar Industries posts This fall benefit enlargement of 42.4% at Rs 62.46 crore, earnings up 9.8% on-year – Trade Information

Kirloskar Industries Ltd recorded its fiscal fourth quarter earnings on Monday with profit at Rs 62.46 crore, up 42.4 per cent in comparison to Rs 43.87 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 1728.60 crore, up 9.8 per cent as against Rs 1574.21 crore reported during the quarter ended March 31, 2023. The company EBITDA was up 36 per cent on-year at Rs 240.4 crore. While the total income reported during the quarter stood at Rs 1736.44 crore, total expenses incurred by the company during Q4FY24 was at Rs 1693.57 crore. 

The board of directors also recommended a dividend of Rs 13 (130 per cent) per equity share of Rs 10 each for the financial year 2023-2024. The final dividend on equity shares will be paid within 30 days from the date of declaration by the members at the Annual General Meeting, the company said.

The company board has allotted 2,742 equity shares of Rs 10 each upon exercise of Equity Settled Stock Appreciation Rights (ESARs) pursuant to the Kirloskar Industries Limited – Employees Stock Appreciation Rights Plan 2019 (KIL ESARP 2019). Accordingly, the paid-up share capital of the Company has increased from 99,34,154 equity shares of Rs 10 each aggregating to Rs 9,93,41,540 to Rs 99,36,896 equity shares of Rs 10 each aggregating to Rs 9,93,68,960.

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Mahesh Chhabria, Managing Director, KIL, said, “We are delighted to announce our fourth quarter and full year results. This quarter marks a significant milestone as Avante Spaces Limited (ASL), our 100% subsidiary in Real Estate business has recognized revenue from its first project “One Avante” in Kothrud, which is now reflected in our consolidated performance. ASL is now focused on executing the second project on time despite challenges in the labor market and approval delays. Due to the challenges faced by our subsidiary Kirloskar Ferrous Industries Ltd. (KFIL), on account of subdued demand in the tractor industry and lower Pig Iron realization, we saw a dip of ~1.5% in our consolidated revenue from operations. Additionally, the KFIL-ISMT merger is progressing well and is expected to be completed soon.”