Kirloskar Industries Ltd. (KIL) announces financial results for the second quarter and first half of FY24, ended September 30, 2023.
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. KFIL successfully acquired Oliver Engineering during this period, expanding its operations in northern India. ISMT's margins have reached double digits, thanks to our focused efforts on operational efficiencies. Kirloskar Industries now holds 9.96 per cent of ISMT, following the acquisition of an additional 4.97 per cent. The merger process between ISMT and KFIL is underway.”
In Q2 FY24, standalone Total Income surged to Rs 50 crore, a 72 per cent Q-o-Q increase, with PAT reaching Rs 36 crore, a 200 per cent rise. H1 FY24 showed a Y-o-Y Total Income increase of 24 per cent at Rs 78 crore and a PAT rise of 7 per cent at Rs 48 crore.
On a consolidated basis, Q2 FY24 Total Income rose 5 per cent Q-o-Q to Rs 1,589 crore, while PAT decreased by 3 per cent to Rs 91 crore. H1 FY24 consolidated figures indicated a 7 per cent Y-o-Y decrease in Total Income to Rs 3,107 crore and a 21 per cent decrease in PAT to Rs 185 crore.
Note: PAT values are pre-Other Comprehensive Income.