Kirloskar Oil Engines Limited (KOEL) (BSE: 533293; NSE: KIRLOSENG), a prominent player in the internal combustion engines, agricultural equipment, and generator sets market, has reported a significant surge in its consolidated net profit for the quarter ending March 31, 2024. The company’s audited financial results for the fourth quarter and fiscal year ending March 31, 2024, revealed an 88.25% increase in net profit compared to the same quarter in the previous year.
Gauri Kirloskar, Managing Director of Kirloskar Oil Engines, expressed satisfaction with the company’s performance, highlighting the achievement of its highest-ever quarterly and yearly revenue figures. The notable milestone of surpassing Rs. 500 crores in international sales for the first time was attributed to the dedicated efforts of the company’s teams amidst robust market demand. Kirloskar emphasized the company’s commitment to becoming a technology-driven leader in power and energy systems.
The financial review for the fourth quarter of fiscal year 2024 on a standalone basis revealed a 21% increase in net sales compared to the corresponding quarter of the previous fiscal year, reaching INR 1,378 Cr. The earnings before interest, taxes, depreciation, and amortization (EBITDA) witnessed a significant surge of 38%, reaching INR 178 Cr, with an EBITDA margin of 12.8%. Net profit for the quarter stood at INR 118 Cr, marking a notable 26% increase year-on-year.
For the entire fiscal year 2024 on a standalone basis, Kirloskar Oil Engines reported a substantial 18% increase in net sales, reaching INR 4,806 Cr. The EBITDA for the fiscal year amounted to INR 578 Cr, marking a 26% increase compared to the previous fiscal year, with an EBITDA margin of 11.9%. The net profit for the fiscal year surged to INR 375 Cr, representing a 26% increase year-on-year.
On a consolidated basis, the company’s revenue from operations for the fourth quarter of fiscal year 2024 stood at INR 1,660 Cr, marking a 20% increase year-on-year. The consolidated net profit for the quarter amounted to INR 131 Cr, reflecting a 23% increase compared to the same quarter in the previous fiscal year.
For the entire fiscal year 2024 on a consolidated basis, the revenue from operations reached INR 5,898 Cr, representing a 17% increase year-on-year. The consolidated net profit for the fiscal year surged to INR 468 Cr, reflecting a substantial 30% increase compared to the previous fiscal year.
The impressive financial performance of Kirloskar Oil Engines underscores its resilience and strategic initiatives amidst evolving market dynamics, positioning the company for sustained growth and profitability in the future.
