Kirloskar Industries Ltd announced its audited financial results for the fourth quarter and full year ended March 31, 2023, showcasing impressive growth and strategic realignment. Mahesh Chhabria, Managing Director of KIL, shared insights into the company’s performance and future plans.
The past year has been dedicated to reorienting the company, focusing on optimizing returns on investment and the real estate business of KIL and its wholly-owned subsidiary, Avante Spaces Limited (Avante). In line with this strategy, KIL has been actively pursuing the monetization of its assets. During the year, the company successfully sold its 17.41% stake in Swaraj Engines Limited, generating approximately INR 296 crore. Additionally, the board has approved the sale of the windmill business to ISMT Limited, a step-down subsidiary of KIL, pending necessary approvals. Furthermore, Avante’s first commercial project is progressing as planned, having already sold around 1.2 lakh sq ft of area.
Financial Performance Highlights (Consolidated):
In the fourth quarter of FY 2022-23:
- Total Income: KIL achieved a total income of INR 1,592.1 Cr, representing a significant 51% increase compared to INR 1,053.7 Cr in the same quarter of the previous year.
- Profit Before Tax (PBT): The PBT for Q4 FY23 reached INR 164.6 Cr, demonstrating a remarkable 108% increase from INR 79.1 Cr in Q4 FY22.
- Profit After Tax (PAT): Q4 FY23 recorded a PAT of INR 93.1 Cr, a significant improvement from the loss of INR 4.4 Cr reported in Q4 FY22.
For the full year FY 2022-23:
- Total Income: KIL’s total income for the financial year amounted to INR 6,536.0 Cr, reflecting an impressive 71% increase from INR 3,820.8 Cr in FY22. It should be noted that the financial performance for FY23 includes the contributions from KIL’s step-down subsidiary, ISMT Ltd.
- Profit Before Tax (PBT): The PBT for FY23 reached INR 657.8 Cr, indicating a 16% increase compared to INR 568.3 Cr in FY22.
- Profit After Tax (PAT): FY23 recorded a PAT of INR 459.5 Cr, representing a significant 45% increase from INR 316.2 Cr in the previous year.
Financial Performance Highlights (Standalone):
In the fourth quarter of FY 2022-23:
- Total Income: KIL achieved a standalone total income of INR 40.4 Cr, marking a notable 39% increase compared to INR 29.1 Cr in the same quarter of the previous year.
- Profit Before Tax (PBT): The standalone PBT for Q4 FY23 reached INR 32.2 Cr, indicating a significant 43% increase from INR 22.5 Cr in Q4 FY22.
- Profit After Tax (PAT): Q4 FY23 recorded a standalone PAT of INR 25.0 Cr, showing a 57% decrease from INR 16.0 Cr reported in Q4 FY22.
For the full year FY 2022-23:
- Total Income: The standalone total income for the financial year amounted to INR 118.3 Cr, marking a commendable 15% increase from INR 102.7 Cr in FY22.
- Profit Before Tax (PBT): The standalone PBT for FY23 reached INR 93.4 Cr, demonstrating a 17% increase compared to INR 80.1 Cr in the previous year.
- Profit After Tax (PAT): FY23 recorded a standalone PAT of INR 74.1 Cr, indicating a 22% increase from INR 60.9 Cr in FY22.
These strong financial results reflect the strategic realignment of Kirloskar Industries Ltd and its commitment to optimizing its portfolio. The company remains focused on delivering value to its stakeholders while exploring new avenues for growth and development in the coming years.