Kirloskar Industries Results: Latest Quarterly Results & Analysis

Industrial Products company Kirloskar Industries announced H1FY25 & Q2FY25 results

Standalone Financial Highlights:

• Total Income at Rs 50 crore for Q2FY25 vs Rs 16 crore for Q1FY25; 213% increase QoQ.
• PAT* at Rs 35 crore for Q2FY25 vs Rs 6 crore for Q1FY25; 467% increase QoQ.
• Total Income at Rs 66 crore for H1FY25 vs Rs 78 crore for H1FY24; 15% decrease YoY.
• PAT* at Rs 41 crore for H1FY25 vs Rs 48 crore for H1FY24; 15% decrease YoY.

Consolidated Financial Highlights:

• Total Income at Rs 1,706 crore for Q2FY25 vs Rs 1,572 crore for Q1 FY25; 9% increase QoQ.
• PAT* at Rs 91 crore for Q2FY25 vs Rs 66 crore for Q1FY25; 38% increase QoQ.
• Total Income at Rs 3,277 crore for H1FY25 vs Rs 3,107 crore for H1FY24; 5% increase YoY.
• PAT* at Rs 158 crore for H1FY25 vs Rs 185 crore for H1FY24; 15% decrease YoY

Mahesh Chhabria, Managing Director, KIL, said: “KIL has had a stable quarter, marked by significant developments and steady growth of the subsidiaries. During this quarter, the merger of Kirloskar Ferrous Industries Limited (KFIL) and ISMT Limited was successfully completed. KFIL & ISMT have commenced operations as a unified entity. KFIL continues to play a crucial role as our material subsidiary, delivering a commendable 7% revenue growth despite the challenging market environment. On the real estate front, our subsidiary, Avante, is making steady progress on its 1.6 million square foot commercial project in Pune, which remains on track as planned.”

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Industrial Products company Kirloskar Industries announced Q4FY24 & FY24 results:

Standalone Financial Highlights:

• Total Income at Rs 40.65 crore for Q4FY24 vs Rs 39.82 crore for Q4FY23; 2.08 % increase YoY
• PAT at Rs 22.23 crore for Q4FY24 vs Rs 25.08 crore for Q4FY23; 11.36 % decrease YoY
• Total Income at Rs 133.51 crore for FY24 vs Rs 114.99 crore for FY23; 16.10 % increase YoY
• PAT at Rs Rs 74.64 crore for FY24 vs Rs 74.12 crore for FY23; 0.70 % increase YoY

Consolidated Financial Highlights:

• Total Income at Rs 1,736.44 crore for Q4FY24 vs Rs 1,591.51 crore for Q4FY23; 9.11 % increase YoY
• PAT at Rs 70.99 crore for Q4FY24 vs Rs 93.19 crore for Q4FY23; 23.82 % decrease YoY
• Total Income at Rs 6,411.65 crore for FY24 vs Rs 6,532.65 crore for FY23; 1.85 % decrease YoY
• PAT at Rs 360.73 crore for FY24 vs Rs 459.57 crore for FY23; 21.50 % decrease YoY

Commenting on the Q4 and full year results, 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 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."

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Electric Utilities company Kirloskar Industries announced Q3FY24 & 9MFY24 results:

Standalone Financial Performance:

• Total Income at Rs 14.6 crore for Q3FY24 vs Rs 12.1 crore for Q3FY23; 21% increase YoY
• PAT at Rs 4.9 crore for Q3FY24 vs Rs 4.9 crore for Q3FY23; same level YoY
• Total Income at Rs 92.9 crore for 9MFY24 vs Rs 75.2 crore for 9MFY23; 24% increase YoY
• PAT at Rs 52.4 crore for 9MFY24 vs Rs 49.0 crore for 9MFY23; 7% increase YoY

Consolidated Financial Performance:

• Total Income at Rs 1,568.1 crore for Q3FY24 vs Rs 1,616.6 crore for Q3FY23; 3% decrease YoY
• PAT at Rs 105.1 crore for Q3FY24 vs Rs 133.1 crore for Q3FY23; 21% decrease YoY
• Total Income at Rs 4,675.2 crore for 9MFY24 vs Rs 4,941.1 crore for 9MFY23; 5% decrease YoY
• PAT at Rs 289.7 crore for 9MFY24 vs Rs 366.4 crore for 9MFY23; 21% decrease YoY

Commenting on the Q3 and 9MFY24 results, Mahesh Chhabria, Managing Director, KIL, said, “We are pleased to announce the third quarter results – our subsidiary, KFIL, performed well despite the headwinds in the input commodity prices and a slowdown in the tractor industry. The KFIL-ISMT merger is on course, and we anticipate its completion by the statutory timelines. Avante's projects are advancing according to schedule, with the first project, 'One Avante,' nearing completion, revenue recognition will follow in due course."

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Holding company Kirloskar Industries announced Q1FY24 results:

• Consolidated Q1FY24:
  • Total Income at Rs 1,518.2 crore for Q1FY24 vs Rs 1,513.5 crore for Q1FY23
  • PBT at Rs 141.8 crore for Q1FY24 vs Rs 127.3 crore for Q1FY23
  • PAT at Rs 94.0 crore for Q1FY24 vs Rs 102.9 crore for Q1FY23
• Standalone Q1FY24:
  • Total Income at Rs 28.7 crore for Q1FY24 vs Rs 7.6 crore for Q1FY23
  • PBT at Rs 24.2 crore for Q1FY24 vs Rs 3.5 crore for Q1FY23
  • PAT at Rs 12.1 crore for Q1FY24 vs Rs 2.4 crore for Q1FY23

Commenting on the Q1FY24 results, Mahesh Chhabria, Managing Director, KIL, said, "At KIL, we are now entering into an exciting phase of our business realignment plan. Avante’s first project is progressing as planned and we expect to complete it at the end of the year.”

Result PDF

Holding Company Kirloskar Industries announced Q4FY23 & FY23 results:

• Consolidated Q4FY23:
  • Total Income at Rs 1,592.1 crore for Q4FY23 vs Rs 1,053.7 crore for Q4FY22; 51% increase YoY
  • PBT at Rs 164.6 crore for Q4FY23 vs Rs 79.1 crore for Q4FY22; 108% increase YoY
  • PAT at Rs 93.1 crore for Q4FY23 vs loss of Rs 4.4 crore for Q4FY22
• Consolidated FY23:
  • Total Income at Rs 6,536.0 crore for FY23 vs Rs 3,820.8 crore for FY22; 71% increase YoY, please note that FY23 includes the performance of our step-down subsidiary ISMT
  • PBT at Rs 657.8 crore for FY23 vs Rs 568.3 crore for FY22; 16% increase YoY
  • PAT at Rs 459.5 crore for FY23 vs Rs 316.2 crore for FY22; 45% increase YoY
• Standalone Q4FY23:
  • Total Income at Rs 40.4 crore for Q4FY23 vs Rs 29.1 crore for Q4FY22; 39% increase YoY
  • PBT at Rs 32.2 crore for Q4FY23 vs Rs 22.5 crore for Q4FY22; 43% increase YoY
  • PAT at Rs 25.0 crore for Q4FY23 vs Rs 16.0 crore for Q4FY22; 57% decrease YoY
• Standalone FY23:
  • Total Income at Rs 118.3 crore for FY23 vs Rs 102.7 crore for FY22; 15% increase YoY
  • PBT at Rs 93.4 crore for FY23 vs Rs 80.1 crore for FY22; 17% increase YoY
  • PAT at Rs 74.1 crore for FY23 vs Rs 60.9 crore for FY22; 22% increase YoY

Commenting on the Q4FY23 and FY23 results, Mahesh Chhabria, Managing Director, KIL, said, “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% stake in Swaraj Engines Limited for an aggregate consideration of approximately Rs 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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Kirloskar Industries announced Q3FY23 results:

• Consolidated Q3FY23:
  • Total income at Rs 1,617.2 crore for Q3FY23 vs Rs 943.1 crore for Q3FY22; 71% increase YoY
  • PBT at Rs 183.6 crore for Q3FY23 vs Rs 113.3 crore for Q3FY22; 62% increase YoY
  • PAT at Rs 132.8 crore for Q3FY23 vs Rs 84.6 crore for Q3FY22; 57% increase YoY
  • Total income at Rs 4,943.9 crore for YTD FY23 vs Rs 2,767.1 crore for YTD FY22; 79% increase YoY, please note that YTD FY 23 included the performance of our step-down subsidiary ISMT Ltd
  • PBT at Rs 493.2 crore for YTD FY23 vs Rs 489.3 crore for YTD FY22; 1% increase YoY
  • PAT at Rs 366.4 crore for YTD FY23 vs Rs 360.4 crore for YTD FY22; 2% increase YoY
• Standalone Q3FY23:
  • Total income at Rs 12.7 crore for Q3FY23 vs Rs 9.8 crore for Q3FY22; 30% increase YoY
  • PBT at Rs 6.9 crore for Q3FY23 vs Rs 4.5 crore for Q3FY22; 55% increase YoY
  • PAT at Rs 4.6 crore for Q3FY23 vs Rs 4.8 crore for Q3FY22; 4% decrease YoY
  • Total income at Rs 77.9 crore for YTD FY23 vs Rs 73.6 crore for YTD FY22; 6% increase YoY
  • PBT at Rs 61.2 crore for YTD FY23 vs Rs 57.6 crore for YTD FY22; 6% increase YoY
  • PAT at Rs 49.1 crore for YTD FY23 vs Rs 44.9 crore for YTD FY22; 9% increase YoY

Commenting on the Q3 and nine months results, Mr. Mahesh Chhabria, Managing Director, KIL, said “This was a steady quarter for KIL. The first commercial project of our subsidiary Avante Spaces Limited is progressing as planned and is expected to be completed in the next financial year. This quarter we also acquired 4.99% of our step-down subsidiary ISMT Limited. All our subsidiaries are performing in line will with our expectations.”

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Kirloskar Industries announced Q2FY23 results:

• Consolidated:
  • Total income at Rs 1,812.1 crore for Q2FY23 vs Rs 992.1 crore for Q2FY22; 83% increase YoY
  • PBT at Rs 182.4 crore for Q2FY23 vs Rs 187.1 crore for Q2FY22; 3% decrease YoY
  • PAT at Rs 130.8 crore for Q2FY23 vs Rs 134.7 crore for Q2FY22; 3% decrease YoY
  • Total income at Rs 3,326.7 crore for H1FY23 vs Rs 1,824.0 crore for H1FY22; 82% increase YoY, please note that H1FY23 included the performance of our step-down subsidiary ISMT Ltd
  • PBT at Rs 309.7 crore for H1FY23 vs Rs 375.9 crore for H1FY22; 18% decrease YoY
  • PAT at Rs 233.7 crore for H1FY23 vs Rs 275.7 crore for H1FY22; 15% decrease YoY
• Standalone:
  • Total income at Rs 56.5 crore for Q2FY23 vs Rs 55.5 crore for Q2FY22; 2% increase YoY
  • PBT at Rs 50.9 crore for Q2FY23 vs Rs 49.5 crore for Q2FY22; 3% increase YoY
  • PAT at Rs 42.1 crore for Q2FY23 vs Rs 37.3 crore for Q2FY22; 13% increase YoY
  • Total Income at Rs 65.2 crore for H1FY23 vs Rs 63.8 crore for H1FY22; 2% increase YoY
  • PBT at Rs 54.3 crore for H1FY23 vs Rs 53.1 crore for H1FY22; 2% increase YoY
  • PAT at Rs 44.5 crore for H1FY23 vs Rs 40.1 crore for H1FY22; 11% increase YoY

Commenting on the Q2 and H1 results, Mr. Mahesh Chhabria, Managing Director, KIL, said “This was a good quarter for Kirloskar industries as we moved ahead on our business plan. We divested our holding in Swaraj Engines Ltd this quarter. We plan to invest the proceeds from this transaction in our business and group companies/subsidiaries, in the due course. Our real estate venture Avante Spaces Ltd. is moving ahead as planned. Also, Kirloskar Ferrous Industries and ISMT announced the merger last week. We are positive on the business prospects of both subsidiaries.”

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Kirloskar Industries announced Q1FY23 Result :

• KIL reports a steady first quarter of FY 2023, with consolidated net profit at INR 103 crore
• Consolidated:
  • Total Income at INR 1,514.6 Cr for Q1 FY23 vs INR 831.9 Cr for Q1 FY 22
  • PBT at INR 127.3 Cr for Q1 FY23 vs INR 188.9 Cr for Q1 FY 22
  • PAT at INR 102.9 Cr for Q1 FY23 vs INR 141.0 Cr for Q1 FY 22
• Standalone:
  • Total Income at INR 8.7 Cr for Q1 FY23 vs INR 8.3 Cr for Q1 FY 22
  • PBT at INR 3.5 Cr for Q1 FY23 vs INR 3.6 Cr for Q1 FY 22
  • PAT at INR 2.4 Cr for Q1 FY23 vs INR 2.9 Cr for Q1 FY 22

Commenting on the Q1 results, Mr. Mahesh Chhabria, Managing Director, KIL, said "This was a steady quarter for Kirloskar Industries Limited. The standalone operations include our windmill business and investment income. The consolidated performance reflects, good performance of our major subsidiary Kirloskar Ferrous Industries Limited (KFIL). Also, this was the first full quarter of operations for our stepdown subsidiary ISMT Limited (acquired in March 2022 by KFIL). The real estate project, undertaken by Avante Spaces Limited (ASL), a Wholly Owned Subsidiary, has progressed as per the plans during the quarter."

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Holding company Kirloskar Industries announced Q4FY22 results:

• FY22 (Consolidated):
  • Total Income at Rs 3,820.1 crore for FY22 vs Rs 2,082.3 crore for FY21
  • PBT at Rs 568.3 crore for FY22 vs Rs 377.7 crore for FY21
  • PAT at Rs 316.2 crore for FY22 vs Rs 311.5 crore for FY21
• FY22 (Standalone):
  • Total Income at Rs 102.7 crore for FY22 vs Rs 58.1 crore for FY21
  • PBT at Rs 80.1 crore for FY22 vs Rs 32.5 crore for FY21
  • PAT at Rs 60.9 crore for FY22 vs Rs 27.2 crore for FY21
• The Board of Directors at its meeting held today has declared a Final Dividend of Rs 10 per equity share of Rs 10 each (i.e.100 percent) for FY22.

Commenting on the Q4 and FY 2022 results, Mr. Mahesh Chhabria, Managing Director, KIL, said ''This was a good quarter for KIL. The standalone business top line grew at 29% as compared to Q4 last year. This was mainly on account of higher dividend income. On the consolidated side, during the quarter our subsidiary Kirloskar Ferrous Industries Limited acquired ISMT Limited to foray into pipe and valueadded steel products. We are confident of value unlocking through these invested companies. On the real estate side, Avante Spaces Limited is progressing as planned."

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