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Heavy Electrical Equipment company Kirloskar Oil Engines announced Q2FY24 & H1FY24 results:
1. Q2FY24 Standalone Results:
- Net sales increased by 5% YoY, reaching Rs 1,305 crore.
- EBITDA decreased by 5% YoY, amounting to Rs 109 crore.
- EBITDA margin stood at 10.3%.
- Net profit decreased by 5% YoY, totaling Rs 69 crore.
2. H1FY24 Standalone Results:
- Net sales increased by 19% YoY, reaching Rs 2,303 crore.
- EBITDA increased by 24% YoY, amounting to Rs 271 crore.
- EBITDA margin stood at 11.7%.
- Net profit increased by 31% YoY, totaling Rs 180 crore.
3. Q2FY24 Consolidated Results:
- Revenue from operations increased by 6% YoY, reaching Rs 1,305 crore.
- Net profit increased by 7% YoY, totaling Rs 88 crore.
4. H1FY24 Consolidated Results:
- Revenue from operations increased by 18% YoY, reaching Rs 2,848 crore.
- Net profit increased by 35% YoY, totaling Rs 222 crore.
Business Overview:
1. Solid Order Backlog in B2B Segment:
- KOEL has a strong order backlog in the B2B segment, including CPCB II and CPCB IV genset orders.
- The company is also preparing for the upcoming emission norms for industrial engines.
2. Entry into the HHP Range with Optiprime and Optiprime Hybrid Genset Series:
- KOEL recently launched the Optiprime and Optiprime hybrid genset series, marking its entry into the high horsepower (HHP) range (above 1500kVA up to 3000kVA).
- The company is receiving good enquiries for these products, indicating a positive market response.
3. Stabilization Efforts in B2C Segment:
- KOEL's efforts to stabilize the B2C segment have led to improved segment margins compared to the previous year.
- This indicates progress in the company's strategy to strengthen its position in the B2C market.
Commenting on the Q2 results, Gauri Kirloskar, Managing Director, KOEL, said, "This quarter, KOEL has shown steady growth, with a 5% year-on-year increase in top/ine for the quarter and 19% top-line growth in H1. Our 828 segment has a solid order backlog, including CPC8 II and CPC8 IV genset orders. We are preparing for the next emission norms for industrial engines as well. We recently launched the Optiprime and Optiprime hybrid genset series, marking our entry into the HHP (>1500kVA up to 3000kVA) range. We are receiving good enquiries for these products. On the B2C front, our efforts to stabilize the business have led to improved segment margins as compared to last year. Seeing progress across all our strategic pillars, I am assured that we are on course to achieve our strategic growth objectives."
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