Kirloskar Oil Engines Limited (KOEL), a leader in the manufacturing of internal combustion engines, agricultural equipment, and generator sets with a sizable presence in international markets, announced its unaudited financial results for the third quarter of the financial year 2024, ended December 31, 2023.
Commenting on the Q3 results, Gauri Kirloskar, Managing Director, Kirloskar Oil Engines, said “This was a good quarter for Kirloskar Oil Engines, evident in both financial achievements and significant progress in key strategic initiatives.
As part of our Global Power Generation business, we have appointed key GOEM partners in the MENA and North American regions during the quarter. This is a strategic step towards business expansion and facilitating market development in international markets. On the domestic front, we continued to see strong demand and are fulfilling our orders for both CPCBII and CPCBIV+ gensets. For our Industrial business, we saw strong demand from the construction and railway segments. Additionally, we secured a significant order in the defence and nuclear segment, worth Rs. 768 Cr from Nuclear Power Corporation of India Limited. This order stands as the largest single order ever received by Kirloskar Oil Engines. For our Distribution & Aftermarket business, enhancing our service penetration is a strategic priority and we are working towards growing our service capabilities.
Through various strategic initiatives on the B2C side, we are seeing a substantial improvement in profitability. With continued strength in domestic demand, I am confident that we are well-positioned on our 2X-3Y strategy path."
Review of Q3 FY 24 Financial Performance (Standalone):
Net sales at INR 1,125 Cr for Q3 FY 24 vs INR 990 Cr for Q3 FY 23; 14% increase Y-o-Y. EBITDA at INR 133 Cr for Q3 FY 24 vs INR 109 Cr for Q3 FY 23; 21% increase Y-o-Y. EBITDA margin at 11.7% for Q3 FY 24 vs 10.9% for Q3 FY 23. Net profit at INR 82 Cr Q3 FY 24 vs INR 68 Cr for Q3 FY 23; 21% increase Y-o-Y. Cash and cash equivalents* of INR 78 CrNet of debt; includes treasury investments and excludes unclaimed dividends.
Review of YTD FY 24 Financial Performance (Standalone): Net sales at INR 3,428 Cr for YTD FY 24 vs INR 2,932 Cr for YTD FY 23; 17% increase Y-o-. YEBITDA at INR 386 Cr for YTD FY 24 vs INR 328 Cr for YTD FY 23; 18% increase Y-o-Y . EBITDA margin at 11.2% for YTD FY 24 vs 11.1% for YTD FY 23 Net profit at INR 244 Cr for. YTD FY 24 vs INR 205 Cr for YTD FY 23; 19% increase Y-o-Y
Review of Q3 FY 24 Financial Performance (Consolidated): Revenue from operations at INR 1,390 Cr for Q3 FY 24 vs INR 1,220 Cr for Q3 FY 23; 14% increase Y-o-Y. Net profit# at INR 89 Cr for Q3 FY 24 vs INR 88 Cr for Q3 FY 23; 1% increase Y-o-Y.
Review of YTD FY 24 Financial Performance (Consolidated): Revenue from operations at INR 4,238 Cr for YTD FY 24 vs INR 3,640 Cr for YTD FY 23; 16% increase Y-o-Y. Net profit# at INR 293 Cr for YTD FY 24 vs INR 253 Cr for YTD FY 23; 16% increase Y-o-Y
