Kirloskar Inds Q3 PAT slides 21% YoY to Rs 105 cr

Kirloskar Industries reported 21.10% decline in consolidated net profit to Rs 105.13 crore in Q3 FY24 as against Rs 133.05 crore in Q3 FY23.

Revenue from operations fell 3.27% year-on-year (YoY) to Rs 1,553.52 crore in Q3 FY24.

Profit before tax (PBT) stood at Rs 148.45 crore in Q3 FY23, down 19.40% YoY in Q3 FY24.

Total expenses fell 0.92% YoY to Rs 1,419.64 crore in quarter ended 31 December 2023. Cost of materials consumed was at Rs 844.70 crore (down 8.37% YoY) and employee expense was Rs 94.38 crore (up 13.99 %) during the quarter.

Mahesh Chhabria, Managing Director, KIL, said We are pleased to announce the third quarter results our subsidiary, KFIL, performed well despite of the headwinds in the input commodity prices and slowdown in the tractor industry. KFIL-ISMT merger is on course, and we anticipate the completion in accordance with 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."

Kirloskar Industries (KIL) is engaged in the business of wind power generation, investments (securities and properties) and real estate activities. The company has windmills in Maharashtra.

Kirloskar Industries fell 1.01% to end at Rs 4,153.55 on the BSE as on 9 February 2024. The scrip hit an all-time high at Rs 4,249.95 in intraday today.

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