Kirloskar Industries reports mixed financial results for FY24

TAGS

Kirloskar Industries Ltd (KIL), a prominent player on the Bombay Stock Exchange (BSE: 500243) and the National Stock Exchange of Limited (NSE: KIRLOSIND), today disclosed its financial outcomes for the fourth quarter and the fiscal year ending March 31, 2024. Despite facing challenges in some sectors, the company celebrated milestones in its real estate division and saw an overall complex financial landscape during the period.

Kirloskar Industries Q4 and Full Year Financial Overview

For the fourth quarter of FY24, reported a total income of INR 1,736.44 crore, marking a 9.11% increase from the previous year. However, the profit after tax (PAT) for the quarter saw a decline of 23.82%, totaling INR 70.99 crore. The annual figures showed a more pronounced decrease, with the total income for FY24 at INR 6,411.65 crore, down by 1.85% from the previous year, and PAT decreased by 21.50% to INR 360.73 crore.

See also  TATA Projects ropes in Vinayak Pai as new managing director

Highlights from Subsidiaries

The real estate sector, under the wholly owned subsidiary Avante Spaces Limited (ASL), highlighted its first project, “One Avante” in Kothrud, contributing positively to the consolidated performance. ASL is now gearing up for its second project, aiming for timely completion despite facing labor market challenges and approval delays. Conversely, Kirloskar Ferrous Industries Ltd. (KFIL), another subsidiary, faced subdued demand in the tractor industry and lower pig iron realization, impacting the overall financial performance negatively.

See also  Aviva plc finalizes disposal of stake in Singlife for £937m

Leadership Commentary

Mahesh Chhabria, Managing Director of KIL, expressed his views on the fiscal year, “We are delighted to announce our fourth quarter and full year results. This quarter marks a significant milestone as our real estate business has recognized revenue from its first project. Despite the challenges faced by KFIL, we are hopeful for the successful completion of the KFIL-ISMT merger, which is expected soon.”

The financial performance of Kirloskar Industries reflects the volatile nature of the market segments it operates in. The real estate achievements show promising growth potential, while the struggles in the manufacturing sector highlight the challenges faced by traditional industries in adapting to market demands. The ongoing merger between KFIL and ISMT could pave the way for more streamlined operations and potential recovery in the coming periods.


Discover more from Business-News-Today.com

Subscribe to get the latest posts sent to your email.

CATEGORIES
TAGS
Share This