Kirloskar Oil Engines Limited (KOEL) (BSE: 533293; NSE: KIRLOSENG), a leader in the manufacturing of engines, agricultural equipment, and generator sets with a sizable presence in international markets, announced today its unaudited financial results for the first quarter June 30, 2023. Commenting on the Q1 FY 2024 results, Gauri Kirloskar, Managing Director, KOEL, said “We commenced the year on a positive note at KOEL. We had a record high first quarter, with standalone revenue of Rs. 1,265 crores. EBITDA margin was at 12.1%. Across the spectrum of KOEL’s Powergen products, we have successfully secured CPCB IV+ emission norms certification, making us the first company in India to achieve comprehensive certification for our entire range. This quarter witnessed substantial advancements in our B2B product lineup, marked by noteworthy product introductions and range expansions.

 

We are excited to enter the HHP range, with the introduction of our OptiPrime range designed with a strong focus on segments such as Data Centres and Infrastructure. OptiPrime is designed to address the fluctuating power requirements of our customers by offering enhanced flexibility and lowering emissions. Meanwhile, on the B2C front (at a consolidated level) we continue to make improvements in profitability. This quarter we delivered a 15% growth in profit on a 4% growth in the opline.”

 

Review of Q1 FY 24 Financial Performance (Standalone)

• Revenue from operations at INR 1,265 Cr for Q1 FY 24 vs. INR 953 Cr for Q1 FY 23; 33% increase YoY

• EBITDA at INR 153 Cr for Q1 FY 24 vs INR 103 Cr for Q1 FY 23; 48% increase YoY

• EBITDA margin at 12.1% for Q1 FY 24 vs 10.8% for Q1 F Y 23

• Net profit at INR 103 for Q1 FY 24 vs INR 65 Cr for Q1 FY 23; 60% increase YoY

• Net cash position* of INR 300 Cr

* Net of debt; includes treasury investments and excludes unclaimed dividends.

 

Review of Q1 FY 24 Financial Performance (Consolidated)

• Revenue from operation at INR 1,543 Cr for Q1 FY 24 vs INR 1,191 Cr for Q1 FY 23; 30% increase YoY

• Net Profit at INR 126 Cr for Q1 FY 24 vs INR 82 Cr for Q1 FY 23; 53% increase YoY