Kirloskar Oil gains 10% after strong June quarter earnings

The firm reported a 53-percent jump in consolidated net profit at Rs 126 crore in the June quarter, up from Rs 82 crore a year ago.

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Shares of Kirloskar Oil Engines Ltd jumped over 10 percent after the company reported better than expected earnings. At 10am, the stock was trading at Rs 486 on the BSE, up 10.2 percent from its previous close.

The firm reported a 53-percent jump in consolidated net profit at Rs 126 crore in the June quarter, up from Rs 82 crore a year ago. Revenue for the first quarter of the current fiscal was Rs 1,543 crore compared to Rs 1,191 crore last year, registering a 30-percent increase.

The company’s managing director Gauri Kirloskar said it has secured Central Pollution Control Board IV+ emission norms certification for its Powergen products, making it the first company in India to achieve comprehensive certification for its entire range.

EBITDA was at Rs 153 crore for the first quarter of FY 24 versus Rs 103 crore a year ago, signifying a 48-percent  increase YoY. EBITDA margin at 12.1 percent for the June quarter is up from 10.8 percent last year.  Net cash position was at Rs 300 crore for the quarter.

“We commenced the year on a positive note. This quarter witnessed substantial advancements in our B2B product lineup, marked by noteworthy product introductions and range expansions,” Kirloskar said.

“On the B2C front (at a consolidated level), the company continues to make improvements in profitability. This quarter, we delivered a 15 per cent growth in profit on a 4 per cent growth in topline,” she said. The company has also entered the high horsepower (HHP) range, with the introduction of its OptiPrime range, designed with a focus on segments such as data centres and infrastructure, Kirloskar added.

Recently, a huge block deal was seen on the stock where promoters sold nearly 18 percent stake in the company with 10 investors picking up shares worth Rs 636 crore.

Promoters Jyotsna Gautam Kulkarni, Ambar Gautam Kulkarni, and Nihal Gautam Kulkarni sold 2.56 crore shares via open market transactions, as per bulk deals data available with the exchanges.

These shares, representing 17.7 percent of the total paid-up equity of Kirloskar Oil, were sold at an average price of Rs 322 per share and are worth Rs 825.06 crore.