Kirloskar Industries Ltd., an industrial products company, has announced its Q4FY24 and FY24 results, showing a mixed performance across standalone and consolidated financials.
Standalone Financial Highlights:
Total Income (Q4FY24): ₹40.65 crore (2.08% YoY increase)
PAT (Q4FY24): ₹22.23 crore (11.36% YoY decrease)
Total Income (FY24): ₹133.51 crore (16.10% YoY increase)
PAT (FY24): ₹74.64 crore (0.70% YoY increase)
Consolidated Financial Highlights:
Total Income (Q4FY24): ₹1,736.44 crore (9.11% YoY increase)
PAT (Q4FY24): ₹70.99 crore (23.82% YoY decrease)
Total Income (FY24): ₹6,411.65 crore (1.85% YoY decrease)
PAT (FY24): ₹360.73 crore (21.50% YoY decrease)
Key Points:
Mixed Results: While the standalone financials showed modest growth in total income for both Q4 and FY24, the consolidated results saw a decline in PAT for both periods.
Revenue Recognition: Avante Spaces Limited (ASL), a 100% subsidiary of KIL in the real estate business, recognized revenue from its first project "One Avante" in Kothrud, Pune. This is now reflected in the consolidated performance.
Challenges Faced by Subsidiary: Kirloskar Ferrous Industries Ltd. (KFIL), a subsidiary of KIL, faced challenges due to subdued demand in the tractor industry and lower pig iron realization, leading to a dip in consolidated revenue.
Merger Progress: The KFIL-ISMT merger is progressing well and is expected to be completed soon.
Management Commentary: Mahesh Chhabria, Managing Director of KIL, expressed optimism about the future, emphasizing the company's focus on executing the second real estate project and completing the KFIL-ISMT merger.
For further information:
ICICI Direct Analysis: https://www.icicidirect.com/research/equity/rapid-results/kirloskar-industries-ltd
Kirloskar Industries Ltd. Investor Relations: https://www.kirloskarindustries.com/investors
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