Kirloskar Industries PAT up 57%, net income up 71% in Q3, 50% dividend declared
With a market valuation of ₹2,092.92 Cr, Kirloskar Industries Ltd. is a small-cap company that engages in the industrial industry. The business has made a name for itself in the wind energy generation industry. Today, the corporation announced its third-quarter results and a 50% dividend for the fiscal year 2022-2023.
Kirloskar Industries said in a stock exchange filing that the Board of Directors “has declared an Interim Dividend of ₹2.50 per equity share of ₹5 each (i.e. 50 percent) for the financial year 2022–2023. The Record Date has been fixed as 17th February 2023 for the purpose of ascertaining list of members entitled to the Interim Dividend.”
On a consolidated basis, the company reported a net income of ₹1,617.2 Cr for Q3 FY23 against INR 943.1 Cr for Q3 FY22; a 71% increase Y-o-Y, whereas the company’s profit before tax (PBT) reached ₹183.6 Cr for Q3 FY23 compared to INR 113.3 Cr for Q3 FY22, representing a growth of 62% Y-o-Y. The company recorded a net profit of ₹132.8 Cr for Q3 FY23 compared to INR 84.6 Cr for Q3 FY22, representing a growth of 57% Y-o-Y.
On a standalone basis, the net income of Kirloskar Industries reached INR 12.7 Cr for Q3 FY23 against INR 9.8 Cr for Q3 FY22, representing a growth of 30% Y-o-Y, whereas the company’s profit before tax (PBT) reached ₹6.9 Cr for the quarter ended December 2022 vs INR 4.5 Cr for the quarter ended December 2021, representing a growth of 55% Y-o-Y. The standalone net profit of Kirloskar Ind stood at ₹4.6 Cr for Q3 FY23 against INR 4.8 Cr for Q3 FY22, representing a fall of 4% Y-o-Y.
Commenting on the Q3 and nine months results, Mr.Mahesh Chhabria, Managing Director, KIL, said “This was a good quarter for Kirloskar industries as we moved ahead on our business plan. We divested our holding in Swaraj Engines Ltd this quarter. We plan to invest the proceeds from this transaction in our business and group companies/subsidiaries, in the due course. Our real estate venture Avante Spaces Ltd. is moving ahead as planned. Also, Kirloskar Ferrous Industries and ISMT announced the merger last week. We are positive on the business prospects of both subsidiaries.”
On Friday the shares of Kirloskar Industries closed on the NSE at ₹2,110 apiece level, up by 0.17% from the previous close of ₹2,106.45.
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