The Hindu Business Line : Kirloskar Oil to develop new products

This would be in the engine segment ranging from below 20 hp to 650 hp, Mr Atul Kirloskar, Chairman and Managing Director, KOEL, said here. Talking to presspersons after the annual general meeting of the company, he said the company's investment in research and development would "probably see an increase ranging between Rs 30-50 crore, up from Rs 11 crore earlier. Capital expenditure, would be Rs 90 crore, up from Rs 70 crore last year. Last year, the company's capex was at Rs 41.9 crore compared to the planned investment of Rs 70 crore.

The planned capex for the current year and the balance from the last fiscal was under review and would be completed soon.

On the first quarter figures of the current fiscal, Mr Kirloskar said revenue was up by 31 per cent at Rs 327.5 crore compared with Rs 249.4 crore last fiscal. This included exports of Rs 35.5 crore (Rs 24.9 crore). Operating profit stood at Rs 21.88 crore, slightly lower, compared to last fiscal (Rs 24.9 crore), mainly due to rise in raw material costs, product mix and lower financial income of Rs 1.92 crore this year as against Rs 7.95 crore last year.

While year-on-year exports registered a 47 per cent increase, the first quarter increase over the comparable period last year was 43 per cent. In addition to developing OEM (original equipment manufacturer) customers, the company had started selling application packages to foreign institutional buyers, he said.

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