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Pune, July 20 Pump manufacturers Kirloskar Brothers Ltd has posted a 34 per cent drop in its Q1 net profit, at Rs 25.71 crore against Rs 39.09 crore during the same quarter last year. Total income fell by 6 per cent to Rs 321.43 crore (Rs 341.89 crore). Net sales dropped to Rs 315.52 crore from Rs 330.96 crore.

At the 87th annual general meeting of the company, shareholders approved a special resolution authorising the board to offer employee stock options to permanent employees. An ordinary resolution to enable the board to raise the borrowing limit from Rs 150 crore to Rs 500 crore was also passed unanimously.

Mr Sanjay Kirloskar, Chairman, said that the company had sought raising the borrowing limit to implement expansion plans at Kirloskarwadi as well as at Kondhapuri.

KBL was also setting up a new factory for the manufacture of hydel turbines, and the location would soon be finalised. “We have to check what kind of investments this would involve,” he said, adding that capex of Rs 150 crore was planned for the current fiscal.

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