While presenting a review of Q1-FY23 (financial performance–consolidated), KOEL reported a revenue of ₹1,191.4 crore from operations for Q1-FY23, against ₹820.8 crore for Q1 -FY22, translating as a 45 per cent increase y-o-y , and 1 per cent increase q-o-q. Net profit was recorded at ₹82.1 crore for the same quarter against ₹32.3 crore for Q1 FY22, indicating a 154 per cent increase y-o-y and 21 per cent increase q-o-q. The Company clocked a PAT margin is at 6.9 per cent for Q1 against 3.9 per cent for Q1-FY22 and 5.7 per cent for Q4-FY22.
While reporting the first quarters financial performance (standalone), the Company announced net sales at ₹943.8 crore against ₹639.2 crore for Q1-FY22, showing a 48 per cent increase y-o-y and 4% decrease q-o-q. EBITDA was recorded at ₹103.4 crore against ₹49 crore for Q1-FY22. This is 111 per cent increase y-o-y and 1 per cent increase q-o-q.
EBITDA margin was recorded at 10.8 per cent for Q1 versus 7.6 per cent for Q1-FY22 and 10.4 per cent for Q4-FY22. The Company clocked a net profit at ₹64.6 crore for Q1 versus ₹24.5 crore for Q1-FY22; 164 per cent increase y-o-y and 46 per cent decrease q-o-q.
Strong liquidity position
“Please note that Q4-FY22 had an exceptional income of ₹52.7 crore pre-tax, cash and cash equivalents of ₹405.6 crore. This demonstrates the Company’s strong liquidity position,” the Company added in press note.
Gauri Kirloskar, Managing Director, KOEL, said in a press statement, “Kirloskar Oil Engines delivered both on sales and profitability expectations in this quarter. Power generation, industrial engines, spare parts, tractor engines and electric pump businesses performed well, as the team pulled together to cater to robust demand while overcoming a rather challenging supply situation.”
She added, “The opening of the services sector, continued infrastructure thrust of the government, good monsoon prospects and growing energy needs of our country signal positive momentum for our business going forward. Our international business is also gaining traction across all key focus markets. We have started preparing for the next emission norms upgrade in the domestic PowerGen market as well as introducing alternate fuel engines. With that, we are also confident of gaining traction in the most advanced emission norms-driven markets.”