Kirloskar Oil Engines Limited a company manufacturing diesel engines, agricultural equipment, and generator reported a steady second quarter and H1 of FY 2024. The company announced today its unaudited financial results for the second quarter and first half of the financial year FY 2024, which ended September 30, 2023.

Commenting on the Q2 results, Gauri Kirloskar, Managing Director, KOEL, said “This quarter, KOEL has shown steady growth, with a 5 per cent year-on-year increase in topline for the quarter and 19 per cent top-line growth in H1. Our B2B segment has a solid order backlog, including CPCB II and CPCB IV+ genset orders”.

Reporting its  Q2 FY24 financial performance (Standalone) Kirloskar reported net sales at ₹1,305 crore for Q2 FY24 vs ₹1,228 crore for Q2 FY23, that is 5 per cent increase Y-o-Y.

The EBITDA is at Rs 109 crore for Q2 FY24 vs ₹115 crore for Q2 FY 23; 5 per cent decrease Y-o-Y. EBITDA margin is at 10.3 per cent for Q2 FY24 vs 11.4 per cent for Q2 FY23. The net profit is at ₹69 crore Q2 FY 24 vs ₹73 crore for Q2 FY23.

Review of H1 FY 24 Financial Performance (Standalone)

The company reported net sales at ₹2,303 crore for H1 FY 24 vs ₹1,942 crore for H1 FY 23; 19 per cent increase Y-o-Y. EBITDA is at ₹271 crore for H1 FY 24 vs ₹219 crore for H1 FY 23 ( 24% increase Y-o-Y).  

Review of Q2 FY 24 Financial Performance (Consolidated)

Revenue from the operation are at ₹1,305 crore for Q2 FY 24 vs ₹1,228 crore for Q2 FY23 that is 6 per cent increase Y-o-Y. The net profit is at ₹88 crore for Q2 FY24 vs ₹83 crore for Q2 FY24 ( 7% increase Y-o-Y).  

“We are preparing for the next emission norms for industrial engines as well. We recently launched the Optiprime and Optiprime hybrid genset series, marking our entry into the HHP (>1500kVA up to 3000kVA) range” said Kirloskar.

She added, “We are receiving good enquiries for these products. On the B2C front, our efforts to stabilise the business have led to improved segment margins as compared to last year. Seeing progress across all our strategic pillars, I am assured that we are on course to achieve our strategic growth objectives.”