Kirloskar Pneumatic shares were down by 2 percent on July 20, after the company reported an 11.04 percent decline YoY (year-on-year) in its operational revenue at Rs 242.22 crore against Rs 272.28 crore reported in Q1FY23. Sequentially, the revenue was down by 32.7 percent from Rs 360 crore reported in Q4FY23.
At 3.30 pm market close, the stock was at Rs 646.05 apiece, down by Rs 13.10, or 1.99 percent on the NSE.
The net profit reported by the company for Q1FY24 was up 10 percent at Rs 17.93 crore against Rs 16.27 crore in the corresponding quarter of the previous fiscal. However, PAT (profit-after-taxes), barring the non-operational other income, declined by 15.5 percent YoY from Rs 14.44 crore in Q1FY23 to Rs 12.19 crore in Q1FY24. Sequentially, the PAT barring other income, came down by 58.6 percent from Rs 29.50 reported in Q4FY23.
EBITDA (earnings-before-interest-taxes-depreciation and ammortisation) margins stood at 13 percent of the total income in the quarter under review, up by 210 basis points from 10.9 percent in Q1FY23.
In a separate filing, the company observed that lack of export orders and muted pace of clearance for installation of CNG (compressed-natural-gas) packages in its business verticals, dented its revenue for the recently ended quarter. “However order booking was satisfactory in Q1 taking the orders in hand as of 30th June 23 to about Rs 1,350 crore. This will allow the Company to deliver a sales growth over the previous year,” it noted.
Kirloskar Pneumatic Limited, part of the larger Kirloskar Group, is primarily engaged in manufacturing air compressors, compressed air systems and industrial process gas systems. It has also recently ventured into the production of gear-boxes for wind turbines and developing transmission mechanisms for railways. A segment leader in manufacturing of compression systems, it derives 94 percent of its revenue from the segment.
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