The standalone net sales of Kirloskar Oil Engines Limited (KOEL) grew at 30 per cent and net profit lower by 9 per cent for the nine months of FY22.
The company reported net sales at ₹2,286.1 crore for nine months of FY22 vs ₹1,759.3 crore for nine months of FY21, a 30 increase Y-o-Y.
KOEL a leader in the manufacturing of diesel engines, agricultural equipment and generator sets with a sizeable presence in international markets, announced today its financial results for the third quarter and nine months of FY 22, ended December 31, 2021.
Strategic growth
Commenting on the Q3 FY 22 results, Atul Kirloskar, Executive Chairman, KOEL, said “Kirloskar Oil Engines continued its progress in the strategic growth areas of High Horse Power, electric pumps, off highway and tractor engines, weeders in the domestic markets and Industrial and firefighting segments in the chosen export markets”
He added “We are witnessing good traction in healthcare segment, infra development and schemes like Jal Jeevan mission. BS IV transition and ramp-up has been executed smoothly. Despite the near-term margin pressures, KOEL continues its focus on long-term priority projects like cleaner engines, gas-based products and new platform products which are expected to be in market in the near future.”
The company reported net sales at ₹829.1 crore for Q3 FY 22 vs ₹817.8 crore for Q2 FY 22. Net profit is reported at ₹25.3 crore for Q3 FY 22 vs ₹38.7 crore for Q2 FY22. This is 35 per cent decrease Q-o-Q.
The company continues to have strong liquidity position with cash and cash equivalents of ₹420.7 crore.