Consolidated net sales
(including other operating income) of Kirloskar Oil Engines for the quarter
ended Sep 2023 has increased 6.25% to Rs 1304.83 crore. Operating profit
margin has jumped from 14.70% to 15.46%, leading to 11.75% rise in operating
profit to Rs 201.76 crore. Raw material cost as a % of total sales
(net of stock adjustments) decreased from 46.43% to 45.82%.
Purchase of finished goods cost fell from 15.74% to 14.38%.
Employee cost increased from 6.38% to 7.71%. Other
expenses rose from 16.80% to 17.01%. Preoperation capitalised
expenses rose from 0.22% to 0.33%. Other income rose 39.01% to Rs
7.84 crore. PBIDT rose 12.58% to Rs 209.6 crore. Provision
for interest rose 58.11% to Rs 74.01 crore. PBDT fell 2.71% to Rs 135.59
crore. Provision for depreciation rose 13.69% to Rs 29.89
crore. Profit before tax down 6.53% to Rs 105.70
crore. Provision for tax was expense of Rs 27.35 crore, compared to
Rs 30.62 crore. Effective tax rate was 25.97% compared to 27.06%.
Minority interest was nil in both the periods. Net profit
attributable to owners of the company decreased 6.96% to Rs 77.97
crore.
- Sales of B2B segment has
gone up 2.78% to Rs 917.59 crore (accounting for 70.32% of total
sales). Sales of B2C segment has gone up 3.29% to Rs 260.41 crore
(accounting for 19.96% of total sales). Sales of Financial Services
segment has gone up 52.35% to Rs 126.83 crore (accounting for 9.72% of total
sales).
- Profit before interest,
tax and other unallocable items (PBIT) has slumped 6.27% to Rs 106.92
crore. PBIT of B2B segment fell 18.78% to Rs 75.54 crore
(accounting for 70.65% of total PBIT). PBIT of B2C reported profit
of Rs 6.33 crore compared to loss of Rs 1.24 crore. PBIT of
Financial Services segment rose 12.33% to Rs 25.05 crore (accounting for 23.43%
of total PBIT).
- PBIT margin of B2B
segment fell from 10.42% to 8.23%. PBIT margin of B2C segment rose
from negative 0.49% to 2.43%. Overall PBIT margin fell from 9.29% to
8.19%. PBIT margin of Financial Services segment fell from 26.79% to
19.75%.
For year-to-date
(YTD) results analysis.
Net sales (including other operating income) of Kirloskar Oil Engines for the
half year ended sep 2023 has increased 17.72% to Rs 2848.2 crore.
Operating profit margin
has jumped from 14.63% to 16.44%, leading to 32.25% rise in operating profit to
Rs 468.25 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 47.12% to 46.93%. Purchase of
finished goods cost fell from 16.63% to 13.67%. Employee cost
increased from 6.35% to 6.74%. Other expenses rose from 15.53% to
16.26%. Preoperation capitalised expenses rose from 0.20% to
0.39%.
Other income rose 30.31%
to Rs 13.93 crore. PBIDT rose 32.19% to Rs 482.18
crore. Provision for interest rose 69.60% to Rs 150.47 crore.
PBDT rose 20.17% to Rs 331.71 crore. Provision for depreciation rose
7.14% to Rs 56.69 crore. Profit before tax grew 23.26% to Rs 275.02
crore. Share of profit/loss was 32.61% lower at Rs 0.31
crore. Provision for tax was expense of Rs 71.83 crore, compared to
Rs 58.99 crore. Effective tax rate was 26.09% compared to 26.38%.
Minority interest was nil in both the periods. Net profit
attributable to owners of the company increased 23.08% to Rs 203.50
crore.
Sales of Financial
Services segment has gone up 58.43% to Rs 255.06 crore (accounting for 8.96% of
total sales). Sales of B2B segment has gone up 18.37% to Rs 2,023.23
crore (accounting for 71.04% of total sales). Sales of B2C segment
has gone up 3.75% to Rs 569.91 crore (accounting for 20.01% of total
sales).
Profit before interest,
tax and other unallocable items (PBIT) has jumped 23.28% to Rs 278.18
crore. PBIT of Financial Services segment rose 8.54% to Rs 46.54
crore (accounting for 16.73% of total PBIT). PBIT of B2B segment
rose 23.15% to Rs 207.93 crore (accounting for 74.75% of total
PBIT). PBIT of B2C segment rose 70.21% to Rs 23.71 crore (accounting
for 8.52% of total PBIT).
PBIT margin of Financial
Services segment fell from 26.64% to 18.25%. PBIT margin of B2B
segment rose from 9.88% to 10.28%. PBIT margin of B2C segment rose
from 2.54% to 4.16%. Overall PBIT margin rose from 9.33% to
9.77%.
Management comment
Commenting on the Q2 results, Gauri Kirloskar, Managing
Director, KOEL, said "This quarter, KOEL has shown steady growth, with a
5% year-on-year increase in top/ine for the quarter and 19% top line growth in
H1. Our 828 segment has a solid order backlog, including CPC8 II and CPC8 IV+
genset orders. 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. We
are receiving good enquiries for these products. On the B2C front, our efforts
to stabilize 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."
Others
Equity capital increased
from Rs 28.92 crore as of 30 September 2022 to Rs 28.98 crore as of 30
September 2023. Per share face Value remained same at Rs
2.00.
Promoters’ stake was
41.23% as of 30 September 2023 ,compared to 59.44% as of 30 September 2022
.
Cash flow from operating
activities increased to negative Rs -144.13 crore for YTD ended September 2023
from negative Rs -273.95 crore for YTD ended September 2022. Cash
flow used in acquiring fixed assets during the YTD ended September 2023 stood
at Rs 160.68 crore, compared to Rs 33.25 crore during the YTD ended September
2022.
Loan funds rose to Rs
3,328.44 crore as of 30 September 2023 from Rs 2,520.00 crore as of 30
September 2022. Inventories rose to Rs 645.14 crore as of 30
September 2023 from Rs 474.00 crore as of 30 September 2022. Sundry
debtors were higher at Rs 551.84 crore as of 30 September 2023 compared to Rs
530.53 crore as of 30 September 2022. Cash and bank balance rose to
Rs 458.62 crore as of 30 September 2023 from Rs 259.56 crore as of 30 September
2022. Investments declined from Rs 671.64 crore as of 30 September
2022 to Rs 263.34 crore as of 30 September 2023. Fixed assets increased
to Rs 514.23 crore as of 30 September 2023 from Rs 458.13 crore as of 30
September 2022. Intangible assets increased from Rs 288.85 crore to
Rs 310.95 crore.
| Kirloskar Oil Engines : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202309 | 202209 | Var.(%) | 202309 | 202209 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,304.83 | 1,228.12 | 6.25 | 2,848.20 | 2,419.53 | 17.72 | 5,023.80 | 4,021.98 | 24.91 | | OPM (%) | 15.46 | 14.70 | 76 bps | 16.44 | 14.63 | 181 bps | 14.66 | 10.25 | 441 bps | | OP | 201.76 | 180.54 | 11.75 | 468.25 | 354.06 | 32.25 | 736.52 | 412.15 | 78.70 | | Other Inc. | 7.84 | 5.64 | 39.01 | 13.93 | 10.69 | 30.31 | 25.69 | 26.73 | -3.89 | | PBIDT | 209.60 | 186.18 | 12.58 | 482.18 | 364.75 | 32.19 | 762.21 | 438.88 | 73.67 | | Interest | 74.01 | 46.81 | 58.11 | 150.47 | 88.72 | 69.60 | 209.89 | 106.03 | 97.95 | | PBDT | 135.59 | 139.37 | -2.71 | 331.71 | 276.03 | 20.17 | 552.32 | 332.85 | 65.94 | | Depreciation | 29.89 | 26.29 | 13.69 | 56.69 | 52.91 | 7.14 | 104.66 | 101.29 | 3.33 | | PBT | 105.70 | 113.08 | -6.53 | 275.02 | 223.12 | 23.26 | 447.66 | 231.56 | 93.32 | | Share of Profit/(Loss) from Associates | -0.38 | 0.07 | PL | 0.31 | 0.46 | -32.61 | 1.27 | 0.32 | 296.88 | | PBT before EO | 105.32 | 113.15 | -6.92 | 275.33 | 223.58 | 23.15 | 448.93 | 231.88 | 93.60 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 105.32 | 113.15 | -6.92 | 275.33 | 223.58 | 23.15 | 448.93 | 231.88 | 93.60 | | Taxation | 27.35 | 30.62 | -10.68 | 71.83 | 58.99 | 21.77 | 117.28 | 61.01 | 92.23 | | PAT | 77.97 | 82.53 | -5.53 | 203.5 | 164.59 | 23.64 | 331.65 | 170.87 | 94.09 | | Minority Interest (MI) | 0 | -1.27 | - | 0 | -0.75 | - | -0.75 | -3.65 | 79.45 | | Net profit | 77.97 | 83.8 | -6.96 | 203.5 | 165.34 | 23.08 | 332.4 | 174.52 | 90.47 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 77.97 | 83.8 | -6.96 | 203.5 | 165.34 | 23.08 | 332.4 | 174.52 | 90.47 | | EPS (Rs)* | 5.38 | 5.78 | -6.96 | 14.04 | 11.41 | 23.08 | 22.94 | 12.04 | 90.47 | | | * EPS is on current equity of Rs 28.98 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Kirloskar Oil Engines : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202309 | 202209 | Var.(%) | % of (Total) | 202309 | 202209 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | Engines | 0.00 | 0.00 | 0.00 | - | | Electric Pumps | 0.00 | 0.00 | 0.00 | - | | Others | 0.00 | 0.00 | 0.00 | - | | Financial Services | 9.72 | 126.83 | 83.25 | 52.35 | 8.96 | 255.06 | 160.99 | 58.43 | 7.38 | 370.79 | 201.48 | 84.03 | | B2B | 70.32 | 917.59 | 892.76 | 2.78 | 71.04 | 2,023.23 | 1,709.24 | 18.37 | 71.30 | 3,582.14 | 2,818.01 | 27.12 | | B2C | 19.96 | 260.41 | 252.11 | 3.29 | 20.01 | 569.91 | 549.30 | 3.75 | 21.32 | 1,070.87 | 1,002.49 | 6.82 | | Total Reported Sales | 100.00 | 1,304.83 | 1,228.12 | 6.25 | 100.00 | 2,848.20 | 2,419.53 | 17.72 | 100.00 | 5,023.80 | 4,021.98 | 24.91 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 1,304.83 | 1,228.12 | 6.25 | 100.00 | 2,848.20 | 2,419.53 | 17.72 | 100.00 | 5,023.80 | 4,021.98 | 24.91 | | PBIT | | Engines | 0.00 | 0.00 | 0.00 | - | | Electric Pumps | 0.00 | 0.00 | 0.00 | - | | Others | 0.00 | 0.00 | 0.00 | - | | Financial Services | 23.43 | 25.05 | 22.30 | 12.33 | 16.73 | 46.54 | 42.88 | 8.54 | 18.37 | 82.27 | 40.82 | 101.54 | | B2B | 70.65 | 75.54 | 93.01 | -18.78 | 74.75 | 207.93 | 168.84 | 23.15 | 75.13 | 336.49 | 203.89 | 65.04 | | B2C | 5.92 | 6.33 | -1.24 | LP | 8.52 | 23.71 | 13.93 | 70.21 | 6.50 | 29.09 | -7.68 | LP | | Total PBIT | 100.00 | 106.92 | 114.07 | -6.27 | 100.00 | 278.18 | 225.65 | 23.28 | 100.00 | 447.85 | 237.03 | 88.94 | | Less : Interest | | 3.04 | 3.60 | -15.56 | | 5.92 | 7.19 | -17.66 | | 13.73 | 14.29 | -3.92 | | Add: Other un-allcoable | | 1.44 | 2.68 | -46.27 | | 3.07 | 5.12 | -40.04 | | 14.81 | 9.14 | 62.04 | | PBIT Margin(%) | | Engines | | 0.00 | 0.00 | 0.00 | | Electric Pumps | | 0.00 | 0.00 | 0.00 | | Others | | 0.00 | 0.00 | 0.00 | | Financial Services | | 19.75 | 26.79 | -703.59 | | 18.25 | 26.64 | -838.85 | | 22.19 | 20.26 | 192.77 | | B2B | | 8.23 | 10.42 | -218.58 | | 10.28 | 9.88 | 39.91 | | 9.39 | 7.24 | 215.83 | | B2C | | 2.43 | -0.49 | 292.26 | | 4.16 | 2.54 | 162.44 | | 2.72 | -0.77 | 348.26 | | PBT | 100.00 | 105.32 | 113.15 | -6.92 | 100.00 | 275.33 | 223.58 | 23.15 | 100.00 | 448.93 | 231.88 | 93.60 |
|
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