Kirloskar Industries Q2 profit jumps 79% to Rs 135 cr

Windmill power generation firm Kirloskar Industries on Saturday reported 79 per cent jump in consolidated net profit from continuing operations at Rs 134.72 crore for September quarter 2021-22 on the back of higher revenue.

The company had posted a net profit from continuing operations at Rs 75.13 crore for the same period last fiscal year, Kirloskar Industries Ltd (KIL) said in a regulatory filing.

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Total revenue from operations during the period under review stood at Rs 985.2 crore as against Rs 497.48 crore in the year-ago period.

Total expenses were at Rs 804.96 crore as compared to Rs 407.58 crore in the corresponding quarter last fiscal year. Cost of materials consumed was Rs 575.18 crore as against Rs 250.78 crore in the year-ago period, the company added.

Commenting on the performance, KIL Managing Director Mahesh Chhabria said,"We are pleased with our Q2 FY 2022 performance with 97 per cent growth in total income and 79 per cent growth in net profit at consolidated level."

On the subsidiaries side, he said Kirloskar Ferrous Industries Ltd (KFIL) reported a strong performance in Q2. The projects undertaken for the real estate subsidiary Avante Spaces Limited are progressing as planned, he added.

"With this, we are positive about the growth plans we have set (for) the company," Chhabria said.

In the first half (April-September) of the fiscal, the consolidated net profit from continuing operations stood at Rs 275.74 crore as compared to Rs 59.37 crore in the same period last fiscal year.

Total revenue from operations in the six-month period was at Rs 1,809.46 crore as compared to Rs 712.2 crore in the corresponding period a year ago, the company said.