Engine oil maler Kirloskar Oil Engines Limited on Wednesday reported a 26% growth in standalone net profit to Rs 128 crore in the fourth quarter ended March 2024. The Pune-based firm had posted a consolidated net profit of Rs 94 crore in the fourth quarter of FY23, according to a statement.
Its net sales during the quarter under review rose 21% to Rs 1,378 crore from Rs 1,141 crore a year ago, the company said.
For the full fiscal 2023-24, the company's net profit increased 26% to Rs 375 crore against Rs 298 crore delivered in FY23, it added.
Its net sales for FY24 grew 18% to Rs 4,806 crore from Rs 4,073 crore in FY23.
The company also said its full-year export revenue for the first time crossed Rs 500 crore in the previous fiscal.
Undoubtedly, it has been a challenging year operationally, navigating the transitions associated with emission norm changes. However, the company has successfully managed this transition, Kirloskar Oil Engines said.
"This quarter and the entire year have been exceptionally noteworthy for Kirloskar Oil Engines. We achieved our highest-ever quarterly and yearly revenue figures, surpassing Rs 500 crore in international sales for the first time."
"This marks the beginning of our ambitious journey towards becoming a technology-driven leader in the power and energy systems," its Managing Director Gauri Kirloskar said.
The B2B segment growth was backed by strong demand in key sectors like construction, infrastructure and railways, the company said, adding that the efforts focused on enhancing profitability in the B2C segment have yielded substantial improvements.
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