- Kirloskar Pneumatic's Q2 net profit declined 8% to Rs 40 crore year-on-year
- Consolidated revenue fell 15.6% to Rs 326.3 crore in the September quarter
- EBITDA dropped 30.4% to Rs 40.7 crore; EBITDA margin fell to 12.5%
Kirloskar Pneumatic Co. reported an 8% decline in consolidated net profit for the September quarter. Lower sales and a sharp fall in operating profit weighed on earnings, and a one-time gain from a land deal only partly made up for that.
Profit attributable to shareholders was Rs 40 crore in the second quarter of fiscal 2027, down from Rs 43.5 crore a year earlier, according to an exchange filing on Tuesday.
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Kirloskar Pneumatic Q2 FY27 Highlights (Consolidated, YoY)
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- Revenue down 15.6% at Rs 326.3 crore vs Rs 386.4 crore.
- Ebitda down 30.4% at Rs 40.7 crore vs Rs 58.5 crore.
- Ebitda margin at 12.5% vs 15.1%.
- Net profit down 8% at Rs 40 crore vs Rs 43.5 crore.
The bottom line included an exceptional gain of Rs 11 crore. Maharashtra State Infrastructure Development Corporation acquired 7,200 square metres of the company's land in Nashik for a proposed ring road project. Without that gain, profit before exceptional items and tax fell 31% to Rs 39.5 crore from Rs 57.4 crore a year ago.
Employee costs rose even as sales fell, with employee benefit expenses increasing nearly 14% to Rs 56.9 crore.
Revenue from the mainstay compression systems business fell 13.4% to Rs 307.1 crore, and the segment's profit dropped by a similar margin to Rs 61.5 crore. Revenue from the company's other businesses shrank 39% to Rs 19.2 crore.
Compared with the previous quarter, revenue rose 7.7% and profit was up about 20%.
For the first half of the fiscal, revenue declined 5.8% to Rs 629.4 crore, while profit attributable to shareholders rose 4.7% to Rs 73.4 crore.
The board also approved the allotment of 9,700 equity shares to employees under the company's 2019 stock option scheme. This takes the paid-up share capital to about Rs 13 crore.
During the quarter, the company bought a 99.49% stake in Kirloskar South East Asia Co. for about Rs 4.9 crore, making it a subsidiary. Earlier in the fiscal, it took its holding in Systems and Components India Pvt. to 100% for Rs 12.6 crore.
Shares of Kirloskar Pneumatic fell as much as 11.4% to Rs 526.30 apiece after the results were announced. At 2:41 p.m., the stock was trading 8.97% lower at Rs 540.70, compared with Monday's close of Rs 594.
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