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Anand Rathi Report
On a lower base, except large engines, all Kirloskar Oil Engines Ltd.'s divisions grew in Q1 FY22, though less than expected on the more than anticipated second wave impact.
Revenue was Rs 6.5 billion. Post-June, business began to pick up and recovery would be stronger from Q2.
Lower capacity utilisation, higher raw material prices and an unfavourable product mix led to the lower Ebitda margin to 7.6%.
We believe passing of raw material cost, cost controls and greater productivity will improve the margin.
With the government's focus on infrastructure, Atma Nirbhar and a strong end-user-demand pick-up, we expect better growth in the medium to longer term.
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