Kirloskar Pneumatic Company Ltd. (KPCL), a prominent player in the air, refrigeration, and gas compression business in India, announced its financial results for Q4 & FY24.
The company's revenue from operations and profit before tax (PBT) for the full year showed year-on-year growth of 7 per cent and 24 per cent respectively. Notably, the net profit after tax soared by over 23 per cent.
Q4 FY24 recorded sales of Rs. 490 crore, representing 59 per cent growth quarter-on-quarter. Sales for FY24 stood at Rs. 1,239 crore, witnessing 7 per cent growth year on year.
Tezcatlipoca, the centrifugal compressor introduced during the year, was well received, and the company has strong orders in the pipeline for scale-up. The other new products, like the Khione refrigeration compressor, Aria-Atmos compressor, and Calana booster compressor, are all in the ramp-up phase, clearly strengthening the market offering of the company.
To address the emerging opportunities in Hydrogen compression, the company has entered into an agreement with PDC Machines LLC, USA, to offer diaphragm compressor packages for various industries and applications.
As of March 31, 2024, the order book stood at Rs. 1,475 crores, reflecting an increase of Rs 325 crore, compared to the same period last year. This represents a 28 per cent growth in orders at the start of the year compared to the previous year. This rise indicates strong market demand and underscores the company's solid position at the start of FY25.
The compression business continues to be around 93 per cent of the company's revenue and remains the only reporting segment.
Review of Q4 FY 2023–24 Financial Performance:
• Revenue from operations of Rs. 490 crores for Q4 FY24 as against Rs. 360 crores for Q4 FY23; 36 per cent growth Y-o-Y
• EBIDTA for Q4 FY24 at 18 per cent (Rs. 89 crore) as against 14 per cent (Rs. 51 crore) for Q4 FY23; improvement of 400 bps
• PBT for Q4 FY24 at Rs. 81 crores as against Rs. 42 crores for Q4 FY23; 93 per cent increase Y-o-Y
• PAT for Q4 FY24 at Rs. 60 crores as against Rs. 32 crores in Q4 FY23, representing an 88 percent increase year on year.
Review of FY 2023–24 Financial Performance:
• Revenue from operations of Rs. 1,323 crores for FY24 as against Rs. 1,239 Crs for FY23; 7 per cent growth Y-o-Y
• EBIDTA for FY24 at 16 per cent (Rs. 213 crore) as against 14 per cent (Rs. 177 crore) for FY23; improvement of 200 bps
• PBT for FY24 at Rs. 178 crores as against Rs. 143 crores for FY23; 24 per cent increase Y-o-Y
• PAT for FY24 at Rs. 133 crores as against Rs. 108 crores for FY23; 23 per cent increase Y-o-Y
• EPS for FY24 at Rs. 20.60 per share against Rs. 16.82 per share in FY23.
DIVIDEND:
• In line with the dividend policy, the Board of Directors has recommended a final dividend @ 200 per cent of Rs. 4/- per share (in addition to interim, divided @ 125 per cent) taking the overall dividend to Rs. 6.50 per share (325 per cent).
