KIL’s Managing Director, Mahesh Chhabria, expressed satisfaction with the company’s financial results for the fourth quarter and the entire fiscal year 2022-23. KIL’s strategic focus on the real estate business, including its subsidiary Avante Spaces Limited, proved fruitful, with the management aiming to optimize returns on their investment portfolio.
During the year, KIL successfully divested its 17.41% stake in Swaraj Engines Limited, generating an aggregate consideration of approximately INR 296 crore. Additionally, the board has approved the sale of the windmill business to their step-down subsidiary, ISMT Limited, pending necessary approvals. Notably, Avante Spaces Limited’s first commercial project is progressing well, with around 1.2 lakh sq ft area already sold.
The financial performance highlights for Q4 and FY 2022-23 on a consolidated basis include a substantial increase in total income by 51% YoY in Q4, with a remarkable net profit of INR 93.1 crore in Q4 FY23 compared to a loss in the previous year. Furthermore, for the entire fiscal year, KIL witnessed a 71% YoY increase in total income, with a significant net profit of INR 459.5 crore.
On a standalone basis, KIL’s Q4 performance displayed a 39% YoY increase in total income, with a commendable net profit of INR 25.0 crore. For the full fiscal year, KIL achieved a 15% YoY increase in total income and a remarkable net profit of INR 74.1 crore.
KIL’s outstanding financial performance reflects their successful reorientation and strategic decisions, positioning the company for continued growth and success in the future.