Kirloskar Pneumatic Company Ltd, a major player in Air, Refrigeration & Gas Compression business in India, announced its financial results for the third quarter of financial year FY 2022 ended 31st Dec 2021.
Q3 is traditionally a truncated quarter with block closure for Diwali. This was further impacted by supply chain challenges for inputs from Europe and Asia – including Controllers, HMI’s etc arising out of chip shortages and Covid impact on operations in this part of the world. Yet in all this, the company continued to deliver compressors and compression systems for all critical areas – Oxygen plants, CNG stations, Petro-chemical plants, Pharma companies, Cold storage etc. Several shipments were deferred on account of sites not being ready and this will be completed in Q4.
During the third quarter, the Company completed most of the orders for Oxygen compressors and also had most of them commissioned and ready for operations. Shipment and commissioning of CNG compressors was impacted due to non-readiness of the sites with the gas companies. Export shipments were also deferred to Q4 due to Omicron impact. The company, in the meanwhile has built up the plants for execution in Q4.
The Company inaugurated its new Process Gas Plant of 1,400 square meters at Saswad that could help in quicker execution of the large gas package orders.
The order bank as on 31st Dec 21 was over Rs 1,200 crore, 30% higher than at the beginning of the financial year clearly indicating continued strong demand.
FY 22 – Q3 Financial Performance:
Operating revenue is at Rs 227 crore for Q3 FY22 vs Rs 180 crore for Q3 of FY 21 registering 26 % increase Y-o-Y
Sales for 9 months of FY 22 grew by 53% to Rs 623 crore vs Rs 408 crore in FY 21
EBITDA is at Rs 70 crore for 9 months of FY22 representing 11.3% vs Rs 49 crore (12%) of FY 21
PBT was posted at Rs 40.9 crore in 9 months of FY22 vs Rs 19.7 crore in FY 21 representing growth of over 108%.
PAT increased from Rs 13.5 crore in 9 months of FY 21 to Rs 30.5 crore in the current period.
The Board of Directors have declared an interim dividend of 80% i.e., Rs. 1.60 per Equity Share of Rs 2 each