Kirloskar Pneumatic (505283) Q4 23/24 earnings summary

Executive summary

• FY24 revenue from operations was ₹1,322.62 crore, up from ₹1,239.34 crore; net profit rose to ₹133.28 crore from ₹108.58 crore.

• Record FY24 order bookings of ₹1,770 crore lifted the April 1, 2024 order book 28% YoY to ₹1,475 crore.

• Stronger product mix and greater in-house manufacturing supported profitability despite exports falling to ₹69 crore, nearly ₹100 crore below the prior year.

Financial highlights

• Q4 FY24 revenue from operations was ₹489.96 crore versus ₹359.58 crore YoY; net profit was ₹60.23 crore versus ₹32.24 crore.

• FY24 total income was ₹1,342 crore; EBITDA was ₹213 crore, up 20%, with a 15.9% margin.

• FY24 PBT was ₹177.87 crore versus ₹143.28 crore; PAT was ₹133.28 crore and basic EPS was ₹20.60.

• Q4 and FY24 results included an ₹8.38 crore exceptional impairment; FY24 PBT before the item was ₹186.25 crore.

• Material cost declined to 54% of sales from 56%; employee expenses rose to ₹164 crore from ₹144 crore, including ~₹4 crore of one-time labor settlement costs.

Outlook and guidance

• FY25 revenue guidance is double-digit growth, with management citing ₹1,700–1,800 crore; domestic growth is expected to be at least 20%.

• FY25 exports are expected to remain below ₹100 crore amid continued MENA weakness; stronger domestic order traction is expected.

• ₹2,000 crore sales is targeted by FY26, potentially sooner; management views ~20% annual growth as feasible over the medium term.

• Management aims to build quarterly order intake toward ₹500 crore and improve operating margins through product mix and process gains, with an initial aspiration of 18%–20%.