Shares of Kirloskar Oil Engines (KOEL) hit a record high of Rs 490.30, as they rallied 11 per cent on the BSE in Friday’s intra-day trade after the company reported a strong 60 per cent growth in its standalone net profit at Rs 103 crore in June quarter (Q1FY24). The company had posted a net profit of Rs 65 crore in a year ago quarter.
KOEL is leader in the manufacturing of engines, agricultural equipment, and generator sets with a sizable presence in international markets. The company’s revenue grew 23.3 per cent year-on-year (YoY) at Rs 1,265 crore as against Rs 953 crore in Q1FY23. Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin improved to 12.1 per cent from 10.8 per cent in a year ago quarter.
