Shares of Kirloskar Pneumatic Ltd. fell as much as 11% on Tuesday, June 22, in response to their June quarter results.Net profit for the quarter increased by 3.7% on a year-on-year basis to ₹28 crore. The profitability was also aided by a higher other income, which nearly doubled from last year.
Revenue for the quarter fell 1.2% from last year to ₹272 crore, while Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the period declined by 8.7% from the year-ago period to ₹35.8 crore.
EBITDA margin for the period narrowed by 100 basis points on a year-on-year basis to 13.2%.New order bookings during the quarter stood at ₹365 crore and the total orders on hand, as on July 1, stood at ₹1,725 crore.
Revenue for the quarter fell 1.2% from last year to ₹272 crore, while Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the period declined by 8.7% from the year-ago period to ₹35.8 crore.
EBITDA margin for the period narrowed by 100 basis points on a year-on-year basis to 13.2%.New order bookings during the quarter stood at ₹365 crore and the total orders on hand, as on July 1, stood at ₹1,725 crore.
The management attributed the lower order bookings and sales in the June quarter to uncertain global situations, which impacted the finalisation of several large orders that were under discussion.
“In an ongoing effort to reduce costs and as part of our backward integration strategy, we have established a new foundry at Nashik, featuring lost foam castings technology,” the press release from the company highlighted.
Shares of Kirloskar Pneumatic are trading 10.3% lower after the earnings announcement at ₹1,330.
