Kirloskar Industries Stock Surges After Q1 Results
Kirloskar Industries Ltd. witnessed a significant surge in its stock price on the Bombay Stock Exchange (BSE) during intraday trading. The share price jumped by 18.52%, reaching Rs 6,249 per share. This upward trend followed the company's announcement of its financial results for the first quarter of the fiscal year 2024-25 (Q1FY25).
The company reported a revenue of Rs 1,558.96 crore for Q1FY25, reflecting a 3.4% increase compared to Rs 1,508 crore in the corresponding quarter of the previous fiscal year (Q1FY24). However, the company's net profit for the quarter declined by 29.5%, falling to Rs 28.54 crore from Rs 40.46 crore in Q1FY24.
Total expenses for the quarter amounted to Rs 1,475 crore, representing a 7.2% increase from Rs 1,376 crore in Q1FY24.
In a separate filing, Kirloskar Industries announced the completion of the merger of ISMT Limited with Kirloskar Ferrous Industries. The merger became effective on August 8, 2024. The company stated that Kirloskar Ferrous Industries will continue to be a subsidiary of Kirloskar Industries, and its accounts will be consolidated in the company's financial statements.
As of August 14, 2024, Kirloskar Industries has a market capitalization of Rs 5,671.95 crore. The company's shares are currently trading at a price-to-earnings ratio of 70.18 times, with an earnings per share of Rs 75.12.
The share price of Kirloskar Industries has witnessed a significant increase of 62.40% year-to-date and a 58% gain over the past year. At the time of this report, the stock price was trading 9.19% higher at Rs 5,756.90 per share on the BSE, while the BSE Sensex had risen by 0.24% to 79,147 points.