Kirloskar Industries PAT dips 9% to ₹94 cr. in June quarter

August 12, 2023 07:06 pm | Updated 07:06 pm IST - Mumbai

Kirloskar Industries Ltd. on Saturday reported a 9% year-on-year decline in consolidated Profit After Tax (PAT) to ₹94 crore for the June quarter of the ongoing financial year.

The company had posted a consolidated PAT of ₹102.9 crore in the first quarter of FY23, Kirloskar Industries said in a statement.

The total income for the quarter under review stood at ₹1,518.2 crore, as compared with ₹1,513.5 crore in the corresponding quarter of the previous fiscal, the company said.

Kirloskar Industries Managing Director Mahesh Chhabria said the company is now entering into an exciting phase of its business realignment plan, and that “Avante’s first project is progressing as planned and we expect to complete it at the end of the year.”

Kirloskar Industries also said in the statement that its wholly owned subsidiary, Avante Spaces Ltd. had issued 27,24,868 fully paid-up equity shares on June 30, to the company on the conversion of Optionally Convertible Debentures (OCDs), basis fair valuation of equity shares as well as Unsecured Optionally Convertible Debentures (OCDs) of Avante Spaces Limited.

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