By diversifying into the real estate sector, we intend to leverage our expertise and
resources to create innovative and eco-friendly properties that meet the needs of both
consumers and investors.
Dear shareholders,
It is always a matter of pleasure for us to pen down our thoughts at the conclusion of
yet another exciting year. This comprehensive report not only talks about our performance,
but also outlines our future vision.
Harnessing our strengths
We are adapting to the changing aspirations of a new India, driven by our clear purpose
and inherent strengths, as we persistently work towards shaping the future. Throughout the
course of FY 2023, we focused on realigning our Company and optimising returns. Despite
challenging macroeconomic conditions, we successfully pursued our strategic goals,
delivering value to our customers and shareholders.
Looking back on the year gone by
During the fiscal, we launched the first commercial project of our subsidiary, Avante.
Additionally, we acquired 4.99% in our step-down subsidiary, ISMT Limited. Also, during
the year we sold our 17.41% stake in Swaraj Engines Limited for an aggregate consideration
of approximately H 296 crore. We plan to utilise these proceeds in our real estate
business. Most notably, all our subsidiaries performed well.
Coming to our financial performance, we have achieved consistent results, our
standalone total income was at H 118 crore for FY23; 15% increase year on year. Profit
before tax was at H 93 crore which was 17% increase. Thus, we recorded net profit of H 74
crore for FY23; 22% increase over previous year.
Embedding sustainability in all that we do
We recognise the significance of environmental, social, and governance (ESG) aspects in
promoting sustainable development at Kirloskar Industries Limited. Throughout the year, we
have made significant progress in creating a robust governance system and adopting a
comprehensive policy framework to direct our ESG endeavours. Our primary focus is on
reducing our carbon emissions, conserving resources, and promoting responsible business
practices. As we move forward, we are dedicated to delivering sustainable benefits to our
stakeholders and making a positive impact on the environment for a cleaner and healthier
planet.
Putting our people first
We consider it our responsibility to have an inclusive workforce that represents the
various communities we serve. To ensure that we hire and retain the best talent, it is
imperative to create a workplace that fully enables a diverse community of people to
thrive. We are pleased to share that throughout the year, we made significant strides in
building a truly inclusive organisation.
Geared to seize the potential that lies ahead
By diversifying into the real estate sector, we intend to leverage our expertise and
resources to create innovative and eco-friendly properties that meet the needs of both
consumers and investors. Our goal is to develop diverse real estate assets that align with
sustainability principles and offer value to our stakeholders. In the years ahead, we are
looking forward to venture into different markets and maximise our growth potential.
Considering the favourable macroeconomic conditions in India and global demand from
India, we are confident that our group companies are strongly positioned to seize market
opportunities. This provides us with an excellent chance to generate value, particularly
as our group companies expand to capitalise on the growth prospects available.
On behalf of every member of the KIL family, we thank our shareholders for the trust
they have reposed on us. We are truly grateful for your sustained cooperation throughout
our journey. Together, we will achieve a better and more sustainable future.
Regards,
Atul Kirloskar,
Chairman
Mahesh R Chhabria,
Managing Director