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Kirloskar Industries Ltd

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BSE Code : 500243 | NSE Symbol : KIRLOSIND | ISIN : INE250A01039 | Industry : Finance |


Chairman's Speech

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