Anand Rathi: Kirloskar Oil Engines Posts Strong Q2 Performance, Attractive Valuations
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Anand Rathi Report
Driven by 21%/16%/14% YoY growth in industrials, agriculture and large engine, Kirloskar Oil Engines Ltd.’s Q2 FY21 Rs 6.6 billion revenue was better than expected (our estimate Rs 5.7 billion).
Power generation revenue fell 23% YoY to Rs 2.4 billion (our estimate Rs 2.6 billion), mainly due to lower medium horse power sales.
Other segments in power generation have started seeing traction and the overall power generation business was 80% of last year’s levels. The company expects the situation for PG to improve gradually.
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