Kirloskar Oil Engines' stock price up by more than 9% today

16 Nov 2022 , 01:32 PM

In Wednesday’s intra-day trade on the BSE, shares of Kirloskar Oil Engines (KOEL) soared more than 9% to a four-year high of Rs 326.60. The stock has increased 14% over the last three trading days after the company reported a solid performance in the quarter that ended September 2022. (Q2FY23). Since August 2018, it has been trading at its most significant level. With a substantial presence in international markets, KOEL is a leader in producing diesel engines, agricultural equipment, and generator sets.

In comparison to Q2FY22, the company’s net profit nearly quadrupled to Rs 82.50 crore in Q2FY23. Operating revenue increased by 23% to Rs 1,228 crore from Rs1,001 crore in the same period last year. The EBITDA margin, which measures earnings before interest, taxes, depreciation, and amortization, increased to 14.7% from 14.7% year over year and 20 bps sequentially.

At 12:27 PM, the benchmark index had gained 0.16 %, while the stock was up 9% at Rs 320.50. With 2.4 million shares trading hands on the NSE and BSE combined, the average trading volumes on the counter increased by over three times.

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