New Delhi, Feb 13 (PTI) Kirloskar Brother Ltd, a leading pumps manufacturer and fluid management solutions provider, has reported 13.5 per cent growth in its third quarter net profit to Rs 70.4 crore from the year-ago levels.

In a statement, the company further said its net profit grew by 174 per cent sequentially from the second quarter of the current fiscal on the back of solid contribution of its overseas business.

The company had posted consolidated net profit of Rs 62 crore in Q3FY20 and Rs 25.7 crore in Q2FY21.

Also, its Q3FY21 net profit was almost close to its total net profit of Rs 71.9 crore for the entire financial year 2019-20. Its total income from operations in the latest quarter rose to Rs 772.4 crore.

The company said its consolidated Q3 net profit rose phenomenally on the back of a healthy recovery in its domestic and global operations post the lockdown measures to curb the spread of the COVID-19 infections were started to be lifted by the government.

Alok Kirloskar, CEO of Kirloskar Brothers International Business Vertical, said, "We have worked to grow profits and reduce debts. We have done this by being more selective. The growing contribution of the overseas business also aided KBL to exceed its third quarter net profits of the previous financial year, that is FY2019-20."

KBL said it sees a massive growth opportunity in the global markets.

Since 2000, the company has made four global acquisitions and now has six global manufacturing facilities across the UK, South Africa, the Netherlands, the United States and Thailand. KBL has presence in 165 countries and 18 manufacturing facilities around the world.

The company currently has one foreign subsidiary, 18 step-down foreign subsidiaries and one foreign joint venture company.

KBL is the flagship company of the USD 2.1 billion Kirloskar Group.

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