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Kennametal India posted a net profit of Rs 17.1 crore in the quarter ending September 30, 2023, down 45.7 per cent on the Rs 31.5 crore recorded in the corresponding quarter of the previous year.
On a sequential basis, net profit fell by 8.55 per cent. Profit before tax (PBT) for the quarter stood at Rs 26.2 crore, compared to Rs 39.1 crore in the same quarter last fiscal.
Revenue from operations declined 3.5 per cent to Rs 257.9 crore, compared to Rs 267.3 crorein the same quarter last year. Sales remained flat due to a slower-than-expected recovery in China, mainly impacting the machine tools business.
“During the quarter, we continued to face challenges from weaker market conditions, partially offset by domestic demand in the end-use segments. Our short-term strategy is to grow share with domestic customers through innovation, new applications and targeted outreach in key growth segments and geographies. In parallel, we are rigorously driving operational efficiency to improve profitability,” said Vijaykrishnan Venkatesan, Managing Director, KIL.
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