Bengaluru-headquartered Kennametal India posted a net profit of ₹24.9 crore in the quarter ended December 31, 2023, up 13.69 per cent from ₹21.9 crore recorded in the corresponding quarter of the previous year.
On a sequential basis, net profit increased by 45.61 per cent from ₹17.1 crore in Q1. Profit before tax (PBT) for the quarter stood at ₹33.4 crore, compared to ₹29.6 crore in the same quarter last fiscal.
Revenue from operations declined 1.45 per cent to ₹270.8 crore (₹274.8 crore). Overall sales were affected by softening market conditions, impacting both the hard metals and machine tools segments, the company said in the statement.
On a sequential basis, revenue from operations increased by 5 per cent from ₹257.9 crore in Q1.
Commenting on the results, Vijaykrishnan Venkatesan, Managing Director, KIL, said, “Our focus on operational efficiency has helped improve our profitability both sequentially and on a year-over-year basis. As we leverage a profitable product mix, focus on share gain in high growth segments and new territories, and delivering value to customers through a ‘full solutions’ approach, we are well poised to drive sales and improve profitability.”