Kennametal India Limited posted a 27 per cent increase in its revenues at ₹268.6 crore on a year-on-year (YoY) basis in the first quarter of FY23 as compared to ₹211.9 crore in June 2021.
The machine tool company’s net profits went up by 30 per cent to ₹28.1 crore YoY as compared to ₹21.6 crore in the same quarter last year.
“During the year, we continued to expand and diversify our customer base across segments. Our focus on innovation—balancing horizontal deployment of proven solutions with new launches—enabled customers to achieve productivity and performance. Our growth initiatives, combined with commercial and operational efficiencies, helped us achieve profitable growth in FY22, and we will endeavour to progress in FY23,“ said Vijaykrishnan Venkatesan, Managing Director, Kennametal India.
Its revenue from hard metal and hard metal products for this quarter was ₹223.2 crore, a marginal increase of 6.79 per cent as against ₹209 crore in the same quarter last year. Revenue from machining solutions increased by 24 per cent YoY to ₹45.4 crore, up from ₹36.6 crore in Q1 FY22.
Despite inflationary pressures and ongoing geopolitical tensions resulting in surging commodity prices and supply chain constraints, the company continued its growth across the hard metals and machine tools segments, said the company.
EPS for this quarter is ₹12.81 as compared to ₹9.84 in June 2022.
Kennametal India Limited is a subsidiary of Kennametal Inc. in the US. It creates products for applications in materials science, tooling, and wear-resistant solutions.