Companies

Kirloskar Ferrous Industries reports a strong second-quarter FY 2022 with 97% revenue growth

Our Bureau Pune | Updated on October 22, 2021

Profit after tax rises 83% to ₹120 crore

Kirloskar Ferrous Industries Limited (KFIL), India’s largest castings and pig iron manufacturer, announced today its financial results for the second quarter and first half of financial year FY 2022.

The company reported operating revenue at ₹958.4 crore for Q2 FY22 vs ₹822.8 crore for Q1 FY22, 16 per cent increase Q-o-Q and 97 per cent increase Y-o-Y.

Commenting on the Q2 FY 2022 results, RV Gumaste, Managing Director, KFIL, said, “We are pleased with our Q2 FY22 performance. The revenue growth was 97 per cent at ₹958 crore and PAT at ₹119.9 crore grew by 83 per cent year on year. On the project side, we have commenced the project work for our Solapur Unit II. We have also started the project work for Coke oven and Power Plant Phase II. With all the proposed projects going as planned, we are positive about the growth path we have set ourselves on’’

The company reported EBITDA at ₹186.9 crore for Q2 FY22 vs ₹212.5 crore for Q1 FY22 that is 12 per cent decrease Q-o-Q and 70 per cent increase Y-o-Y. EBITDA margin stood at 20 per cent for Q2 FY22 vs 26 per cent Q1 FY22 and 23 per cent Q2 FY21. The company reported PBT at ₹160.6 crore for Q2 FY22 vs ₹186.4 crore for Q1 FY22, 14 per cent decrease Q-o-Q, 89 per cent increase Y-o-Y.

While reviewing of H1 FY 2021-22 financial performance, the Company stated that due to Covid-19 lockdown last year, the plant was non-operational for 45 days. Also, Hiryur plant was commissioned in February 2021. This has resulted in lower base of H1 FY21. The company reported operating revenue at ₹1,781.2 crore for H1 FY22 vs ₹699.3 crore for H1 FY21. EBITDA was at ₹399.4 crore for H1 FY22 vs ₹122.4 crore for H1 FY21; 226 per cent increase Y-o-Y.

Published on October 22, 2021

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