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Kirloskar Ferrous Industries Limited (KFIL), one of the leading castings and pig iron manufacturers in India, reported revenue of Rs 927 crore and net profit of Rs 54 crore during the first quarter ended June 30, 2023.
RV Gumaste, Managing Director, KFIL, said, “In spite of a slowdown in the tractor industry, planned shutdown of mini blast furnaces and commodity price corrections, we could hold on to our topline.”
He added, “Profits are lower, which is due to higher prices of coking coal and lower realisation on pig iron. We have received NOC [no-objection certificate] from the stock exchanges for the merger of ISMT [Indian Seamless Metal Tubes] into KFIL. The next step is to seek approval from NCLT [National Company Law Tribunal]. We are looking forward to the benefits from the synergies of the merger.”
The company reported 2 per cent decrease in operating revenue at Rs 926.5 crore for Q1 FY24 (Rs 949.9 crore for Q1 FY23). Year-on-year EBITDA shows 8 per cent decrease at Rs 127 crore (Rs 138.2 crore); EBITDA margin at 13.7 per cent (14.5 per cent); and 35 per cent decrease in profit before tax at Rs 71.3 crore (Rs 109.2 crore)
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