Kennametal India Limited (KIL) concluded its third quarter of FY23 (ended March 31, 2023), registering year-over-year sales growth, driven by strong domestic demand and successful execution of the company's strategic priorities.
Sales grew to Rs. 2557 Mn, 4% higher as compared to the same quarter last fiscal. Profit Before Tax (PBT) was Rs. 220 Mn, down 39% over the same quarter, last fiscal. While the Hard Metals segment witnessed growth, there was an impact due to manufacturing under absorption. The Machine Tools segment sales saw a decline in its export revenue due to a slower reopening in China.
Commenting on the results, Vijaykrishnan Venkatesan, Managing Director, KIL said, "During the quarter, we benefitted from price realization, volume growth, easing of supply chain constraints and resilience in our end markets of transportation, aerospace, energy, construction, mining and general engineering. We successfully partnered with several of our customers in catering to domestic market demand through innovative solutions, new product introductions, as well as robust application and technical service support."
KIL announced an Interim dividend of Rs. 20/- per share for FY23 as against Rs. 24/- per share for FY22.
Shares of Kennametal India Limited was last trading in BSE at Rs. 2403.85 as compared to the previous close of Rs. 2365.20. The total number of shares traded during the day was 576 in over 196 trades.
The stock hit an intraday high of Rs. 2415.10 and intraday low of 2359.90. The net turnover during the day was Rs. 1377767.00.