KENNAMETAL India Sales grew by 5.1% year over year for quarter ended March 31, 2024

Kennametal India Limited (KIL) reported its third quarter FY24 results (ended March 31, 2024), with a 5.1% growth in sales and Profit Before Tax (PBT) increase of 135% over same quarter last year.

Sales were ₹ 2,688 Mn, 5.1% higher as compared to ₹ 2,557 Mn in the same quarter last fiscal year. Profit Before Tax (PBT) was ₹ 517 Mn, 135% higher as compared to ₹ 220 Mn in the same quarter last fiscal year. The higher sales is attributed to growth in the domestic market from both the Hard Metals and Machine Tools segments, while the increase in PBT resulted primarily from revenue growth, higher production volumes and an exceptional item.

Commenting on the results, Vijaykrishnan Venkatesan, Managing Director, KIL said, "Our performance this quarter reflects the continued momentum in the domestic market. This quarter's profit before tax is a result of strong domestic market demand and higher volumes and cost control initiatives. We continue to execute on our strategic imperatives of commercial excellence and operational excellence to drive profitable growth in our target end use segments."

KIL announced an Interim dividend of ₹ 30/- per share for FY24 as against ₹ 20/- per share for FY23.

Shares of Kennametal India Limited was last trading in BSE at Rs. 2485.00 as compared to the previous close of Rs. 2456.45. The total number of shares traded during the day was 1195 in over 188 trades.

The stock hit an intraday high of Rs. 2490.00 and intraday low of 2442.50. The net turnover during the day was Rs. 2936870.00.

Source : Equity Bulls

Keywords

KennametalIndia INE717A01029 Q3FY24 ResultUpdate