Iron & Steel/Intermediate Products company Kirloskar Ferrous Industries announced Q2FY24 results: Consolidated Q2FY24: Operating revenue at Rs 1,559.7 crore for Q2FY24 vs Rs 1,502.5 crore for Q1FY24; 4% increase QoQ EBITDA at Rs 252.3 crore for Q2FY24 vs Rs 207.4 crore for Q1FY24; 22% increase QoQ EBITDA margin at 16% for Q2FY24 vs 14% for Q1FY24 PBT (before exceptional Item) at Rs 169.8 crore for Q2FY24 vs Rs 135.9 crore for Q1FY24; 25% increase QoQ PAT at Rs 81.7 crore for Q2FY24 vs Rs 92.9 crore in Q1FY24; 12% decrease QoQ Standalone Q2FY24: Operating revenue at Rs 879.8 crore for Q2FY24 vs Rs 926.5 crore for Q1FY24; 5% decrease QoQ EBITDA at Rs 132.7 crore for Q2FY24 vs Rs 127 crore for Q1FY24; 5% increase QoQ EBITDA margin at 15% for Q2FY24 vs 14% Q1FY24 PBT at Rs 75.9 crore for Q2FY24 vs Rs 71.3 crore for Q1FY24; 7% increase QoQ PAT at Rs 56.9 crore for Q2FY24 vs Rs 53.8 crore for Q1FY24; 6% increase QoQ Commenting on the Q2FY24 results, R.V.Gumaste, Managing Director, KFIL, said, “This has been a challenging quarter especially due to the pressure of high input commodities prices. All our planned shutdowns are done now, and we expect normalized production capacities for the second half of the year. Casting demand for commercial vehicles and off-highway vehicles continued strong, however, demand from the tractor industry was subdued. During the quarter we completed the acquisition of Oliver Engineering and we have taken management control as of 29th September 2023.” Result PDF
Iron & steel/intermediate products company Kirloskar Ferrous Industries announced Q1FY24 results: Consolidated Q1FY24 vs Q1FY23: Operating revenue at Rs 1,502.5 crore for Q1FY24 vs Rs 1,493.8 crore for Q1FY23; 1% increase YoY EBITDA at Rs 207.4 crore for Q1FY24 vs Rs 173.8 crore for Q1FY23; 19% increase YoY EBITDA margin at 14% for Q1FY24 vs 12% for Q1FY23 PBT at Rs 135.9 crore for Q1FY24 vs Rs 125.6 crore for Q1FY23; 8% increase YoY PAT at Rs 92.9 crore for Q1FY24 vs Rs 102.1 crore for Q1FY23; 9% decrease YoY Standalone Q1FY24 vs Q1FY23: Operating revenue at Rs 926.5 crore for Q1FY24 vs Rs 949.9 crore for Q1FY23; 2% decrease YoY EBITDA at Rs 127 crore for Q1FY24 vs Rs 138.2 crore for Q1FY23; 8% decrease YoY EBITDA margin at 13.7% for Q1FY24 vs 14.5% for Q1FY23 PBT at Rs 71.3 crore for Q1FY24 vs Rs 109.2 crore for Q1FY23; 35% decrease YoY PAT at Rs 53.8 crore for Q1FY24 vs Rs 83.9 crore for Q1FY23; 36% decrease YoY Commenting on the Q1FY24 results, R.V. Gumaste, Managing Director, KFIL, said, “Despite a slowdown in the tractor industry, planned shutdown of mini blast furnaces and commodity price corrections, we could hold on to our topline. Profits are lower, which is due to higher prices of coking coal and lower realization on Pig Iron. We have received NOC from the stock exchanges, for the merger of ISMT into KFIL. The next step is to seek approval from the NCLT. We are looking forward to the benefits from the synergies of the merger.” Result PDF
Iron & Steel/Intermediate Products company Kirloskar Ferrous Industries announced Q4FY23 & FY23 results: Standalone Q4FY23: Operating revenue at Rs 991.0 crore for Q4FY23 vs Rs 900.6 crore for Q4FY22; 10% increase YoY EBITDA at Rs 158.0 crore for Q4FY23 vs Rs 112.0 crore for Q4FY22; 41% increase YoY EBITDA margin at 16% for Q4FY23 vs 12% for Q4FY22 PBT at Rs 110.2 crore for Q4FY23 vs Rs 85.5 crore for Q4FY22; 29% increase YoY PAT at Rs 81.9 crore for Q4FY23 vs Rs 65.3 crore for Q4FY22; 25% increase YoY Standalone FY23: Operating revenue at Rs 4,149.4 crore for FY23 vs Rs 3,615.0 crore for FY22; 15% increase YoY EBITDA at Rs 618.4 crore for FY23 vs Rs 647.1 crore for FY22; 4% decrease YoY EBITDA margin at 15% for FY23 vs 18% for FY22 PBT at Rs 472.0 crore for FY23 vs Rs 542.7 crore for FY22; 13% decrease YoY PAT at Rs 350.7 crore for FY23 vs Rs 406.1 crore for FY22; 14% decrease YoY Consolidated Q4FY23: Operating revenue at Rs 1,565.6 crore for Q4FY23 vs Rs 1,600.5 crore for Q3FY23; 2% decrease QoQ EBITDA at Rs 221.0 crore for Q4FY23 vs Rs 241.2 crore for Q3FY23; 8% decrease QoQ EBITDA margin at 14% for Q4FY23 vs 15% for Q3FY23 PBT at Rs 159.0 crore for Q4FY23 vs Rs 178.4 crore for Q3FY23; 11% decrease QoQ PAT at Rs 94.6 crore for Q4FY23 vs Rs 129.7 crore for Q3FY23; 27% decrease QoQ Commenting on the Q4FY23 and FY23 results, R. V. Gumaste, Managing Director, KFIL, said “KFIL has maintained a steady performance this quarter. As we look at the full year, our operating margins have been impacted by the ongoing pressure on input material costs. However, we have managed to mitigate this impact by implementing strategies to control other costs. In addition to this, on March 20th, we launched our second foundry line in Solapur, which has increased our manufacturing capacity to 1.7 Lakh Metric Tonnes at the company level. On February 6th, the second coke oven plant at Koppal commenced operations. Subsequently, a 20 MW waste heat recovery plant attached to this was commissioned on 29th March. This plant is aimed at reducing our power costs for internal consumption and promoting ESG efforts by recycling heat produced and reducing external power consumption. All of our key projects are progressing as planned. As for the ISMT merger plan, we will provide an update once we have all the necessary approvals in place.” Result PDF