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
Iron & steel product firm Kirloskar Ferrous Industries announced Q3FY23 results: Standalone Q3FY23 vs Q3FY22: Operating revenue at Rs 1,075.1 crore for Q3FY23 vs Rs 933.2 crore for Q3FY22; a 15% YoY increase EBITDA at Rs 183.7 crore for Q3FY23 vs Rs 137.4 crore for Q3FY22; 34% YoY increase EBITDA margin at 17% for Q3FY23 vs 15% Q3FY22 PBT at Rs 138.5 crore for Q3FY23 vs Rs 110.2 crore for Q3FY22; 26% YoY increase PAT at Rs 103.0 crore for Q3FY23 vs Rs 81.4 crore for Q3FY22; 26% YoY increase Consolidated Q3FY23 vs Q2FY23: Operating revenue at Rs 1,600.52 crore for Q3FY23 vs Rs 1,757.5 crore for Q2FY23; 9% QoQ decrease EBITDA at Rs 241.2 crore for Q3FY23 vs Rs 199.7 crore for Q2FY23; 21% QoQ increase EBITDA* margin at 15% for Q3FY23 vs 11% for Q2FY23 PBT at Rs 178.4 crore for Q3FY23 vs Rs 154.0 crore for Q2FY23; 16% QoQ increase PAT at Rs 129.7 crore for Q3FY23 vs Rs 111.0 crore for Q2FY23; 17% QoQ increase Commenting on the Q3FY23 results, RV Gumaste, Managing Director, KFIL, said, “KFIL’s Q3 performance has been steady despite the volatile commodities markets. We continue to see strong demand for our casting business. We are expecting the second foundry line at Solapur to commence operations in the coming quarter. All key projects are progressing as planned. The performance of our subsidiary ISMT has been satisfactory and progressing as per the plan. We are executing the ISMT merger plan as announced last quarter and we will update you once we clear all the due compliances and procedures as required by the law.” Result PDF
Iron & steel manufacturer Kirloskar Ferrous Industries announced Q2FY23 results: Standalone Q2FY23: Operating revenue at Rs 1,133.5 crore for Q2FY23 vs Rs 949.9 crore for Q1 FY23; 19% increase QoQ EBITDA at Rs 159.7 crore for Q2FY23 vs Rs 152.8 crore for Q1FY23; 4.5% increase QoQ EBITDA margin at 14% for Q2FY23 vs 16% Q1FY23 PBT at Rs 114.1 crore for Q2FY23 vs Rs 109.2 crore for Q1FY23; 4% increase QoQ PAT at Rs 82.0 crore for Q2FY23 vs Rs 83.9 crore for Q1FY23; 2% decrease QoQ Consolidated Q2FY23: Operating revenue at Rs 1,757.5 crore for Q2FY23 vs Rs 1,493.8 crore for Q1 FY23; 18% increase QoQ EBITDA at Rs 219.7 crore for Q2FY23 vs Rs 186.7 crore for Q1 FY23; 18% increase QoQ EBITDA margin at 12% for Q2FY23 same level as Q1 FY23 PBT at Rs 154.0 crore for Q2 FY23 vs Rs 125.6 crore for Q1FY23; 23% increase QoQ PAT at Rs 111.0 crore for Q2 FY23 vs Rs 102.1 crore in Q1 FY 23; 9% increase QoQ Commenting on the Q1FY2023 results, RV Gumaste, Managing Director, KFIL, said, “Q2 has been a steady quarter with 19% growth on topline quarter-on-quarter. Our EBITDA margin on the standalone business was at 14% on account of higher raw material costs. All the projects on capacity enhancement and cost reduction are progressing as planned. On the consolidated side, the performance was satisfactory too, with a similar growth of 18% on the top line. On the ISMT front, the order tractions have been satisfactory.” Result PDF
Iron & Steel Products firm Kirloskar Ferrous Industries announced Q1FY23 Result : KFIL reports a steady first quarter FY 23, 28% growth in standalone Net Profit QoQ Standalone: Operating revenue at INR 949.9 Cr for Q1 FY23 vs INR 900.6 Cr for Q4 FY22; 5% increase QoQ EBITDA at INR 152.8 Cr for Q1 FY23 vs INR 121.1 Cr for Q4 FY22; 26% increase QoQ EBITDA margin at 16% for Q1 FY23 vs 13% Q4 FY22 PBT at INR 109.2 Cr for Q1 FY23 vs INR 85.5 Cr for Q4 FY22; 28% increase QoQ PAT at INR 83.9 Cr for Q1 FY23 vs INR 65.3 Cr for Q4 FY22; 28% increase QoQ Consolidated: Operating revenue at INR 1,493.8 Cr for Q1 FY23 vs INR 1,033.9 Cr for Q4 FY22; 44% increase QoQ EBITDA at INR 186.7 Cr for Q1 FY23 vs INR 117.5 Cr for Q4 FY22; 59% increase QoQ EBITDA margin at 12% for FY22 vs 11% FY21 PBT at INR 125.6 Cr for Q1 FY23 vs INR 76.0 Cr for Q4 FY22; 65% increase QoQ PAT at INR 102.1 Cr for Q1 FY23 vs loss of 41.1 Cr in Q4 FY 22 Commenting on the Q1 FY 2023 results, R.V.Gumaste, Managing Director, KFIL, said “Q1 has been a steady quarter with 5% growth on topline QoQ. Our margins on the standalone business have improved through the cost-saving initiatives and effective management of inventories. We just completed the upgradation of our mini blast furnace -2 and all the other projects are progressing satisfactorily. On the consolidated side, the performance was satisfactory too, with around 44% growth on the top line. On the ISMT front, we are experiencing good traction in orders with the financial restructuring done in the last quarter. We are quite optimistic about the execution of our plans for FY 23.” Result PDF
Conference Call with Kirloskar Ferrous Industries Management and Analysts on Q4FY22 Performance and Outlook. Listen to the full earnings transcript.