Kirloskar ferrous industries ltd

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,
Kirloskar Ferrous Q2 FY24.pdf (2.0 MB)
“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.”