Kennametal India Reports 12.8 Percent Surge in Profit Before Tax for Q2 FY24
Editorial Highlights
- •Kennametal India reported a 12.8 percent year-over-year increase in Profit Before Tax, reaching INR 334 million for Q2 FY24.
- •Sales for the quarter dipped 1.5 percent to INR 2,708 million, impacted by softening market conditions in key segments.
- •The company plans to drive future growth through a focus on operational efficiency and high-growth market segments.
Kennametal India Ltd, a leading supplier of tooling and industrial materials, reported its second quarter FY24 results (ended December 31, 2023), with a marginal drop in sales, while Profit Before Tax (PBT) was up 12.8 percent over the same quarter last year. Sales were INR 2,708 million, 1.5 percent lower as compared to INR 2,748 million in the same quarter last fiscal year.
Profit Before Tax (PBT) was INR 334 million, 12.8 percent higher as compared to INR 296 million in the same quarter last fiscal year. The overall sales were affected by softening market conditions, impacting both the Hard Metals and Machine Tools segments.
On the results, Vijaykrishnan Venkatesan, Managing Director, Kennametal India Ltd, commented, “Our focus on operational efficiency has helped improve our profitability both sequentially and on a year-over-year basis. As we leverage a profitable product mix, focus on share gain in high growth segments and new territories, and deliver value to customers through a ‘full solutions’ approach, we are well poised to drive sales and improve profitability.”
For more information: www.kennametal.com
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