Kennametal India Limited (KIL) has concluded its third quarter of FY23 (ended March 31, 2023), registering Y-O-Y sales growth. This growth can be attributed to strong domestic demand and the successful execution of the company's strategic priorities. The company has declared an interim dividend of Rs 20 per share for FY23, which is a 200 per cent increase compared to Rs 24 per share for FY22.

During the quarter, sales reached Rs 255 crore, showing a 4 per cent increase compared to the same quarter in the previous fiscal year. However, the profit before tax (PBT) declined by 39 per cent to Rs 22 crore compared to the same quarter last year. While the hard metals segment witnessed growth, there was an impact due to manufacturing under absorption. Additionally, the machine tools segment experienced a decline in export revenue due to slower reopening in China.

Vijaykrishnan Venkatesan, Managing Director, KIL, commented, "During the quarter, we benefitted from price realisation, volume growth, easing of supply chain constraints and resilience in our end markets of transportation, aerospace, energy, construction, mining, and general engineering. We successfully partnered with several of our customers in catering to domestic market demand through innovative solutions, new product introductions, as well as robust application and technical service support."