Kennametal India Limited (KIL) 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 per cent over the same quarter last year.
The company's sales stood at Rs 2,708 million, 1.5 per cent lower as compared to Rs 2,748 million in the same quarter last fiscal year. The overall sales were affected by softening market conditions, impacting both hard metals and machine tool segments.
Kennametal's profit before tax (PBT) was Rs 334 million, 12.8 per cent higher as compared to Rs 296 million in the same quarter last fiscal year.
Commenting on the results, Vijaykrishnan Venkatesan, Managing Director, KIL, said, "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 poised to drive sales and improve profitability."