Kirloskar Ferrous Industries Limited, one of the leading castings and pig iron manufacturers in India, recently announced its audited financial results for the fourth quarter and financial year ended March 31, 2024.
In terms of standalone Q4 FY 2023-24 financial performance, the company's operating revenue stood at Rs 994.4 crore for Q4 FY24 as compared to Rs 991.0 crore for Q4 FY23: at same level Y-o-Y. The EBITDA was at Rs 96.9 crore for Q4 FY24 as compared to Rs 158.0 crore for Q4 FY23, marking a 39 per cent decrease Y-o-Y. The EBITDA margin was at 10 per cent for Q4 FY24 as compared to 16 per cent Q4 FY23. The profit before tax (PBT) reached at Rs 43.8 crore for Q4 FY24 as compared to Rs 110.2 crore for Q4 FY23, reflecting a 60 per cent decrease Y-o-Y. The profit after tax (PAT) was at Rs 34.1 crore for Q4 FY24 as compared to Rs 81.9 crore for Q4 FY23: registering a 58 per cent decrease Y-o-Y.
As far as consolidated Q4 FY 2023-24 financial performance is concerned, the operating revenue was at Rs 1,535.9 crore for Q4 FY24 as compared to Rs 1,565.6 crore for Q4 FY23, reflecting a two per cent decrease Y-o-Y. The EBITDA stood at Rs 165.1 crore for Q4 FY24 as compared to Rs 221.0 crore for Q4 FY23: a 25 percent decrease Y-o-Y. The EBITDA margin stood at 11 per cent for Q4 FY24 as compared 14 per cent Q4 FY23. The PBT (before exceptional Item) reached at Rs 62.6 crore for Q4 FY24 as compared to Rs 159.0 crore for Q4 FY23: registering 61 per cent decrease Y-o-Y. The Profit After Tax at Rs 17.7 crore for Q4 FY24 as compared to Rs 94.6 crore for Q4 FY23; reflecting 81 per cent decrease Y-o-Y.
Commenting on the Q4 and FY 2024 results, R. V. Gumaste, Managing Director, KFIL, said, "This quarter has been challenging for KFIL due to demand-side issues. The subdued demand from the tractor industry impacted casting sales volumes, and pressure on pig iron margins affected the results. However, we are seeing early signs of revival, both in pig iron prices and tractor casting demand. All of our projects are progressing as planned, with many nearing completion. We expect to start seeing returns from these projects soon."