Kirloskar Ferrous Q3 revenue rises 58% yoy to Rs933cr; Stock tumbles 6%

25 Jan 2022 , 09:31 AM

Kirloskar Ferrous Industries Limited, India’s largest castings and pig iron manufacturer has announced its financial results for the third quarter and nine months of the financial year 2022, ended December 31, 2021.

Commenting on the Q3 FY 2022 results, R.V.Gumaste, Managing Director, KFIL, said, “Q3 has been a steady quarter. The revenue growth was 58% at Rs933.20cr, EBITDA at Rs137.9cr was lower by 5% year on year. With the continued uptrend in commodity prices, we see the pressure on our margins. However, we have been able to maintain tight control on our costs to keep the margin impact lower. On the expansion plan, we are on track on all our projects.”

Review of Q3 FY 2021-22 Financial Performance:

• Operating revenue at Rs933.2cr for Q3 FY22 vs Rs958.4cr for Q2 FY22 3% decrease qoq and 58% increase yoy
• EBITDA at Rs137.9cr for Q3 FY22 vs Rs186.9cr for Q2 FY22 26% decrease qoq and 5% decrease yoy
• EBITDA margin at 15% for Q3 FY22 vs 20% Q2 FY22 and 25% Q3 FY21
• PBT at Rs110.2cr for Q3 FY22 vs Rs160.6cr for Q2 FY22 31% decrease qoq, 8% decrease yoy
• PAT at Rs81.4cr for Q3 FY22 vs Rs119.8cr for Q2 FY22 32% decrease qoq, 31% decrease yoy

Review of 9 Mo FY 2021-22 Financial Performance:

• Due to COVID 19 lockdown last year, the plant was non-operational for 45 days. Also, Hiryur plant was commissioned in February 2021. This has resulted in lower base of 9 Mo FY21.
• Operating revenue at Rs2,714.4cr for 9 Mo FY22 vs Rs1,289.4cr for 9 Mo FY21; 110.5% increase yoy
• EBITDA at Rs537.3cr for 9 Mo FY22 vs Rs267.6cr for 9 Mo FY21; 101% increase yoy
• EBITDA margin at 20% for 9 Mo FY22 vs 21% 9 Mo FY21
• PBT at Rs457.2cr for 9 Mo FY22 vs Rs192.2cr for 9 Mon FY21 138% increase yoy
• PAT at Rs340.8cr for 9 Mo FY22 vs Rs166.8cr for 9 Mo FY21 104% increase yoy

At  around 9:31 AM, Kirloskar Ferrous Industries was trading at Rs184.15 per piece down by Rs11.8 or 6.02% on Sensex.