Kennametal Reports 12.8% Increase in Profit Before Tax for Q2 FY24
Kennametal India Limited (KIL) has released its second-quarter FY24 results, indicating a slight decrease in sales by 1.5% compared to the same period last year, amounting to ₹2,708 Mn. However, Profit Before Tax (PBT) saw a notable increase of 12.8% to ₹334 Mn from ₹296 Mn in the corresponding quarter of the previous fiscal year. The company attributes the sales decline to softening market conditions affecting both Hard Metals and Machine Tools segments. Vijaykrishnan Venkatesan, Managing Director of KIL, highlighted operational efficiency as a key factor contributing to improved profitability. He expressed confidence in the company's strategic focus on product mix, market share expansion, and delivering comprehensive solutions to customers for future sales growth and enhanced profitability.