Kirloskar Ferrous Industries Limited Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2023
November 03, 2023 at 06:52 am EDT
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Kirloskar Ferrous Industries Limited reported earnings results for the second quarter and six months ended September 30, 2023. For the second quarter, the company reported sales was INR 15,596.9 million compared to INR 17,575.4 million a year ago. Revenue was INR 15,639.8 million compared to INR 17,775.3 million a year ago. Net income was INR 682.5 million compared to INR 967.1 million a year ago. Basic earnings per share from continuing operations was INR 4.91 compared to INR 6.97 a year ago. Diluted earnings per share from continuing operations was INR 4.87 compared to INR 6.94 a year ago.
For the six months, sales was INR 30,621.6 million compared to INR 32,513.6 million a year ago. Revenue was INR 30,709.1 million compared to INR 32,842.9 million a year ago. Net income was INR 1,422.6 million compared to INR 1,902.7 million a year ago. Basic earnings per share from continuing operations was INR 10.23 compared to INR 13.71 a year ago. Diluted earnings per share from continuing operations was INR 10.15 compared to INR 13.67 a year ago.
Kirloskar Ferrous Industries Limited is an India-based company engaged in the business of pig iron and iron castings. The Company specializes in producing custom grey iron castings for original equipment manufacturers and tier-I suppliers. Its main casting products include cylinder blocks, cylinder heads and housings, which are used in a wide range of engines, across construction machines, farm equipment and utility vehicles. Its pig iron product is used in various industries, such as steel, tractor industry, commercial vehicles manufacturing, automobile manufacturing and engine manufacturing, among others. It undertakes special grade production to meet customized pig iron requirements. The Company has three manufacturing facilities, situated at Koppal district and Chitradurga district in Karnataka State, and at Solapur district in Maharashtra State. The Company's subsidiary, ISMT Limited, is engaged in manufacturing of seamless tubes, cylinder tubes, components and engineering steels.