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Kennametal India posts over 2-fold jump in net profit to Rs 28 crore

KIL on Tuesday posted an over two-fold jump in its consolidated net profit

manufacturing
The company said its total income during July-September 2021 rose to Rs 239.3 crore

Kennametal India Ltd (KIL) on Tuesday posted an over two-fold jump in its consolidated net profit to Rs 28.3 crore for the first quarter ended September 30, mainly on account of higher income.

Its "net profit for the period" in the year-ago quarter had stood at Rs 13.2 crore, the Bengaluru-based company said in a regulatory filing.

The company, which is a subsidiary of the US-based Kennametal Inc, follows July to June as its financial year.

The company said its total income during July-September 2021 rose to Rs 239.3 crore, compared with Rs 198.5 crore in the year-ago period.

Total expenses stood at Rs 201.5 crore as against Rs 179.5 crore in the July-September 2021 quarter.

"We made a commendable start to the fiscal by clocking a strong quarter.

"Our teams have worked relentlessly to meet all our stakeholders needs, while at the same time remaining focused on executing our core strategies and continuing our modernisation initiatives," KIL Managing Director Vijaykrishnan Venkatesan said.

Kennametal India manufactures hard metal products and machine tools for use in the manufacturing, auto, and general engineering industries.

Shares of the company on Tuesday ended 0.73 per cent down at Rs 1,448.30 apiece on the BSE.