Kirloskar Ferrous Industries Limited (KFIL), a leading manufacturer of castings and pig iron in India, today announced its audited financial results for the fourth quarter and fiscal year ending March 31, 2024. Despite challenges from decreased demand in the tractor industry impacting casting sales and pig iron margins, KFIL reported a steady operating revenue of INR 994.4 Cr for Q4 FY24, maintaining levels similar to the previous year. However, profit metrics saw a decline with EBITDA at INR 96.9 Cr and PAT at INR 34.1 Cr for the quarter, reflecting decreases of 39% and 58% respectively year-over-year.
The consolidated results showed a slight decline in operating revenue, down 2% year-over-year to INR 1,535.9 Cr for Q4 FY24, with EBITDA decreasing by 25% to INR 165.1 Cr. Profit Before Tax and Profit After Tax also experienced significant decreases. KFIL‘s Managing Director, RV Gumaste, noted the challenges but remains optimistic about the potential recovery in pig iron prices and tractor casting demand. “With several projects nearing completion, we expect to see returns soon, reinforcing our growth trajectory,” stated Mr Gumaste.
Established in 1991, Kirloskar Ferrous Industries has been instrumental in serving various sectors, including automobiles and engines, from its facilities in Koppal, Hiriyur, and Solapur. The company is known for its innovative approach, including the integration of 3D printing for rapid product development and a new coke oven manufacturing facility that enhances sustainability through waste-heat recovery.
Despite the financial setbacks highlighted in the quarterly report, Kirloskar Ferrous Industries Limited (KFIL) is poised for a recovery. The managing director, RV Gumaste, remains optimistic about the company’s resilience and its strategic initiatives aimed at rebounding from the current downturn. With projects nearing completion and a revival in demand expected, KFIL is well-positioned to leverage its enhanced capabilities to regain momentum in the upcoming quarters, reinforcing its commitment to long-term growth and shareholder value.
