Refractory player RHI Magnesita India has posted a 27% fall in standalone net profit at Rs 59.71 crore for June quarter 2023-24 on account of increased expenses. It had logged Rs 81.88 crore net profit during April-June period a year ago, the company said in a regulatory filing.
Total income however rose to Rs 678.79 crore from Rs 604.65 crore in the year-ago quarter. Expenses rose to Rs 598.55 crore from Rs 494.42 crore a year ago.
Parmod Sagar – MD & CEO of RHI Magnesita India said, “The M&As (merger and acquisition) contributed 33% to the consolidated revenue during Q1 FY24, marking 18% growth quarter-on-quarter (q-o-q). The M&A EBITDA margin improved by 2.3% to reach 13.3% in Q1 FY24.”
On the outlook for the sector, he said the industry is set to experience a robust growth driven by sectors like steel, cement, and glass, buoyed by the government’s support in the form of budget and policies.
An arm of Vienna-based RHI Magnesita, RHI Magnesita India is the leading refractory player in India. Shares of the company settled at Rs 723.70 apiece, up 7.41% from its previous close on BSE. Refractory is a specialized heat-resistant material. Due to its special properties, it can handle very high temperatures , and magnesia and alumina are the key raw materials required to produce it.
