Industrial Goods company RHI Magnesita announced Q3FY24 results:
- The company recorded a remarkable 43% year-on-year growth in revenue compared to the same quarter of the previous financial year.
- The revenue for Q3FY24 amounted to Rs 922.9 crore, a substantial increase from Rs 644.8 crore reported during Q3FY23.
- However, the Profit Before Tax for the period stood at Rs 53.9 crore, showing a decrease from Rs 79.2 crore reported during Q3FY23.
Commenting on the results, Parmod Sagar, MD & CEO of RHI Magnesita India, remarked, "The quarter showcased sustained year-on-year growth in the top line, driven by robust shipments, signaling a positive demand outlook. The recent acquisitions have bolstered our organic volume growth. While there was an improvement in material costs, increased investment in a skilled workforce and other expenses put pressure on EBITDA margins. We remain focused on strategizing to enhance operational efficiencies and capitalize on synergies from all recent acquisitions."