Kalyani Steels reported 9% fall in net profit to Rs 39.08 crore despite a 10% rise in revenue from operations to Rs 446.53 crore in Q3 FY23 over Q3 FY22.
Total expenses during the quarter increased by 14% YoY to Rs 410.77 crore, due to higher raw material costs (up 8% YoY), higher other expenses (up 73% YoY) and higher employee expenses (up 11% YoY).
Profit before tax in Q3 FY23 stood at Rs 51.94 crore, down by 10% from Rs 57.97 crore recorded in Q3 FY22. Total tax expenses during the period under review aggregated to Rs 12.86 crore, down 15% YoY.
Kalyani Steels is a part of the Pune (Maharashtra)-based Kalyani group. The company L is a leading manufacturer of forging and engineering quality carbon and alloy steel which caters to the requirement of various segments, viz., automotive, oil & gas, energy, bearings, seamless tubes, railways, etc. The company is a preferred steel supplier for engineering, automotive, seamless tube and primary aluminium industry used in the automobile and engineering industries.
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