Kennametal India Ltd. reported a 42% decline in net profit for the quarter ended March from the year-earlier period to ₹16 crore.
Revenue from operations increased 4% to ₹256 crore, while cost of materials consumed contracted by 6% to ₹69 crore, the company said in a regulatory filing.
While the Hard Metals segment witnessed growth, there was an impact due to manufacturing under absorption. The Machine Tools segment sales saw a decline in export revenue due to a slower reopening in China, the company said.
“During the quarter, we benefitted from price realisation, volume growth, easing of supply chain constraints and resilience in our end markets of transportation, aerospace, energy, construction, mining and general engineering,” said MD Vijaykrishnan Venkatesan.
The board declared an interim dividend of ₹20 per share, which will be paid by May 25.