Kennametal India Ltd. reported net profit for June quarter contracted 33% to ₹19 crore due to global economic headwinds.
Revenue from operations rose 4% to ₹279 crore, the manufacturer of hard metal products and machine tools said in a statement.
Strong domestic demand and focus on strategic priorities helped achieve sales growth, though there were negative effects from global economic headwinds such as foreign exchange, inflation and a slower recovery in China, the company said.
“We achieved volume growth, especially in the hard metals segment, though exports were impacted by global macroeconomic headwinds,” said MD Vijaykrishnan Venkatesan.
“Our price realisation efforts helped mitigate cost pressures stemming from commodity inflation. We continued to execute on our strategic imperatives and saw success from new product innovations and partnering with customers to deliver value,” he added.
