RHI Magnesita India reports 37% rise in revenue for FY 2023
Gurugram, May 31st 2023 : RHI Magnesita India Limited, the leading manufacturer and supplier of high-grade refractory products, systems and solutions, has reported consolidated financial results for the period ended March 31, 2023. The company ended the FY 2022-23 with a revenue of Rs. 2,741 crores, as compared to Rs 2,005 crores for the FY 2021-22. EBITDA before exceptional item stood at Rs 375 crores against Rs.393 crores in the previous financial year.
Commenting on the results, Parmod Sagar – MD & CEO of RHI Magnesita India said, “In FY23, we remained committed to the Indian market and ramped up our capacity with the acquisition of Dalmia OCL and Hi-Tech Chemicals. These acquisitions aim to help us serve our customers with a local for local approach and evolve India as a hub to serve other regions. We are well on track to achieve our integration synergy targets through these acquisitions and we are excited for the future.
The Board of Directors have proposed a dividend of Rs. 2.50 per share (250% on equity share of par value of Re 1) in the meeting held on May 30, 2023, which is subject to approval of the members of the Company in the Annual General Meeting.