RHI Magnesita India reports 63.8% Y-o-Y rise in total income for Q2 FY 2023-24

Gurugram, November 15^th: RHI Magnesita India Limited, the leading manufacturer and supplier of high-grade refractory products, systems and solutions, has reported consolidated financial results for the Quarter ended September 30^th, 2023 (Q2 FY 2023-24). The company registered 63.8% growth in total income compared to the same quarter of the previous financial year. The Q2 FY 2023-24 income stood at Rs. 989.7 crores, as compared to Rs 604.4 crores during the Q2 FY 2022-23. EBITDA for the quarter grew 44% year-on-year to Rs. 150.7 crores. The PBT stood at Rs 97.9 crores during the period as against Rs 97.0 crores during Q2 FY 2022-23.

Commenting on the results, Parmod Sagar – MD & CEO of RHI Magnesita India said, “The quarter saw strong growth in shipments, reflecting a positive demand outlook. Recently acquired assets complemented organic growth in volumes. While a change in product mix exerted pressure on realizations, capacity utilizations continued to improve through the quarter on a consolidated basis. A year-on-year rise in employee and other expenses was partially offset by easing out of raw material expenses. Synergies from RHIMIR helped boost sales to steel segment, benefitting realization per ton vis-à-vis Q1 FY24.”