RHI Magnesita India’s total income surges 63.8 percent FY2023-24

Total income in half year ended 30^th September 2023 stands at ₹ 1,920 crores.

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 (Q2FY2023-24).The company registered 63.8 percent growth in total income compared to the same quarter of the previous financial year. The Q2 FY 2023-24 income stood at ₹ 989.7 crores, as compared to ₹ 604.4 crores during the Q2FY2022-23. EBITDA for the quarter grew 44 percent year-on-year to ₹ 150.7 crores. The PBT stood at ₹ 97.9 crores during the period as against ₹ 97.0 crores during Q2 FY 2022-23.

Commenting on the results, Parmod Sagar, MD & CEO of RHI Magnesita India says, “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 realisations, capacity utilisations 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 realisation per ton vis-à-vis Q1 FY24.”

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