New Delhi: TMT maker Kamdhenu Ltd on Monday posted a 7 per cent decline in its net profit to Rs 11.14 crore during the December 2023 quarter, mainly due to lower income.
It had clocked a net profit of Rs 12.02 crore during the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing.
The company's total income fell to Rs 157.45 crore from Rs 183.17 crore in the year-ago quarter.
However, it trimmed its expenses to Rs 142.43 crore from Rs 167.06 crore a year ago.
In a statement, Kamdhenu CMD Satish Agarwal said, "In (April-December) 9M FY24, revenues marginally de-grew by 3 per cent year-on-year (y-o-y) to Rs 549 crore. EBITDA stood at Rs 43 crore and PAT increased by 10 per cent y-o-y to Rs 33 crore. Our total brand sales turnover for 9M FY24 stood at Rs 15,700 crore".
The decrease in revenues and EBITDA is primarily attributed to a temporary reduction in construction activities in the Delhi NCR region during the third quarter due to the implementation of the Graded Response Action Plan (GRAP) by government authorities, he added.
"Despite this, our royalty income through franchise sales continued to witness healthy growth. Royalty income stood at 93.6 crore, which has gone up by 12 per cent y-o-y. We are confident in our ability to adapt and grow while navigating through short-term volatility," Agarwal said.
Haryana-based Kamdhenu is a leading TMT rebar manufacturing entity in India with a presence in over 28 states.