RHI Magnesita India profit grows 65 pc to over Rs 82 crore in April-June

New Delhi, Aug 10 (PTI) RHI Magnesita India on Wednesday said its consolidated profit after tax rose 65 per cent to Rs 82.35 crore during the April-June quarter of FY23, on account of increased income.

The company had clocked Rs 50-crore Profit After Tax (PAT) during the corresponding quarter in the 2021-22 fiscal, it said in a regulatory.

Its total income increased to Rs 606.21 crore from Rs 432.90 crore in the same period a year ago.

The company's expenses stood at Rs 495.38 crore in the reporting quarter as against Rs 365.39 crore in the year-ago quarter.

In a separate statement, company's MD & CEO Parmod Sagar said, "Our efficient production and supply chain network has been able to respond well to the post-COVID rise in demand from user industries like steel and cement. This has resulted in a quarter-on-quarter volume growth of almost 20 per cent." A subsidiary of Vienna-based RHI Magnesita, RHI Magnesita India is a leading global supplier of high-grade refractory products, systems and solutions. Refractory is used by a wide range of industries, including steel, cement, non-ferrous metals and glass.

The company is in the process of investing Rs 400 crore in India to expand its refractory making capacity.

At present, the company produces 1.42 lakh tonnes refractory material from its three plants located at Bhiwadi, Visakhapatnam and Cuttack. PTI ABI HVA