RHI Magnesita India Reports 63.8% Y-o-Y Rise In Total Income For Q2 FY 2023-24

-          Total income in Half Year ended 30th September 2023 stands at Rs. 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 30th, 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.”

About RHI Magnesita India Ltd.

RHI Magnesita India Ltd. is the leading global supplier of high-grade refractory products, systems and solutions which are critical for high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals and glass. This includes Magnesia and Alumina based bricks and mixes for large industrial customers as well as specialty refractory products like Isostatic products and Slide Gates. With 2000+ strong skilled workforce in 3 state-of-the-art manufacturing plants located at Bhiwadi, Cuttack, Vizag and Mumbai, 2 main offices, 26 site offices across the country and a world-class R&D centre at Bhiwadi, RHI Magnesita India serves customers in India and more than 75 countries. The Company is listed with BSE and NSE.