New Delhi, May 12 (PTI) Kennametal India Ltd (KIL) on Friday said its net profit fell 42 per cent to Rs 15.6 crore during January-March 2023 quarter, on account of higher expenses.

It had posted a consolidated net profit of Rs 26.9 crore in the year-ago period, the company said in a filing to BSE.

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However, the total income of the company increased to Rs 257.1 crore from Rs 247.8 crore in the year-ago period, a rise of 3.75 per cent.

Its total expenses rose around 11 per cent to Rs 235.1 crore against Rs 211.9 crore in January-March FY22.

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The company, which is a subsidiary of the US-based Kennametal Inc, follows July-June as its financial year.

The company has also approved an interim dividend of Rs 20 per equity share for the financial year 2022-23 and fixed May 25 as the record date for the purpose of ascertaining the eligibility of shareholders for the payment.

The sales grew 4 per cent to Rs 255.7 crore over the same quarter last fiscal.

"During the quarter, we benefited from price realization, volume growth, easing of supply chain constraints and resilience in our end markets of transportation, aerospace, energy, construction, mining and general engineering. We partnered with several of our customers in catering to domestic market demand through innovative solutions, new product introductions, as well as robust application and technical service support," KIL Managing Director Vijaykrishnan Venkatesan said.

Kennametal India manufactures hard metal products and machine tools for use in the manufacturing, auto, and general engineering industries.

Shares of the company ended 3.12 per cent up at Rs 2,478.90 apiece on BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)