New Delhi, May 12 (PTI) Kennametal India Ltd on Thursday reported over 22 per cent growth in its consolidated net profit at Rs 26.9 crore in the third quarter ended in March 2022, mainly on account of higher income.

Its "net profit for the period" in the year-ago quarter had stood at Rs 22 crore, the Bengaluru-based company said in a statement.

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A subsidiary of the US-based Kennametal Inc, Kennametal India Ltd (KIL) follows July to June as its financial year.

The company said its total income during January-March 2022 rose to Rs 247.8 crore, compared with Rs 231.1 crore in the year-ago period.

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Total expenses stood at Rs 211.9 crore in the quarter under review as against Rs 202.4 crore in January-March 2021.

Despite the current macroeconomic situation and geopolitical tensions, the company has been able to maintain positive growth across the hard metals and machine tools segments.

In the statement KIL managing director Vijaykrishnan Venkatesan said, "With commodity prices witnessing an unprecedented surge and industries grappling with various supply chain constraints, we continue to remain focused on diversifying our customer base, growing through new product launches to enhance customer value, and augmenting our internal efficiencies."

The company has also announced an interim dividend of Rs 24 per share for FY22 as against Rs 20 per share in FY21.

Kennametal India manufactures hard metal products and machine tools that are used in the manufacturing, auto, and general engineering industries.

Shares of the company on Thursday ended 1.98 per cent up at Rs 1,741.10 apiece on the 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)