RHI Magnesita India Limited Q3FY23 Earnings

RHI Magnestia India Ltd, manufactures and markets specialised refractory goods for the steel production in India and across the world. It dominates the Indian market for specific refractories and enjoys a large worldwide clientele for its high-caliber goods.

Financial Results – Management Commentary

“The company registered 32% growth in income compared to the nine months of the previous financial year. The 9 month financial year 2022, ’23 income stood at INR1,860 crores. I repeat, 1-8-6-0 crores as compared to INR1,413 crores during the 9 month financial year 2021-2022. The PBT stood at rupees INR287 crores during this period as against two INR227crores during 9 months financial year ’21-’22 impacting PBT margin by minus 0.6% due to higher-cost of trading goods and foreign exchange fluctuations.

In fiscal 2023, the cement production is expected to grow by double-digit. This will increase the consumption share across the cement industry significantly. Crude steel production is a better to grow by 4% and aluminum production by 1.5% to 2% in fiscal 2023. Thus the increased production of end-use industry of refractoriness will positively impact the demand in fiscal 2023. Refractory industry demand is expected to reach 1.6 million tonne in fiscal 2023, growing by 6% year-on year basis.“

Parmod Sagar, Chief Executive Officer & Managing Director