RHI Magnesita India Slashes Losses, Reports Significant Growth

RHI Magnesita India reported a consolidated loss reduction to Rs 257.89 crore for Q4 FY24, a substantial improvement from Rs 678.90 crore in the same quarter last year. Total income rose to Rs 947.47 crore, with expenses trimmed to Rs 852.72 crore. CEO Parmod Sagar highlighted significant growth in EBITDA and revenue.

RHI Magnesita India on Wednesday reported narrowing of its consolidated loss to Rs 257.89 crore during the March 2024 quarter.

It had reported a loss of Rs 678.90 crore during the year-ago period, the company said in a regulatory filing.

Its total income rose to Rs 947.47 crore as against Rs 881.29 crore in the January-March period of FY23.

During the quarter under review, the company trimmed its expenses to Rs 852.72 crore from Rs 903.85 crore a year ago.

In a separate statement, Parmod Sagar, its Managing Director and Chief Executive Officer, said, ''We have enhanced our operational efficiencies, driving remarkable and sustained growth. Our EBITDA and revenue saw substantial year-on-year growth of 49 per cent and 39 per cent, respectively. ''Our rigorous cost optimization initiatives have led to outstanding year-on-year margin improvements this quarter,'' Sagar added.

RHI Magnesita India Ltd is a leading supplier of high-grade refractory products used by major industries, including steel, cement, non-ferrous metals, and glass.