Total expenses during the quarter increased by 14% YoY to Rs 410.77 crore, due to higher raw material costs (up 8% YoY), higher other expenses (up 73% YoY) and higher employee expenses (up 11% YoY).

Profit before tax in Q3 FY23 stood at Rs 51.94 crore, down by 10% from Rs 57.97 crore recorded in Q3 FY22. Total tax expenses during the period under review aggregated to Rs 12.86 crore, down 15% YoY.

Kalyani Steels is a part of the Pune (Maharashtra)-based Kalyani group. The company L is a leading manufacturer of forging and engineering quality carbon and alloy steel which caters to the requirement of various segments, viz., automotive, oil & gas, energy, bearings, seamless tubes, railways, etc. The company is a preferred steel supplier for engineering, automotive, seamless tube and primary aluminium industry used in the automobile and engineering industries.

The scrip fell 1.20% to end at Rs 333.75 on the BSE on Friday.