Profit before exceptional items and tax stood at Rs 62.59 crore in Q4 FY24, down 60.63% from Rs 159.01 crore posted in corresponding quarter previous year. The firm reported exceptional loss of Rs 26.59 crore during the fourth quarter of FY24.

EBITDA (excluding other income and exceptional item) stood at Rs 165.1 crore, registering the de-growth of 25.29% as compared with Rs 221 crore posted in same quarter last year. EBITDA margin reduced to 11% in Q4 FY24 as against 14% in Q4 FY23.

On full year basis, the company's consolidated net profit fell 31.93% to Rs 297.66 crore on 4.22% decrease in revenue from operations to Rs 6,146.29 crore in FY24 over FY23.

R.V.Gumaste, managing director, Kirloskar Ferrous lndustries, said, “This quarter has been challenging for KFIL due to demand-side issues. The subdued demand from the tractor industry impacted casting sales volumes, and pressure on pig iron margins affected the results. However, we are seeing early signs of revival, both in pig iron prices and tractor casting demand. All of our projects are progressing as planned, with many nearing completion. We expect to start seeing returns from these projects soon."

Meanwhile, the company’s board has approved to seek approval of the members of the company for fund raising not exceeding Rs 750 crore by way of issuance of non-convertible debentures (NCDs) in one or more tranches.

Kirloskar Ferrous Industries is one of India's largest castings and pig iron manufacturers. The company caters to various industry sectors, such as tractors, automobiles and diesel engines.

The scrip declined 4.82% to end at Rs 690.30on the BSE.