RHI Magnesita reports Rs 679 crore loss in Q4; FY23 income grows to Rs 881.29 crore

Refractory maker RHI Magnesita India has posted a consolidated loss of Rs 678.90 crore during March FY23 quarter, on account of significant rise in expenses. It had clocked a net profit of Rs 99.83 crore during the January-March quarter of 2021-22 financial year (FY), the company said in a regulatory filing on Tuesday. However, the company's total income increased to Rs 881.29 crore from Rs 592 crore in the same period a year ago.

Its expenses jumped to Rs 903.85 crore from Rs 461.24 crore in the year-ago quarter. In a separate statement, Parmod Sagar, MD & CEO of RHI Magnesita India, said, "In FY23, we remained committed to the Indian market and ramped up our capacity with the acquisition of Dalmia OCL and Hi-Tech Chemicals. These acquisitions aim to help us serve our customers with a 'vocal for local' approach and evolve India as a hub to serve other regions."

The statement said that the company ended FY23 on a positive note with a consolidated income of Rs 2,741 crore compared to Rs 2,005 crore in FY22. The board of directors has also approved a dividend of Rs 2.50 per share for the fiscal ended on March 31, 2023. RHI Magnesita is a leading supplier of refractory -- a specialized heat-resistant material used in making cement, steel, copper, aluminum, non-ferrous metals, and glass. Due to its special properties, it can handle high temperatures of up to 1,200 degrees, and magnesia and alumina are the key raw materials required to produce it.