New Delhi, Nov 8 (PTI) TMT bars manufacturer Kamdhenu Ltd on Wednesday posted a 24 per cent rise in its net profit to Rs 10.18 crore for the July-September quarter of 2023-24 on lower expenses.

It had clocked Rs 8.21 crore net profit in the year-ago period, the company said in a regulatory filing.

Total income however fell to Rs 186.59 crore over Rs 191.60 crore in the same quarter a year ago.

Expenses were down at Rs 173.09 crore from Rs 180.72 crore in the year-ago quarter.

The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 9 per cent to Rs 13.3 crore from Rs 12.2 crore a year ago.

Satish Kumar Agarwal, Chairman & Managing Director said: 'During H1FY24, our revenues grew by 3 per cent to Rs 394 crores, EBITDA by 5 per cent to Rs 29 crores and PAT by 22 per cent to Rs 22 crores. Our profitability has improved on account of increased operating leverage and further driving up cost efficiency.' Part of the Kamdhenu Group, Kamdhenu Ltd is a leading TMT manufacturer in the country with a presence in over 15 states of India.

'The demand for TMT steel bars is on an upward trajectory, spurred by robust construction activities in both urban and rural areas. These bars are favoured for their strength and durability, making them essential for infrastructure development and real estate projects,' Agarwal said.

As the nation continues to invest in modernization and building resilient structures, the demand for TMT bars is expected to maintain its strong growth momentum, the CMD said. PTI ABI MR