Parmod Sagar, appointed as Chairman, MD & CEO with effect from 12 November 2024
Bengaluru, August 14th, 2024: RHI Magnesita India Limited, the leading manufacturer and supplier of high-grade refractory products, systems and solutions, has reported unaudited consolidated financial results for the quarter ended June 30th, 2024 (Q1 FY 2024-25). The Company registered 16% of EBITDA growth compared to the same quarter of the previous financial year, the company recorded Rs. 878 crores, as compared to Rs 928 crores to the same quarter of the previous financial year.
Parmod Sagar, MD & CEO of RHI Magnesita India Ltd. said, “We are pleased to report that we have delivered the highest margins since the completion of acquisitions over a year ago. We are advancing towards our strategic initiatives to increase our market share (iron-making, flow control), and achieve operational excellence & synergies. End-user industries have witnessed a slowdown due to cheaper imports and increase in raw material and freight prices have presented new challenges. We have successfully navigated this volatility by maintaining strong margins and achieving a sustainable and profitable growth.”
The Company remains steadfast in its conviction that GDP growth will require the refractory industry to act as a catalyst to support the vision of Viksit Bharat. As the market leader, RHIM India is well-positioned to capitalize on this opportunity. Looking ahead, the stability provided by the policy focus on infrastructure development reinforces the Company’s commitment to its strategic objectives including recycling for decarbonization and safety related initiatives.
