Defence growth
Apart from standalone forging operations, the company also has other Indian manufacturing operations through subsidiaries KSSL (defence), K Drive (axles) and BFISL (castings). KSSL’s defence revenue accounts for 13% of its domestic manufacturing revenue, and rose 71% year-on-year in the June quarter, albeit on a low base. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) almost quadrupled year-on-year to ₹73 crore, but it is still a small part of total Indian Ebitda at about 10%. Other Indian subsidiaries are even smaller.
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