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Further, with the above appointment, K. V. Suresh Reddy ceased to be the Compliance Officer of the Company with effect from 13 February 2017.
Good morning. I would like to welcome everyone to Kennametal's First Quarter Fiscal Year 2017 Financial Results Conference Call and Webcast. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Please note that this event is being recorded.
Key benchmark indices continued to trade weak in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, was down 238.23 points or 0.85% at 27,846.93. The losses for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty 50 index was currently down 79.55 points or 0.92% at 8,598.70. The Sensex was trading below the psychological 28,000 level after falling below that level in morning trade.
For the full year,net profit declined 38.13% to Rs 20.74 crore in the year ended June 2016 as against Rs 33.52 crore during the previous year ended June 2015.
Mahindra & Mahindra (M&M) is scheduled to announce Q1 June 2016 earnings today, 10 August 2016.