Balu Forge Industries Q2 Profit Jumps to 24 Cr
By Rediff Money Desk, NEWDELHI Nov 01, 2023 12:07
Balu Forge Industries Limited (BFIL) reported a significant increase in its net profit to Rs 24 crore in Q2 FY24, driven by higher income and improved working capital. The company is also expanding its machining capacity.
New Delhi, Nov 1 (PTI) Balu Forge Industries Limited (BFIL) has posted a multi-fold jump in its consolidated net profit to Rs 24 crore during the second quarter ended September 30, driven by higher income.
It had clocked Rs 4.82 crore net profit during the July-September period of the preceding fiscal, the company said in a regulatory filing on Tuesday.
The company's total income surged to Rs 143.32 crore from Rs 67.13 crore in the year-ago quarter.
Its expenses stood at Rs 113.32 crore in the quarter under review against Rs 59.78 crore a year ago.
"We are pleased to announce a notable improvement in our working capital days, which has improved from 177 days as of 31 March, 2023 to 135 days as of September 30, 2023. This was primarily attributed to concerted efforts in optimising our credit control processes while maintaining healthy customer relationships, resulting in a reduction in debtor days," the company said in a separate statement.
On the capex front, its plan to enhance machining capacity by 14,000 tonnes at the newly acquired 13-acre land in Belgaum, Karnataka, is progressing well. The operations from this facility are expected to commence from Q4 FY24, which will enable it to produce heavier and more complex crankshafts having better realisations and margins, BFIL said.
Mumbai-based BFIL is also in the process of commissioning a precision machining line of the Mercedes Benz Truck Factory, recently acquired from Mannheim, Germany.
Crankshafts find applications in sectors like marine and industrial, agricultural and automotive.
It had clocked Rs 4.82 crore net profit during the July-September period of the preceding fiscal, the company said in a regulatory filing on Tuesday.
The company's total income surged to Rs 143.32 crore from Rs 67.13 crore in the year-ago quarter.
Its expenses stood at Rs 113.32 crore in the quarter under review against Rs 59.78 crore a year ago.
"We are pleased to announce a notable improvement in our working capital days, which has improved from 177 days as of 31 March, 2023 to 135 days as of September 30, 2023. This was primarily attributed to concerted efforts in optimising our credit control processes while maintaining healthy customer relationships, resulting in a reduction in debtor days," the company said in a separate statement.
On the capex front, its plan to enhance machining capacity by 14,000 tonnes at the newly acquired 13-acre land in Belgaum, Karnataka, is progressing well. The operations from this facility are expected to commence from Q4 FY24, which will enable it to produce heavier and more complex crankshafts having better realisations and margins, BFIL said.
Mumbai-based BFIL is also in the process of commissioning a precision machining line of the Mercedes Benz Truck Factory, recently acquired from Mannheim, Germany.
Crankshafts find applications in sectors like marine and industrial, agricultural and automotive.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Srestha Finvest
- 0.66 (+ 4.76)
- 32896927
- Vodafone Idea L
- 8.45 (+ 4.06)
- 28557277
- Standard Capital
- 1.14 (+ 0.88)
- 17361276
- Alstone Textiles
- 0.83 (+ 5.06)
- 14796552
- AvanceTechnologies
- 0.89 (+ 4.71)
- 10049569
MORE NEWS
UPL, Jaidev Shroff Settle Sebi Case for Rs 20.2...
UPL and its promoter Jaidev Shroff have settled a Sebi case related to alleged...
Amazon India Sees Surge in Premium Product...
Amazon India witnessed a significant increase in sales of premium products across...
Bengaluru Bullion Market Closed on Balipadyami
The Bengaluru Bullion market is closed on Saturday, November 2nd, 2023, due to the...