Balu Forge Industries (BFIL) reported a significant jump in its consolidated net profit for the December quarter, driven by higher income and increased demand. The company's total income rose 55% year-on-year.
New Delhi, Jan 3 (PTI) Balu Forge Industries Ltd (BFIL) on Saturday reported over two-fold rise in its consolidated net profit to Rs 25.4 crore for the December quarter, boosted by higher income.
It had posted a net profit of Rs 11.4 crore during the October-December quarter of 2022-23, the company said in an exchange filing.
The company's total income rose to Rs 148.9 crore, up 55 per cent over Rs 92 crore in the year-ago quarter.
Trimaan Chandock, Executive Director of BFIL said, "The growth was led by our constant focus on client addition and continued demand for our products in the existing and new industries like railways, defence and heavy commercial vehicles."
The company's EBITDA grew by 72.1 per cent and margins improved to 22.24 per cent in the third quarter of FY24 from 19.58 per cent a year ago owing to an increase in scale of operations and increased demand for heavier products which tend to yield better margins, he said.
BFIL facility is located in Belgaum, Karnataka and has an existing capacity to produce 18,000 tonnes of forged components per annum which will be expanded to 32,000 tonnes in the coming quarters.
Mumbai-based BFIL is also in the process of commissioning a precision machining line of the Mercedes Benz Truck Factory which was recently acquired from Mannheim, Germany.
Crankshafts find applications in sectors like marine and industrial, agricultural and automotive.
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