- Net Sales at Rs 112.38 crore in June 2023 up 112.86% from Rs 52.80 crore in June 2022.
- EBITDA stands at Rs 22.00 crore in June 2023 up 103.14% from Rs 10.83 crore in June 2022
- It raises capital of Rs 193 crores through preferential issue of equity shares and warrants for the purpose of scaling up operations through capacity augmentation
NE BUSINESS BUREAU
MUMBAI, AUG 14
Balu Forge Industries Ltd (BFIL), one of the leading manufacturers of finished and semi-finished forged crankshafts and components, has posted a consolidated profit after tax (PAT) at 16.6 crore, a whopping increase of 125.35 percent in the April-June quarter of FY24 on the back of higher income. It had clocked a profit after tax of Rs 7.70 crore in the April-June period last year, a company release said.
The notable growth in the June quarter earnings can be attributed to increased revenue generation, the company said in regulatory filing. It added that the growth in profitability was matched by an increase in revenues.
The company’s total income went up by 113 per cent to Rs 112 crore on a year-over-year basis. In comparison, the company had registered a total revenue of Rs 53 crore during the corresponding April-June period of the preceding year, the release added.
“The financial results for the June quarter underscore the company’s ability to achieve substantial growth. The rise in profit after tax and total income highlights the company’s effective strategies and successful operational endeavors. We continued to witness robust demand for our products in diverse industries. By effectively utilizing our established product range and successfully introducing new products like the enhanced crankshafts, we have not only bolstered our market standing but also enhanced profitability. Additionally, our margins have grown due to improved operational efficiency, expanded scale of activities, and an enhanced product mix. We would also like to emphasize that our capex plan for enhancing our machining capacity by ~15,000 tonnes of the Mercedes Benz plant in Belgaum, Karnataka is on track. This enhancement will aid us in diversifying our components/products and will increase our efficiency and productivity while positioning us a comprehensive solution provider for our clients,” the statement said.
Consolidated Financial Statement
| Particulars (Rs. Mn) | Q1 FY24 | Q1 FY23 | YoY% | Q4 FY23 |
| Revenue from Operations | 1,123.85 | 527.97 | 112.86% | 1,237.81 |
| Other Income | 1.07 | 30.09 | 5.49 | |
| Total Revenue | 1,124.92 | 558.06 | 101.58% | 1,243.29 |
| Total Expenses excl. D&A & Finance Cost | 904.88 | 449.84 | 1,031.11 | |
| EBITDA (Excl. Other Income) | 218.97 | 78.13 | 180.27% | 206.69 |
| EBITDA Margin (%) | 19.48% | 14.80% | 468bps | 16.70% |
| Depreciation & Amortization | 4.59 | 2.85 | 4.36 | |
| Finance Cost | 24.79 | 16.39 | 35.15 | |
| PBT before Exceptional Item | 190.66 | 88.97 | 172.67 | |
| Exceptional Items | – | – | – | |
| PBT | 190.66 | 88.97 | 172.67 | |
| Tax | 23.96 | 15.00 | 20.29 | |
| PAT | 166.70 | 73.97 | 125.35% | 152.38 |
| PAT Margin % | 14.83% | 14.01% | 12.31% | |
| Other comprehensive profit/( loss) | 0.04 | 0.01 | 0.37 | |
| Net PAT | 166.74 | 73.98 | 125.33% | 152.76 |
| Diluted EPS (In Rs.) | 2.00 | 0.90 | 1.83 |
The company has appointed Amit Todkari as Chief Financial Officer. He is a Qualified Member of the Institute of Chartered Accountant of India and holds an experience of more than 8 years in audit, taxation and finance.
It also raised capital of Rs193 crores through preferential issue of equity shares and warrants for the purpose of scaling up operations through capacity augmentation.
