Balu Forge Industries profit increases to Rs 16.6 crore in Q1 amid increase in revenues

Balu Forge Industries has posted consolidated profit after tax at 16.6 crore, reflecting a notable increase of more than 110 per cent in the April-June quarter 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, the company said in a regulatory filing.

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 112 per cent to Rs 112 crore on a year-over-year basis. In comparison, the company had registered a total revenue of Rs 52 crore during the corresponding April-June period of the preceding year, as stated in a regulatory filing.

EBITDA increased to Rs 218.97 million in Q1 FY24 from Rs 78.13 million in Q1 FY23 and margins increased from 14.80 per cent to 19.48 per cent due to better operational efficiency, increased scale of operations and better product mix

"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," the statement said.

Balu Forge Industries is one of the leading manufacturers of finished and semi-finished forged crankshafts and components. 

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