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.

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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.