Ashish Kacholia-backed Balu Forge hits new 52-week high after multi-fold jump in Q2 profit
According to a regulatory filing by the company, the total income surged to Rs 143.32 crore from Rs 67.13 crore in the year-ago quarter.
Balu Forge shares on Wednesday hit a fresh 52-week high after the company released its second-quarter numbers. The BSE-listed stock started trading at Rs 267 and hit a new fresh high of Rs 267 in the early morning deal.
The stock traded in green throughout the day even as the headline indices fell amid continuous foreign fund outflows. It traded at Rs 242 around 3 PM.
The rally came a day after Balu Forge Industries Limited, which is backed by Ashish Kacholia, 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.
According to a regulatory filing by the company, the 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.
On the capex front, the company said that it has plans in place to enhance machining capacity by 14,000 tonnes at the newly acquired 13-acre land in Belgaum, Karnataka, which 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.
Balu Forge Industries is one of the leading manufacturers of finished and semi-finished forged crankshafts and components.
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