Balu Forge Industries FY22 net profit quadruples to Rs 30 crore!
BFIL is the only company to have the capability to manufacture components conforming to the new emission regulations & the new energy vehicles
Balu Forge Industries which is engaged in precision engineering has posted stellar results for the quarter & year ended March 31, 2022.
For Q4FY22, the company’s revenue rose 80 per cent on a YoY basis to Rs 87.48 crore from Rs 48.57 crore in Q4FY21. They also saw a whopping 128 per cent jump in PAT (YoY).
For year ended March 31, 2022, the company saw massive improvements in PAT and revenues saw a multifold jump. The revenues zoomed 99 per cent YoY to Rs 293.58 crore in FY22 from Rs 147.33 crore in FY21. The company saw a 300 per cent jump in PAT (YoY), which rose to Rs 30.43 crore (FY22).
Balu Forge Industries Ltd (BFIL) is in the process of commissioning the precision machining line of the Mercedes Benz Truck Factory which was recently acquired from Mannheim, Germany. This has enabled the company to further extend the expanse of the product portfolio & capability to a much larger customer base. The company aims to commission the new production line & initiate commercial orders to the Class 7 & Class 8 commercial vehicle industry from October, 2022.
The company’s in-house capability & state of the art precision engineering enables it to manufacture a large range of components through a spectrum of industries namely automotive, agri-cultural, industrial, defense, railways marine & the new energy sphere. BFIL is the only company to have the capability to manufacture components conforming to the new emission regulations & the new energy vehicles.
To quote Mr Jaspal Singh Chandock, Chairman & Managing Director of the company from a filing with the exchange, “We have surpassed our growth expectations despite of the uncertain global environment & we will continue on this growth path through FY2022/2023 with a strong & consistent order book. Our key growth drivers namely orders from the defence industry, railways in a Middle Eastern country & the robust growth in the agricultural demand of Africa in addition to the Class 7 & Class 8 commercial vehicle industry will further ensure a robust growth outlook. The company is on a very aggressive and sustainable growth path of 100 per cent YOY due to a wide geographical & industrial application of our products.”
On Thursday, shares of Balu Forge Industries closed at Rs 95.75 per share on BSE, down by 1.49 per cent.