Balu Forge Industries Ltd posts stellar Q3 Results; PAT Jumps 477%
Feb 16, 2022
Mumbai (Maharashtra) [India], February 16 (ANI/PNN): BSE listed Balu Forge Industries Ltd. (BSE: 531112) engaged in precision engineering has posted stellar results for the quarter ended December 31, 2021.
For the quarter ended December 31, 2021, the Company saw a 477 per cent jump in PAT (YoY). The revenues zoomed 90 per cent YoY to Rs. 8124.15 Lakhs (Q3FY22) from Rs. 4282.72 Lakhs (Q3FY21).
For the nine-month ended 31 December 2021, the Company saw a 466 per cent jump in PAT (YoY). The revenues zoomed 109 per cent YoY to Rs. 20609.56 Lakhs (nine months ended FY22) from Rs. 9876.05 Lakhs (nine months ended FY21).
The Company saw massive improvements in PAT, and revenues saw a multifold jump.
Balu Forge Industries Ltd (BFIL) had also acquired the precision machining line of the Mercedes Benz Truck Factory from Mannheim, Germany. It has doubled the Company's production capacity and further extended the expanse of the products and capability to a much larger customer base. The Company also boasts of the first order received in the EV Industry for its indigenously built motors from two of its customers, namely one in Western Europe & the other in the far east.
The Company's in-house capability and state of the art precision engineering enables it to manufacture an extensive range of components through a spectrum of industries, namely Automotive, Agricultural, Industrial, Defense, Railways Marine and 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.
Jaspal Singh Chandock, Chairman and Managing Director, further added, "The Company has seen very robust growth with a solid order book. Further, with the recent acquisition of the machining unit from Germany, the Company is in a niche league with very few manufacturers. It will cater to the whole European and North American CV Market and double its production capacity. The Company has also developed indigenous electric motors in its R&D facility and boasts of initiating commercial orders. The Company is on a very aggressive and sustainable growth path of 100 per cent YOY due to a strong order book which has not been impacted by the high raw material costs or semiconductor shortage due to a wide geographical & Industrial application of our products. The growth in the next few quarters will be led by the orders from the Defence Industry, Railways in a Middle Eastern Country and the robust growth in the agricultural demand of Africa. We are on the right path to achieve all our targets, if not surpass them, which makes Balu Forge Industries Limited one of the fastest and most sustainable Companies among its peers."
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