Press Release

Balu Forge Industries Ltd posts Excellent Results; Yearly PAT Jumps 300%

Mumbai, 24 May 2022: BSE listed Balu Forge Industries Ltd. (BSE: 531112) engaged in precision engineering has posted stellar results for the quarter & year ended 31st March 2022.

Standalone Quarterly and Yearly highlights:

(Rs. in lakhs) Q3FY22 Q2FY22 Q3FY21 QoQ(%) (Dec) YoY(%) (Dec) Nine months en-dedFY22 Nine months en-dedFY21 YoY(%)
Total Income 8748.86 8124.15 4857.25 8 80 29358.42 14733.29 99
Total Expenses 7373.80 6964.89 4330.10 6 70 25369.93 13759.39 84
Profit before Tax 1354.56 1159.26 527.15 17 157 3967.99 973.90 307
Tax 263.75 297.10 48.32 -11 446 924.08 212.02 336
Profit after Tax 1090.81 862.16 478.85 27 128 3043.91 761.88 300

For the quarter ended 31 March 2022, the revenue rose 80% YoY to Rs. 8748.86 Lakhs (Q4FY22) from Rs. 4857.25 Lakhs (Q4FY21), and the Company saw an 128% jump in PAT (YoY).

For year ended 31 March 2022, the Company saw massive improvements in PAT and revenues saw a multifold jump. The revenues zoomed 99% YoY to Rs. 29358.42 Lakhs (FY22) from Rs. 14733.29 Lakhs (FY21) and the Company saw a 300% jump in PAT (YoY), which rose to Rs. 3043.91 Lakhs (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, Agricultural, 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.

Mr. Jaspal Singh Chandock, Chairman & Managing Director further added, “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% YOY due to a wide geographical & Industrial application of our products.”