background

Press Release

Balu Forge Industries Ltd posts Stellar Q3 Results; PAT Jumps 477%

Mumbai, 14 February 2022: BSE listed Balu Forge Industries Ltd. (BSE: 531112) engaged in precision engineering has posted stellar results for the quarter ended 31st December 2021.

Standalone Quarterly and Nine Months highlights:

(Rs. in lakhs) Q3FY22 Q2FY22 Q3FY21 QoQ(%) (Dec) YoY(%) (Dec) Nine months en-dedFY22 Nine months en-dedFY21 YoY(%)
Total Income 8124.15 7470.73 4282.72 9 90 20609.56 9876.05 109
Total Expenses 6964.89 6557.28 4044.50 6 72 17996.14 9367.55 92
Profit before Tax 1159.26 913.45 238.22 27 387 2613.42 508.49 414
Tax 297.10 209.37 88.79 42 235 660.33 163.72 303
Profit after Tax 862.16 704.08 149.43 22 477 1953.09 344.77 466

For the quarter ended 31 December 2021, the Company saw an 477% jump in PAT (YoY). The revenues zoomed 90% YoY to Rs. 8124.15 Lakhs (Q3FY22) from Rs. 4282.72 Lakhs (Q3FY21).

For nine-months ended 31 December 2021, the Company saw an 466% jump in PAT (YoY). The revenues zoomed 109% 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 which has doubled the production capacity of the company and further extended the expanse of the products & 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 & 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, “The Company has seen a very robust growth with a very strong order book. Further with the recent acquisition of the machining unit from Germany, the company is in a niche league with very few manufacturers and will cater to the whole European & North American CV Market and will double its production capacity. The Company has also developed indigenous electric motors in its own R&D facility and boasts of the initiation of commercial orders. The company is on a very aggressive and sustainable growth path of 100% 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 & 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 company among its peers”